Document and Entity Information
Document and Entity Information Document | Aug. 14, 2019 |
Cover page. | |
Document Type | 8-K |
Document Period End Date | Aug. 14, 2019 |
Entity Registrant Name | WALT DISNEY CO/ |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38842 |
Entity Tax Identification Number | 83-0940635 |
Entity Address, Address Line One | 500 South Buena Vista Street |
Entity Address, City or Town | Burbank |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 91521 |
City Area Code | 818 |
Local Phone Number | 560-1000 |
Entity Information, Former Legal or Registered Name | Not applicable |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | DIS |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001744489 |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Revenues | $ 15,303 | $ 15,351 | $ 59,434 | $ 55,137 | $ 55,632 |
Selling, general, administrative and other | (2,152) | (2,087) | (8,860) | (8,176) | (8,754) |
Depreciation and amortization | (732) | (742) | (3,011) | (2,782) | (2,527) |
Total costs and expenses | (11,885) | (11,558) | (44,597) | (41,264) | (41,274) |
Restructuring and impairment charges | 0 | (15) | (33) | (98) | (156) |
Other income, net | 601 | 78 | 0 | ||
Interest expense, net | (63) | (129) | (574) | (385) | (260) |
Equity in the income (loss) of investees, net | 76 | 43 | (102) | 320 | 926 |
Income before income taxes | 3,431 | 3,745 | 14,729 | 13,788 | 14,868 |
Income taxes | (645) | 728 | (1,663) | (4,422) | (5,078) |
Net income | 2,786 | 4,473 | 13,066 | 9,366 | 9,790 |
Less: Net income attributable to noncontrolling interests | 2 | (50) | (468) | (386) | (399) |
Net income attributable to The Walt Disney Company (Disney) | $ 2,788 | $ 4,423 | $ 12,598 | $ 8,980 | $ 9,391 |
Earnings per share attributable to Disney: | |||||
Diluted | $ 1.86 | $ 2.91 | $ 8.36 | $ 5.69 | $ 5.73 |
Basic | $ 1.87 | $ 2.93 | $ 8.40 | $ 5.73 | $ 5.76 |
Weighted average number of common and common equivalent shares outstanding: | |||||
Diluted (shares) | 1,498 | 1,521 | 1,507 | 1,578 | 1,639 |
Basic (shares) | 1,490 | 1,512 | 1,499 | 1,568 | 1,629 |
Dividends Declared Per Share (usd per share) | $ 0.88 | $ 0.84 | $ 1.68 | $ 1.56 | $ 1.42 |
Service | |||||
Revenues | $ 12,866 | $ 12,984 | $ 50,869 | $ 46,843 | $ 47,130 |
Cost of Goods and Services Sold | 7,564 | 7,324 | 27,528 | 25,320 | 24,653 |
Product | |||||
Revenues | 2,437 | 2,367 | 8,565 | 8,294 | 8,502 |
Cost of Goods and Services Sold | $ 1,437 | $ 1,405 | $ 5,198 | $ 4,986 | $ 5,340 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Net income | $ 2,786 | $ 4,473 | $ 13,066 | $ 9,366 | $ 9,790 |
Other comprehensive income/(loss), net of tax: | |||||
Market value adjustments for investments | 0 | (1) | 7 | (18) | 13 |
Market value adjustments for hedges | (9) | 18 | 207 | (37) | (359) |
Pension and postretirement medical plan adjustments | 53 | 61 | 434 | 584 | (1,154) |
Foreign currency translation and other | (21) | 87 | (289) | (103) | (156) |
Other comprehensive income/(loss) | 23 | 165 | 359 | 426 | (1,656) |
Comprehensive income | 2,809 | 4,638 | 13,425 | 9,792 | 8,134 |
Net (income) loss attributable to noncontrolling interests, including redeemable noncontrolling interests | 2 | (50) | (468) | (386) | (399) |
Other comprehensive loss attributable to noncontrolling interests | (2) | (41) | 72 | 25 | 98 |
Comprehensive income attributable to Disney | $ 2,809 | $ 4,547 | $ 13,029 | $ 9,431 | $ 7,833 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Current assets | |||
Cash and cash equivalents | $ 4,455 | $ 4,150 | $ 4,017 |
Receivables | 10,123 | 9,334 | 8,633 |
Inventories | 1,357 | 1,392 | 1,373 |
Television costs and advances | 824 | 1,314 | 1,278 |
Other current assets | 778 | 635 | 588 |
Total current assets | 17,537 | 16,825 | 15,889 |
Film and television costs | 8,177 | 7,888 | 7,481 |
Investments | 2,970 | 2,899 | 3,202 |
Attractions, buildings and equipment | 55,385 | 55,238 | 54,043 |
Accumulated depreciation | (31,069) | (30,764) | (29,037) |
Parks, resorts and other property, before projects in progress and land, Total | 24,316 | 24,474 | 25,006 |
Projects in progress | 4,336 | 3,942 | 2,145 |
Land | 1,145 | 1,124 | 1,255 |
Parks, resorts and other property | 29,797 | 29,540 | 28,406 |
Intangible assets, net | 6,747 | 6,812 | 6,995 |
Goodwill | 31,289 | 31,269 | 31,426 |
Other assets | 3,424 | 3,365 | 2,390 |
Total assets | 99,941 | 98,598 | 95,789 |
Current liabilities | |||
Accounts payable and other accrued liabilities | 10,696 | 9,479 | 8,855 |
Current portion of borrowings | 3,489 | 3,790 | 6,172 |
Deferred revenue and other | 3,434 | 4,591 | 4,568 |
Total current liabilities | 17,619 | 17,860 | 19,595 |
Borrowings | 17,176 | 17,084 | 19,119 |
Deferred income taxes | 3,177 | 3,109 | 4,480 |
Other long-term liabilities | 6,452 | 6,590 | 6,443 |
Commitments and contingencies | |||
Redeemable noncontrolling interest | 1,124 | 1,123 | 1,148 |
Equity | |||
Preferred stock | 0 | 0 | 0 |
Common stock, $.01 par value, Authorized – 4.6 billion shares, Issued – 2.9 billion shares | 36,799 | 36,779 | 36,248 |
Retained earnings | 84,887 | 82,679 | 72,606 |
Accumulated other comprehensive loss | (3,782) | (3,097) | (3,528) |
Stockholders' Equity subtotal before Treasury Stock, Total | 117,904 | 116,361 | 105,326 |
Treasury stock, at cost, 1.4 billion shares | (67,588) | (67,588) | (64,011) |
Total Disney Shareholders' equity | 50,316 | 48,773 | 41,315 |
Noncontrolling interests | 4,077 | 4,059 | 3,689 |
Total equity | 54,393 | 52,832 | 45,004 |
Total liabilities and equity | $ 99,941 | $ 98,598 | $ 95,789 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Billions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | |||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, authorized | 4.6 | 4.6 | 4.6 |
Common stock, issued | 2.9 | 2.9 | 2.9 |
Treasury stock, shares | 1.4 | 1.4 | 1.4 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
OPERATING ACTIVITIES | |||||
Net income | $ 2,786 | $ 4,473 | $ 13,066 | $ 9,366 | $ 9,790 |
Depreciation and amortization | 732 | 742 | 3,011 | 2,782 | 2,527 |
Gain on acquisitions and dispositions | (560) | (289) | (26) | ||
Deferred income taxes | 46 | (1,726) | (1,573) | 334 | 1,214 |
Equity in the (income) loss of investees | (76) | (43) | 102 | (320) | (926) |
Cash distributions received from equity investees | 170 | 170 | 775 | 788 | 799 |
Net change in film and television costs and advances | 468 | 34 | (523) | (1,075) | (101) |
Equity-based compensation | 92 | 94 | 393 | 364 | 393 |
Other | 61 | 139 | 441 | 503 | 674 |
Changes in operating assets and liabilities: | |||||
Receivables | (1,078) | (1,378) | (720) | 107 | (393) |
Inventories | 32 | 65 | (17) | (5) | 186 |
Other assets | 25 | (29) | (927) | (52) | (443) |
Accounts payable and other accrued liabilities | (1,289) | (1,160) | 235 | (368) | 40 |
Income taxes | 130 | 856 | 592 | 208 | (598) |
Cash provided by operations | 2,099 | 2,237 | 14,295 | 12,343 | 13,136 |
INVESTING ACTIVITIES | |||||
Investments in parks, resorts and other property | (1,195) | (981) | (4,465) | (3,623) | (4,773) |
Acquisitions | (1,581) | (417) | (850) | ||
Other | (141) | (62) | 710 | (71) | (135) |
Cash used in investing activities | (1,336) | (1,043) | (5,336) | (4,111) | (5,758) |
FINANCING ACTIVITIES | |||||
Commercial paper borrowings/(payments), net | (1,768) | 1,247 | (920) | ||
Borrowings | 0 | 1,025 | 1,056 | 4,820 | 6,065 |
Reduction of borrowings | 0 | (1,330) | (1,871) | (2,364) | (2,205) |
Dividends | (2,515) | (2,445) | (2,313) | ||
Repurchases of common stock | 0 | (1,313) | (3,577) | (9,368) | (7,499) |
Proceeds from exercise of stock options | 37 | 50 | 210 | 276 | 259 |
Contributions from noncontrolling interests | 399 | 17 | 0 | ||
Other | (146) | (156) | (777) | (1,142) | (607) |
Cash used in financing activities | (411) | (584) | (8,843) | (8,959) | (7,220) |
Impact of exchange rates on cash, cash equivalents and restricted cash | (25) | 31 | (123) | ||
Change in Cash, Cash Equivalents and Restricted Cash | 308 | 631 | 91 | (696) | 35 |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 4,155 | 4,064 | 4,064 | 4,760 | 4,725 |
Cash, Cash Equivalents and Restricted Cash, End of Period | $ 4,463 | $ 4,695 | 4,155 | 4,064 | 4,760 |
Supplemental disclosure of cash flow information: | |||||
Interest paid | 631 | 466 | 395 | ||
Income taxes paid | $ 2,503 | $ 3,801 | $ 4,133 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Disney Equity | Noncontrolling Interest | Total excluding redeemable noncontrolling interest |
BEGINNING BALANCE (in shares) at Oct. 03, 2015 | 1,661 | |||||||
BEGINNING BALANCE at Oct. 03, 2015 | $ 35,122 | $ 59,028 | $ (2,421) | $ (47,204) | $ 44,525 | $ 4,130 | $ 48,655 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income | $ 8,134 | 9,391 | (1,558) | 7,833 | 301 | 8,134 | ||
Equity compensation activity (in shares) | 10 | |||||||
Equity compensation activity | $ 726 | 726 | 726 | |||||
Common stock repurchases (in shares) | (74) | (74) | ||||||
Common stock repurchases | $ (7,500) | (7,499) | (7,499) | (7,499) | ||||
Dividends | $ 15 | (2,328) | (2,313) | (2,313) | ||||
Contributions | 0 | |||||||
Distributions and other | $ (4) | (3) | (7) | (373) | (380) | |||
ENDING BALANCE (in shares) at Oct. 01, 2016 | 1,597 | |||||||
ENDING BALANCE at Oct. 01, 2016 | $ 35,859 | 66,088 | (3,979) | (54,703) | 43,265 | 4,058 | 47,323 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income | $ 9,792 | 8,980 | 451 | 9,431 | 361 | 9,792 | ||
Equity compensation activity (in shares) | 8 | |||||||
Equity compensation activity | $ 529 | 529 | 529 | |||||
Common stock repurchases (in shares) | (89) | (89) | ||||||
Common stock repurchases | $ (9,400) | (9,368) | (9,368) | (9,368) | ||||
Dividends | $ 13 | (2,458) | (2,445) | (2,445) | ||||
Contributions | 17 | 17 | 17 | |||||
Treasury Stock Reissued During Period (in shares) | 1 | |||||||
Treasury Stock Reissued During Period | 60 | |||||||
Distributions and other | $ (153) | (4) | (97) | (747) | (844) | |||
ENDING BALANCE (in shares) at Sep. 30, 2017 | 1,517 | |||||||
ENDING BALANCE at Sep. 30, 2017 | 45,004 | $ 36,248 | 72,606 | (3,528) | (64,011) | 41,315 | 3,689 | 45,004 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income | 4,638 | 4,423 | 124 | 4,547 | 97 | 4,644 | ||
Equity compensation activity (in shares) | 3 | |||||||
Equity compensation activity | $ 6 | 6 | 6 | |||||
Common stock repurchases (in shares) | (13) | |||||||
Common stock repurchases | (1,313) | (1,313) | (1,313) | |||||
Dividends | (1,266) | (1,266) | (1,266) | |||||
Noncontrolling Interest, Increase (Decrease) From Distributions To Noncontrolling Interest Holders And Other | 8 | 8 | ||||||
ENDING BALANCE (in shares) at Dec. 30, 2017 | 1,507 | |||||||
ENDING BALANCE at Dec. 30, 2017 | $ 36,254 | 75,763 | (3,404) | (65,324) | 43,289 | 3,794 | 47,083 | |
BEGINNING BALANCE (in shares) at Sep. 30, 2017 | 1,517 | |||||||
BEGINNING BALANCE at Sep. 30, 2017 | 45,004 | $ 36,248 | 72,606 | (3,528) | (64,011) | 41,315 | 3,689 | 45,004 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income | $ 13,425 | 12,598 | 431 | 13,029 | 425 | 13,454 | ||
Equity compensation activity (in shares) | 6 | |||||||
Equity compensation activity | $ 518 | 518 | 518 | |||||
Common stock repurchases (in shares) | (35) | (35) | ||||||
Common stock repurchases | $ (3,600) | (3,577) | (3,577) | (3,577) | ||||
Dividends | $ 14 | (2,529) | (2,515) | (2,515) | ||||
Contributions | 399 | 488 | 488 | |||||
Distributions and other | $ (1) | 4 | 3 | (543) | (540) | |||
ENDING BALANCE (in shares) at Sep. 29, 2018 | 1,488 | |||||||
ENDING BALANCE at Sep. 29, 2018 | 52,832 | $ 36,779 | 82,679 | (3,097) | (67,588) | 48,773 | 4,059 | 52,832 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income | 2,809 | 2,788 | 21 | 2,809 | (1) | 2,808 | ||
Equity compensation activity (in shares) | 2 | |||||||
Equity compensation activity | $ 20 | 20 | 20 | |||||
Dividends | (1,310) | (1,310) | (1,310) | |||||
Contributions | 20 | 20 | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2016-16 [Member] | 100 | 129 | 129 | 129 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2014-09 | 116 | (116) | (116) | (116) | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update, Other [Member] | 22 | (15) | 7 | 7 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2018-02 [Member] | 691 | (691) | ||||||
Noncontrolling Interest, Increase (Decrease) From Distributions To Noncontrolling Interest Holders And Other | 4 | 4 | (1) | 3 | ||||
ENDING BALANCE (in shares) at Dec. 29, 2018 | 1,490 | |||||||
ENDING BALANCE at Dec. 29, 2018 | $ 54,393 | $ 36,799 | $ 84,887 | $ (3,782) | $ (67,588) | $ 50,316 | $ 4,077 | $ 54,393 |
Principles of Consolidation
Principles of Consolidation | 3 Months Ended |
Dec. 29, 2018 | |
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 quarter ended December 29, 2018 are not necessarily indicative of the results that may be expected for the year ending September 28, 2019 . These financial statements should be read in conjunction with the Company’s 2018 Annual Report on Form 10-K. The Company enters into relationships or investments with other entities that may be variable interest entities (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 (together the Asia Theme Parks) are VIEs in which the Company has less than 50% equity ownership. Company subsidiaries (the Management Companies) have management agreements with the Asia 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 Theme Parks. In addition, the Management Companies receive management fees under these arrangements that we believe could be significant to the Asia Theme Parks. Therefore, the Company has consolidated the Asia 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. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates. Reclassifications Certain reclassifications have been made in fiscal 2018 financial statements and notes to conform to the fiscal 2019 presentation. |
Description of the Business and
Description of the Business and Segment Information | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Description of the Business and Segment Information | Description of Business and Segment Information Our operating segments report separate financial information, which is evaluated regularly by the Chief Executive Officer in order to decide how to allocate resources and to assess performance. Effective in fiscal 2019, the Company started reporting its results in the following operating segments: • Media Networks; • Parks, Experiences & Consumer Products; • Studio Entertainment; and • Direct-to-Consumer & International The Parks, Experiences & Consumer Products segment reflects the combination of the former Parks & Resorts and Consumer Products & Interactive Media segments. Certain businesses that were previously reported in Media Networks, Studio Entertainment and Consumer Products & Interactive Media are now reported in Direct-to-Consumer & International (DTCI). Fiscal 2018 segment operating results have been recast to align with the fiscal 2019 presentation. DESCRIPTION OF BUSINESS Media Networks • Significant operations: ◦ Disney, ESPN and Freeform branded domestic cable networks ◦ ABC branded broadcast television network and eight owned domestic television stations ◦ Television programming, production and distribution ◦ A 50% equity investment in A+E Television Networks (A+E), which operates a variety of cable channels including A&E, HISTORY and Lifetime • Significant revenues: ◦ Affiliate fees - Fees charged to multi-channel video programming distributors (i.e. cable, satellite, telecommunications and digital over-the-top (e.g. Hulu, YouTube TV) service providers) (“MVPDs”) and to television stations affiliated with the ABC Network for the right to deliver our programming to their customers ◦ Advertising - Sales of ad time/space on our domestic networks and related platforms, except non-ratings-based advertising on digital platforms (“ratings-based ad sales”), and the sale of time on our domestic television stations. Ratings-based ad sales are generally determined using viewership measured with Nielsen ratings. Non-ratings-based advertising on digital platforms will be reported by DTCI as discussed in the DTCI section ◦ TV/SVOD distribution - Licensing fees and other revenues for the right to use our television programs and productions and content transactions with other Company segments (“program sales”) • Significant expenses: ◦ Operating expenses consisting primarily of programming and production costs, participations and residuals expense, technical support costs, operating labor, and distribution costs ◦ Selling, general and administrative costs ◦ Depreciation and amortization Parks, Experiences & Consumer Products • Significant operations: ◦ Parks & Experiences: ▪ Theme parks and resorts, which include: Walt Disney World Resort in Florida; Disneyland Resort in California; Disneyland Paris; and 47% and 43% interests in Hong Kong Disneyland Resort and Shanghai Disney Resort, respectively, all of which are consolidated in our results. Additionally, the Company licenses our intellectual property to a third party to operate Tokyo Disney Resort ▪ Disney Cruise Line, Disney Vacation Club and Aulani, a Disney Resort & Spa in Hawaii ◦ Consumer Products: ▪ Licensing of our trade names, characters, visual, literary and other intellectual properties to various manufacturers, game developers, publishers and retailers throughout the world ▪ Sale of branded merchandise through retail, online and wholesale businesses, and development and publishing of books, magazines, comic books and games. As of the end of fiscal 2018, the Company had substantially exited the vertical games development business • Significant revenues: ◦ Theme park admissions - Sales of tickets for admission to our theme parks ◦ Parks & Experiences merchandise, food and beverage - Sales of merchandise, food and beverages at our theme parks and resorts and cruise ships ◦ Resorts and vacations - Sales of room nights at hotels, sales of cruise vacations and sales and rentals of vacation club properties ◦ Merchandise licensing and retail ▪ Merchandise licensing - Royalties from intellectual property licensing ▪ Retail - Sales of merchandise at The Disney Stores and through branded internet shopping sites, as well as, to wholesalers (including sales of published materials and games) ◦ Parks licensing and other - Revenues from sponsorships and co-branding opportunities, real estate rent and sales, and royalties from Tokyo Disney Resort • Significant expenses: ◦ Operating expenses consisting primarily of operating labor, costs of goods sold, infrastructure costs, supplies, commissions and entertainment offerings. Infrastructure costs include information systems expense, repairs and maintenance, utilities and fuel, property taxes, retail occupancy costs, insurance, and transportation ◦ Selling, general and administrative costs ◦ Depreciation and amortization Studio Entertainment • Significant operations: ◦ Motion picture production and distribution under the Walt Disney Pictures, Pixar, Marvel, Lucasfilm and Touchstone banners ◦ Development, production and licensing of live entertainment events on Broadway and around the world (“Stage plays”) • Significant revenues: ◦ Theatrical distribution - Rentals from licensing our motion pictures to theaters ◦ Home entertainment - Sale of our motion pictures to retailers and distributors in physical (DVD and Blu-ray) and electronic formats ◦ TV/SVOD distribution and other - Licensing fees and other revenue for the right to use our motion picture productions, content transactions with other Company segments, ticket sales from stage plays and fees from licensing our intellectual properties for use in live entertainment productions • Significant expenses: ◦ Operating expenses consisting primarily of amortization of production, participations and residuals costs, distribution costs and costs of sales ◦ Selling, general and administrative costs ◦ Depreciation and amortization Direct-to-Consumer & International • Significant operations: ◦ Disney and ESPN branded international television networks and channels (“International Channels”) ◦ Direct-to-consumer (DTC) businesses: ▪ ESPN+ streaming service, which was launched in April 2018 ▪ Disney+ streaming service, which we plan to launch in late 2019 ◦ Other Company branded digital content distribution platforms and services ◦ BAMTech LLC (BAMTech) (owned 75% by the Company since September 25, 2017), which provides streaming technology services ◦ Equity investments: ▪ A 30% interest in Hulu, which aggregates acquired television and film entertainment content and original content produced by Hulu and distributes it digitally to internet-connected devices ▪ A 21% effective ownership in Vice Group Holdings, Inc. (Vice), which is a media company that targets millennial audiences. Vice operates Viceland, which is owned 50% by Vice and 50% by A+E • Significant revenues: ◦ Affiliate fees - Fees charged to MVPDs for the right to deliver our International Channels to their customers ◦ Advertising - Sales of ad time/space on our International Channels. Sales of non-ratings based ad time/space on digital platforms (“addressable ad sales”). In general, addressable ad sales are delivered using technology that allows for dynamic insertion of advertisements into video content, which can be targeted to specific viewer groups ◦ Subscription fees and other - Fees charged to customers/subscribers for our DTC streaming and other services and fees charged for streaming technology services • Significant expenses: ◦ Operating expenses consisting primarily of programming and production costs (including programming, production and branded digital content obtained from other Company segments), technical support costs, operating labor and distribution costs ◦ Selling, general and administrative costs ◦ Depreciation and amortization SEGMENT INFORMATION Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, other income, 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. Intersegment content transactions (e.g. feature films aired on the ABC Television Network) are presented “gross” (i.e. the segment producing the content reports revenue and profit from intersegment transactions in a manner similar to the reporting of third-party transactions, and the required eliminations are reported on a separate “Eliminations” line when presenting a summary of our segment results). Previously, these transactions were reported “net”, and the intersegment revenue was eliminated in the results of the segment producing the content. Fiscal 2018 intersegment content transactions have been recast to align with the fiscal 2019 presentation. Segment revenues and segment operating income are as follows: Quarter Ended December 29, December 30, Revenues (1) : Media Networks $ 5,921 $ 5,555 Parks, Experiences & Consumer Products 6,824 6,527 Studio Entertainment 1,824 2,509 Direct-to-Consumer & International 918 931 Eliminations (2) (184 ) (171 ) $ 15,303 $ 15,351 Segment operating income (1) : Media Networks $ 1,330 $ 1,243 Parks, Experiences & Consumer Products 2,152 1,954 Studio Entertainment 309 825 Direct-to-Consumer & International (136 ) (42 ) Eliminations — 6 $ 3,655 $ 3,986 (1) Studio Entertainment revenues and operating income include an allocation of Parks, Experiences & Consumer Products revenues, which is meant to reflect royalties on sales of merchandise based on film properties. The increase to Studio Entertainment revenues and operating income and corresponding decrease to Parks, Experiences & Consumer Products revenues and operating income was $154 million and $171 million for the quarters ended December 29, 2018 and December 30, 2017 , respectively. (2) Intersegment content transactions are as follows: Quarter Ended (in millions) December 29, December 30, Revenues Studio Entertainment: Content transactions with Media Networks $ (21 ) $ (31 ) Content transactions with Direct-to-Consumer & International (18 ) (8 ) Media Networks: Content transactions with Direct-to-Consumer & International (145 ) (132 ) Total revenues $ (184 ) $ (171 ) Equity in the income/(loss) of investees is included in segment operating income as follows: Quarter Ended December 29, December 30, Media Networks $ 179 $ 159 Parks, Experiences & Consumer Products (12 ) (7 ) Direct-to-Consumer & International (91 ) (109 ) Equity in the income / (loss) of investees $ 76 $ 43 A reconciliation of segment operating income to income before income taxes is as follows: Quarter Ended December 29, December 30, Segment operating income $ 3,655 $ 3,986 Corporate and unallocated shared expenses (161 ) (150 ) Restructuring and impairment charges — (15 ) Other income — 53 Interest expense, net (63 ) (129 ) Income before income taxes $ 3,431 $ 3,745 | Description of the Business and Segment Information The Walt Disney Company, together with the subsidiaries through which businesses are conducted (the Company), is a diversified worldwide entertainment company with operations in the following business segments: Media Networks; Parks, Experiences & Consumer Products; Studio Entertainment; and Direct-to-Consumer & International. DESCRIPTION OF THE BUSINESS Media Networks Segment The Company operates cable programming businesses branded ESPN, Disney and Freeform, broadcast businesses, which include the ABC TV Network and eight owned television stations, and radio businesses. The ABC TV network has affiliated stations providing coverage to consumers throughout the U.S. The Company also produces original live-action and animated television programming, which may be sold in network, first-run syndication and other television markets worldwide, to subscription video-on-demand services (including content transactions with other Company segments) and in home entertainment formats (such as DVD, Blu-ray and electric home video license). The Company has interests in media businesses reported in the Media Networks segment that are accounted for under the equity method including A+E Television Networks LLC (A+E) and CTV Specialty Television, Inc. (CTV). Media Networks also programs certain of the Company’s branded internet sites and apps. Parks, Experiences & Consumer Products Segment The Company owns and operates the Walt Disney World Resort in Florida and the Disneyland Resort in California. The Walt Disney World Resort includes four theme parks (the Magic Kingdom, Epcot, Disney’s Hollywood Studios and Disney’s Animal Kingdom); 18 resort hotels; vacation club properties; a retail, dining and entertainment complex (Disney Springs); a sports complex; conference centers; campgrounds; water parks; and other recreational facilities. The Disneyland Resort includes two theme parks (Disneyland and Disney California Adventure), three resort hotels and a retail, dining and entertainment complex (Downtown Disney). Internationally, the Company owns and operates Disneyland Paris, which includes two theme parks (Disneyland Park and Walt Disney Studios Park); seven themed resort hotels; two convention centers; a retail, dining and entertainment complex (Disney Village); a 27-hole golf facility; and a 50% interest in Villages Nature, a European eco-tourism resort. The Company manages and has a 47% ownership interest in Hong Kong Disneyland Resort, which includes one theme park and three themed resort hotels. The Company has a 43% ownership interest in Shanghai Disney Resort, which includes one theme park; two themed resort hotels; a retail, dining and entertainment complex (Disneytown); and an outdoor recreational area. The Company also has a 70% ownership interest in the management company of Shanghai Disney Resort. The Company earns royalties on revenues generated by the Tokyo Disney Resort, which includes two theme parks (Tokyo Disneyland and Tokyo DisneySea) and four Disney-branded hotels and is owned and operated by an unrelated Japanese corporation. The Company develops, manages and markets vacation club ownership interests through the Disney Vacation Club; operates the Disney Cruise Line; the Adventures by Disney guided group vacations business; and Aulani, a hotel and vacation club resort in Hawaii. The Company’s Walt Disney Imagineering unit designs and develops theme park concepts and attractions as well as resort properties. The Company licenses its trade names, characters, visual, literary and other intellectual properties to various manufacturers, game developers, publishers and retailers throughout the world. The Company also sells branded merchandise through retail, online and wholesale businesses, and develops and publishes books, magazines, comic books and games. As of the end of fiscal 2018, the Company had substantially exited the vertical games development business. Studio Entertainment Segment The Company produces and acquires live-action and animated motion pictures for worldwide distribution in the theatrical, home entertainment and television markets and to subscription video on demand services. The Company distributes these products through its own distribution and marketing companies in the U.S. and both directly and through independent companies and joint ventures in foreign markets. Our primary banners are Walt Disney Pictures, Pixar, Marvel, Lucasfilm and Touchstone. The Studio Entertainment segment also provides content to other Company segments. The Company also produces stage plays and musical recordings, licenses and produces live entertainment events and provides visual and audio effects and other post-production services. Direct-to-Consumer & International Segment The Company operates Disney and ESPN branded television networks and channels outside of the U.S. and operates the Company’s direct-to-consumer streaming services. In April 2018, the Company launched ESPN+, a direct-to-consumer streaming service providing multi-sports content. The Company expects to launch Disney+, which will offer a range of Disney, Pixar, Marvel and Lucasfilm content, in late 2019. The Company also operates Disney Movie Club, which sells DVD/Blu-rays directly to U.S. and Canadian consumers, and provides streaming technology services to third parties. The Company has interests in media businesses reported in the Direct-to-Consumer & International segment that are accounted for under the equity method including Hulu LLC (Hulu), Vice Group Holding, Inc. (Vice) and Seven TV. SEGMENT INFORMATION Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, other expense, 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. The following segment results include allocations of certain costs, including information technology, pension, legal and other shared services costs, which are allocated based on metrics designed to correlate with consumption. These allocations are agreed-upon amounts between the businesses and may differ from amounts that would be negotiated in arm’s length transactions. Intersegment content transactions (e.g. feature films aired on the ABC Television Network) are presented “gross” (i.e. the segment producing the content reports revenue and profit from intersegment transactions in a manner similar to the reporting of third-party transactions, and the required eliminations are reported on a separate “Eliminations” line when presenting a summary of our segment results). Other intersegment transactions are reported “Net” (i.e. revenue between segments is recorded as a reduction of costs) except that Studio Entertainment revenues and operating income include an allocation of Parks, Experiences & Consumer Products revenues, which is meant to reflect royalties on revenue generated by Parks, Experiences & Consumer Products on merchandise based on intellectual property from Studio Entertainment films. 2018 2017 2016 Revenues Media Networks $ 21,922 $ 21,299 $ 21,326 Parks, Experiences & Consumer Products Third parties 25,257 23,516 22,998 Intersegment (556 ) (492 ) (740 ) 24,701 23,024 22,258 Studio Entertainment Third parties 9,509 7,860 8,629 Intersegment 556 492 740 10,065 8,352 9,369 Direct-to-Consumer & International 3,414 3,075 3,306 Eliminations (1) (668 ) (613 ) (627 ) Total consolidated revenues $ 59,434 $ 55,137 $ 55,632 Segment operating income Media Networks $ 7,338 $ 7,196 $ 7,804 Parks, Experiences & Consumer Products 6,095 5,487 5,198 Studio Entertainment 3,004 2,363 2,767 Direct-to-Consumer & International (738 ) (284 ) (38 ) Eliminations (1) (10 ) 13 (10 ) Total segment operating income (2) $ 15,689 $ 14,775 $ 15,721 2018 2017 2016 Reconciliation of segment operating income to income before income taxes Segment operating income $ 15,689 $ 14,775 $ 15,721 Corporate and unallocated shared expenses (744 ) (582 ) (640 ) Restructuring and impairment charges (33 ) (98 ) (156 ) Other income, net 601 78 — Interest expense, net (574 ) (385 ) (260 ) Vice Gain (2) — — 332 Infinity Charge (3) — — (129 ) Impairment of equity investments (2) (210 ) — — Income before income taxes $ 14,729 $ 13,788 $ 14,868 Capital expenditures Media Networks Cable Networks $ 96 $ 64 $ 81 Broadcasting 107 67 73 Parks, Experiences & Consumer Products Domestic 3,223 2,392 2,215 International 677 827 2,053 Studio Entertainment 96 85 86 Direct-to-Consumer & International 107 30 65 Corporate 159 158 200 Total capital expenditures $ 4,465 $ 3,623 $ 4,773 Depreciation expense Media Networks $ 199 $ 206 $ 217 Parks, Experiences & Consumer Products Domestic 1,449 1,371 1,314 International 768 679 468 Studio Entertainment 55 50 46 Direct-to-Consumer & International 106 74 61 Corporate 181 206 214 Total depreciation expense $ 2,758 $ 2,586 $ 2,320 Amortization of intangible assets Media Networks $ — $ — $ 2 Parks, Experiences & Consumer Products 110 111 107 Studio Entertainment 64 65 74 Direct-to-Consumer & International 79 20 24 Total amortization of intangible assets $ 253 $ 196 $ 207 2018 2017 2016 Identifiable assets (4) Media Networks $ 14,216 $ 13,660 Parks, Experiences & Consumer Products 34,684 33,755 Studio Entertainment 10,197 9,672 Direct-to-Consumer & International 3,558 4,083 Corporate (5) 4,977 3,475 Eliminations (303 ) (282 ) Goodwill (6) 31,269 31,426 Total consolidated assets $ 98,598 $ 95,789 Supplemental revenue data Affiliate fees $ 13,279 $ 12,659 $ 12,259 Advertising 7,904 8,237 8,649 Retail merchandise, food and beverage 6,923 6,433 6,116 Theme park admissions 7,183 6,502 5,900 Revenues United States and Canada $ 45,038 $ 41,881 $ 42,616 Europe 7,026 6,541 6,714 Asia Pacific 5,531 5,075 4,582 Latin America and Other 1,839 1,640 1,720 $ 59,434 $ 55,137 $ 55,632 Segment operating income United States and Canada $ 11,396 $ 10,962 $ 12,139 Europe 1,922 1,812 1,815 Asia Pacific 1,869 1,626 1,324 Latin America and Other 502 375 443 $ 15,689 $ 14,775 $ 15,721 Long-lived assets (7) United States and Canada $ 65,245 $ 61,215 Europe 6,275 8,208 Asia Pacific 7,775 8,196 Latin America and Other 131 155 $ 79,426 $ 77,774 (1) Intersegment content transaction are as follows: 2018 2017 2016 Revenues Studio Entertainment: Content transactions with Media Networks $ (169 ) $ (137 ) $ (159 ) Content transactions with Direct-to-Consumer & International (28 ) (22 ) (11 ) Media Networks: Content transactions with Direct-to-Consumer & International (471 ) (454 ) (457 ) Total $ (668 ) $ (613 ) $ (627 ) Operating Income Studio Entertainment: Content transactions with Media Networks $ (8 ) $ 15 $ (10 ) Media Networks: Content transactions with Direct-to-Consumer & International (2 ) (2 ) — Total $ (10 ) $ 13 $ (10 ) (2) Equity in the income of investees included in segment operating income is as follows: 2018 2017 2016 Media Networks $ 711 $ 766 $ 779 Parks, Experiences and Consumer Products (23 ) (25 ) (3 ) Direct-to-Consumer & International (580 ) (421 ) (182 ) Equity in the income of investees included in segment operating income 108 320 594 Impairment of equity investments: Vice (157 ) — — Villages Nature (53 ) — — Vice Gain — — 332 Equity in the income (loss) of investees, net $ (102 ) $ 320 $ 926 During fiscal 2018 , the Company recorded impairments of Vice and Villages Nature equity method investments. During fiscal 2016 , the Company recognized its share of a net gain recorded by A+E, a joint venture owned 50% by the Company, in connection with A+E’s acquisition of an interest in Vice (Vice Gain). These items were recorded in “ Equity in the income (loss) of investees, net ” in the Consolidated Statement of Income but were not included in segment operating income. (3) In fiscal 2016, the Company discontinued its Infinity console game business, which is reported in the Parks, Experiences & Consumer Products 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 Consolidated Statement of Income. (4) Equity method investments included in identifiable assets by segment are as follows: 2018 2017 Media Networks $ 2,430 $ 2,505 Parks, Experiences & Consumer Products 1 70 Studio Entertainment 1 1 Direct-to-Consumer & International 320 493 Corporate 16 18 $ 2,768 $ 3,087 Intangible assets included in identifiable assets by segment are as follows: 2018 2017 Media Networks $ 1,546 $ 1,547 Parks, Experiences & Consumer Products 3,167 3,277 Studio Entertainment 1,479 1,543 Direct-to-Consumer & International 490 498 Corporate 130 130 $ 6,812 $ 6,995 (5) Primarily fixed assets and cash and cash equivalents. (6) See Note 3 for goodwill by segment. (7) Long-lived assets are total assets less the following: current assets, long-term receivables, deferred taxes, financial investments and derivatives. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 29, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements of the Company include the accounts of The Walt Disney Company and its majority-owned or controlled subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The Company enters into relationships or investments with other entities that may be variable interest entities (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 Theme Parks) are VIEs in which the Company has less than 50% equity ownership. Company subsidiaries (the Management Companies) have management agreements with the Asia 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 Theme Parks. In addition, the Management Companies receive management fees under these arrangements that we believe could be significant to the Asia Theme Parks. Therefore, the Company has consolidated the Asia Theme Parks in its financial statements. Reporting Period The Company’s fiscal year ends on the Saturday closest to September 30 and consists of fifty-two weeks with the exception that approximately every six years, we have a fifty-three week year. When a fifty-three week year occurs, the Company reports the additional week in the fourth quarter. Fiscal 2018 , 2017 and 2016 were fifty-two week years. Reclassifications Certain reclassifications have been made in the fiscal 2017 and fiscal 2016 financial statements and notes to conform to the fiscal 2018 presentation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates. Revenues and Costs from Services and Products The Company generates revenue from the sale of both services and tangible products and revenues and operating costs are classified under these two categories in the Consolidated Statements of Income. Certain costs related to both the sale of services and tangible products are not specifically allocated between the service or tangible product revenue streams but are instead attributed to the principal revenue stream. The cost of services and tangible products exclude depreciation and amortization. Significant service revenues include: • Affiliate fees • Advertising revenues • Revenue from the licensing and distribution of film and television properties • Admissions to our theme parks, charges for room nights at hotels and sales of cruise vacation packages • Licensing of intellectual property for use on consumer merchandise, and in published materials and interactive games Significant operating costs related to the sale of services include: • Amortization of programming and production costs and participations and residuals costs • Distribution costs • Operating labor • Facilities and infrastructure costs Significant tangible product revenues include the sale of: • Food, beverage and merchandise at our retail locations • DVDs and Blu-ray discs • Books, comic books and magazines Significant operating costs related to the sale of tangible products include: • Costs of goods sold • Amortization of production, participations and residuals costs • Distribution costs • Operating labor • Retail occupancy costs Revenue Recognition Television advertising revenues are recognized when commercials are aired. Affiliate fee revenue is recognized as services are provided based on per subscriber rates set out in agreements with Multi-channel Video Programming Distributors (MVPD) and the number of MVPD subscribers. Revenues from theme park ticket sales are recognized when the tickets are used. Revenues from annual pass sales are recognized ratably over the period for which the pass is available for use. Revenues from the theatrical distribution of motion pictures are recognized when motion pictures are exhibited. Revenues from home entertainment sales, net of anticipated returns and customer incentives, are recognized on the later of the delivery date or the date that the product can be sold by retailers. Revenues from the licensing of feature films and television programming are recorded when the content is available for telecast by the licensee and when certain other conditions are met. Revenues from the sale of electronic formats of feature films and television programming are recognized when the product is received by the consumer. Merchandise licensing advances and guarantee royalty payments are recognized based on the contractual royalty rate when the licensed product is sold by the licensee. Non-refundable advances and minimum guarantee royalty payments in excess of royalties earned are generally recognized as revenue at the end of the contract period. Revenues from our branded online and mobile operations are recognized as services are rendered. Advertising revenues at our internet operations or associated with the distribution of our video content online are recognized when advertisements are delivered online. Taxes collected from customers and remitted to governmental authorities are presented in the Consolidated Statements of Income on a net basis. Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables. The allowance for doubtful accounts is estimated based on our analysis of trends in overall receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and current economic trends. Advertising Expense Advertising costs are expensed as incurred. Advertising expense for fiscal years 2018 , 2017 and 2016 was $2.8 billion , $2.6 billion and $2.9 billion , respectively. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. Cash and cash equivalents subject to contractual restrictions and not readily available are classified as restricted cash. The Company’s restricted cash balances are primarily made up of cash posted as collateral for certain derivative instruments. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts in the Consolidated Statement of Cash Flows. September 29, 2018 September 30, 2017 October 1, 2016 Cash and cash equivalents $ 4,150 $ 4,017 $ 4,610 Restricted cash included in: Other current assets 1 26 96 Other assets 4 21 54 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 4,155 $ 4,064 $ 4,760 Investments Debt securities that the Company has the positive intent and ability to hold to maturity are classified as “held-to-maturity” and reported at amortized cost. Debt securities not classified as held-to-maturity and marketable equity securities are considered “available-for-sale” and recorded at fair value with unrealized gains and losses included in accumulated other comprehensive income/(loss) (AOCI). All other equity securities are accounted for using either the cost method or the equity method. The Company regularly reviews its investments to determine whether a decline in fair value below the cost basis is other-than-temporary. If the decline in fair value is determined to be other-than-temporary, the cost basis of the investment is written down to fair value. Translation Policy The U.S. dollar is the functional currency for the majority of our international operations. Significant businesses where the local currency is the functional currency include the Asia Theme Parks, Disneyland Paris and international locations of The Disney Stores. For U.S. dollar functional currency locations, foreign currency assets and liabilities are remeasured into U.S. dollars at end-of-period exchange rates, except for non-monetary balance sheet accounts, which are remeasured at historical exchange rates. Revenue and expenses are remeasured at average exchange rates in effect during each period, except for those expenses related to the non-monetary balance sheet amounts, which are remeasured at historical exchange rates. Gains or losses from foreign currency remeasurement are included in income. For local currency functional locations, assets and liabilities are translated at end-of-period rates while revenues and expenses are translated at average rates in effect during the period. Equity is translated at historical rates and the resulting cumulative translation adjustments are included as a component of AOCI. Inventories Inventory primarily includes vacation timeshare units, merchandise, food, materials and supplies. Carrying amounts of vacation ownership units are recorded at the lower of cost or net realizable value. Carrying amounts of merchandise, food, materials and supplies inventories are generally determined on a moving average cost basis and are recorded at the lower of cost or net realizable value. Film and Television Costs Film and television costs include capitalizable production costs, production overhead, interest, development costs and acquired programming costs and are stated at the lower of cost, less accumulated amortization, or fair value. Acquired programming costs for the Company’s cable and broadcast television networks are stated at the lower of cost, less accumulated amortization, or net realizable value. Acquired television broadcast program licenses and rights are recorded when the license period begins and the program is available for use. Marketing, distribution and general and administrative costs are expensed as incurred. Film and television production, participation and residual costs are expensed over the applicable product life cycle based upon the ratio of the current period’s revenues to estimated remaining total revenues (Ultimate Revenues) for each production. For film productions, Ultimate Revenues include revenues from all sources that will be earned within ten years from the date of the initial theatrical release. For television series, Ultimate Revenues include revenues that will be earned within ten years from delivery of the first episode, or if still in production, five years from delivery of the most recent episode, if later. For acquired film libraries, remaining revenues include amounts to be earned for up to twenty years from the date of acquisition. Costs of film and television productions are subject to regular recoverability assessments, which compare the estimated fair values with the unamortized costs. The Company bases these fair value measurements on the Company’s assumptions about how market participants would price the assets at the balance sheet date, which may be different than the amounts ultimately realized in future periods. The amount by which the unamortized costs of film and television productions exceed their estimated fair values is written off. Film development costs for projects that have been abandoned are written off. Projects that have not been set for production within three years are also written off unless management has committed to a plan to proceed with the project and is actively working on and funding the project. The costs of television broadcast rights for acquired series, movies and other programs are expensed based on the number of times the program is expected to be aired or on a straight-line basis over the useful life, as appropriate. Rights costs for multi-year sports programming arrangements are amortized during the applicable seasons based on the estimated relative value of each year in the arrangement. The estimated value of each year is based on our projections of revenues over the contract period, which include advertising revenue and an allocation of affiliate revenue. If the annual contractual payments related to each season approximate each season’s estimated relative value, we expense the related contractual payments during the applicable season. Individual programs are written off when there are no plans to air or sublicense the program. The net realizable values of network television broadcast program licenses and rights are reviewed for recoverability using a daypart methodology. A daypart is defined as an aggregation of programs broadcast during a particular time of day or programs of a similar type. The Company’s dayparts are: primetime, daytime, late night, news and sports (includes broadcast and cable networks). The net realizable values of other cable programming assets are reviewed on an aggregated basis for each cable network. Internal-Use Software Costs The Company expenses costs incurred in the preliminary project stage of developing or acquiring internal use software, such as research and feasibility studies as well as costs incurred in the post-implementation/operational stage, such as maintenance and training. Capitalization of software development costs occurs only after the preliminary-project stage is complete, management authorizes the project and it is probable that the project will be completed and the software will be used for the function intended. As of September 29, 2018 and September 30, 2017 , capitalized software costs, net of accumulated depreciation, totaled $659 million and $710 million , respectively. The capitalized costs are amortized on a straight-line basis over the estimated useful life of the software, ranging from 2 - 10 years. Software Product Development Costs Software product development costs incurred prior to reaching technological feasibility are expensed. We have determined that technological feasibility of our video game software is generally not established until substantially all product development is complete. Parks, Resorts and Other Property Parks, resorts and other property are carried at historical cost. Depreciation is computed on the straight-line method, generally over estimated useful lives as follows: Attractions, buildings and improvements 20 – 40 years Furniture, fixtures and equipment 3 – 25 years Land improvements 20 – 40 years Leasehold improvements Life of lease or asset life if less Goodwill, Other Intangible Assets and Long-Lived Assets The Company is required to test goodwill and other indefinite-lived intangible assets for impairment on an annual basis and if current events or circumstances require, on an interim basis. Goodwill is allocated to various reporting units, which are an operating segment or one level below the operating segment. The Company compares the fair value of each reporting unit to its carrying amount, and to the extent the carrying amount exceeds the fair value, an impairment of goodwill is recognized for the excess up to the amount of goodwill allocated to the reporting unit. To determine the fair value of our reporting units, we generally use a present value technique (discounted cash flows) corroborated by market multiples when available and as appropriate. We apply what we believe to be the most appropriate valuation methodology for each of our reporting units. We include in the projected cash flows an estimate of the revenue we believe the reporting unit would receive if the intellectual property developed by the reporting unit that is being used by other reporting units was licensed to an unrelated third party at its fair market value. In times of adverse economic conditions in the global economy, the Company’s long-term cash flow projections are subject to a greater degree of uncertainty than usual. If we had established different reporting units or utilized different valuation methodologies or assumptions, the impairment test results could differ, and we could be required to record impairment charges. The Company is required to compare the fair values of other indefinite-lived intangible assets to their carrying amounts. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized for the excess. Fair values of other indefinite-lived intangible assets are determined based on discounted cash flows or appraised values, as appropriate. The Company has determined that there are currently no legal, competitive, economic or other factors that materially limit the useful life of our FCC licenses and trademarks. Amortizable intangible assets are generally amortized on a straight-line basis over periods up to 40 years . The costs to periodically renew our intangible assets are expensed as incurred. The Company tests long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount may not be recoverable. Once a triggering event has occurred, the impairment test employed is based on whether the intent is to hold the asset for continued use or to hold the asset for sale. The impairment test for assets held for use requires a comparison of cash flows expected to be generated over the useful life of an asset group to the carrying value of the asset group. An asset group is established by identifying the lowest level of cash flows generated by a group of assets that are largely independent of the cash flows of other assets and could include assets used across multiple businesses or segments. If the carrying value of an asset group exceeds the estimated undiscounted future cash flows, an impairment would be measured as the difference between the fair value of the group’s long-lived assets and the carrying value of the group’s long-lived assets. The impairment is allocated to the long-lived assets of the group on a pro rata basis using the relative carrying amounts, but only to the extent the carrying value of each asset is above its fair value. For assets held for sale, to the extent the carrying value is greater than the asset’s fair value less costs to sell, an impairment loss is recognized for the difference. The Company tested its goodwill and other indefinite-lived intangible assets, long-lived assets and investments for impairment and recorded non-cash impairment charges of $210 million , $22 million and $7 million in fiscal years 2018 , 2017 and 2016 , respectively. The fiscal 2018 impairment charges related to equity investments and were recorded in “ Equity in the income (loss) of investees, net ” in the Consolidated Statements of Income. The fiscal 2017 and 2016 impairment charges were recorded in “Restructuring and impairment charges” in the Consolidated Statements of Income. The Company expects its aggregate annual amortization expense for existing amortizable intangible assets for fiscal years 2019 through 2023 to be as follows: 2019 $ 258 2020 233 2021 230 2022 228 2023 202 Risk Management Contracts In the normal course of business, the Company employs a variety of financial instruments (derivatives) including interest rate and cross-currency swap agreements and forward and option contracts to manage its exposure to fluctuations in interest rates, foreign currency exchange rates and commodity prices. The Company formally documents all relationships between hedges and hedged items as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company primarily enters into two types of derivatives: hedges of fair value exposure and hedges of cash flow exposure. Hedges of fair value exposure are entered into in order to hedge the fair value of a recognized asset, liability, or a firm commitment. Hedges of cash flow exposure are entered into in order to hedge a forecasted transaction (e.g. forecasted revenue) or the variability of cash flows to be paid or received, related to a recognized liability or asset (e.g. floating rate debt). The Company designates and assigns the derivatives as hedges of forecasted transactions, specific assets or specific liabilities. When hedged assets or liabilities are sold or extinguished or the forecasted transactions being hedged occur or are no longer expected to occur, the Company recognizes the gain or loss on the designated derivatives. The Company’s hedge positions are measured at fair value on the balance sheet. Realized gains and losses from hedges are classified in the income statement consistent with the accounting treatment of the items being hedged. The Company accrues the differential for interest rate swaps to be paid or received under the agreements as interest rates change as adjustments to interest expense over the lives of the swaps. Gains and losses on the termination of effective swap agreements, prior to their original maturity, are deferred and amortized to interest expense over the remaining term of the underlying hedged transactions. The Company enters into derivatives that are not designated as hedges and do not qualify for hedge accounting. These derivatives are intended to offset certain economic exposures of the Company and are carried at fair value with changes in value recorded in earnings. Cash flows from hedging activities are classified in the Consolidated Statements of Cash Flows under the same category as the cash flows from the related assets, liabilities or forecasted transactions (see Notes 8 and 16). Income Taxes Deferred income tax assets and liabilities are recorded with respect to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based on the weight of available evidence, it is more likely than not that some amount of recorded deferred tax assets will not be realized, a valuation allowance is established for the amount that, in management’s judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. A tax position must meet a minimum probability threshold before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Earnings Per Share The Company presents both basic and diluted earnings per share (EPS) amounts. Basic EPS is calculated by dividing net income attributable to Disney by the weighted average number of common shares outstanding during the year. Diluted EPS is based upon the weighted average number of common and common equivalent shares outstanding during the year, which is calculated using the treasury-stock method for equity-based awards (Awards). Common equivalent shares are excluded from the computation in periods for which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the 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: 2018 2017 2016 Weighted average number of common and common equivalent shares outstanding (basic) 1,499 1,568 1,629 Weighted average dilutive impact of Awards 8 10 10 Weighted average number of common and common equivalent shares outstanding (diluted) 1,507 1,578 1,639 Awards excluded from diluted earnings per share 12 10 6 |
Revenues
Revenues | 3 Months Ended |
Dec. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenues On September 30, 2018, the Company adopted Financial Accounting Standards Board (FASB) guidance, which replaced the existing accounting standards for revenue recognition with a single comprehensive five-step model (“new revenue standard”). 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. We adopted the new revenue standard using the modified retrospective method, therefore results for reporting periods beginning after September 30, 2018 are presented under the new revenue standard, while prior period amounts have not been adjusted and continue to be reported in accordance with our historic accounting. Upon adoption, we elected to apply the new revenue standard to all contracts and we recorded a net reduction to opening retained earnings of $116 million . The most significant changes to the Company’s revenue recognition policies resulting from the adoption of the new revenue standard are as follows: • For television and film content licensing agreements with multiple availability windows with the same licensee, the Company now defers more revenue to future windows than under the previous accounting guidance. • For licenses of character images, brands and trademarks with minimum guaranteed license fees, the excess of the minimum guaranteed amount over actual amounts earned based on a percentage of the licensee’s underlying sales (“minimum guarantee shortfall”) is now recognized straight-line over the remaining license period once an expected shortfall is identified. Previously, shortfalls were recognized at the end of the contract period. • For licenses that include multiple television and film titles with a minimum guaranteed license fee across all titles that earns out against the aggregate fees based on the licensee’s underlying sales, the Company now allocates the minimum guaranteed license fee to each title at contract inception and recognizes the allocated license fee as revenue when the title is made available to the customer. License fees earned in excess of the allocated minimum guaranteed amount by title are deferred until the aggregate contractual minimum guarantee is exceeded and then recognized as revenue as earned based on the licensee’s underlying sales. Previously, license fees were recognized as earned based on the licensee’s underlying sales with any shortfalls recognized at the end of the contract period. • For renewals or extensions of license agreements for television and film content, revenues are now recognized when the licensed content becomes available under the renewal or extension. Previously, revenues were recognized when the agreement was renewed or extended. The adoption of the new revenue standard resulted in certain reclassifications on the Condensed Consolidated Balance Sheet. The primary changes are the reclassification of sales returns reserves (previously reported as a reduction of receivables) to other accrued liabilities ( $163 million at December 29, 2018) and the reclassification of refundable customer advances (previously reported as deferred revenues) to other accrued liabilities ( $739 million at December 29, 2018). The cumulative effect of adoption at September 29, 2018 and the impact at December 29, 2018 (had we not applied the new revenue standard) on the Condensed Consolidated Balance Sheet is as follows: September 29, 2018 December 29, 2018 Fiscal 2018 Ending Balances as Reported Effect of Adoption Q1 2019 Opening Balances Balances Assuming Historical Accounting Q1 2019 Impact of New Revenue Standard Q1 2019 Ending Balances as Reported Assets Receivables - current/non-current $ 11,262 $ (241 ) $ 11,021 $ 12,030 $ (102 ) $ 11,928 Film and television costs and advances - current/non-current 9,202 48 9,250 8,968 33 9,001 Liabilities Accounts payable and other accrued liabilities 9,479 1,039 10,518 9,799 897 10,696 Deferred revenue and other 4,591 (1,082 ) 3,509 4,342 (908 ) 3,434 Deferred income taxes 3,109 (34 ) 3,075 3,208 (31 ) 3,177 Equity 52,832 (116 ) 52,716 54,420 (27 ) 54,393 The impact on the Condensed Consolidated Statement of Income for the quarter ended December 29, 2018, due to the adoption of the new revenue standard is as follows: Quarter ended December 29, 2018 Results Assuming Historical Accounting Impact of New Revenue Standard Reported Revenues $ 15,109 $ 194 $ 15,303 Cost and Expenses (11,806 ) (79 ) (11,885 ) Income Taxes (619 ) (26 ) (645 ) Net Income 2,697 89 2,786 The most significant impacts were at the Media Networks and Parks, Experiences & Consumer Products segments, both of which reflected a change in the timing of revenue recognition on contracts with minimum guarantees. Summary of Significant Revenue Recognition Accounting Policies The Company generates revenue from the sale of both services and products. Revenue is recognized when control of the services or products is transferred to the customer. The amount of revenue recognized reflects the consideration the Company expects to receive in exchange for the services or products. The Company has three broad categories of service revenues: licenses of rights to use our intellectual property, sales to guests at our Parks and Experiences businesses, and advertising. The Company’s primary product revenues include the sale of food, beverage and merchandise at our parks, resorts and retail stores and the sale of film and television productions in physical formats (DVD and Blu-ray). The new revenue standard defines two types of licenses of intellectual property (“IP”): IP that has “standalone functionality,” which is called functional IP, and all other IP, which is called symbolic IP. Revenue related to the license of functional IP is generally recognized upon delivery (availability) of the IP to the customer. The substantial majority of the Company’s film and television content distribution activities at the Media Networks, Studio Entertainment and DTCI segments is considered licensing of functional IP. Revenue related to the license of symbolic IP is generally recognized over the term of the license. The Company’s primary revenue stream derived from symbolic IP is the licensing of trade names, characters, visual and literary properties at the Parks, Experiences & Consumer Products segment. More detailed information about the revenue recognition policies for our key revenues is as follows: • Affiliate fees - Fees charged to affiliates (i.e., MVPDs or television stations) for the right to deliver our television network programming on a continuous basis to their customers are recognized as the programming is provided based on contractually specified per subscriber rates and the actual number of the affiliate’s customers receiving the programming. Affiliate contracts may include a minimum guaranteed license fee. For these contracts, the guaranteed license fee is recognized ratably over the guaranteed period and any fees earned in excess of the guarantee are recognized as earned once the minimum guarantee has been exceeded. Affiliate agreements may also include a license to use the network programming for on demand viewing. As the fees charged under these contracts are generally based on a contractually specified per subscriber rate for the number of underlying subscribers of the affiliate, revenues are recognized as earned. • Subscription fees - Fees charged to customers/subscribers for our DTC streaming and other services are recognized ratably over the term of the subscription. • Advertising - Sales of advertising time/space on our television networks, digital platforms, and television stations are recognized as revenue, net of agency commissions, when commercials are aired on television or delivered online. The performance obligation in advertising agreements is the delivery of ad time/space and may include a guaranteed number of impressions. When a contract contains a guaranteed number of impressions and the guaranteed number of impressions is not met (“ratings shortfall”), revenues are not recognized for the ratings shortfall until the guaranteed impressions are provided through the delivery of additional advertising time/space. • Theme park admissions - Sales of theme park tickets are recognized when the tickets are used. Sales of annual passes are recognized ratably over the period for which the pass is available for use. • Resorts and vacations - Sales of hotel room nights and cruise vacations and rentals of vacation club properties are recognized as the services are provided to the guest. Sales of vacation club properties are recognized when title to the property transfers to the customer. • Merchandise, food and beverage - Sales of merchandise, food and beverages at our theme parks and resorts, cruise ships and Disney Stores are recognized at the time of sale. Sales from our branded internet shopping sites and to wholesalers are recognized upon delivery. We estimate returns and customer incentives based upon historical return experience, current economic trends and projections of consumer demand for our products. • TV/SVOD distribution licensing - Fees charged for the right to use our television and motion picture productions are recognized as revenue when the content is available for use by the licensee. Contractual license fees may be for a fixed amount, based on performance in previous distribution windows (e.g., box office receipts) or based on underlying sales of the licensee. TV/SVOD distribution contracts may contain more than one title and/or provide that certain titles are only available for use during defined periods of time during the contract term. In these instances, each title and/or period of availability is generally considered a separate performance obligation. For these contracts, license fees are allocated to each title and period of availability at contract inception based on relative standalone selling price using management’s best estimate. Revenue is recognized when the content is made available for use by the licensee. For TV/SVOD licenses that include multiple titles subject to an aggregate minimum guaranteed license fee across all titles, the minimum guaranteed license fee is allocated to each title at contract inception and recognized as revenue when the title is available for use by the licensee. License fees earned in excess of the allocated minimum guarantee are deferred until the aggregate contractual minimum guaranteed license fee has been exceeded with the excess then recognized as earned. When the term of an existing agreement is renewed or extended, revenues are recognized when the licensed content becomes available under the renewal or extension. • Theatrical distribution licensing - Fees charged for licensing of our motion pictures to theaters are recognized as revenue based on the contractual royalty rate applied to the theater’s underlying sales from exhibition of the film. • Merchandise licensing - Fees charged for the use of our trade names and characters in connection with the sale of a licensee’s products are recognized as revenue as the products are sold by the licensee applying a contractual royalty rate to the licensee sales. For licenses with minimum guaranteed license fees, the excess of the minimum guaranteed amount over actual royalties earned from licensee sales (shortfall) is recognized straight-line over the remaining license period once an expected shortfall is probable. • Home entertainment - Sales of our motion pictures to retailers and distributors in physical formats (DVD and Blu-ray) are recognized as revenue on the later of the delivery date or the date that the product can be sold by retailers. We reduce home entertainment revenues for estimated future returns of merchandise and sales incentives based upon historical return experience, current economic trends and projections of consumer demand for our products. Sales of our motion pictures in electronic formats are recognized as revenue when the product is available for use by the consumer. • Taxes - Taxes collected from customers and remitted to governmental authorities are excluded from revenue. • Shipping and handling - Fees collected from customers for shipping and handling are recorded as revenue upon delivery of the product to the consumer. The related shipping expenses are recorded in cost of products upon delivery of the product to the customer. The following table presents our revenues by segment and major source: Quarter Ended December 29, 2018 Media Networks Parks, Experiences & Consumer Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated Affiliate fees $ 3,075 $ — $ — $ 323 $ — $ 3,398 Advertising 2,023 2 — 417 2,442 Theme park admissions — 1,933 — — — 1,933 Resort and vacations — 1,531 — — — 1,531 Retail and wholesale sales of merchandise, food and beverage — 2,122 — — — 2,122 TV/SVOD distribution licensing 722 — 605 34 (184 ) 1,177 Theatrical distribution licensing — — 373 — — 373 Merchandise licensing — 741 154 15 — 910 Home entertainment — — 425 28 — 453 Other 101 495 267 101 — 964 Total revenues $ 5,921 $ 6,824 $ 1,824 $ 918 $ (184 ) $ 15,303 Quarter Ended December 30, 2017 (1) Media Networks Parks, Experiences & Consumer Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated Affiliate fees $ 2,867 $ — $ — $ 338 $ — $ 3,205 Advertising 1,963 2 — 411 — 2,376 Theme park admissions — 1,832 — — — 1,832 Resort and vacations — 1,463 — — — 1,463 Retail and wholesale sales of merchandise, food and beverage — 2,059 — — — 2,059 TV/SVOD distribution licensing 624 — 519 25 (171 ) 997 Theatrical distribution licensing — — 1,169 — — 1,169 Merchandise licensing — 776 171 18 — 965 Home entertainment — — 361 30 — 391 Other 101 395 289 109 — 894 Total revenues $ 5,555 $ 6,527 $ 2,509 $ 931 $ (171 ) $ 15,351 (1) The table presents our revenues by segment and major source under historical accounting. The following table presents our revenues by segment and primary geographical markets: Quarter Ended December 29, 2018 Media Networks Parks, Experiences & Consumer Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated United States and Canada $ 5,509 $ 5,142 $ 1,038 $ 404 $ (164 ) $ 11,929 Europe 152 1,065 413 180 (15 ) 1,795 Asia Pacific 79 551 286 118 (5 ) 1,029 Latin America 181 66 87 216 — 550 Total revenues $ 5,921 $ 6,824 $ 1,824 $ 918 $ (184 ) $ 15,303 The amount of revenue recognized for the three months ended December 29, 2018 from performance obligations satisfied (or partially satisfied) in previous periods is $378 million , which primarily relates to revenues based on theatrical and TV/SVOD distribution licensee sales in the current quarter on titles made available to the licensee in previous quarters. As of December 29, 2018, revenue expected to be recognized in the future for unsatisfied performance obligations is $13.3 billion , which primarily relates to content to be delivered in the future under existing agreements with television station affiliates and TV/SVOD licensees. Of this amount, we expect to recognize approximately $4.2 billion in the remainder of fiscal 2019, $3.6 billion in fiscal 2020, $2.3 billion in fiscal 2021, and $3.3 billion thereafter. These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less (such as most advertising contracts) or (ii) licenses of IP that are based on sales of the licensee. Payment terms vary by the type and location of our customers and the products or services offered. For certain products or services and customer types, we require payment before the products or services are provided to the customer; in other cases, after appropriate credit evaluations, payment is due in arrears. Advertising contracts, which are generally short term, are billed monthly with payments generally due within 30 days. Payments due under affiliate arrangements are calculated monthly and are generally due within 45 days of month end. Home entertainment terms generally include payment within 60 to 90 days of availability date to the customer. Licensing payment terms vary by contract but are generally collected in advance or over the license term. The Company has accounts receivable with original maturities greater than one year related to the sale of film and television program rights and vacation club properties (see note 12). These receivables are discounted to present value based on a discount rate reflective of a separate financing transaction at contract inception. Therefore, the related revenues are recognized at the discounted amount. When the timing of the Company’s revenue recognition is different from the timing of customer payments, the Company recognizes either a contract asset (customer payment is subsequent to revenue recognition and subject to the Company satisfying additional performance obligations) or deferred revenue (customer payment precedes the Company satisfying the performance obligations). Consideration due under contracts with payment in arrears are recognized as accounts receivable. Deferred revenues are recognized as revenue as (or when) the Company performs under the contract. Contract assets, accounts receivable and deferred revenues from contracts with customers are as follows: December 29, September 30, Contract assets $ 146 $ 89 Accounts Receivable Current 9,543 8,553 Non-current 1,561 1,640 Allowance for doubtful accounts (230 ) (226 ) Deferred revenues Current 2,968 2,926 Non-current 514 609 Contract assets relate to certain multi-season TV/SVOD licensing contracts. Activity for the quarter ended December 29, 2018 related to contract assets and the allowance for doubtful accounts was not material. Deferred revenue primarily relates to nonrefundable consideration received in advance for (i) licensing contracts, theme park annual passes, theme park tickets and vacation packages and (ii) the deferral of advertising revenues due to ratings shortfalls. For the three months ended December 29, 2018, $1.6 billion of revenues primarily related to theme park admissions and vacation packages included in the deferred revenue balance at the beginning of the period were recognized. The decrease in deferred revenues due to the revenues recognized was partially offset by the receipt of additional prepaid parks admissions, non-refundable travel deposits and advances on certain licensing arrangements. |
Acquisitions
Acquisitions | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Business Combinations [Abstract] | ||
Acquisitions | Acquisitions Twenty-First Century Fox On December 14, 2017, the Company and Twenty-First Century Fox, Inc. (“21CF”) announced a definitive agreement (the “Original Merger Agreement”) for the Company to acquire 21CF. On June 20, 2018, the Company, TWDC Holdco 613 Corp (“New Disney”), a direct wholly owned subsidiary of the Company, and 21CF entered into an Amended and Restated Agreement and Plan of Merger (“Amended Merger Agreement”) for New Disney to acquire 21CF. The Amended Merger Agreement amends and restates the Original Merger Agreement in its entirety. Prior to the acquisition, 21CF will transfer a portfolio of its news, sports and broadcast businesses, including the Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, FS1, FS2, Fox Deportes, Big Ten Network and certain other assets and liabilities into a newly formed subsidiary (“New Fox”) (the “New Fox Separation”) and distribute all of the issued and outstanding common stock of New Fox to shareholders of 21CF (other than holders that are subsidiaries of 21CF) on a pro rata basis (the “New Fox Distribution”). Prior to the New Fox Distribution, New Fox will pay 21CF a dividend in the amount of $8.5 billion . As the New Fox Separation and the New Fox Distribution will be taxable to 21CF at the corporate level, the dividend is intended to fund the taxes resulting from the New Fox Separation and New Fox Distribution and certain other transactions contemplated by the Amended Merger Agreement (the “Transaction Tax”). On October 3, 2018, 21CF entered into an agreement to sell its existing 39% interest in Sky plc (“Sky”) to Comcast at a price of £17.28 per each Sky share for a total sales price of approximately £11.6 billion ( $15.1 billion ). 21CF will retain all assets and liabilities not transferred to New Fox, which will include the 21CF film and television studios, certain cable networks (including FX and Nat Geo), 21CF’s international television businesses and the proceeds from the sale of its interest in Sky. Following the New Fox Separation and the New Fox Distribution, WDC Merger Enterprises I, Inc., a wholly owned subsidiary of New Disney will be merged with and into the Company, with the Company continuing as the surviving corporation (the “Disney Merger”), and WDC Merger Enterprises II, Inc., a wholly owned subsidiary of New Disney, will be merged with and into 21CF, with 21CF continuing as the surviving corporation (the “21CF Merger and together with the Disney Merger, the “Mergers”). As a result of the Mergers, the Company and 21CF will become direct wholly owned subsidiaries of New Disney, which will be renamed “The Walt Disney Company” concurrently with the Mergers. Each share of Disney stock issued and outstanding immediately prior to the Disney Merger will be converted into one share of New Disney stock of the same class. The Boards of Directors of the Company and 21CF have approved the transaction. On July 27, 2018, the Amended Merger Agreement was adopted by the requisite vote of 21CF’s shareholders, and the stock issuance was approved by the requisite vote of the Company’s shareholders. The consummation of the transaction is subject to various conditions, including, among others, (i) the consummation of the New Fox Separation, (ii) the receipt of certain tax opinions with respect to the treatment of the transaction under U.S. and Australian tax laws, and (iii) the receipt of certain regulatory approvals and governmental consents. The closing of the acquisition is expected to occur in the first half of calendar year 2019. Pursuant to a consent decree with the DOJ, we are required to sell 21CF’s Regional Sports Networks (the “RSNs”) (the “RSN Divestiture”). Under the consent decree, the Company will have at least 90 days from the date of the acquisition to complete the RSN Divestiture, with the possibility that the DOJ can grant extensions of time up to another 90 days; and the DOJ must approve the purchaser(s) and terms and conditions of the RSN Divestiture. The decree is subject to the normal court approval process. On November 6, 2018, the European Commission approved the acquisition on the condition that the Company divest its interests in certain cable channels in the European Economic Area that are controlled by A+E, including History, H2, Crime & Investigation, Blaze and Lifetime (“the EEA Channels”). A+E is owned 50% by the Company, and the Company plans to comply by divesting its interests in the entities that operate the EEA Channels while retaining its 50% ownership of A +E apart from the A+E entities operating the EEA Channels. Upon consummation of the transaction, each issued and outstanding share of 21CF common stock (other than (i) treasury shares, (ii) shares held by 21CF subsidiaries and (iii) shares held by 21CF shareholders who have not voted in favor of the 21CF Merger and perfected and not withdrawn a demand for appraisal rights under Delaware law) will be exchanged for an amount (the “Per Share Value”), payable at the election of the holder thereof in either cash or shares of New Disney common stock. The Per Share Value is equal to fifty percent ( 50% ) of the sum of (i) $38.00 plus (ii) the value of a number of shares of the Company’s common stock equal to an “exchange ratio” (determined based on the volume weighted average price of Disney common stock over the fifteen consecutive trading day period ending on (and including) the trading day that is three trading days prior to the date of the effective time of the 21CF Merger (“Average Company Stock Price”)). If the Average Company Stock Price is greater than $114.32 , then the exchange ratio will be 0.3324 . If the Average Company Stock Price is less than $93.53 , then the exchange ratio will be 0.4063 . If the Average Company Stock Price is greater than or equal to $93.53 but less than or equal to $114.32 , then the exchange ratio will be an amount equal to $38.00 divided by the Average Company Stock Price. The merger consideration is subject to automatic proration and adjustment to ensure that the aggregate cash consideration (before giving effect to the adjustment for the Transaction Tax) is equal to $35.7 billion . The merger consideration may be subject to an adjustment based on the final estimate of the Transaction Tax. The merger consideration in the Amended Merger Agreement was set based on an estimate of $8.5 billion for the Transaction Tax and will be adjusted immediately prior to consummation of the transaction if the final estimate of the Transaction Tax at closing is more than $8.5 billion or less than $6.5 billion . Such adjustment could increase or decrease the merger consideration, depending on whether the final estimate is lower or higher, respectively, than $6.5 billion or $8.5 billion . Additionally, if the final estimate of the Transaction Tax is lower than $8.5 billion , the Company will make a cash payment to New Fox reflecting the difference between such amount and $8.5 billion , up to a maximum cash payment of $2.0 billion . As described in an 8-K filed by the Company on October 5, 2018, based on the estimated number of shares of 21CF common stock outstanding as of September 27, 2018 and assuming an Average Company Stock Price of $111.6013 (which was the volume weighted average price of the Company’s stock over the 15-trading day period ending on September 27, 2018), and assuming no adjustment for the Transaction Tax, New Disney would be required to issue approximately 319 million shares of New Disney common stock to 21CF shareholders. New Disney will record the merger consideration based upon the cash paid, which will be funded from New Disney borrowings, plus the value of New Disney common stock issued to 21CF shareholders, which will be determined by the number of shares issued and the Company’s stock price on the closing date. We anticipate that we will repay approximately half of the borrowings shortly after the transaction closes using cash we expect to acquire from 21CF. New Disney will assume approximately $19 billion of 21CF debt that had an estimated fair value of approximately $23 billion as of September 30, 2018. Under the terms of the Amended Merger Agreement, Disney will pay 21CF $2.5 billion if the Mergers are not consummated under certain circumstances relating to the failure to obtain approvals, or if there is a final, non-appealable order preventing the transaction, in each case, relating to antitrust laws, communications laws or foreign regulatory laws. If the Amended Merger Agreement is terminated under certain other circumstances relating to changes in board recommendations and/or alternative transactions, the Company or 21CF may be required to pay the other party approximately $1.5 billion . On October 5, 2018, the Company commenced an exchange offer for any and all outstanding notes (the “21CFA Notes”) issued by 21st Century Fox America, Inc. (“21CFA”), for up to $18.1 billion aggregate principal amount of new notes (the “New Disney Notes”) and cash. In conjunction with the offer to exchange (each an “Exchange Offer” and collectively, the “Exchange Offers”) the 21CFA Notes, New Disney, on behalf of 21CFA, was concurrently soliciting consents (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the 21CFA Notes to eliminate substantially all of the restrictive covenants in such indentures, release the guarantee provided by 21CF pursuant to such indentures and limit the reporting covenants under such indentures so that 21CFA is only required to comply with the reporting requirements under the Trust Indenture Act of 1939 (collectively, the “Proposed Amendments”). On October 22, 2018, the Company announced that the requisite number of consents had been received to adopt the Proposed Amendments with respect to all 21CFA Notes. Supplemental indentures effecting the Proposed Amendments were executed on October 22, 2018. Such supplemental indentures were valid and enforceable upon execution but will only become operative upon the settlement of the Exchange Offers and Consent Solicitations. The settlement of the Exchange Offers and Consent Solicitations is expected to occur on or around the closing date of the acquisition. If the acquisition is not consummated, or if the Exchange Offers and Consent Solicitations are otherwise terminated or withdrawn prior to settlement, the Proposed Amendments effected by the supplemental indentures will be deemed to be revoked retroactive to October 22, 2018. Goodwill The changes in the carrying amount of goodwill for the quarter ended December 29, 2018 are as follows: Media Networks Parks and Resorts Studio Entertainment Consumer Products & Interactive Media Parks, Experiences & Consumer Products Direct-to-Consumer & International Total Balance at Sep. 29, 2018 $ 19,388 $ 291 $ 7,164 $ 4,426 $ — $ — $ 31,269 Segment recast (1) (3,399 ) (291 ) (70 ) (4,426 ) 4,487 3,699 — Other, net — — 9 — — 11 20 Balance at Dec. 29, 2018 $ 15,989 $ — $ 7,103 $ — $ 4,487 $ 3,710 $ 31,289 (1) | Acquisitions Twenty-First Century Fox On December 14, 2017, the Company and Twenty-First Century Fox, Inc. (“21CF”) announced a definitive agreement (the “Original Merger Agreement”) for the Company to acquire 21CF. On June 20, 2018, the Company, TWDC Holdco 613 Corp (“New Disney”), a direct wholly owned subsidiary of the Company, and 21CF entered into an Amended and Restated Agreement and Plan of Merger (“Amended Merger Agreement”) for New Disney to acquire 21CF. The Amended Merger Agreement amends the Original Merger Agreement. Prior to the acquisition, 21CF will transfer a portfolio of its news, sports and broadcast businesses, including the Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, FS1, FS2, Fox Deportes, Big Ten Network and certain other assets and liabilities into a newly formed subsidiary (“New Fox”) (the “New Fox Separation”) and distribute all of the issued and outstanding common stock of New Fox to shareholders of 21CF (other than holders that are subsidiaries of 21CF) on a pro rata basis (the “New Fox Distribution”). Prior to the New Fox Distribution, New Fox will pay 21CF a dividend in the amount of $8.5 billion . As the New Fox Separation and the New Fox Distribution will be taxable to 21CF at the corporate level, the dividend is intended to fund the taxes resulting from the New Fox Separation and New Fox Distribution and certain other transactions contemplated by the Amended Merger Agreement (the “Transaction Tax”). On October 3, 2018, 21CF entered into an agreement to sell its existing 39% interest in Sky plc (“Sky”) to Comcast at a price of £17.28 per each Sky share for a total sales price of approximately £11.6 billion ( $15.1 billion ). 21CF will retain all assets and liabilities not transferred to New Fox, which will include the 21CF film and television studios, certain cable networks (including FX and Nat Geo), 21CF’s international television businesses and the proceeds from the sale of its interest in Sky. Following the New Fox Separation and the New Fox Distribution, WDC Merger Enterprises I, Inc., a wholly owned subsidiary of New Disney will be merged with and into the Company, with the Company continuing as the surviving corporation (the “Disney Merger”), and WDC Merger Enterprises II, Inc., a wholly owned subsidiary of New Disney, will be merged with and into 21CF, with 21CF continuing as the surviving corporation (the “21CF Merger and together with the Disney Merger, the “Mergers”). As a result of the Mergers, the Company and 21CF will become direct wholly owned subsidiaries of New Disney, which will be renamed “The Walt Disney Company” concurrently with the Mergers. Each share of Disney stock issued and outstanding immediately prior to the Disney Merger will be converted into one share of New Disney stock of the same class. The Boards of Directors of the Company and 21CF have approved the transaction. On July 27, 2018, the Amended Merger Agreement was adopted by the requisite vote of 21CF’s shareholders and the stock issuance was approved by the requisite vote of the Company’s shareholders. The consummation of the transaction is subject to various conditions, including, among others, (i) the consummation of the New Fox Separation, (ii) the receipt of certain tax opinions with respect to the treatment of the transaction under U.S. and Australian tax laws, and (iii) the receipt of certain regulatory approvals and governmental consents. The closing of the Acquisition is expected to occur in the first half of calendar year 2019. Pursuant to a consent decree with the DOJ, we are required to sell 21CF’s Regional Sports Networks (the “RSNs”) (the “RSN Divestiture”). Under the consent decree, the Company will have at least 90 days from the date of the acquisition to complete the RSN Divestiture, with the possibility that the DOJ can grant extensions of time up to another 90 days; and the DOJ must approve the purchaser(s) and terms and conditions of the RSN Divestiture. The decree is subject to the normal court approval process. On November 6, 2018, the European Commission approved the acquisition on the condition that the Company divest its interests in certain cable channels in the European Economic Area that are controlled by A+E, including History, H2, Crime & Investigation, Blaze and Lifetime(“the EEA Channels”). A+E is owned 50% by the Company, and the Company plans to comply by divesting its interests in the entities that operate the EEA Channels while retaining its 50% ownership of A +E apart from the A+E entities operating the EEA Channels. Upon consummation of the transaction, each issued and outstanding share of 21CF common stock (other than (i) treasury shares, (ii) shares held by 21CF subsidiaries and (iii) shares held by 21CF shareholders who have not voted in favor of the 21CF Merger and perfected and not withdrawn a demand for appraisal rights under Delaware law) will be exchanged for an amount (the “Per Share Value”), payable at the election of the holder thereof in either cash or shares of New Disney common stock. The Per Share Value is equal to fifty percent ( 50% ) of the sum of (i) $38.00 plus (ii) the value of a number of shares of the Company’s common stock equal to an “exchange ratio” (determined based on the volume weighted average price of Disney common stock over the fifteen consecutive trading day period ending on (and including) the trading day that is three trading days prior to the date of the effective time of the 21CF Merger (“Average Company Stock Price”)). If the Average Company Stock Price is greater than $114.32 , then the exchange ratio will be 0.3324 . If the Average Company Stock Price is less than $93.53 , then the exchange ratio will be 0.4063 . If the Average Company Stock Price is greater than or equal to $93.53 but less than or equal to $114.32 , then the exchange ratio will be an amount equal to $38.00 divided by the Average Company Stock Price. The merger consideration is subject to automatic proration and adjustment to ensure that the aggregate cash consideration (before giving effect to the adjustment for the Transaction Tax) is equal to $35.7 billion . The merger consideration may be subject to an adjustment based on the final estimate of the Transaction Tax. The merger consideration in the Amended Merger Agreement was set based on an estimate of $8.5 billion for the Transaction Tax and will be adjusted immediately prior to consummation of the transaction if the final estimate of the Transaction Tax at closing is more than $8.5 billion or less than $6.5 billion . Such adjustment could increase or decrease the merger consideration, depending on whether the final estimate is lower or higher, respectively, than $6.5 billion or $8.5 billion . Additionally, if the final estimate of the Transaction Tax is lower than $8.5 billion , the Company will make a cash payment to New Fox reflecting the difference between such amount and $8.5 billion , up to a maximum cash payment of $2.0 billion . As described in a Form 8-K filed by the Company on October 5, 2018, based on the estimated number of shares of 21CF common stock outstanding as of September 27, 2018 and assuming an Average Company Stock Price of $111.6013 (which was the volume weighted average price of the Company’s stock over the 15-trading day period ending on September 27, 2018), and assuming no adjustment for the Transaction Tax, New Disney would be required to issue approximately 319 million shares of New Disney common stock to 21CF shareholders. New Disney will record the merger consideration based upon the cash paid, which will be funded from New Disney borrowings, plus the value of New Disney common stock issued to 21CF shareholders, which will be determined by the number of shares issued and the Company’s stock price on the closing date. We anticipate that we will repay approximately half of the borrowings shortly after the transaction closes using cash we expect to acquire from 21CF. New Disney will assume approximately $19 billion of 21CF debt that had an estimated fair value of approximately $23 billion as of September 30, 2018. Under the terms of the Amended Merger Agreement, Disney will pay 21CF $2.5 billion if the Mergers are not consummated under certain circumstances relating to the failure to obtain approvals, or if there is a final, non-appealable order preventing the transaction, in each case, relating to antitrust laws, communications laws or foreign regulatory laws. If the Amended Merger Agreement is terminated under certain other circumstances relating to changes in board recommendations and/or alternative transactions, the Company or 21CF may be required to pay the other party approximately $1.5 billion . On October 5, 2018, the Company commenced an exchange offer for any and all outstanding notes (the “21CFA Notes”) issued by 21st Century Fox America, Inc. (“21CFA”), for up to $18.1 billion aggregate principal amount of new notes (the “New Disney Notes”) and cash. In conjunction with the offer to exchange (each an “Exchange Offer” and collectively, the “Exchange Offers”) the 21CFA Notes, New Disney, on behalf of 21CFA, was concurrently soliciting consents (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the 21CFA Notes to eliminate substantially all of the restrictive covenants in such indentures, release the guarantee provided by 21CF pursuant to such indentures and limit the reporting covenants under such indentures so that 21CFA is only required to comply with the reporting requirements under the Trust Indenture Act of 1939 (collectively, the “Proposed Amendments”). On October 22, 2018, the Company announced that the requisite number of consents had been received to adopt the Proposed Amendments with respect to all 21CFA Notes. Supplemental indentures effecting the Proposed Amendments were executed on October 22, 2018. Such supplemental indentures were valid and enforceable upon execution but will only become operative upon the settlement of the Exchange Offers and Consent Solicitations. The settlement of the Exchange Offers and Consent Solicitations is expected to occur on or around the closing date of the Acquisition. If the Acquisition is not consummated, or if the Exchange Offers and Consent Solicitations are otherwise terminated or withdrawn prior to settlement, the Proposed Amendments effected by the supplemental indentures will be deemed to be revoked retroactive to October 22, 2018. BAMTech On September 25, 2017, the Company acquired an additional 42% interest in BAMTech, a streaming technology and content delivery business, from an affiliate of Major League Baseball (MLB) for $1.6 billion (paid in January 2018). The acquisition increased our interest from 33% to 75% , and as a result, we began consolidating BAMTech during the fourth quarter of fiscal 2017. The acquisition supports the Company’s strategy to launch DTC video streaming services. The acquisition date fair value of BAMTech (purchase price) of $3.9 billion represents the sum of (i) the $1.6 billion payment for the 42% interest, (ii) the $1.2 billion estimated fair value of the Company’s original 33% interest, and (iii) the $1.1 billion estimated fair value of the 25% noncontrolling interest. Upon consolidation, the Company recognized a non-cash gain of $255 million ( $162 million after tax) as a result of increasing the carrying value of the Company’s original 33% interest to $1.2 billion , the estimated fair value implied by the acquisition price of our additional 42% interest. The gain was recorded in “Other income, net” in the fiscal 2017 Consolidated Statement of Income. We have allocated $3.5 billion of the purchase price to goodwill (approximately half of which is deductible for tax purposes) with the remainder primarily allocated to identifiable intangible assets. Goodwill reflects the synergies expected from rationalization of the Company’s current digital distribution services, enhanced personalization of content and advertising from access to DTC user data, and the ability to leverage BAMTech’s platform expertise for the Company’s DTC services. Goodwill also includes technical knowhow associated with BAMTech’s assembled workforce. BAMTech’s noncontrolling interest holders, MLB and the National Hockey League (NHL), have the right to sell their interest to the Company in the future. MLB can generally sell its interest to the Company starting five years from and ending ten years after the September 25, 2017 acquisition date at the greater of fair value or a guaranteed floor value ( $563 million accreting at 8% annually for eight years). The NHL can sell its interest to the Company in fiscal 2020 for $300 million or in fiscal 2021 for $350 million . Accordingly, these interests are recorded as “Redeemable noncontrolling interests” in the Company’s Consolidated Balance Sheet. In addition, ESPN’s noncontrolling interest holder has a 20% interest in BAMTech’s direct-to-consumer sports business. The Company has the right to purchase MLB’s interest in BAMTech starting five years from and ending ten years after the acquisition date at the greater of fair value or the guaranteed floor value. The Company has the right to acquire the NHL interest in fiscal years 2020 or 2021 for $500 million . The acquisition date fair value of the noncontrolling interests was estimated at $1.1 billion , which was calculated using an option pricing model and generally reflected the net present value of the expected future redemption amount. As a result of the MLB and NHL sale rights, the noncontrolling interests will generally not be allocated BAMTech losses. The Company will record the noncontrolling interests at the greater of (i) their acquisition date fair value adjusted for their share (if any) of earnings, losses, or dividends or (ii) an accreted value from the date of the acquisition to the earliest redemption date. The accretion of the MLB interest to the earliest redemption value (i.e. in five years after the acquisition date) will be recorded using an interest method. As of September 29, 2018, the redeemable noncontrolling interest subject to accretion would have had a redemption amount of $608 million if it were redeemed at that time. Adjustments to the carrying amount of redeemable noncontrolling interests increase or decrease income available to Company shareholders through an adjustment to “Net income attributable to noncontrolling interests” on the Consolidated Statement of Income. The revenue and costs of BAMTech included in the Company’s Consolidated Statement of Income for the year ended September 29, 2018 were approximately $0.3 billion and $0.7 billion , respectively. Vice Vice is a media company targeting a millennial audience through news and pop culture content and creative brand integration. During 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 (loss) of investees, net ” in the Consolidated Statement of Income in fiscal 2016. At September 29, 2018 , A+E had a 20% interest in Vice. During fiscal 2016, the Company acquired a direct interest in Vice for $400 million of cash, and at September 29, 2018 owned an 11% interest. The Company accounts for its interest in Vice as an equity method investment. During fiscal 2018, the Company recorded a $157 million impairment of its interest in Vice. Hulu At the end of fiscal 2015, the Company had a 33% interest in Hulu, a joint venture owned one-third each by the Company, 21CF and Comcast Corporation. Warner Media LLC (WM) acquired a 10% interest from Hulu for $0.6 billion in August 2016, which diluted the Company’s ownership interest to 30% . In addition, WM has made $0.2 billion in subsequent capital contributions. For not more than 36 months from August 2016, WM has the right to sell its shares to Hulu and Hulu has the right to purchase the shares from WM under certain limited circumstances arising from regulatory review. The Company and 21CF have agreed to make a capital contribution for up to approximately $0.4 billion each if Hulu is required to repurchase WM’s shares. The August 2016 transaction resulted in a deemed sale by the Company of a portion of its interest in Hulu at a gain of approximately $175 million . The Company expects to recognize the gain if and when the put and call options expire. Following completion of the 21CF acquisition the Company will consolidate Hulu’s financial results and assume 21CF’s capital contribution obligations. The Company accounts for its interest in Hulu as an equity method investment. Goodwill The changes in the carrying amount of goodwill for the years ended September 29, 2018 and September 30, 2017 are as follows: Media Networks Parks and Studio Entertainment Consumer Parks, Experiences & Consumer Products Direct-to-Consumer & International Unallocated Total Balance at Oct. 1, 2016 $ 16,345 $ 291 $ 6,830 $ 4,344 $ — $ — $ — $ 27,810 Acquisitions — — — — — — 3,600 3,600 Dispositions — — — — — — — — Other, net (20 ) — (13 ) 49 — — — 16 Balance at Sept. 30, 2017 $ 16,325 $ 291 $ 6,817 $ 4,393 $ — $ — $ 3,600 $ 31,426 Acquisitions — — — — — — — — Dispositions — — — — — — — — Other, net (1) 3,063 — 347 33 — — (3,600 ) (157 ) Balance at Sept. 29, 2018 $ 19,388 $ 291 $ 7,164 $ 4,426 $ — $ — $ — $ 31,269 Segment recast (2) (3,399 ) (291 ) (70 ) (4,426 ) 4,487 3,699 — — Balance at Sept. 30, 2018 $ 15,989 $ — $ 7,094 $ — $ 4,487 $ 3,699 $ — $ 31,269 (1) Other, net primarily represents the allocation of BAMTech goodwill to segments based on the final purchase price allocation and also includes the impact of updates to our initial estimated fair value of intangible assets related to BAMTech. (2) Represents the reallocation of goodwill as a result of the Company recasting its segments as described in Note 1. |
Cash, Cash Equivalents, Restric
Cash, Cash Equivalents, Restricted Cash and Borrowings | 3 Months Ended |
Dec. 29, 2018 | |
Disclosure of Cash, Cash Equivalents, Restricted Cash and Borrowings | Cash, Cash Equivalents, Restricted Cash and Borrowings Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheet to the total of the amounts reported in the Condensed Consolidated Statements of Cash Flows. December 29, September 29, Cash and cash equivalents $ 4,455 $ 4,150 Restricted cash included in: Other current assets 4 1 Other assets 4 4 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 4,463 $ 4,155 Borrowings During the quarter ended December 29, 2018 , the Company’s borrowing activity was as follows: September 29, Borrowings Payments Other Activity December 29, Commercial paper with original maturities less than three months (1) $ 50 $ 548 $ — $ 1 $ 599 Commercial paper with original maturities greater than three months 955 99 (950 ) (4 ) 100 U.S. and European medium-term notes 17,942 — — 5 17,947 Asia Theme Parks borrowings 1,145 — — 15 1,160 Foreign currency denominated debt and other (2) 782 1 — 76 859 Total $ 20,874 $ 648 $ (950 ) $ 93 $ 20,665 (1) Borrowings and reductions of borrowings are reported net. (2) The other activity is due to market value adjustments for debt with qualifying hedges, partially offset by the impact of changes in foreign currency exchange rates. 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 2020 $ 6,000 $ — $ 6,000 Facility expiring March 2021 2,250 — 2,250 Facility expiring March 2023 4,000 — 4,000 Total $ 12,250 $ — $ 12,250 The Company had a $6.0 billion bank facility expiring in March 2019. This facility was refinanced extending the maturity date to March 2020. 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 & Poor’s. The spread above LIBOR can range from 0.18% to 1.63%. The Company also has the ability to issue up to $500 million of letters of credit under the facility expiring in March 2023, which if utilized, reduces available borrowings under this facility. As of December 29, 2018 , the Company has $221 million of outstanding letters of credit, of which none were issued under this facility. The facilities specifically exclude certain entities, including the Asia Theme Parks, from any representations, covenants, or events of default and contain only one financial covenant relating to interest coverage, which the Company met on December 29, 2018 by a significant margin. 21CF Credit Facility In June 2018, the Company received committed financing from a bank syndicate to fund the cash component of the pending acquisition of 21CF. Under the terms of the commitment, the bank syndicate has committed to provide and arrange a 364-day unsecured bridge term loan facility in an aggregate principal amount of $35.7 billion at the completion of the 21CF transaction. The interest rate on the facility can vary based on the Company’s debt rating. The interest rate would have been LIBOR plus 0.75% if the Company had drawn on this facility at December 29, 2018. Cruise Ship Credit Facilities In October 2016 and December 2017, the Company entered into credit facilities to finance three new cruise ships, which are expected to be delivered in 2021, 2022 and 2023. The financings may be used for up to 80% of the contract price of the cruise ships. Under the agreements, $1.0 billion in financing is available beginning in April 2021, $1.1 billion is available beginning in May 2022 and $1.1 billion is available beginning in April 2023. If utilized, the interest rates will be fixed at 3.48% , 3.72% and 3.74% , respectively, and the loans and interest will be payable semi-annually over a 12-year period from the borrowing date. Early repayment is permitted subject to cancellation fees. Interest expense, net Interest expense, interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 8) are reported net in the Condensed Consolidated Statements of Income and consist of the following (net of capitalized interest): Quarter Ended December 29, December 30, Interest expense $ (163 ) $ (146 ) Interest and investment income 75 17 Net periodic pension and postretirement benefit costs (other than service costs) 25 — Interest expense, net $ (63 ) $ (129 ) Interest and investment income includes gains and losses on publicly and non-publicly traded investments, investment impairments and interest earned on cash and cash equivalents and certain receivables. |
Dispositions and Other Income_(
Dispositions and Other Income/(Expense) | 12 Months Ended |
Sep. 29, 2018 | |
Other Income and Expenses [Abstract] | |
Dispositions and Other Income/(Expense) | Other Income, net Other income, net is as follows: 2018 2017 2016 Gains on sales of real estate and property rights $ 560 $ — $ — Settlement of litigation 38 (177 ) — Gain related to the acquisition of BAMTech 3 255 — Other income, net $ 601 $ 78 $ — Gains from sales of real estate and property rights In fiscal 2018, the Company recorded gains of $560 million in connection with the sale of real estate and property rights in New York City. Settlement of litigation In fiscal 2018, the Company recorded $38 million in insurance recoveries in connection with the settlement of a litigation matter for which the Company recorded a charge of $177 million , net of committed insurance recoveries in fiscal 2017. Gain related to the acquisition of BAMTech In fiscal 2018, the Company recorded a $3 million adjustment to a fiscal 2017 non-cash net gain of $255 million recorded in connection with the acquisition of a controlling interest in BAMTech (see Note 3). |
Investments
Investments | 12 Months Ended |
Sep. 29, 2018 | |
Investments [Abstract] | |
Investments | Investments Investments consist of the following: September 29, September 30, Investments, equity basis $ 2,768 $ 3,087 Investments, other 131 115 $ 2,899 $ 3,202 Investments, Equity Basis The Company’s significant equity investments primarily consist of media and parks and resorts investments and include A + E ( 50% ownership), CTV Specialty Television, Inc. ( 30% ownership), Hulu ( 30% ownership), Seven TV ( 20% ownership), Vice ( 21% effective ownership including A+E ownership) and Villages Nature ( 50% ownership). A summary of combined financial information for equity investments is as follows: Results of Operations: 2018 2017 2016 Revenues $ 9,085 $ 8,122 $ 7,416 Net income (152 ) 857 1,855 Balance Sheet September 29, September 30, October 1, Current assets $ 4,542 $ 4,623 $ 4,801 Non-current assets 9,998 10,047 8,906 $ 14,540 $ 14,670 $ 13,707 Current liabilities $ 3,197 $ 2,852 $ 2,018 Non-current liabilities 4,840 5,056 4,531 Redeemable preferred stock 1,362 1,123 583 Shareholders’ equity 5,141 5,639 6,575 $ 14,540 $ 14,670 $ 13,707 As of September 29, 2018 , the book value of the Company’s equity method investments exceeded our share of the book value of the investees’ underlying net assets by approximately $0.5 billion , which represents amortizable intangible assets and goodwill arising from acquisitions. The Company enters into transactions in the ordinary course of business with our equity investees, primarily related to the licensing of television and film programming. Revenues from these transactions were $0.8 billion , $0.5 billion and $0.5 billion in fiscal 2018 , 2017 and 2016 , respectively. The Company defers a portion of its profits from transactions with investees. The profits are recognized as the investees expense the programming rights. The portion that is deferred reflects our ownership interest in the investee. Investments, Other As of September 29, 2018 and September 30, 2017 , the Company held $38 million and $36 million , respectively, of securities classified as available-for-sale and $93 million and $79 million , respectively, of non-publicly traded cost-method investments. In fiscal 2018 , 2017 and 2016 , the Company had no significant realized gains, unrealized gains, losses or impairments on available-for-sale securities and non-publicly traded cost-method investments. Realized gains and losses on available-for-sale and non-publicly traded cost-method investments are reported in “Interest expense, net” in the Consolidated Statements of Income. |
International Theme Parks
International Theme Parks | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
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 (the Asia Theme Parks together with 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 December 29, 2018 and September 29, 2018 : December 29, 2018 September 29, 2018 Cash and cash equivalents $ 737 $ 834 Other current assets 364 400 Total current assets 1,101 1,234 Parks, resorts and other property 8,947 8,973 Other assets 107 103 Total assets (1) $ 10,155 $ 10,310 Current liabilities $ 769 $ 921 Long-term borrowings 1,121 1,106 Other long-term liabilities 348 382 Total liabilities (1) $ 2,238 $ 2,409 (1) Total assets of the Asia Theme Parks were $8 billion at both December 29, 2018 and September 29, 2018 including parks, resorts and other property of $7 billion . Total liabilities of the Asia Theme Parks were $2 billion at both December 29, 2018 and September 29, 2018 . 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 quarter ended December 29, 2018 : December 29, 2018 Revenues $ 910 Costs and expenses (891 ) Equity in the loss of investees (12 ) Asia Theme Parks’ royalty and management fees of $33 million for the quarter ended December 29, 2018 are eliminated in consolidation but are considered in calculating earnings attributable to noncontrolling interests. International Theme Parks’ cash flows included in the Company’s Condensed Consolidated Statement of Cash Flows for the quarter ended December 29, 2018 were $135 million generated from operating activities, $230 million used in investing activities and $20 million generated from financing activities. Approximately half of cash flows generated from operating activities and used in investing activities were for the Asia Theme Parks. Hong Kong Disneyland Resort The Government of the Hong Kong Special Administrative Region (HKSAR) and the Company have a 53% and a 47% equity interest in Hong Kong Disneyland Resort, respectively. The Company and HKSAR have both provided loans to Hong Kong Disneyland Resort with outstanding balances of $144 million and $143 million respectively. The interest rate is three month HIBOR plus 2% , and the maturity date is September 2025 for the majority of the borrowings. The Company’s loan is eliminated in consolidation. The Company has provided Hong Kong Disneyland Resort with a revolving credit facility of HK $2.1 billion ( $269 million ), which bears interest at a rate of three month HIBOR plus 1.25% and matures in December 2023. There is no outstanding balance under the line of credit at December 29, 2018 . 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, operates Shanghai Disney Resort. The Company has provided Shanghai Disney Resort with loans totaling $809 million , bearing interest at rates up to 8% and maturing in 2036, with early repayment permitted. In addition, the Company has an outstanding balance of $160 million due from Shanghai Disney Resort primarily related to royalties. 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 December 29, 2018 . These balances are eliminated in consolidation. Shendi has provided Shanghai Disney Resort with loans totaling 7.0 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 $199 million ) line of credit bearing interest at 8% . There is no outstanding balance under the line of credit at December 29, 2018 . | 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 Theme Parks), which are both VIEs consolidated in the Company’s financial statements. See Note 2 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 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 consolidated balance sheets as of September 29, 2018 and September 30, 2017 : 2018 2017 Cash and cash equivalents $ 834 $ 843 Other current assets 400 376 Total current assets 1,234 1,219 Parks, resorts and other property 8,973 9,403 Other assets 103 111 Total assets (1) $ 10,310 $ 10,733 Current liabilities $ 921 $ 1,163 Borrowings - long-term 1,106 1,145 Other long-term liabilities 382 371 Total liabilities (1) $ 2,409 $ 2,679 (1) The total assets of the Asia Theme Parks were $8 billion at both September 29, 2018 and September 30, 2017 including parks, resorts and other property of $7 billion . The total liabilities of the Asia Theme Parks were $2 billion at both September 29, 2018 and September 30, 2017 . The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s consolidated statement of income for fiscal 2018: Revenues $ 3,834 Costs and expenses (3,649 ) Equity in the loss of investees (76 ) Asia Theme Parks’ royalty and management fees of $178 million for fiscal 2018 are eliminated in consolidation but are considered in calculating earnings allocated to noncontrolling interests. International Theme Parks’ cash flows included in the Company’s fiscal 2018 consolidated statement of cash flows were $915 million generated from operating activities, $689 million used in investing activities and $72 million generated in financing activities. Approximately two-thirds of cash flows generated from operating activities and used in investing activities were for the Asia Theme Parks. Disneyland Paris During fiscal 2017, the Company acquired the outstanding 19% interest in Disneyland Paris for $250 million of cash and 1.36 million shares of the Company’s common shares, valued at $150 million . Hong Kong Disneyland Resort The Government of the Hong Kong Special Administrative Region (HKSAR) and the Company have a 53% and a 47% equity interest in Hong Kong Disneyland Resort, respectively. The Company and HKSAR have both provided loans to Hong Kong Disneyland Resort with outstanding balances of $143 million each. The interest rate is three month HIBOR plus 2% , and the maturity date is September 2025 for the majority of the borrowings. The Company’s loan is eliminated in consolidation. The Company has provided Hong Kong Disneyland Resort with a revolving credit facility of HK $2.1 billion ( $269 million ), which bears interest at a rate of three month HIBOR plus 1.25% and matures in December 2023 . There is no outstanding balance under the line of credit at September 29, 2018 . Hong Kong Disneyland is undergoing a multi-year expansion estimated to cost HK $10.9 billion ( $1.4 billion ) that will add a number of new guest offerings, including two new themed areas by 2023. The Company and HKSAR have agreed to fund the expansion on an equal basis through equity contributions, which totaled $144 million in fiscal 2018. HKSAR has the right to receive additional shares over time to the extent Hong Kong Disneyland Resort exceeds certain return on asset performance targets. The amount of additional shares HKSAR can receive is capped on both an annual and cumulative basis and could decrease the Company’s equity interest by up to an additional 7 percentage points over a period no shorter than 14 years . Assuming HK $10.9 billion is contributed in the expansion, the impact to the Company’s equity interest would be limited to 4 percentage points. 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, operates Shanghai Disney Resort. The Company has provided Shanghai Disney Resort with loans totaling $802 million , bearing interest at rates up to 8% and maturing in 2036 , with early repayment permitted. In addition, the Company has an outstanding balance of $191 million due from Shanghai Disney Resort primarily related to royalties. 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 September 29, 2018 . These balances are eliminated in consolidation. Shendi has provided Shanghai Disney Resort with loans totaling 7.0 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 $199 million ) line of credit bearing interest at 8% . There is no outstanding balance under the line of credit at September 29, 2018 . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Dec. 29, 2018 | |
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 December 29, December 30, Shares (in millions): Weighted average number of common and common equivalent shares outstanding (basic) 1,490 1,512 Weighted average dilutive impact of Awards 8 9 Weighted average number of common and common equivalent shares outstanding (diluted) 1,498 1,521 Awards excluded from diluted earnings per share 11 16 |
Film and Television Costs and A
Film and Television Costs and Advances | 12 Months Ended |
Sep. 29, 2018 | |
Disclosure Film And Television Costs [Abstract] | |
Film and Television Costs and Advances | Film and Television Costs and Advances Film and television costs and advances are as follows: September 29, 2018 September 30, 2017 Theatrical film costs Released, less amortization $ 1,911 $ 1,658 Completed, not released 397 — In-process 2,974 3,200 In development or pre-production 173 306 5,455 5,164 Television costs Released, less amortization 1,301 1,152 Completed, not released 462 472 In-process 420 364 In development or pre-production 2 53 2,185 2,041 Television programming rights and advances 1,562 1,554 9,202 8,759 Less current portion 1,314 1,278 Non-current portion $ 7,888 $ 7,481 Based on the Company’s total gross revenue estimates as of September 29, 2018 , approximately 78% of unamortized film and television costs for released productions (excluding amounts allocated to acquired film and television libraries) are expected to be amortized during the next three years. By the end of fiscal 2022, we will have reached on a cumulative basis over 80% amortization of the September 29, 2018 balance of unamortized film and television costs. Approximately $1.0 billion of accrued participation and residual liabilities will be paid in fiscal year 2019 . The Company expects to amortize, based on current estimates, approximately $1.7 billion in capitalized completed film and television production costs during fiscal 2019 . At September 29, 2018 , acquired film and television libraries have remaining unamortized costs of $160 million , which are generally being amortized straight-line over a weighted-average remaining period of approximately 13 years . |
Borrowings
Borrowings | 12 Months Ended |
Sep. 29, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The Company’s borrowings at September 29, 2018 and September 30, 2017 , including the impact of interest rate and cross-currency swaps, are summarized below: 2018 2018 2017 Stated Interest Rate (1) Pay Floating Interest rate and Cross- Currency Swaps (2) Effective Interest Rate (3) Swap Maturities Commercial paper $ 1,005 $ 2,772 — $ — 2.24 % U.S. and European medium-term notes (4) 17,942 19,721 2.91 % 6,600 3.27 % 2019-2027 Foreign currency denominated debt 955 13 2.76 % 955 2.92 % 2025 Capital Cities/ABC debt 103 105 8.75 % — 5.99 % BAMTech acquisition payable — 1,581 — % — — % Other (5) (276 ) (46 ) — 19,729 24,146 2.79 % 7,555 3.22 % Asia Theme Parks borrowings 1,145 1,145 1.33 % — 5.17 % Total borrowings 20,874 25,291 2.71 % 7,555 3.32 % Less current portion 3,790 6,172 1.85 % 1,600 2.94 % Total long-term borrowings $ 17,084 $ 19,119 $ 5,955 (1) The stated interest rate represents the weighted-average coupon rate for each category of borrowings. For floating rate borrowings, interest rates are the rates in effect at September 29, 2018 ; these rates are not necessarily an indication of future interest rates. (2) Amounts represent notional values of interest rate and cross-currency swaps outstanding as of September 29, 2018 . (3) The effective interest rate includes the impact of existing and terminated interest rate and cross-currency swaps, purchase accounting adjustments and debt issuance premiums, discounts and costs. (4) Includes net debt issuance premiums, discounts and costs totaling $121 million and $138 million at September 29, 2018 and September 30, 2017 , respectively. (5) Includes market value adjustments for debt with qualifying hedges, which reduce borrowings by $304 million and $73 million at September 29, 2018 and September 30, 2017 , respectively. 21CF Credit Facility In June 2018, the Company received committed financing from a bank syndicate to fund the cash component of the pending acquisition of 21CF. Under the terms of the commitment, the bank syndicate has committed to provide and arrange a 364-day unsecured bridge term loan facility in an aggregate principal amount of $35.7 billion at the completion of the 21CF transaction. The interest rate on the facility can vary based on the Company’s debt rating. The interest rate would have been LIBOR plus 0.875% if the Company had drawn on this facility at September 29, 2018. Cruise Ship Credit Facilities In October 2016 and December 2017, the Company entered into credit facilities to finance three new cruise ships, which are expected to be delivered in 2021, 2022 and 2023. The financings may be used for up to 80% of the contract price of the cruise ships. Under the agreements, $1.0 billion in financing is available beginning in April 2021, $1.1 billion is available beginning in May 2022 and $1.1 billion is available beginning in April 2023. If utilized, the interest rates will be fixed at 3.48% , 3.72% and 3.74% , respectively, and the loan and interest will be payable semi-annually over a 12-year period from the borrowing date. Early repayment is permitted subject to cancellation fees. Commercial Paper 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 2019 $ 6,000 $ — $ 6,000 Facility expiring March 2021 2,250 — 2,250 Facility expiring March 2023 4,000 — 4,000 Total $ 12,250 $ — $ 12,250 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 0.18% to 1.63%. The Company also has the ability to issue up to $500 million of letters of credit under the facility expiring in March 2023 , which if utilized, reduces available borrowings under this facility. As of September 29, 2018 , the Company has $220 million of outstanding letters of credit, of which none were issued under this facility. The facilities specifically exclude certain entities, including the Asia Theme Parks, from any representations, covenants, or events of default and contain only one financial covenant relating to interest coverage, which the Company met on September 29, 2018 by a significant margin. Commercial paper activity is as follows: Commercial paper with original maturities less than three months, net (1) Commercial paper with original maturities greater than three months Total Balance at Oct. 1, 2016 $ 777 $ 744 $ 1,521 Additions 372 6,364 6,736 Payments — (5,489 ) (5,489 ) Other Activity 2 2 4 Balance at Sept. 30, 2017 $ 1,151 $ 1,621 $ 2,772 Additions — 8,079 8,079 Payments (1,099 ) (8,748 ) (9,847 ) Other Activity (2 ) 3 1 Balance at Sept. 29, 2018 $ 50 $ 955 $ 1,005 (1) Borrowings and reductions of borrowings are reported net. Shelf Registration Statement The Company has a shelf registration statement in place, which allows the Company to issue various types of debt instruments, such as fixed or floating rate notes, U.S. dollar or foreign currency denominated notes, redeemable notes, global notes, and dual currency or other indexed notes. Issuances under the shelf registration require the filing of a prospectus supplement identifying the amount and terms of the securities to be issued. Our ability to issue debt is subject to market conditions and other factors impacting our borrowing capacity. U.S. Medium-Term Note Program At September 29, 2018 , the total debt outstanding under the U.S. medium-term note program was $17.4 billion with maturities ranging from 1 to 75 years. The debt outstanding includes $15.4 billion of fixed rate notes, which have stated interest rates that range from 0.88% to 7.55% and $2.0 billion of floating rate notes that bear interest at U.S. LIBOR plus or minus a spread. At September 29, 2018 , the effective rate on the floating rate notes was 2.67% . European Medium-Term Note Program The Company has a European medium-term note program, which allows the Company to issue various types of debt instruments such as fixed or floating rate notes, U.S. dollar or foreign currency denominated notes, redeemable notes and index linked or dual currency notes. Capacity under the program is $4.0 billion , subject to market conditions and other factors impacting our borrowing capacity. Capacity under the program replenishes as outstanding debt under the program is repaid. At September 29, 2018 , the total debt outstanding under the program was $497 million . The debt has a stated interest rate of 2.13% and matures in September 2022. Foreign Currency Denominated Debt In October 2017, the Company issued Canadian $1.3 billion ( $955 million ) of fixed rate debt, which bears interest at 2.76% and matures in October 2024 . The Company also entered into pay-floating interest rate and cross currency swaps that effectively convert the borrowing to variable rate U.S. dollar denominated borrowing indexed to LIBOR. In addition, the Company has short-term credit facilities of Indian rupee (INR) 10.8 billion ( $149 million ), which bear interest at rates determined at the time of drawdown and expire in 2019 . At September 29, 2018 , the Company had not drawn on these credit facilities. Capital Cities/ABC Debt In connection with the Capital Cities/ABC, Inc. acquisition in 1996, the Company assumed debt previously issued by Capital Cities/ABC, Inc. At September 29, 2018 , the outstanding balance was $103 million , which includes unamortized fair value adjustments recorded in purchase accounting. The debt matures in 2021 and has a stated interest rate of 8.75% . BAMTech Acquisition Payable In September 2017, the Company acquired a 42% interest in BAMTech for $1.6 billion , which was paid in January 2018. Asia Theme Parks Borrowings HKSAR provided Hong Kong Disneyland Resort with loans totaling HK $1.1 billion ( $143 million ). The interest rate is three month HIBOR plus 2% , and the maturity date is September 2025 for the majority of the borrowings. Shendi has provided Shanghai Disney Resort with loans totaling 7.0 billion yuan (approximately $1.0 billion ) bearing interest at rates that increase to 8% and maturing in 2036 , with early repayment permitted. Shendi has also provided Shanghai Disney Resort with a 1.4 billion yuan (approximately $199 million ) line of credit bearing interest at 8% . There is no outstanding balance under the line of credit at September 29, 2018 . Total borrowings, excluding market value adjustments and debt issuance premiums, discounts and costs, have the following scheduled maturities: Before Asia Theme Parks Consolidation Asia Theme Parks Total 2019 $ 3,763 $ 39 $ 3,802 2020 3,000 — 3,000 2021 2,106 — 2,106 2022 1,900 10 1,910 2023 1,000 36 1,036 Thereafter 8,385 1,060 9,445 $ 20,154 $ 1,145 $ 21,299 The Company capitalizes interest on assets constructed for its parks and resorts and on certain film and television productions. In fiscal years 2018 , 2017 and 2016 , total interest capitalized was $125 million , $87 million and $139 million , respectively. Interest expense, net of capitalized interest, for fiscal years 2018 , 2017 and 2016 was $682 million , $507 million and $354 million , respectively. |
Income Taxes
Income Taxes | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | Income Taxes U.S. Tax Cuts and Jobs Act In December 2017, new federal income tax legislation, the “Tax Cuts and Jobs Act” (Tax Act), was signed into law. The most significant impacts on the Company are as follows: • Effective January 1, 2018, the U.S. corporate federal statutory income tax rate was reduced from 35.0% to 21.0% . Because of our fiscal year end, the Company’s fiscal 2018 statutory federal tax rate was 24.5% . The Company’s statutory federal tax rate is 21.0% for fiscal 2019 (and thereafter). • The Company remeasured its U.S. federal deferred tax assets and liabilities at the rate that the Company expects to be in effect when those deferred taxes are realized (either 24.5% if in 2018 or 21.0% thereafter) (Deferred Remeasurement). The Company recognized a benefit of approximately $2.2 billion from the Deferred Remeasurement, the majority of which was recognized in the first quarter of fiscal 2018. The amount recognized for the quarter ended December 29, 2018 was not material. • A one-time tax is due on certain accumulated foreign earnings (Deemed Repatriation Tax), which is payable over eight years. The effective tax rate is generally 15.5% on the portion of the earnings held in cash and cash equivalents and 8% on the remainder. The Company recognized a charge for the Deemed Repatriation Tax of approximately $0.4 billion , the majority of which was recognized in the first quarter of fiscal 2018. The amount recognized for the quarter ended December 29, 2018 was not material. Generally there will no longer be a U.S. federal income tax cost arising from the repatriation of foreign earnings. • The Company is eligible to claim an immediate deduction for investments in qualified fixed assets acquired and film and television productions that commenced after September 27, 2017 and placed in service by the end of fiscal 2022. The immediate deduction phases out for assets placed in service in fiscal 2023 through fiscal 2027. • Beginning in fiscal 2019: ◦ The domestic production activity deduction is eliminated. ◦ Certain foreign derived income will be taxed in the U.S. at an effective rate of approximately 13% (which increases to approximately 16% in 2025) rather than the general statutory rate of 21% . ◦ Certain foreign earnings will be taxed at a minimum effective rate of approximately 13% , which increases to approximately 16% in 2025. The Company ’ s policy is to expense the tax on these earnings in the period the earnings are taxable in the U.S. Intra-Entity Transfers of Assets Other Than Inventory On September 30, 2018, the Company adopted a FASB standard that requires recognition of the income tax consequences of an intra-entity transfer of an asset (other than inventory) when the transfer occurs instead of when the asset is ultimately sold to an outside party. For the quarter ended December 29, 2018, the Company recorded a $0.1 billion deferred tax asset with an offsetting increase to retained earnings. Unrecognized Tax Benefits During the quarter ended December 29, 2018 , the Company increased its gross unrecognized tax benefits by $0.1 billion from $0.6 billion to $0.7 billion . In the next twelve months, it is reasonably possible that our unrecognized tax benefits could change due to resolutions of open tax matters and we do not expect that the resolutions will have a material impact. | Income Taxes U.S. Tax Cuts and Jobs Act On December 22, 2017, new federal income tax legislation, the “Tax Cuts and Jobs Act” (Tax Act), was signed into law. The most significant impacts on the Company are as follows: • Effective January 1, 2018, the U.S. corporate federal statutory income tax rate was reduced from 35.0% to 21.0% . Because of our fiscal year end, the Company’s fiscal 2018 statutory federal tax rate is 24.5% , which is applicable to each quarter of the fiscal year, and will be 21.0% thereafter. • The Company remeasured its U.S. federal deferred tax assets and liabilities at the rate that the Company expects to be in effect when those deferred taxes will be realized (either 24.5% for 2018 or 21.0% thereafter). The Company recognized a benefit of approximately $2.1 billion in fiscal 2018 from the deferred tax remeasurement (Deferred Remeasurement). • A one-time tax is due on certain accumulated foreign earnings (Deemed Repatriation Tax), which is payable over eight years. The effective tax rate is generally 15.5% on the portion of the earnings held in cash and cash equivalents and 8% on the remainder. The Company recognized a charge for the Deemed Repatriation Tax of approximately $0.4 billion in fiscal 2018. Generally there will no longer be a U.S. federal income tax cost arising from the repatriation of foreign earnings. • The Company will generally be eligible to claim an immediate deduction for investments in qualified fixed assets acquired and film and television productions that commenced after September 27, 2017 and are placed in service during fiscal 2018 through fiscal 2022. The immediate deduction phases out for assets placed in service in fiscal 2023 through fiscal 2027. • Certain provisions of the Act are not effective for the Company until fiscal 2019 including: ◦ The domestic production activity deduction was eliminated effective for the Company’s fiscal 2019. ◦ Certain foreign derived income will be taxed in the U.S. at an effective rate of approximately 13% (which increases to approximately 16% in 2025) rather than the general statutory rate of 21% . This will be effective for the Company in fiscal 2019. ◦ Certain foreign earnings will be taxed at a minimum effective rate of approximately 13% , which increases to approximately 16% in 2025. This will be effective for the Company in fiscal 2019. Provision for Income Taxes and Deferred Tax Assets and Liabilities Income Before Income Taxes 2018 2017 2016 Domestic (including U.S. exports) $ 12,914 $ 12,611 $ 14,018 Foreign subsidiaries 1,815 1,177 850 $ 14,729 $ 13,788 $ 14,868 Income Tax Expense/(Benefit) Current Federal $ 2,240 $ 3,229 $ 3,146 State 362 360 154 Foreign (1) 642 489 533 3,244 4,078 3,833 Deferred Federal (2) (1,577 ) 370 1,172 State (20 ) 5 100 Foreign 16 (31 ) (27 ) (1,581 ) 344 1,245 $ 1,663 $ 4,422 $ 5,078 (1) Includes foreign withholding taxes (2) Includes the Deferred Remeasurement Components of Deferred Tax Assets and Liabilities September 29, 2018 September 30, 2017 Deferred tax assets Net operating losses and tax credit carryforwards $ (1,437 ) $ (1,705 ) Accrued liabilities (1,214 ) (2,422 ) Other (328 ) (386 ) Total deferred tax assets (2,979 ) (4,513 ) Deferred tax liabilities Depreciable, amortizable and other property 3,678 5,692 Investment in foreign entities 351 518 Licensing revenues 265 476 Investment in U.S. entities 189 292 Other 88 130 Total deferred tax liabilities 4,571 7,108 Net deferred tax liability before valuation allowance 1,592 2,595 Valuation allowance 1,383 1,716 Net deferred tax liability $ 2,975 $ 4,311 At September 29, 2018 and September 30, 2017 , the valuation allowance primarily relates to $1.1 billion and $1.3 billion , respectively, of deferred tax assets for International Theme Park net operating losses primarily in France and Hong Kong, and to a lesser extent, China. The decrease in the valuation allowance is driven by changes in French tax law, which reduced future income tax rates. The noncontrolling interest share of the net operating losses were $0.2 billion and $0.2 billion at September 29, 2018 and September 30, 2017 , respectively. The International Theme Park net operating losses have an indefinite carryforward period in France and Hong Kong and a five-year carryforward period in China . A reconciliation of the effective income tax rate to the federal rate is as follows: 2018 2017 2016 Federal income tax rate 24.5 % 35.0 % 35.0 % State taxes, net of federal benefit 1.9 1.7 1.8 Domestic production activity deduction (1.4 ) (2.1 ) (1.6 ) Earnings in jurisdictions taxed at rates different from the statutory U.S. federal rate (1.1 ) (1.6 ) (1.1 ) Tax Act (1) (11.5 ) — — Other, including tax reserves and related interest (1.1 ) (0.9 ) 0.1 11.3 % 32.1 % 34.2 % (1) Reflects the impact from the Deferred Remeasurement, net of the Deemed Repatriation Tax A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding the related accrual for interest, is as follows: 2018 2017 2016 Balance at the beginning of the year $ 832 $ 844 $ 912 Increases for current year tax positions 64 61 71 Increases for prior year tax positions 48 13 142 Decreases in prior year tax positions (135 ) (55 ) (158 ) Settlements with taxing authorities (161 ) (31 ) (123 ) Balance at the end of the year $ 648 $ 832 $ 844 The fiscal year-end 2018 , 2017 and 2016 balances include $469 million , $444 million and $469 million , respectively, that if recognized, would reduce our income tax expense and effective tax rate. These amounts are net of the offsetting benefits from other tax jurisdictions. As of the end of fiscal 2018 , 2017 and 2016 , the Company had $181 million , $234 million and $221 million , respectively, in accrued interest and penalties related to unrecognized tax benefits. During fiscal years 2018 , 2017 and 2016 , the Company accrued additional interest and penalties of $47 million , $43 million and $22 million , respectively, and recorded reductions in accrued interest and penalties of $100 million , $30 million and $32 million , respectively, as a result of audit settlements and other prior-year adjustments. The Company’s policy is to report interest and penalties as a component of income tax expense. The Company is no longer subject to U.S. federal examination for years prior to 2016 and is no longer subject to examination in any of its major state or foreign tax jurisdictions for years prior to 2008. In the next twelve months, it is reasonably possible that our unrecognized tax benefits could change due to the resolution of certain tax matters, which could include payments on those tax matters. These resolutions and payments could reduce our unrecognized tax benefits by $21 million . In fiscal years 2018 , 2017 and 2016 , income tax benefits attributable to equity-based compensation transactions exceeded the amounts recorded based on grant date fair value. In fiscal years 2018 and 2017, respectively, $52 million and $125 million of income tax benefits were credited to “Income taxes” in the Consolidated Statements of Income following the adoption of new accounting guidance and in fiscal year 2016, $207 million was credited to shareholders’ equity. |
Pension and Other Benefit Progr
Pension and Other Benefit Programs | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Retirement Benefits [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 Quarter Ended December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Service costs $ 83 $ 88 $ 2 $ 3 Other costs (benefits): Interest costs 145 123 16 15 Expected return on plan assets (239 ) (225 ) (14 ) (13 ) Amortization of prior-year service costs 3 3 — — Recognized net actuarial loss 64 87 — 3 Total other costs (benefits) (27 ) (12 ) 2 5 Net periodic benefit cost $ 56 $ 76 $ 4 $ 8 On September 30, 2018, the Company adopted a FASB standard on the presentation of the components of net periodic pension and postretirement benefit cost (“net periodic benefit cost”). This standard requires the Company to present the service cost component of net periodic benefit cost in the same line items on the statement of operations as other compensation costs of the related employees (i.e. “Costs and expense” in the Condensed Consolidated Statement of Income). All of the other components of net periodic benefit cost (“other costs / benefits”) are presented as a component of “Interest expense, net” in the Condensed Consolidated Statement of Income (see Note 5). The other costs / benefits in fiscal 2018 were not material and are reported in Costs and expenses. During the quarter ended December 29, 2018 , the Company did not make material contributions to its pension and postretirement medical plans. The Company expects total pension and postretirement medical plan contributions in fiscal 2019 of approximately $600 million to $700 million . However, final funding amounts for fiscal 2019 will be assessed based on our January 1, 2019 funding actuarial valuation, which will be available in the fourth quarter of fiscal 2019 . | Pension and Other Benefit Programs The Company maintains pension and postretirement medical benefit plans covering certain of its employees not covered by union or industry-wide plans. The Company’s defined benefit pension plans cover employees hired prior to January 1, 2012. For employees hired after this date, the Company has a defined contribution plan. Benefits under these pension plans are generally based on years of service and/or compensation and generally require 3 years of vesting service. Employees generally hired after January 1, 1987 for certain of our media businesses and other employees generally hired after January 1, 1994 are not eligible for postretirement medical benefits. Defined Benefit Plans The Company measures the actuarial value of its benefit obligations and plan assets for its defined benefit pension and postretirement medical benefit plans at September 30 and adjusts for any plan contributions or significant events between September 30 and our fiscal year end. The following chart summarizes the benefit obligations, assets, funded status and balance sheet impacts associated with the defined benefit pension and postretirement medical benefit plans: Pension Plans Postretirement Medical Plans September 29, 2018 September 30, 2017 September 29, 2018 September 30, Projected benefit obligations Beginning obligations $ (14,532 ) $ (14,480 ) $ (1,746 ) $ (1,759 ) Service cost (350 ) (368 ) (10 ) (11 ) Interest cost (489 ) (447 ) (60 ) (56 ) Actuarial gain 416 343 166 42 Plan amendments and other (12 ) (22 ) (10 ) (9 ) Benefits paid 467 442 51 47 Ending obligations $ (14,500 ) $ (14,532 ) $ (1,609 ) $ (1,746 ) Fair value of plans’ assets Beginning fair value $ 12,325 $ 10,401 $ 696 $ 614 Actual return on plan assets 579 1,056 34 61 Contributions 335 1,348 45 61 Benefits paid (467 ) (442 ) (51 ) (47 ) Expenses and other (44 ) (38 ) 7 7 Ending fair value $ 12,728 $ 12,325 $ 731 $ 696 Underfunded status of the plans $ (1,772 ) $ (2,207 ) $ (878 ) $ (1,050 ) Amounts recognized in the balance sheet Non-current assets $ 113 $ 70 $ — $ — Current liabilities (51 ) (46 ) — — Non-current liabilities (1,834 ) (2,231 ) (878 ) (1,050 ) $ (1,772 ) $ (2,207 ) $ (878 ) $ (1,050 ) The components of net periodic benefit cost are as follows: Pension Plans Postretirement Medical Plans 2018 2017 2016 2018 2017 2016 Service cost $ 350 $ 368 $ 318 $ 10 $ 11 $ 11 Interest cost 489 447 458 60 56 61 Expected return on plan assets (901 ) (874 ) (747 ) (53 ) (49 ) (45 ) Amortization of prior year service costs 13 12 14 — — (1 ) Recognized net actuarial loss 348 405 242 14 17 8 Net periodic benefit cost $ 299 $ 358 $ 285 $ 31 $ 35 $ 34 In fiscal 2019 , we expect pension and postretirement medical costs to decrease by $87 million to $243 million due to a decrease in the amount of deferred net actuarial losses that will be recognized in fiscal 2019 compared to fiscal 2018. Starting in fiscal 2019, the Company will be adopting new accounting guidance that requires the presentation of components of net periodic benefit costs, other than service cost, in an income statement line item outside of a subtotal of income from operations (see Note 18 for further details). Key assumptions are as follows: Pension Plans Postretirement Medical Plans 2018 2017 2016 2018 2017 2016 Discount rate used to determine the fiscal year end benefit obligation 4.31 % 3.88 % 3.73 % 4.31 % 3.88 % 3.73 % Discount rate used to determine the interest cost component of net periodic benefit cost 3.46 % 3.18 % 3.81 % 3.49 % 3.18 % 3.81 % Rate of return on plan assets 7.50 % 7.50 % 7.50 % 7.50 % 7.50 % 7.50 % Weighted average rate of compensation increase to determine the fiscal year end benefit obligation 3.20 % 2.90 % 3.00 % n/a n/a n/a Year 1 increase in cost of benefits n/a n/a n/a 7.00 % 7.00 % 7.00 % Rate of increase to which the cost of benefits is assumed to decline (the ultimate trend rate) n/a n/a n/a 4.25 % 4.25 % 4.25 % Year that the rate reaches the ultimate trend rate n/a n/a n/a 2032 2031 2030 Assumed mortality is also a key assumption in determining benefit obligations. AOCI, before tax, as of September 29, 2018 consists of the following amounts that have not yet been recognized in net periodic benefit cost: Pension Plans Postretirement Medical Plans Total Prior service cost $ (52 ) $ — $ (52 ) Net actuarial loss (4,184 ) (36 ) (4,220 ) Total amounts included in AOCI (4,236 ) (36 ) (4,272 ) Prepaid / (accrued) pension cost 2,464 (842 ) 1,622 Net balance sheet liability $ (1,772 ) $ (878 ) $ (2,650 ) Amounts included in AOCI, before tax, as of September 29, 2018 that are expected to be recognized as components of net periodic benefit cost during fiscal 2019 are: Pension Plans Postretirement Medical Plans Total Prior service cost $ (12 ) $ — $ (12 ) Net actuarial loss (260 ) — (260 ) Total $ (272 ) $ — $ (272 ) Plan Funded Status The projected benefit obligation, accumulated benefit obligation and aggregate fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $1.1 billion , $1.0 billion and $3 million , respectively, as of September 29, 2018 and $8.5 billion , $7.7 billion and $6.4 billion , respectively, as of September 30, 2017 . For pension plans with projected benefit obligations in excess of plan assets, the projected benefit obligation and aggregate fair value of plan assets were $12.0 billion and $10.1 billion , respectively, as of September 29, 2018 and $12.8 billion and $10.5 billion respectively, as of September 30, 2017 . The Company’s total accumulated pension benefit obligations at September 29, 2018 and September 30, 2017 were $13.3 billion and $13.4 billion , respectively. Approximately 99% was vested as of both dates. The accumulated postretirement medical benefit obligations and fair value of plan assets for postretirement medical plans with accumulated postretirement medical benefit obligations in excess of plan assets were $1.6 billion and $0.7 billion , respectively, at September 29, 2018 and $1.7 billion and $0.7 billion , respectively, at September 30, 2017 . Plan Assets A significant portion of the assets of the Company’s defined benefit plans are managed in a third-party master trust. The investment policy and allocation of the assets in the master trust were approved by the Company’s Investment and Administrative Committee, which has oversight responsibility for the Company’s retirement plans. The investment policy ranges for the major asset classes are as follows: Asset Class Minimum Maximum Equity investments 30 % 60 % Fixed income investments 20 % 40 % Alternative investments 10 % 30 % Cash & money market funds 0 % 10 % The primary investment objective for the assets within the master trust is the prudent and cost effective management of assets to satisfy benefit obligations to plan participants. Financial risks are managed through diversification of plan assets, selection of investment managers and through the investment guidelines incorporated in investment management agreements. Investments are monitored to assess whether returns are commensurate with risks taken. The long-term asset allocation policy for the master trust was established taking into consideration a variety of factors that include, but are not limited to, the average age of participants, the number of retirees, the duration of liabilities and the expected payout ratio. Liquidity needs of the master trust are generally managed using cash generated by investments or by liquidating securities. Assets are generally managed by external investment managers pursuant to investment management agreements that establish permitted securities and risk controls commensurate with the account’s investment strategy. Some agreements permit the use of derivative securities (futures, options, interest rate swaps, credit default swaps) that enable investment managers to enhance returns and manage exposures within their accounts. Fair Value Measurements of Plan Assets 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 generally classified in one of the following categories of the fair value hierarchy: 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 Investments that are valued using the net asset value (NAV) (or its equivalent) practical expedient are excluded from the fair value hierarchy disclosure. The following is a description of the valuation methodologies used for assets reported at fair value. The methodologies used at September 29, 2018 and September 30, 2017 are the same. Level 1 investments are valued based on reported market prices on the last trading day of the fiscal year. Investments in common and preferred stocks are valued based on an exchange-listed price or a broker’s quote in an active market. Investments in U.S. Treasury securities are valued based on a broker’s quote in an active market. Level 2 investments in government and federal agency bonds, corporate bonds and mortgage-backed securities (MBS) and asset-backed securities are valued using a broker’s quote in a non-active market or an evaluated price based on a compilation of reported market information, such as benchmark yield curves, credit spreads and estimated default rates. Derivative financial instruments are valued based on models that incorporate observable inputs for the underlying securities, such as interest rates or foreign currency exchange rates. The Company’s defined benefit plan assets are summarized by level in the following tables: As of September 29, 2018 Description Level 1 Level 2 Total Plan Asset Mix Cash $ 57 $ — $ 57 — % Common and preferred stocks (1) 3,023 — 3,023 22 % Mutual funds 800 800 6 % Government and federal agency bonds, notes and MBS 2,019 488 2,507 19 % Corporate bonds — 573 573 4 % Other mortgage- and asset-backed securities — 86 86 1 % Derivatives and other, net 3 (1 ) 2 — % Total investments in the fair value hierarchy $ 5,902 $ 1,146 $ 7,048 Assets valued at NAV as a practical expedient: Common collective funds 2,778 21 % Alternative investments 2,363 18 % Money market funds and other 1,270 9 % Total investments at fair value $ 13,459 100 % As of September 30, 2017 Description Level 1 Level 2 Total Plan Asset Mix Cash $ 88 $ — $ 88 1 % Common and preferred stocks (1) 2,974 — 2,974 23 % Mutual funds 771 — 771 6 % Government and federal agency bonds, notes and MBS 1,870 548 2,418 19 % Corporate bonds — 579 579 4 % Other mortgage- and asset-backed securities — 99 99 1 % Derivatives and other, net — 14 14 — % Total investments in the fair value hierarchy $ 5,703 $ 1,240 $ 6,943 Assets valued at NAV as a practical expedient: Common collective funds 2,727 21 % Alternative investments 2,201 17 % Money market funds and other 1,150 9 % Total investments at fair value $ 13,021 100 % (1) Includes 2.8 million shares of Company common stock valued at $332 million ( 2% of total plan assets) and 2.9 million shares valued at $282 million ( 2% of total plan assets) at September 29, 2018 and September 30, 2017 , respectively. Uncalled Capital Commitments Alternative investments held by the master trust include interests in funds that have rights to make capital calls to the investors. In such cases, the master trust would be contractually obligated to make a cash contribution at the time of the capital call. At September 29, 2018 , the total committed capital still uncalled and unpaid was $1.0 billion . Plan Contributions During fiscal 2018 , the Company made contributions to its pension and postretirement medical plans totaling $380 million . At November 21, 2018, the Company expected to make approximately $250 million to $300 million of pension and postretirement medical plan contributions in fiscal 2019. Final minimum funding requirements for fiscal 2019 will be determined based on a January 1, 2019 funding actuarial valuation, which is expected to be received during the fourth quarter of fiscal 2019 . Estimated Future Benefit Payments The following table presents estimated future benefit payments for the next ten fiscal years: Pension Plans Postretirement Medical Plans (1) 2019 $ 534 $ 51 2020 544 54 2021 579 58 2022 618 63 2023 656 68 2024 – 2028 3,827 404 (1) Estimated future benefit payments are net of expected Medicare subsidy receipts of $80 million . Assumptions Assumptions, such as discount rates, long-term rate of return on plan assets and the healthcare cost trend rate, have a significant effect on the amounts reported for net periodic benefit cost as well as the related benefit obligations. Discount Rate — The assumed discount rate for pension and postretirement medical plans reflects the market rates for high-quality corporate bonds currently available. The Company’s discount rate was determined by considering yield curves constructed of a large population of high-quality corporate bonds and reflects the matching of the plans’ liability cash flows to the yield curves. The Company measures service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows. Long-term rate of return on plan assets — The long-term rate of return on plan assets represents an estimate of long-term returns on an investment portfolio consisting of a mixture of equities, fixed income and alternative investments. When determining the long-term rate of return on plan assets, the Company considers long-term rates of return on the asset classes (both historical and forecasted) in which the Company expects the pension funds to be invested. The following long-term rates of return by asset class were considered in setting the long-term rate of return on plan assets assumption: Equity Securities 7 % to 11 % Debt Securities 3 % to 5 % Alternative Investments 7 % to 12 % Healthcare cost trend rate — The Company reviews external data and its own historical trends for healthcare costs to determine the healthcare cost trend rates for the postretirement medical benefit plans. The 2018 actuarial valuation assumed a 7.00% annual rate of increase in the per capita cost of covered healthcare claims with the rate decreasing in even increments over fourteen years until reaching 4.25% . Sensitivity — A one percentage point (ppt) change in the key assumptions would have the following effects on the projected benefit obligations for pension and postretirement medical plans as of September 29, 2018 and on cost for fiscal 2019 : Discount Rate Expected Long-Term Rate of Return On Assets Assumed Healthcare Cost Trend Rate Increase/(decrease) Benefit Expense Projected Benefit Obligations Benefit Expense Net Periodic Postretirement Medical Cost Projected Benefit Obligations 1 ppt decrease $ 241 $ 2,680 $ 135 $ (23 ) $ (213 ) 1 ppt increase (229 ) (2,275 ) (135 ) 30 283 Multiemployer Benefit Plans The Company participates in a number of multiemployer pension plans under union and industry-wide collective bargaining agreements that cover our union-represented employees and expenses its contributions to these plans as incurred. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods and benefit formulas. The risks of participating in these multiemployer plans are different from single-employer plans. For example: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the multiemployer plan, the unfunded obligations of the plan may become the obligation of the remaining participating employers. • If the Company chooses to stop participating in these multiemployer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan. The Company also participates in several multiemployer health and welfare plans that cover both active and retired employees. Health care benefits are provided to participants who meet certain eligibility requirements under the applicable collective bargaining unit. The following table sets forth our contributions to multiemployer pension and health and welfare benefit plans that were expensed during the fiscal years 2018 , 2017 and 2016 , respectively: 2018 2017 2016 Pension plans $ 144 $ 127 $ 126 Health & welfare plans 172 160 167 Total contributions $ 316 $ 287 $ 293 Defined Contribution Plans The Company has defined contribution retirement plans for domestic employees who began service after December 31, 2011 and are not eligible to participate in the defined benefit pension plans. In general, the Company contributes from 3% to 9% of an employee’s compensation depending on the employee’s age and years of service with the Company up to plan limits. The Company has savings and investment plans that allow eligible employees to contribute up to 50% of their salary through payroll deductions depending on the plan in which the employee participates. The Company matches 50% of the employee’s contribution up to plan limits. In fiscal years 2018 , 2017 and 2016 , the costs of these defined contribution plans were $162 million , $143 million and $131 million , respectively. The Company also has defined contribution retirement plans for employees in our international operations. The costs of these defined contribution plans were $21 million , $20 million and $19 million in fiscal years 2018 , 2017 and 2016 |
Equity
Equity | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Equity [Abstract] | ||
Equity | Equity The Company paid the following dividends in fiscal 2019 and 2018 : Per Share Total Paid Payment Timing Related to Fiscal Period $0.88 $1.3 billion Second quarter of Fiscal 2019 Second Half of 2018 $0.84 $1.2 billion Fourth Quarter of Fiscal 2018 First Half of 2018 $0.84 $1.3 billion Second Quarter of Fiscal 2018 Second Half of 2017 $0.78 $1.2 billion Fourth Quarter of Fiscal 2017 First Half of 2017 During the quarter ended December 29, 2018 , the Company did not purchase any of its common stock to hold as treasury shares. As of December 29, 2018 , the Company had remaining authorization in place to repurchase approximately 158 million shares of common stock. The repurchase program does not have an expiration date. As of September 29, 2018 and December 29, 2018 the Company had 100 million preferred series A shares authorized with a $0.01 par value, of which none are issued. As of September 29, 2018 , the Company had 40 thousand preferred series B shares authorized with $0.01 par value, which were canceled during the quarter ended December 29, 2018 . The following tables summarize the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts: Unrecognized Foreign AOCI Market Value Adjustments AOCI, before tax Investments Cash Flow Hedges First quarter of fiscal 2019 Balance at September 29, 2018 $ 24 $ 177 $ (4,323 ) $ (727 ) $ (4,849 ) Quarter Ended December 29, 2018: Unrealized gains (losses) arising during the period — 27 — (16 ) 11 Reclassifications of realized net (gains) losses to net income — (39 ) 69 — 30 Reclassifications to retained earnings (24 ) 1 — — (23 ) Balance at December 29, 2018 $ — $ 166 $ (4,254 ) $ (743 ) $ (4,831 ) First quarter of fiscal 2018 Balance at September 30, 2017 $ 15 $ (108 ) $ (4,906 ) $ (523 ) $ (5,522 ) Quarter Ended December 30, 2017: Unrealized gains (losses) arising during the period (1 ) 19 — 62 80 Reclassifications of realized net (gains) losses to net income — 20 96 — 116 Balance at December 30, 2017 $ 14 $ (69 ) $ (4,810 ) $ (461 ) $ (5,326 ) Unrecognized Foreign AOCI Market Value Adjustments Tax on AOCI Investments Cash Flow Hedges First quarter of fiscal 2019 Balance at September 29, 2018 $ (9 ) $ (32 ) $ 1,690 $ 103 $ 1,752 Quarter Ended December 29, 2018: Unrealized gains (losses) arising during the period — (6 ) — (7 ) (13 ) Reclassifications of realized net (gains) losses to net income — 9 (16 ) — (7 ) Reclassifications to retained earnings 9 (9 ) (667 ) (16 ) (683 ) Balance at December 29, 2018 $ — $ (38 ) $ 1,007 $ 80 $ 1,049 First quarter of fiscal 2018 Balance at September 30, 2017 $ (7 ) $ 46 $ 1,839 $ 116 $ 1,994 Quarter Ended December 30, 2017: Unrealized gains (losses) arising during the period — (13 ) — (16 ) (29 ) Reclassifications of realized net (gains) losses to net income — (8 ) (35 ) — (43 ) Balance at December 30, 2017 $ (7 ) $ 25 $ 1,804 $ 100 $ 1,922 Unrecognized Foreign AOCI Market Value Adjustments AOCI, after tax Investments Cash Flow Hedges First quarter of fiscal 2019 Balance at September 29, 2018 $ 15 $ 145 $ (2,633 ) $ (624 ) $ (3,097 ) Quarter Ended December 29, 2018: Unrealized gains (losses) arising during the period — 21 — (23 ) (2 ) Reclassifications of realized net (gains) losses to net income — (30 ) 53 — 23 Reclassifications to retained earnings (1) (15 ) (8 ) (667 ) (16 ) (706 ) Balance at December 29, 2018 $ — $ 128 $ (3,247 ) $ (663 ) $ (3,782 ) First quarter of fiscal 2018 Balance at September 30, 2017 $ 8 $ (62 ) $ (3,067 ) $ (407 ) $ (3,528 ) Quarter Ended December 30, 2017: Unrealized gains (losses) arising during the period (1 ) 6 — 46 51 Reclassifications of realized net (gains) losses to net income — 12 61 — 73 Balance at December 30, 2017 $ 7 $ (44 ) $ (3,006 ) $ (361 ) $ (3,404 ) (1) On September 30, 2018, the Company adopted a FASB standard, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, and elected to reclassify $691 million from AOCI to retained earnings in the quarter ended December 29, 2018. In addition, on September 30, 2018, the Company adopted a FASB standard, Recognition and Measurement of Financial Assets and Liabilities, and reclassified $24 million ( $15 million after tax) of market value adjustments on investments previously recorded in AOCI to retained earnings. 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 December 29, December 30, Cash flow hedges Primarily revenue $ 39 $ (20 ) Estimated tax Income taxes (9 ) 8 30 (12 ) Pension and postretirement medical expense Costs and expenses — (96 ) Interest expense, net (69 ) — Estimated tax Income taxes 16 35 (53 ) (61 ) Total reclassifications for the period $ (23 ) $ (73 ) | Equity The Company paid the following dividends in fiscal 2018 , 2017 and 2016 : Per Share Total Paid Payment Timing Related to Fiscal Period $0.84 $1.2 billion Fourth Quarter of Fiscal 2018 First Half 2018 $0.84 $1.3 billion Second Quarter of Fiscal 2018 Second Half 2017 $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 The Company repurchased its common stock in fiscal 2018 , 2017 and 2016 as follows: Fiscal year Shares acquired Total paid 2018 35 million $3.6 billion 2017 89 million $9.4 billion 2016 74 million $7.5 billion On January 30, 2015, the Company’s Board of Directors increased the amount of shares that can be repurchased to 400 million shares as of that date. As of September 29, 2018 , the Company had remaining authorization in place to repurchase 158 million additional shares. The repurchase program does not have an expiration date. In fiscal 2018 and 2017 there were 100 million preferred series A shares authorized with a $0.01 par value. In March 2018, the Company’s Board of Directors authorized 40 thousand preferred series B shares with $0.01 par value. There are no shares issued under the series A or series B preferred shares. The following table summarizes the changes in each component of AOCI including our proportional share of equity method investee amounts: Unrecognized Foreign AOCI Market Value Adjustments Investments Cash Flow Hedges AOCI, before tax Balance at October 3, 2015 $ 21 $ 523 $ (4,002 ) $ (431 ) $ (3,889 ) Unrealized gains (losses) arising during the period 23 (297 ) (2,122 ) (90 ) (2,486 ) Reclassifications of realized net (gains) losses to net income — (264 ) 265 — 1 Balance at October 1, 2016 $ 44 $ (38 ) $ (5,859 ) $ (521 ) $ (6,374 ) Unrealized gains (losses) arising during the period (2 ) 124 521 (2 ) 641 Reclassifications of net (gains) losses to net income (27 ) (194 ) 432 — 211 Balance at September 30, 2017 $ 15 $ (108 ) $ (4,906 ) $ (523 ) $ (5,522 ) Unrealized gains (losses) arising during the period 9 250 203 (204 ) 258 Reclassifications of net (gains) losses to net income — 35 380 — 415 Balance at September 29, 2018 $ 24 $ 177 $ (4,323 ) $ (727 ) $ (4,849 ) Unrecognized Foreign AOCI Market Value Adjustments Investments Cash Flow Hedges Tax on AOCI Balance at October 3, 2015 $ (8 ) $ (189 ) $ 1,505 $ 160 $ 1,468 Unrealized gains (losses) arising during the period (10 ) 104 801 32 927 Reclassifications of realized net (gains) losses to net income — 98 (98 ) — — Balance at October 1, 2016 $ (18 ) $ 13 $ 2,208 $ 192 $ 2,395 Unrealized gains (losses) arising during the period 1 (39 ) (209 ) (76 ) (323 ) Reclassifications of net (gains) losses to net income 10 72 (160 ) — (78 ) Balance at September 30, 2017 $ (7 ) $ 46 $ 1,839 $ 116 $ 1,994 Unrealized gains (losses) arising during the period (2 ) (66 ) (47 ) (13 ) (128 ) Reclassifications of net (gains) losses to net income — (12 ) (102 ) — (114 ) Balance at September 29, 2018 $ (9 ) $ (32 ) $ 1,690 $ 103 $ 1,752 Unrecognized Foreign AOCI Market Value Adjustments Investments Cash Flow Hedges AOCI, after tax Balance at October 3, 2015 $ 13 $ 334 $ (2,497 ) $ (271 ) $ (2,421 ) Unrealized gains (losses) arising during the period 13 (193 ) (1,321 ) (58 ) (1,559 ) Reclassifications of realized net (gains) losses to net income — (166 ) 167 — 1 Balance at October 1, 2016 $ 26 $ (25 ) $ (3,651 ) $ (329 ) $ (3,979 ) Unrealized gains (losses) arising during the period (1 ) 85 312 (78 ) 318 Reclassifications of net (gains) losses to net income (17 ) (122 ) 272 — 133 Balance at September 30, 2017 $ 8 $ (62 ) $ (3,067 ) $ (407 ) $ (3,528 ) Unrealized gains (losses) arising during the period 7 184 156 (217 ) 130 Reclassifications of net (gains) losses to net income — 23 278 — 301 Balance at September 29, 2018 $ 15 $ 145 $ (2,633 ) $ (624 ) $ (3,097 ) Details about AOCI components reclassified to net income are as follows: Gains/(losses) in net income: Affected line item in the Consolidated Statements of Income: 2018 2017 2016 Investments, net Interest expense, net $ — $ 27 $ — Estimated tax Income taxes — (10 ) — — 17 — Cash flow hedges Primarily revenue (35 ) 194 264 Estimated tax Income taxes 12 (72 ) (98 ) (23 ) 122 166 Pension and postretirement medical expense Cost and expenses (380 ) (432 ) (265 ) Estimated tax Income taxes 102 160 98 (278 ) (272 ) (167 ) Total reclassifications for the period $ (301 ) $ (133 ) $ (1 ) |
Equity-Based Compensation
Equity-Based Compensation | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Equity-Based Compensation | Equity-Based Compensation Compensation expense related to stock options and restricted stock units (RSUs) is as follows: Quarter Ended December 29, December 30, Stock options $ 19 $ 23 RSUs 73 71 Total equity-based compensation expense (1) $ 92 $ 94 Equity-based compensation expense capitalized during the period $ 16 $ 19 (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 $209 million and $735 million , respectively, as of December 29, 2018 . The weighted average grant date fair values of options granted during the quarter ended December 29, 2018 and December 30, 2017 were $28.72 and $28.01 , respectively. During the quarter ended December 29, 2018 , the Company made equity compensation grants consisting of 3.8 million stock options and 3.2 million RSUs. | Equity-Based Compensation Under various plans, the Company may grant stock options and other equity-based awards to executive, management and creative personnel. The Company’s approach to long-term incentive compensation contemplates awards of stock options and restricted stock units (RSUs). Certain RSUs awarded to senior executives vest based upon the achievement of market or performance conditions (Performance RSUs). Stock options are generally granted at exercise prices equal to or exceeding the market price at the date of grant and become exercisable ratably over a four -year period from the grant date. The contractual terms for our outstanding stock option grants are 10 years. At the discretion of the Compensation Committee of the Company’s Board of Directors, options can occasionally extend up to 15 years after date of grant. RSUs generally vest ratably over four years and Performance RSUs generally fully vest after three years, subject to achieving market or performance conditions. Equity-based award grants generally provide continued vesting, in the event of termination, for employees that reach age 60 or greater, have at least ten years of service and have held the award for at least one year. Each share granted subject to a stock option award reduces the number of shares available under the Company’s stock incentive plans by one share while each share granted subject to a RSU award reduces the number of shares available by two shares. As of September 29, 2018 , the maximum number of shares available for issuance under the Company’s stock incentive plans (assuming all the awards are in the form of stock options) was approximately 55 million shares and the number available for issuance assuming all awards are in the form of RSUs was approximately 28 million shares. The Company satisfies stock option exercises and vesting of RSUs with newly issued shares. Stock options and RSUs are generally forfeited by employees who terminate prior to vesting. Each year, generally during the first half of the year, the Company awards stock options and restricted stock units to a broad-based group of management and creative personnel. The fair value of options is estimated based on the binomial valuation model. The binomial valuation model takes into account variables such as volatility, dividend yield and the risk-free interest rate. The binomial valuation model also considers the expected exercise multiple (the multiple of exercise price to grant price at which exercises are expected to occur on average) and the termination rate (the probability of a vested option being canceled due to the termination of the option holder) in computing the value of the option. In fiscal years 2018 , 2017 and 2016 , the weighted average assumptions used in the option-valuation model were as follows: 2018 2017 2016 Risk-free interest rate 2.4 % 2.6 % 2.3 % Expected volatility 23 % 22 % 26 % Dividend yield 1.57 % 1.58 % 1.32 % Termination rate 4.8 % 4.0 % 4.0 % Exercise multiple 1.75 1.62 1.62 Although the initial fair value of stock options is not adjusted after the grant date, changes in the Company’s assumptions may change the value of, and therefore the expense related to, future stock option grants. The assumptions that cause the greatest variation in fair value in the binomial valuation model are the expected volatility and expected exercise multiple. Increases or decreases in either the expected volatility or expected exercise multiple will cause the binomial option value to increase or decrease, respectively. The volatility assumption considers both historical and implied volatility and may be impacted by the Company’s performance as well as changes in economic and market conditions. Compensation expense for RSUs and stock options is recognized ratably over the service period of the award. Compensation expense for RSUs is based on the market price of the shares underlying the awards on the grant date. Compensation expense for Performance RSUs reflects the estimated probability that the market or performance conditions will be met. The impact of stock options and RSUs on income and cash flows for fiscal years 2018 , 2017 and 2016 , was as follows: 2018 2017 2016 Stock option $ 87 $ 90 $ 93 RSUs 306 274 293 Total equity-based compensation expense (1) 393 364 386 Tax impact (99 ) (123 ) (131 ) Reduction in net income $ 294 $ 241 $ 255 Equity-based compensation expense capitalized during the period $ 70 $ 78 $ 78 Tax benefit reported in cash flow from financing activities (2) n/a n/a $ 208 (1) Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs. (2) The amount for fiscal 2018 and 2017 is not applicable as the Company adopted new accounting guidance in fiscal 2017. The following table summarizes information about stock option transactions (shares in millions): 2018 Shares Weighted Average Exercise Price Outstanding at beginning of year 24 $ 76.68 Awards forfeited (1 ) 107.69 Awards granted 4 111.48 Awards exercised (3 ) 58.09 Outstanding at end of year 24 $ 84.14 Exercisable at end of year 14 $ 69.06 The following tables summarize information about stock options vested and expected to vest at September 29, 2018 (shares in millions): Vested Range of Exercise Prices Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life $ — — $ 45 3 $ 38.13 2.8 $ 46 — $ 60 3 50.75 4.2 $ 61 — $ 90 3 72.94 5.2 $ 91 — $ 115 5 101.92 7.0 14 Expected to Vest Range of Exercise Prices Number of Options (1) Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life $ 90 — $ 105 1 $ 93.09 6.5 $ 106 — $ 110 3 105.24 8.3 $ 111 — $ 115 5 112.05 8.6 9 (1) Number of options expected to vest is total unvested options less estimated forfeitures. The following table summarizes information about RSU transactions (shares in millions): 2018 Units Weighted Average Grant-Date Fair Value Unvested at beginning of year 9 $ 101.17 Granted (1) 5 109.05 Vested (4 ) 113.21 Forfeited (1 ) 107.23 Unvested at end of year (2) 9 $ 108.74 (1) Includes 1.1 million Performance RSUs. (2) Includes 1.4 million Performance RSUs. The weighted average grant-date fair values of options granted during fiscal 2018 , 2017 and 2016 were $28.01 , $25.65 and $30.93 , respectively. The total intrinsic value (market value on date of exercise less exercise price) of options exercised and RSUs vested during fiscal 2018 , 2017 and 2016 totaled $585 million , $757 million and $981 million , respectively. The aggregate intrinsic values of stock options vested and expected to vest at September 29, 2018 were $684 million and $78 million , respectively. As of September 29, 2018 , unrecognized compensation cost related to unvested stock options and RSUs was $122 million and $455 million , respectively. That cost is expected to be recognized over a weighted-average period of 1.6 years for stock options and 1.7 years for RSUs. Cash received from option exercises for fiscal 2018 , 2017 and 2016 was $210 million , $276 million and $259 million , respectively. Tax benefits realized from tax deductions associated with option exercises and RSUs vesting for fiscal 2018 , 2017 and 2016 was $159 million , $264 million and $342 million , respectively. |
Detail of Certain Balance Sheet
Detail of Certain Balance Sheet Accounts | 12 Months Ended |
Sep. 29, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Detail of Certain Balance Sheet Accounts | Detail of Certain Balance Sheet Accounts Current receivables September 29, September 30, Accounts receivable $ 8,268 $ 7,611 Other 1,258 1,209 Allowance for doubtful accounts (192 ) (187 ) $ 9,334 $ 8,633 Other current assets Prepaid expenses $ 476 $ 445 Other 159 143 $ 635 $ 588 Parks, resorts and other property Attractions, buildings and improvements $ 28,995 $ 28,644 Furniture, fixtures and equipment 19,400 18,908 Land improvements 5,911 5,593 Leasehold improvements 932 898 55,238 54,043 Accumulated depreciation (30,764 ) (29,037 ) Projects in progress 3,942 2,145 Land 1,124 1,255 $ 29,540 $ 28,406 Intangible assets Character/franchise intangibles and copyrights $ 5,829 $ 5,829 Other amortizable intangible assets 1,213 1,154 Accumulated amortization (2,070 ) (1,828 ) Net amortizable intangible assets 4,972 5,155 FCC licenses 602 602 Trademarks 1,218 1,218 Other indefinite lived intangible assets 20 20 $ 6,812 $ 6,995 Other non-current assets September 29, September 30, Receivables $ 1,928 $ 1,688 Prepaid expenses 919 233 Other 518 469 $ 3,365 $ 2,390 Accounts payable and other accrued liabilities Accounts payable $ 6,503 $ 6,305 Payroll and employee benefits 2,189 1,819 Other 787 731 $ 9,479 $ 8,855 Other long-term liabilities Pension and postretirement medical plan liabilities $ 2,712 $ 3,281 Other 3,878 3,162 $ 6,590 $ 6,443 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Commitments and Contingencies Legal Matters The Company, together with, in some instances, certain of its directors and officers, is a defendant in various 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, which mature in 2037. In the event of a debt service shortfall, the Company will be responsible to fund the shortfall. As of December 29, 2018 , the remaining debt service obligation guaranteed by the Company was $296 million . To the extent that tax revenues exceed the debt service payments subsequent to the Company funding a shortfall, the Company would be reimbursed for any previously funded shortfalls. To date, tax revenues have exceeded the debt service payments for these bonds. Commitments The Company is committed to make a capital contribution of approximately $645 million to Hulu LLC in calendar year 2019. 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 film and television program rights and vacation club properties. 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 film and 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 film and television program sales receivables recorded in other non-current assets, net of an immaterial allowance for credit losses, was $0.9 billion as of December 29, 2018 . The activity for the quarters ended December 29, 2018 and December 30, 2017 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 club properties 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 $0.7 billion as of December 29, 2018 . The activity for the quarters ended December 29, 2018 and December 30, 2017 related to the allowance for credit losses was not material. | Commitments and Contingencies Commitments The Company has various contractual commitments for broadcast rights for sports, feature films and other programming, totaling approximately $44.6 billion , including approximately $0.4 billion for available programming as of September 29, 2018 , and approximately $42.5 billion related to sports programming rights, primarily for college football (including bowl games and the College Football Playoff) and basketball, NBA, NFL, MLB, UFC, US Open Tennis, Top Rank Boxing, the PGA Championship and various soccer rights. The Company has entered into operating leases for various real estate and equipment needs, including retail outlets and distribution centers for consumer products, broadcast equipment and office space for general and administrative purposes. Rental expense for operating leases during fiscal years 2018 , 2017 and 2016 , including common-area maintenance and contingent rentals, was $930 million , $868 million and $847 million , respectively. The Company also has contractual commitments for the construction of three new cruise ships, creative talent and employment agreements and unrecognized tax benefits. Creative talent and employment agreements include obligations to actors, producers, sports, television and radio personalities and executives. Contractual commitments for broadcast programming rights, future minimum lease payments under non-cancelable operating leases, cruise ships, creative talent and other commitments totaled $55.5 billion at September 29, 2018 , payable as follows: Broadcast Programming Operating Leases Other Total 2019 $ 7,340 $ 681 $ 1,793 $ 9,814 2020 7,475 571 1,269 9,315 2021 7,277 470 568 8,315 2022 5,317 381 1,095 6,793 2023 4,363 261 901 5,525 Thereafter 12,841 1,220 1,668 15,729 $ 44,613 $ 3,584 $ 7,294 $ 55,491 Certain contractual commitments, principally broadcast programming rights and operating leases, have payments that are variable based primarily on revenues and are not included in the table above. The Company has non-cancelable capital leases, primarily for land and broadcast equipment, which had gross carrying values of $371 million and $466 million at September 29, 2018 and September 30, 2017 , respectively. Accumulated amortization related to these capital leases totaled $164 million and $233 million at September 29, 2018 and September 30, 2017 , respectively. Future payments under these leases as of September 29, 2018 are as follows: 2019 $ 24 2020 21 2021 19 2022 18 2023 16 Thereafter 442 Total minimum obligations 540 Less amount representing interest (386 ) Present value of net minimum obligations 154 Less current portion (12 ) Long-term portion $ 142 Legal Matters The Company, together with, in some instances, certain of its directors and officers, is a defendant in various 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 the above 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, which mature in 2037. In the event of a debt service shortfall, the Company will be responsible to fund the shortfall. As of September 29, 2018 , the remaining debt service obligation guaranteed by the Company was $296 million . To the extent that tax revenues exceed the debt service payments subsequent to the Company funding a shortfall, 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’s $338 million term loan, which expires in August 2022. The Company is also committed to make a capital contribution of approximately $450 million to Hulu in calendar 2018. For the year ended September 29, 2018 , the Company made contributions of $341 million against this commitment. 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 $1.0 billion as of September 29, 2018 . Fiscal 2018 activity 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 $0.7 billion as of September 29, 2018 . Fiscal 2018 activity related to the allowance for credit losses was not material. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurement | 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 generally classified in one of the following 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 December 29, 2018 Level 1 Level 2 Level 3 Total Assets Investments $ 28 $ — $ — $ 28 Derivatives Foreign exchange — 508 — 508 Other — 2 — 2 Liabilities Derivatives Interest rate — (284 ) — (284 ) Foreign exchange — (342 ) — (342 ) Other — (11 ) — (11 ) Total recorded at fair value $ 28 $ (127 ) $ — $ (99 ) Fair value of borrowings $ — $ 19,544 $ 1,187 $ 20,731 Fair Value Measurement at September 29, 2018 Level 1 Level 2 Level 3 Total Assets Investments $ 38 $ — $ — $ 38 Derivatives Foreign exchange — 469 — 469 Other — 15 — 15 Liabilities Derivatives Interest rate — (410 ) — (410 ) Foreign exchange — (274 ) — (274 ) Total recorded at fair value $ 38 $ (200 ) $ — $ (162 ) Fair value of borrowings $ — $ 19,826 $ 1,171 $ 20,997 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, U.S. and European medium-term notes and certain foreign currency denominated borrowings, are valued based on quoted prices for similar instruments in active markets or identical instruments in markets that are not active. Level 3 borrowings include the Asia Theme Park borrowings, which are valued based on the current borrowing cost and credit risk of the Asia Theme Parks as well as prevailing market interest rates. 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. | Fair Value Measurement The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement Level. See Note 10 for definitions of fair value measures and the Levels within the fair value hierarchy. Fair Value Measurement at September 29, 2018 Description Level 1 Level 2 Level 3 Total Assets Investments $ 38 $ — $ — $ 38 Derivatives Interest rate — — — — Foreign exchange — 469 — 469 Other — 15 — 15 Liabilities Derivatives Interest rate — (410 ) — (410 ) Foreign exchange — (274 ) — (274 ) Total recorded at fair value $ 38 $ (200 ) $ — $ (162 ) Fair value of borrowings $ — $ 19,826 $ 1,171 $ 20,997 Fair Value Measurement at September 30, 2017 Description Level 1 Level 2 Level 3 Total Assets Investments $ 36 $ — $ — $ 36 Derivatives Interest rate — 10 — 10 Foreign exchange — 403 — 403 Other — 8 — 8 Liabilities Derivatives Interest rate — (122 ) — (122 ) Foreign exchange — (427 ) — (427 ) Total recorded at fair value $ 36 $ (128 ) $ — $ (92 ) Fair value of borrowings $ — $ 23,110 $ 2,764 $ 25,874 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 include Asia Theme Park borrowings, which are valued based on the current borrowing cost and credit risk of the Asia Theme Parks as well as historical market transactions and prevailing market interest rates. Level 3 borrowings at September 30, 2017 also include borrowings in connection with the acquisition of BAMTech, which were paid in January 2018. 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. The Company also has assets that are required to be recorded at fair value on a non-recurring basis. These assets are evaluated when certain triggering events occur (including a decrease in estimated future cash flows) that indicate the asset should be evaluated for impairment. Goodwill and indefinite lived intangible assets must be evaluated at least annually. During fiscal 2018, the Company recorded impairment charges for two equity investments that had a fair value of $392 million and a carrying value of $602 million . The fair value reflected the estimated discounted future cash flows, which is a Level 3 valuation technique. The impairment of $210 million was recorded in “ Equity in the income (loss) of investees, net ” in the Consolidated Statements of Income. During fiscal 2017 , the Company recorded film production cost impairment charges of $115 million , which were reported in “Cost of services” in the Consolidated Statements of Income. At September 30, 2017 , the aggregate carrying value of the films for which we prepared the fair value analyses was $143 million . The film impairment charges reflected the excess of the unamortized cost of the impaired films over their estimated fair value using estimated discounted future cash flows. Credit Concentrations The Company monitors its positions with, and the credit quality of, the financial institutions that are counterparties to its financial instruments on an ongoing basis and does not currently anticipate nonperformance by the counterparties. The Company does not expect that it would realize a material loss, based on the fair value of its derivative financial instruments as of September 29, 2018 , in the event of nonperformance by any single derivative counterparty. The Company generally enters into derivative transactions only with counterparties that have a credit rating of A- or better and requires collateral in the event credit ratings fall below A- or aggregate exposures exceed limits as defined by contract. In addition, the Company limits the amount of investment credit exposure with any one institution. The Company does not have material cash and cash equivalent balances with financial institutions that have below investment grade credit ratings and maintains short-term liquidity needs in high quality money market funds. As of September 29, 2018 , the Company did not have balances (excluding money market funds) with individual financial institutions that exceeded 10% of the Company’s total cash and cash equivalents. The Company’s trade receivables and financial investments do not represent a significant concentration of credit risk at September 29, 2018 due to the wide variety of customers and markets in which the Company’s products are sold, the dispersion of our customers across geographic areas and the diversification of the Company’s portfolio among financial institutions. |
Derivative Instruments
Derivative Instruments | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
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 December 29, 2018 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 211 $ 181 $ (72 ) $ (77 ) Interest rate — — (221 ) — Other 2 — (7 ) (4 ) Derivatives not designated as hedges Foreign exchange 27 89 (140 ) (53 ) Interest rate — — — (63 ) Gross fair value of derivatives 240 270 (440 ) (197 ) Counterparty netting (145 ) (225 ) 228 142 Cash collateral (received)/paid (3 ) — 104 15 Net derivative positions $ 92 $ 45 $ (108 ) $ (40 ) As of September 29, 2018 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 166 $ 169 $ (80 ) $ (39 ) Interest rate — — (329 ) — Other 13 2 — — Derivatives not designated as hedges Foreign exchange 38 96 (95 ) (60 ) Interest rate — — — (81 ) Gross fair value of derivatives 217 267 (504 ) (180 ) Counterparty netting (158 ) (227 ) 254 131 Cash collateral (received)/paid — — 135 5 Net derivative positions $ 59 $ 40 $ (115 ) $ (44 ) 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 on the market value of its borrowings. 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 December 29, 2018 and September 29, 2018 , the total notional amount of the Company’s pay-floating interest rate swaps was $7.5 billion and $7.6 billion , respectively. The following table summarizes fair value hedge adjustments to hedged borrowings at December 29, 2018 and September 29, 2018: Carrying Amount of Hedged Borrowings (1) Fair Value Adjustments Included in Hedged Borrowings (1) December 29, 2018 September 29, 2018 December 29, 2018 September 29, 2018 Borrowings: Current $ 1,590 $ 1,585 $ (9 ) $ (14 ) Long-term 6,499 6,425 (177 ) (290 ) $ 8,089 $ 8,010 $ (186 ) $ (304 ) (1) Includes $40 million and $41 million of gains on terminated interest rate swaps as of December 29, 2018 and September 29, 2018 , respectively. The following amounts are included in “ Interest expense, net ” in the Condensed Consolidated Statements of Income: Quarter Ended December 29, December 30, Gain (loss) on: Pay-floating swaps $ 117 $ (64 ) Borrowings hedged with pay-floating swaps (117 ) 64 Benefit (expense) associated with interest accruals on pay-floating swaps (14 ) 7 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 December 29, 2018 or at September 29, 2018 , and gains and losses related to pay-fixed swaps recognized in earnings for the quarter ended December 29, 2018 and December 30, 2017 were not material. To facilitate its interest rate risk management activities, the Company sold options in November 2016, October 2017 and April 2018 to enter into a future pay-floating interest rate swaps indexed to LIBOR for $2.0 billion in future borrowings. The fair values of these contracts as of December 29, 2018 or at September 29, 2018 were not material. The options are not designated as hedges and do not qualify for hedge accounting; accordingly, changes in their fair value are recorded in earnings. Gains and losses on the options for the quarters ended December 29, 2018 and December 30, 2017 were not material. 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, British pound, Chinese yuan and Canadian dollar. 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 December 29, 2018 and September 29, 2018 , the notional amounts of the Company’s net foreign exchange cash flow hedges were $6.1 billion and $6.2 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. Net deferred gains recorded in AOCI for contracts that will mature in the next twelve months total $147 million . The following table summarizes the effect of foreign exchange cash flow hedges on AOCI for the quarter ended December 29, 2018 : December 29, Gain/(loss) recognized in Other Comprehensive Income $ 50 Gain/(loss) reclassified from AOCI into the Statement of Income (1) 37 (1) Primarily recorded in revenue. 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 December 29, 2018 and September 29, 2018 were $2.4 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 quarter ended December 29, 2018 and December 30, 2017 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: December 29, December 30, December 29, December 30, December 29, December 30, Net gain (loss) on foreign currency denominated assets and liabilities $ (27 ) $ 17 $ 40 $ 3 $ 15 $ 3 Net gain (loss) on foreign exchange risk management contracts not designated as hedges 24 (14 ) (39 ) (1 ) (18 ) (1 ) Net gain (loss) $ (3 ) $ 3 $ 1 $ 2 $ (3 ) $ 2 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 December 29, 2018 and September 29, 2018 and related gains or losses recognized in earnings for the quarter ended December 29, 2018 and December 30, 2017 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 December 29, 2018 and September 29, 2018 were not material. The related gains or losses recognized in earnings for the quarter ended December 29, 2018 and December 30, 2017 were not material. 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 $267 million and $299 million on December 29, 2018 and September 29, 2018 , respectively. | 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 September 29, 2018 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 166 $ 169 $ (80 ) $ (39 ) Interest rate — — (329 ) — Other 13 2 — — Derivatives not designated as hedges Foreign exchange 38 96 (95 ) (60 ) Interest Rate — — — (81 ) Gross fair value of derivatives 217 267 (504 ) (180 ) Counterparty netting (158 ) (227 ) 254 131 Cash collateral (received)/paid — — 135 5 Net derivative positions $ 59 $ 40 $ (115 ) $ (44 ) As of September 30, 2017 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 175 $ 190 $ (192 ) $ (170 ) Interest rate — 10 (106 ) — Other 6 2 — — Derivatives not designated as hedges Foreign exchange 38 — (46 ) (19 ) Interest Rate — — — (16 ) Gross fair value of derivatives 219 202 (344 ) (205 ) Counterparty netting (142 ) (190 ) 188 144 Cash collateral (received)/paid (20 ) (7 ) 19 — Net derivative positions $ 57 $ 5 $ (137 ) $ (61 ) 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 on the market value of its borrowings. 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 September 29, 2018 and September 30, 2017 , the total notional amount of the Company’s pay-floating interest rate swaps was $7.6 billion and $8.2 billion , respectively. The following table summarizes adjustments related to fair value hedges included in “Interest expense, net” in the Consolidated Statements of Income. 2018 2017 2016 Gain (loss) on interest rate swaps $ (230 ) $ (211 ) $ 18 Gain (loss) on hedged borrowings 230 211 (18 ) In addition, the Company realized net expense of $15 million during fiscal 2018 and net benefits of $35 million and $94 million for fiscal years 2017 and 2016 , 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 September 29, 2018 or at September 30, 2017 , and gains and losses related to pay-fixed swaps recognized in earnings for fiscal years 2018 , 2017 and 2016 were not material. To facilitate its interest rate risk management activities, the Company sold options in November 2016, October 2017 and April 2018 to enter into a future pay-floating interest rate swaps indexed to LIBOR for $2.0 billion in future borrowings. The fair values of these contracts were $81 million and $16 million at September 29, 2018 and September 30, 2017 , respectively. The options are not designated as hedges and do not qualify for hedge accounting; accordingly, changes in their fair 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, Chinese yuan 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 September 29, 2018 and September 30, 2017 , the notional amounts of the Company’s net foreign exchange cash flow hedges were $6.2 billion and $6.3 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 fiscal years 2018 , 2017 and 2016 were not material. Net deferred gains recorded in AOCI for contracts that will mature in the next twelve months totaled $92 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 September 29, 2018 and September 30, 2017 were $3.3 billion and $3.6 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 fiscal years 2018 , 2017 and 2016 by the corresponding line item in which they are recorded in the Consolidated Statements of Income: Costs and Expenses Interest expense, net Income Tax Expense 2018 2017 2016 2018 2017 2016 2018 2017 2016 Net gains (losses) on foreign currency denominated assets and liabilities $ (146 ) $ 105 $ 2 $ 39 $ (13 ) $ (2 ) $ 29 $ 3 $ 49 Net gains (losses) on foreign exchange risk management contracts not designated as hedges 104 (120 ) (65 ) (46 ) 11 — (19 ) 24 (24 ) Net gains (losses) $ (42 ) $ (15 ) $ (63 ) $ (7 ) $ (2 ) $ (2 ) $ 10 $ 27 $ 25 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 September 29, 2018 and September 30, 2017 and related gains or losses recognized in earnings were not material for fiscal years 2018 , 2017 and 2016 . 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 September 29, 2018 and September 30, 2017 were not material. The related gains or losses recognized in earnings were not material for fiscal years 2018 , 2017 and 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 $299 million and $217 million at September 29, 2018 and September 30, 2017 , respectively. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring and Impairment Charges | Restructuring and Impairment Charges The Company recorded $33 million , $98 million and $156 million of restructuring and impairment charges in fiscal years 2018 , 2017 and 2016 , respectively. Charges in fiscal 2018 were due to severance costs. Charges in fiscal 2017 were due to severance costs and asset impairments. Charges in fiscal 2016 were due to asset impairments and severance and contract termination costs. | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring and Impairment Charges and Other Income For the quarter ended December 30, 2017, the Company recorded $15 million of restructuring and impairment charges, primarily for severance costs, and a $53 million |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | New Accounting Pronouncements Accounting Pronouncements Adopted in Fiscal 2019 • Revenues from Contracts with Customers - See Note 3 • Intra-Entity Transfers of Assets Other Than Inventory - See Note 7 • Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost - See Note 8 • Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income - See Note 10 • Recognition and Measurement of Financial Assets and Liabilities - See Note 10 • Targeted Improvements to Accounting for Hedging Activities - The adoption of the new standard did not have a material impact on our consolidated financial statements 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. The standard is effective at the beginning of the Company ’ s 2020 fiscal year. We expect to adopt the standard without restating prior periods. The new standard provides a number of practical expedients for transition upon adoption. The Company expects to elect the practical expedients that permit the Company not to reassess its prior conclusions concerning whether: • Arrangements contain a lease • The Company ’ s lease arrangements are operating or capital leases (financing) • Initial direct costs should be capitalized • Existing land easements are leases The Company is currently assessing the impact of the new standard on its financial statements. We believe the most significant effects of adoption will be: • Recognizing new right-of-use assets and lease liabilities on our balance sheet for our operating leases • Reclassifying a deferred gain of approximately $350 million related to a prior sale-leaseback transaction to retained earnings As of September 29, 2018, the Company had an estimated $3.6 billion in undiscounted future minimum lease commitments. | New Accounting Pronouncements Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the Financial Accounting Standards Board (FASB) issued guidance as a result of the Tax Act to permit the reclassification of certain tax effects from AOCI to retained earnings. Current accounting guidance requires that adjustments to deferred tax assets and liabilities for changes in enacted tax rates be recorded through income from continuing operations even if the deferred taxes were originally established through comprehensive income. The new guidance allows companies to make a one-time election to reclassify the tax effects resulting from the Tax Act on items in AOCI to retained earnings. The new guidance is effective beginning with the first quarter of the Company’s 2020 fiscal year (with early adoption permitted). The guidance should be applied either retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized or as a cumulative adjustment in the first period of adoption. Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued guidance to improve certain aspects of the hedge accounting model including making more risk management strategies eligible for hedge accounting and simplifying the assessment of hedge effectiveness. The Company will adopt the standard in the first quarter of fiscal 2019. The adoption will not have a material impact on our consolidated financial statements as our historical hedging ineffectiveness has been immaterial. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued guidance that requires presentation of the 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, under the guidance only service costs are eligible for capitalization, for example, as part of a self-constructed fixed asset or a film production. The Company will adopt the standard in the first quarter of fiscal 2019. The adoption will not have a material impact on our consolidated financial statements. The guidance is required to be adopted retrospectively with respect to income statement presentation and prospectively for the capitalization requirement. See Note 10 for the amount of each component of net periodic pension and postretirement benefit costs we have reported historically. These amounts of net periodic pension and postretirement benefit costs are not necessarily indicative of amounts that may arise in future fiscal years. Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued guidance that requires recognition of the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs instead of when the asset is ultimately sold to an outside party. The Company will adopt the standard in the first quarter of fiscal 2019. The adoption will not have a material impact on our consolidated financial statements. The guidance requires prospective adoption with a cumulative-effect adjustment to retained earnings at the beginning of fiscal 2019. 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. The Company is currently assessing the impact of the new guidance on its financial statements. The standard can be adopted either as of the effective date without restating prior periods or retrospectively by restating prior periods. The guidance is effective at the beginning of the Company’s 2020 fiscal year (with early adoption permitted). As of September 29, 2018, the Company had an estimated $3.6 billion in undiscounted future minimum lease commitments. 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 at the beginning of the Company’s 2019 fiscal year. We have reviewed our significant revenue streams and identified required changes to our revenue recognition policies. While not material, the more significant changes to the Company’s revenue recognition policies are in the following areas: • For television and film content licensing agreements with multiple availability windows with the same licensee, the Company will defer more revenues to future windows than is currently deferred. • For licenses of character images, brands and trademarks subject to minimum guaranteed license fees, we currently recognize the difference between the minimum guaranteed amount and actual royalties earned from licensee merchandise sales (“shortfalls”) at the end of the contract period. Under the new guidance, projected guarantee shortfalls will be recognized straight-line over the remaining license period once an expected shortfall is identified. • For licenses that include multiple television and film titles subject to minimum guaranteed license fees that are recoupable against the licensee’s aggregate underlying sales from all titles, the Company will allocate the minimum guaranteed license fee to each title and recognize the allocated license fee as revenue when the title is made available to the customer. License fees in excess of the allocated by-title minimum guarantee are deferred until the aggregate contractual minimum guarantee has been exceeded and thereafter recognized as earned based on the licensee’s underlying sales. Under current guidance, an upfront allocation of the minimum guarantee is not required as license fees are recognized as earned based on the licensee’s underlying sales with any shortfalls recognized at the end of the contract period. • For renewals or extensions of license agreements for television and film content, we will recognize revenue when the licensed content becomes available under the renewal or extension, instead of when the agreement is renewed or extended. We have developed processes to capture the information necessary for the expanded disclosures required under the new guidance, and implemented updates needed to our internal controls to support our new revenue recognition policies and disclosure requirements. The guidance may be adopted either by restating fiscal 2017 and 2018 to reflect the impact of the new guidance (full retrospective method) or by recording the impact of adoption as an adjustment to retained earnings at the beginning of fiscal 2019 (modified retrospective method). The Company will adopt the standard in the first quarter of fiscal 2019 using the modified retrospective method. The adoption will not have a material impact on our consolidated financial statements. The Company’s equity method investees are considered private companies for purposes of applying the new guidance and are not required to adopt the new standard until fiscal years beginning after December 15, 2018. Our significant equity method investees have substantially completed their assessment of the impact of adopting the new standard on their financial statements. We currently do not expect any material impacts to the Company’s consolidated financial statements upon the investees’ adoption of the new guidance. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information Condensed Consolidating Financial Information(Notes) | Mar. 20, 2019 |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Financial Information of Parent Company Only Disclosure | Condensed Consolidating Financial Information On March 20, 2019, the Company completed its acquisition of 21CF and the Mergers (as described in Note 3), and the Company (referred to herein as “Legacy Disney”) and 21CF became subsidiaries of New Disney (referred to herein as “TWDC”). Legacy Disney has outstanding public debt that has been fully and unconditionally guaranteed by TWDC. In addition, Legacy Disney has provided a full and unconditional guarantee of debt held by TWDC. As of March 20, 2019, Legacy Disney is a 100% owned subsidiary of TWDC. Set forth below are condensed consolidating financial statements presenting the results of operations, financial position and cash flows of TWDC, Legacy Disney and non-guarantor subsidiaries on a combined basis along with eliminations necessary to arrive at the reported information on a consolidated basis. This condensed consolidating financial information has been prepared and presented pursuant to the Securities and Exchange Commission Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or being Registered.” This information is not intended to present the financial position, results of operations and cash flows of the individual companies or groups of companies in accordance with U.S. GAAP. Eliminations represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions. TWDC was formed in June 2018, was a subsidiary of Legacy Disney until March 20, 2019, and did not have any balances or activities prior to fiscal 2019. SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Year Ended September 29, 2018 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 59,520 $ (86 ) $ 59,434 Costs and expenses Operating expenses — — (32,726 ) — (32,726 ) Selling, general, administrative and other — (615 ) (8,245 ) — (8,860 ) Depreciation and amortization — (1 ) (3,010 ) — (3,011 ) Total costs and expenses — (616 ) (43,981 ) — (44,597 ) Restructuring and impairment charges — — (33 ) — (33 ) Allocations to non-guarantor subsidiaries — 576 (576 ) — — Other income, net — 41 474 86 601 Interest expense, net — (698 ) 124 — (574 ) Equity in the income (loss) of investees, net — — (102 ) — (102 ) Income before taxes — (697 ) 15,426 — 14,729 Income taxes — 79 (1,742 ) — (1,663 ) Earnings from subsidiary entities — 13,216 — (13,216 ) — Consolidated net income — 12,598 13,684 (13,216 ) 13,066 Less: Net income attributable to noncontrolling interests — — (468 ) — (468 ) Net income excluding noncontrolling interests $ — $ 12,598 $ 13,216 $ (13,216 ) $ 12,598 Comprehensive income excluding noncontrolling interests $ — $ 13,029 $ 13,037 $ (13,037 ) $ 13,029 SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Year Ended September 30, 2017 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 54,952 $ 185 $ 55,137 Costs and expenses Operating expenses — — (30,306 ) — (30,306 ) Selling, general, administrative and other — (450 ) (7,726 ) — (8,176 ) Depreciation and amortization — (1 ) (2,781 ) — (2,782 ) Total costs and expenses — (451 ) (40,813 ) — (41,264 ) Restructuring and impairment charges — — (98 ) — (98 ) Allocations to non-guarantor subsidiaries — 405 (405 ) — — Other income, net — 163 100 (185 ) 78 Interest expense, net — (510 ) 125 — (385 ) Equity in the income (loss) of investees, net — — 320 — 320 Income before taxes — (393 ) 14,181 — 13,788 Income taxes — 126 (4,548 ) — (4,422 ) Earnings from subsidiary entities — 9,247 — (9,247 ) — Consolidated net income — 8,980 9,633 (9,247 ) 9,366 Less: Net income attributable to noncontrolling interests — — (386 ) — (386 ) Net income excluding noncontrolling interests $ — $ 8,980 $ 9,247 $ (9,247 ) $ 8,980 Comprehensive income excluding noncontrolling interests $ — $ 9,431 $ 9,153 $ (9,153 ) $ 9,431 SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Year Ended October 1, 2016 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 55,287 $ 345 $ 55,632 Costs and expenses Operating expenses — — (29,993 ) — (29,993 ) Selling, general, administrative and other — (488 ) (8,266 ) — (8,754 ) Depreciation and amortization — (1 ) (2,526 ) — (2,527 ) Total costs and expenses — (489 ) (40,785 ) — (41,274 ) Restructuring and impairment charges — — (156 ) — (156 ) Allocations to non-guarantor subsidiaries — 365 (365 ) — — Other income, net — 332 13 (345 ) — Interest expense, net — (434 ) 174 — (260 ) Equity in the income (loss) of investees, net — — 926 — 926 Income before taxes — (226 ) 15,094 — 14,868 Income taxes — 77 (5,155 ) — (5,078 ) Earnings from subsidiary entities — 9,540 — (9,540 ) — Consolidated net income — 9,391 9,939 (9,540 ) 9,790 Less: Net income attributable to noncontrolling interests — — (399 ) — (399 ) Net income excluding noncontrolling interests $ — $ 9,391 $ 9,540 $ (9,540 ) $ 9,391 Comprehensive income excluding noncontrolling interests $ — $ 7,833 $ 9,479 $ (9,479 ) $ 7,833 CONDENSED CONSOLIDATING BALANCE SHEET As of September 29, 2018 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total ASSETS Current assets Cash and cash equivalents $ — $ 1,367 $ 2,783 $ — $ 4,150 Receivables, net — 155 9,179 — 9,334 Inventories — 4 1,388 — 1,392 Television costs and advances — — 1,314 — 1,314 Other current assets — 152 483 — 635 Total current assets — 1,678 15,147 — 16,825 Film and television costs — — 7,888 — 7,888 Investments in subsidiaries — 149,880 — (149,880 ) — Other investments — — 2,899 — 2,899 Parks, resorts and other property, net — 12 29,528 — 29,540 Intangible assets, net — — 6,812 — 6,812 Goodwill — — 31,269 — 31,269 Intercompany receivables — — 79,793 (79,793 ) — Other assets — 911 3,178 (724 ) 3,365 Total assets $ — $ 152,481 $ 176,514 $ (230,397 ) $ 98,598 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities $ — $ 688 $ 8,791 $ — $ 9,479 Current portion of borrowings — 3,751 39 — 3,790 Deferred revenues and other — 115 4,476 — 4,591 Total current liabilities — 4,554 13,306 — 17,860 Non-current liabilities Borrowings $ — $ 15,676 $ 1,408 $ — $ 17,084 Deferred income taxes — — 3,833 (724 ) 3,109 Other long-term liabilities — 3,685 2,905 — 6,590 Intercompany payables — 79,793 — (79,793 ) — Total non-current liabilities — 99,154 8,146 (80,517 ) 26,783 Redeemable noncontrolling interests — — 1,123 — 1,123 Total Disney Shareholders’ equity — 48,773 149,880 (149,880 ) 48,773 Noncontrolling interests — — 4,059 — 4,059 Total equity — 48,773 153,939 (149,880 ) 52,832 Total liabilities and equity $ — $ 152,481 $ 176,514 $ (230,397 ) $ 98,598 CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2017 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total ASSETS Current assets Cash and cash equivalents $ — $ 667 $ 3,350 $ — $ 4,017 Receivables, net — 307 8,326 — 8,633 Inventories — 4 1,369 — 1,373 Television costs and advances — — 1,278 — 1,278 Other current assets — 110 478 — 588 Total current assets — 1,088 14,801 — 15,889 Film and television costs — — 7,481 — 7,481 Investments in subsidiaries — 135,370 — (135,370 ) — Other investments — — 3,202 — 3,202 Parks, resorts and other property, net — 9 28,397 — 28,406 Intangible assets, net — — 6,995 — 6,995 Goodwill — — 31,426 — 31,426 Intercompany receivables — 257 69,864 (70,121 ) — Other assets — 1,217 2,306 (1,133 ) 2,390 Total assets $ — $ 137,941 $ 164,472 $ (206,624 ) $ 95,789 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities $ — $ 440 $ 8,415 $ — $ 8,855 Current portion of borrowings — 4,577 1,595 — 6,172 Deferred revenues and other — 131 4,437 — 4,568 Total current liabilities — 5,148 14,447 — 19,595 Non-current liabilities Borrowings $ — $ 17,672 $ 1,447 $ — $ 19,119 Deferred income taxes — — 5,613 (1,133 ) 4,480 Other long-term liabilities — 3,942 2,501 — 6,443 Intercompany payables — 69,864 257 (70,121 ) — Total non-current liabilities — 91,478 9,818 (71,254 ) 30,042 Redeemable noncontrolling interests — — 1,148 — 1,148 Total Disney Shareholders’ equity — 41,315 135,370 (135,370 ) 41,315 Noncontrolling interests — — 3,689 — 3,689 Total equity — 41,315 139,059 (135,370 ) 45,004 Total liabilities and equity $ — $ 137,941 $ 164,472 $ (206,624 ) $ 95,789 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended September 29, 2018 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations $ — $ 336 $ 14,149 $ (190 ) $ 14,295 INVESTING ACTIVITIES Investments in parks, resorts and other property — (3 ) (4,462 ) — (4,465 ) Acquisitions — — (1,581 ) — (1,581 ) Intercompany investing activities, net — (1,327 ) — 1,327 — Other — — 710 — 710 Cash used in investing activities — (1,330 ) (5,333 ) 1,327 (5,336 ) FINANCING ACTIVITIES Commercial paper, net — (1,768 ) — — (1,768 ) Borrowings — 997 59 — 1,056 Reduction of borrowings — (1,800 ) (71 ) — (1,871 ) Dividends — (2,515 ) (190 ) 190 (2,515 ) Repurchases of common stock — (3,577 ) — — (3,577 ) Proceeds from exercise of stock options — 210 — — 210 Intercompany financing, net — 10,343 (9,016 ) (1,327 ) — Contributions from noncontrolling interest holders — — 399 — 399 Other — (222 ) (555 ) — (777 ) Cash used in financing activities — 1,668 (9,374 ) (1,137 ) (8,843 ) Impact of exchange rates on cash, cash equivalents and restricted cash — — (25 ) — (25 ) Change in cash, cash equivalents and restricted cash — 674 (583 ) — 91 Cash, cash equivalents and restricted cash, beginning of year — 693 3,371 — 4,064 Cash, cash equivalents and restricted cash, end of year $ — $ 1,367 $ 2,788 $ — $ 4,155 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended September 30, 2017 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations $ — $ 753 $ 13,461 $ (1,871 ) $ 12,343 INVESTING ACTIVITIES Investments in parks, resorts and other property — (7 ) (3,616 ) — (3,623 ) Acquisitions — — (417 ) — (417 ) Intercompany investing activities, net — (1,856 ) — 1,856 — Other — 15 (86 ) — (71 ) Cash used in investing activities — (1,848 ) (4,119 ) 1,856 (4,111 ) FINANCING ACTIVITIES Commercial paper, net — 1,247 — — 1,247 Borrowings — 4,741 79 — 4,820 Reduction of borrowings — (1,850 ) (514 ) — (2,364 ) Dividends — (2,445 ) (1,871 ) 1,871 (2,445 ) Repurchases of common stock — (9,368 ) — — (9,368 ) Proceeds from exercise of stock options — 276 — 276 Intercompany financing, net — 8,394 (6,538 ) (1,856 ) — Contributions from noncontrolling interest holders — — 17 — 17 Other — (266 ) (876 ) — (1,142 ) Cash used in financing activities — 729 (9,703 ) 15 (8,959 ) Impact of exchange rates on cash, cash equivalents and restricted cash — — 31 — 31 Change in cash, cash equivalents and restricted cash — (366 ) (330 ) — (696 ) Cash, cash equivalents and restricted cash, beginning of year — 1,059 3,701 — 4,760 Cash, cash equivalents and restricted cash, end of year $ — $ 693 $ 3,371 $ — $ 4,064 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended October 1, 2016 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations $ — $ (385 ) $ 13,756 $ (235 ) $ 13,136 INVESTING ACTIVITIES Investments in parks, resorts and other property — (12 ) (4,761 ) — (4,773 ) Acquisitions — — (850 ) — (850 ) Intercompany investing activities, net — (617 ) — 617 — Other — (74 ) (61 ) — (135 ) Cash used in investing activities — (703 ) (5,672 ) 617 (5,758 ) FINANCING ACTIVITIES Commercial paper, net — (920 ) — — (920 ) Borrowings — 4,948 1,117 — 6,065 Reduction of borrowings — (2,000 ) (205 ) — (2,205 ) Dividends — (2,313 ) (235 ) 235 (2,313 ) Repurchases of common stock — (7,499 ) — — (7,499 ) Proceeds from exercise of stock options — 259 — — 259 Intercompany financing, net — 8,624 (8,007 ) (617 ) — Other — (42 ) (565 ) — (607 ) Cash used in financing activities — 1,057 (7,895 ) (382 ) (7,220 ) Impact of exchange rates on cash, cash equivalents and restricted cash — — (123 ) — (123 ) Change in cash, cash equivalents and restricted cash — (31 ) 66 — 35 Cash, cash equivalents and restricted cash, beginning of year — 1,090 3,635 — 4,725 Cash, cash equivalents and restricted cash, end of year $ — $ 1,059 $ 3,701 $ — $ 4,760 Condensed Consolidating Financial Information On March 20, 2019, the Company completed its acquisition of 21CF and the Mergers (as described in Note 4), and the Company (referred to herein as “Legacy Disney”) and 21CF became subsidiaries of New Disney (referred to herein as “TWDC”). Legacy Disney has outstanding public debt that has been fully and unconditionally guaranteed by TWDC. In addition, Legacy Disney has provided a full and unconditional guarantee of debt held by TWDC. As of March 20, 2019, Legacy Disney is a 100% owned subsidiary of TWDC. Set forth below are condensed consolidating financial statements presenting the results of operations, financial position and cash flows of TWDC, Legacy Disney and non-guarantor subsidiaries on a combined basis along with eliminations necessary to arrive at the reported information on a consolidated basis. This condensed consolidating financial information has been prepared and presented pursuant to the Securities and Exchange Commission Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or being Registered.” This information is not intended to present the financial position, results of operations and cash flows of the individual companies or groups of companies in accordance with U.S. GAAP. Eliminations represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions. TWDC was formed in June 2018, was a subsidiary of Legacy Disney until March 20, 2019, and did not have any balances or activities prior to fiscal 2019. SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Quarter Ended December 29, 2018 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 15,248 $ 55 $ 15,303 Costs and expenses Operating expenses — — (9,001 ) — (9,001 ) Selling, general, administrative and other — (141 ) (2,011 ) — (2,152 ) Depreciation and amortization — — (732 ) — (732 ) Total costs and expenses — (141 ) (11,744 ) — (11,885 ) Restructuring and impairment charges — — — — — Allocations to non-guarantor subsidiaries — 127 (127 ) — — Other income, net — 76 (21 ) (55 ) — Interest expense, net (65 ) (125 ) 127 — (63 ) Equity in the income of investees — — 76 — 76 Income before taxes (65 ) (63 ) 3,559 — 3,431 Income taxes 12 12 (669 ) — (645 ) Earnings from subsidiary entities — 2,839 — (2,839 ) — Consolidated net income (53 ) 2,788 2,890 (2,839 ) 2,786 Less: Net loss attributable to noncontrolling interests — — 2 — 2 Net income excluding noncontrolling interests $ (53 ) $ 2,788 $ 2,892 $ (2,839 ) $ 2,788 Comprehensive income excluding noncontrolling interests $ (53 ) $ 2,809 $ 2,853 $ (2,800 ) $ 2,809 SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Quarter Ended December 30, 2017 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 15,367 $ (16 ) $ 15,351 Costs and expenses Operating expenses — — (8,729 ) — (8,729 ) Selling, general, administrative and other — (127 ) (1,960 ) — (2,087 ) Depreciation and amortization — — (742 ) — (742 ) Total costs and expenses — (127 ) (11,431 ) — (11,558 ) Restructuring and impairment charges — — (15 ) — (15 ) Allocations to non-guarantor subsidiaries — 118 (118 ) — — Other income, net — (19 ) 56 16 53 Interest expense, net — (141 ) 12 — (129 ) Equity in the income of investees — — 43 — 43 Income before taxes — (169 ) 3,914 — 3,745 Income taxes — (36 ) 764 — 728 Earnings from subsidiary entities — 4,628 — (4,628 ) — Consolidated net income — 4,423 4,678 (4,628 ) 4,473 Less: Net income attributable to noncontrolling interests — — (50 ) — (50 ) Net income excluding noncontrolling interests $ — $ 4,423 $ 4,628 $ (4,628 ) $ 4,423 Comprehensive income excluding noncontrolling interests $ — $ 4,547 $ 4,678 $ (4,678 ) $ 4,547 CONDENSED CONSOLIDATING BALANCE SHEET As of December 29, 2018 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total ASSETS Current assets Cash and cash equivalents $ — $ 1,173 $ 3,282 $ — $ 4,455 Receivables, net — 136 9,987 — 10,123 Inventories — 4 1,353 — 1,357 Television costs and advances — — 824 — 824 Other current assets — 214 564 — 778 Total current assets — 1,527 16,010 — 17,537 Film and television costs — — 8,177 — 8,177 Investments in subsidiaries — 152,703 — (152,703 ) — Other investments — — 2,970 — 2,970 Parks, resorts and other property, net — 12 29,785 — 29,797 Intangible assets, net — — 6,747 — 6,747 Goodwill — — 31,289 — 31,289 Intercompany receivables — — 79,768 (79,768 ) — Other assets — 853 3,203 (632 ) 3,424 Total assets $ — $ 155,095 $ 177,949 $ (233,103 ) $ 99,941 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities $ 33 $ 2,074 $ 8,589 $ — $ 10,696 Current portion of borrowings — 3,450 39 — 3,489 Deferred revenues and other — 126 3,308 — 3,434 Total current liabilities 33 5,650 11,936 — 17,619 Non-current liabilities Borrowings $ — $ 15,752 $ 1,424 $ — $ 17,176 Deferred income taxes — — 3,809 (632 ) 3,177 Other long-term liabilities — 3,629 2,823 — 6,452 Intercompany payables 20 79,748 — (79,768 ) — Total non-current liabilities 20 99,129 8,056 (80,400 ) 26,805 Redeemable noncontrolling interests — — 1,124 — 1,124 Total Disney Shareholders’ equity (53 ) 50,316 152,756 (152,703 ) 50,316 Noncontrolling interests — — 4,077 — 4,077 Total equity (53 ) 50,316 156,833 (152,703 ) 54,393 Total liabilities and equity $ — $ 155,095 $ 177,949 $ (233,103 ) $ 99,941 CONDENSED CONSOLIDATING BALANCE SHEET As of September 29, 2018 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total ASSETS Current assets Cash and cash equivalents $ — $ 1,367 $ 2,783 $ — $ 4,150 Receivables, net — 155 9,179 — 9,334 Inventories — 4 1,388 — 1,392 Television costs and advances — — 1,314 — 1,314 Other current assets — 152 483 — 635 Total current assets — 1,678 15,147 — 16,825 Film and television costs — — 7,888 — 7,888 Investments in subsidiaries — 149,880 — (149,880 ) — Other investments — — 2,899 — 2,899 Parks, resorts and other property, net — 12 29,528 — 29,540 Intangible assets, net — — 6,812 — 6,812 Goodwill — — 31,269 — 31,269 Intercompany receivables — — 79,793 (79,793 ) — Other assets — 911 3,178 (724 ) 3,365 Total assets $ — $ 152,481 $ 176,514 $ (230,397 ) $ 98,598 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities $ — $ 688 $ 8,791 $ — $ 9,479 Current portion of borrowings — 3,751 39 — 3,790 Deferred revenues and other — 115 4,476 — 4,591 Total current liabilities — 4,554 13,306 — 17,860 Non-current liabilities Borrowings $ — $ 15,676 $ 1,408 $ — $ 17,084 Deferred income taxes — — 3,833 (724 ) 3,109 Other long-term liabilities — 3,685 2,905 — 6,590 Intercompany payables — 79,793 — (79,793 ) — Total non-current liabilities — 99,154 8,146 (80,517 ) 26,783 Redeemable noncontrolling interests — — 1,123 — 1,123 Total Disney Shareholders’ equity — 48,773 149,880 (149,880 ) 48,773 Noncontrolling interests — — 4,059 — 4,059 Total equity — 48,773 153,939 (149,880 ) 52,832 Total liabilities and equity $ — $ 152,481 $ 176,514 $ (230,397 ) $ 98,598 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Quarter Ended December 29, 2018 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations $ (20 ) $ 135 $ 1,984 $ — $ 2,099 INVESTING ACTIVITIES Investments in parks, resorts and other property — — (1,195 ) — (1,195 ) Intercompany investing activities, net — (11 ) — 11 — Other — — (141 ) — (141 ) Cash used in investing activities — (11 ) (1,336 ) 11 (1,336 ) FINANCING ACTIVITIES Commercial paper, net — (302 ) — — (302 ) Proceeds from exercise of stock options — 37 — — 37 Intercompany financing, net 20 75 (84 ) (11 ) — Other — (125 ) (21 ) — (146 ) Cash used in financing activities 20 (315 ) (105 ) (11 ) (411 ) Impact of exchange rates on cash, cash equivalents and restricted cash — — (44 ) — (44 ) Change in cash, cash equivalents and restricted cash — (191 ) 499 — 308 Cash, cash equivalents and restricted cash, beginning of period — 1,367 2,788 — 4,155 Cash, cash equivalents and restricted cash, end of period $ — $ 1,176 $ 3,287 $ — $ 4,463 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Quarter Ended December 30, 2017 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations $ — $ 1,255 $ 982 $ — $ 2,237 INVESTING ACTIVITIES Investments in parks, resorts and other property — — (981 ) — (981 ) Other — — (62 ) — (62 ) Cash used in investing activities — — (1,043 ) — (1,043 ) FINANCING ACTIVITIES Commercial paper, net — 1,140 — — 1,140 Borrowings — 997 28 — 1,025 Reduction of borrowings — (1,299 ) (31 ) — (1,330 ) Repurchases of common stock — (1,313 ) — — (1,313 ) Proceeds from exercise of stock options — 50 — — 50 Intercompany financing, net — (272 ) 272 — — Other — (158 ) 2 — (156 ) Cash used in financing activities — (855 ) 271 — (584 ) Impact of exchange rates on cash, cash equivalents and restricted cash — — 21 — 21 Change in cash, cash equivalents and restricted cash — 400 231 — 631 Cash, cash equivalents and restricted cash, beginning of period — 693 3,371 — 4,064 Cash, cash equivalents and restricted cash, end of period $ — $ 1,093 $ 3,602 $ — $ 4,695 |
QUARTERLY FINANCIAL SUMMARY
QUARTERLY FINANCIAL SUMMARY | 12 Months Ended |
Sep. 29, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL SUMMARY | QUARTERLY FINANCIAL SUMMARY (in millions, except per share data) (unaudited) Q1 Q2 Q3 Q4 2018 Revenues $ 15,351 $ 14,548 $ 15,228 $ 14,307 Segment operating income (5) 3,986 4,237 4,189 3,277 Net income 4,473 3,115 3,059 2,419 Net income attributable to Disney 4,423 2,937 2,916 2,322 Earnings per share: Diluted $ 2.91 (1) $ 1.95 (2) $ 1.95 (3) $ 1.55 (4) Basic 2.93 1.95 1.96 1.56 2017 Revenues $ 14,784 $ 13,336 $ 14,238 $ 12,779 Segment operating income (5) 3,956 3,996 4,011 2,812 Net income 2,488 2,539 2,474 1,865 Net income attributable to Disney 2,479 2,388 2,366 1,747 Earnings per share: Diluted $ 1.55 $ 1.50 $ 1.51 (3) $ 1.13 (4) Basic 1.56 1.51 1.51 1.14 (1) Results for the first quarter of fiscal 2018 included an estimated net benefit from the Deferred Remeasurement, partially offset by the Deemed Repatriation Tax as a result of the Tax Act (Tax Act Estimate), which had a favorable impact of $1.00 on diluted earnings per share, and a gain from the sale of property rights, which had a favorable impact of $0.03 on diluted earnings per share. These favorable impacts were partially offset by restructuring and impairment charges, which had an adverse impact of $0.01 on diluted earnings per share. (2) Results for the second quarter of fiscal 2018 included a net benefit of updating prior-period Tax Act estimate, which had a favorable impact of $0.09 on diluted earnings per share, and proceeds from legal insurance recoveries, which had a favorable impact of $0.02 on diluted earnings per share. These favorable impacts were partially offset by restructuring and impairment charges, which had an adverse impact of $0.01 per diluted earnings per share. (3) Results for the third quarter of fiscal 2018 included a net benefit of updating prior-period Tax Act estimate, which had a favorable impact of $0.07 on diluted earnings per share. Results for the third quarter of fiscal 2017 included a charge, net of committed insurance recoveries, incurred in connection with the settlement of litigation, which had an adverse impact of $0.07 on diluted earnings per share. (4) Results for the fourth quarter of fiscal 2018 included a gain in connection with the sale of real estate, which had a favorable impact of $0.25 on diluted earnings per share, partially offset by equity investment impairments, which had an adverse impact of $0.11 per diluted earnings per share, and the impact of updating prior-period Tax Act estimate, which had an adverse impact of $0.06 per diluted earnings per share. Results for the fourth quarter of fiscal 2017 included a non-cash net gain in connection with the acquisition of a controlling interest in BAMTech, which had a favorable impact of $0.10 per diluted earnings per share, partially offset by restructuring and impairment charges, which had an adverse impact of $0.04 per diluted earnings per share. (5) Segment operating results reflect earnings before the corporate and unallocated shared expenses, restructuring and impairment charges, other income, net, interest expense, net, income taxes and noncontrolling interests. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Accounting Policies [Abstract] | ||
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Company include the accounts of The Walt Disney Company and its majority-owned or controlled subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The Company enters into relationships or investments with other entities that may be variable interest entities (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 Theme Parks) are VIEs in which the Company has less than 50% equity ownership. Company subsidiaries (the Management Companies) have management agreements with the Asia 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 Theme Parks. In addition, the Management Companies receive management fees under these arrangements that we believe could be significant to the Asia Theme Parks. Therefore, the Company has consolidated the Asia Theme Parks in its financial statements. | |
Reporting Period | Reporting Period The Company’s fiscal year ends on the Saturday closest to September 30 and consists of fifty-two weeks with the exception that approximately every six years, we have a fifty-three week year. When a fifty-three week year occurs, the Company reports the additional week in the fourth quarter. Fiscal 2018 , 2017 and 2016 were fifty-two week years. | |
Reclassifications | Reclassifications Certain reclassifications have been made in the fiscal 2017 and fiscal 2016 financial statements and notes to conform to the fiscal 2018 presentation. | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates. | |
Revenues and Costs from Services and Products | Revenues and Costs from Services and Products The Company generates revenue from the sale of both services and tangible products and revenues and operating costs are classified under these two categories in the Consolidated Statements of Income. Certain costs related to both the sale of services and tangible products are not specifically allocated between the service or tangible product revenue streams but are instead attributed to the principal revenue stream. The cost of services and tangible products exclude depreciation and amortization. Significant service revenues include: • Affiliate fees • Advertising revenues • Revenue from the licensing and distribution of film and television properties • Admissions to our theme parks, charges for room nights at hotels and sales of cruise vacation packages • Licensing of intellectual property for use on consumer merchandise, and in published materials and interactive games Significant operating costs related to the sale of services include: • Amortization of programming and production costs and participations and residuals costs • Distribution costs • Operating labor • Facilities and infrastructure costs Significant tangible product revenues include the sale of: • Food, beverage and merchandise at our retail locations • DVDs and Blu-ray discs • Books, comic books and magazines Significant operating costs related to the sale of tangible products include: • Costs of goods sold • Amortization of production, participations and residuals costs • Distribution costs • Operating labor • Retail occupancy costs | |
Revenue Recognition | Summary of Significant Revenue Recognition Accounting Policies The Company generates revenue from the sale of both services and products. Revenue is recognized when control of the services or products is transferred to the customer. The amount of revenue recognized reflects the consideration the Company expects to receive in exchange for the services or products. The Company has three broad categories of service revenues: licenses of rights to use our intellectual property, sales to guests at our Parks and Experiences businesses, and advertising. The Company’s primary product revenues include the sale of food, beverage and merchandise at our parks, resorts and retail stores and the sale of film and television productions in physical formats (DVD and Blu-ray). The new revenue standard defines two types of licenses of intellectual property (“IP”): IP that has “standalone functionality,” which is called functional IP, and all other IP, which is called symbolic IP. Revenue related to the license of functional IP is generally recognized upon delivery (availability) of the IP to the customer. The substantial majority of the Company’s film and television content distribution activities at the Media Networks, Studio Entertainment and DTCI segments is considered licensing of functional IP. Revenue related to the license of symbolic IP is generally recognized over the term of the license. The Company’s primary revenue stream derived from symbolic IP is the licensing of trade names, characters, visual and literary properties at the Parks, Experiences & Consumer Products segment. More detailed information about the revenue recognition policies for our key revenues is as follows: • Affiliate fees - Fees charged to affiliates (i.e., MVPDs or television stations) for the right to deliver our television network programming on a continuous basis to their customers are recognized as the programming is provided based on contractually specified per subscriber rates and the actual number of the affiliate’s customers receiving the programming. Affiliate contracts may include a minimum guaranteed license fee. For these contracts, the guaranteed license fee is recognized ratably over the guaranteed period and any fees earned in excess of the guarantee are recognized as earned once the minimum guarantee has been exceeded. Affiliate agreements may also include a license to use the network programming for on demand viewing. As the fees charged under these contracts are generally based on a contractually specified per subscriber rate for the number of underlying subscribers of the affiliate, revenues are recognized as earned. • Subscription fees - Fees charged to customers/subscribers for our DTC streaming and other services are recognized ratably over the term of the subscription. • Advertising - Sales of advertising time/space on our television networks, digital platforms, and television stations are recognized as revenue, net of agency commissions, when commercials are aired on television or delivered online. The performance obligation in advertising agreements is the delivery of ad time/space and may include a guaranteed number of impressions. When a contract contains a guaranteed number of impressions and the guaranteed number of impressions is not met (“ratings shortfall”), revenues are not recognized for the ratings shortfall until the guaranteed impressions are provided through the delivery of additional advertising time/space. • Theme park admissions - Sales of theme park tickets are recognized when the tickets are used. Sales of annual passes are recognized ratably over the period for which the pass is available for use. • Resorts and vacations - Sales of hotel room nights and cruise vacations and rentals of vacation club properties are recognized as the services are provided to the guest. Sales of vacation club properties are recognized when title to the property transfers to the customer. • Merchandise, food and beverage - Sales of merchandise, food and beverages at our theme parks and resorts, cruise ships and Disney Stores are recognized at the time of sale. Sales from our branded internet shopping sites and to wholesalers are recognized upon delivery. We estimate returns and customer incentives based upon historical return experience, current economic trends and projections of consumer demand for our products. • TV/SVOD distribution licensing - Fees charged for the right to use our television and motion picture productions are recognized as revenue when the content is available for use by the licensee. Contractual license fees may be for a fixed amount, based on performance in previous distribution windows (e.g., box office receipts) or based on underlying sales of the licensee. TV/SVOD distribution contracts may contain more than one title and/or provide that certain titles are only available for use during defined periods of time during the contract term. In these instances, each title and/or period of availability is generally considered a separate performance obligation. For these contracts, license fees are allocated to each title and period of availability at contract inception based on relative standalone selling price using management’s best estimate. Revenue is recognized when the content is made available for use by the licensee. For TV/SVOD licenses that include multiple titles subject to an aggregate minimum guaranteed license fee across all titles, the minimum guaranteed license fee is allocated to each title at contract inception and recognized as revenue when the title is available for use by the licensee. License fees earned in excess of the allocated minimum guarantee are deferred until the aggregate contractual minimum guaranteed license fee has been exceeded with the excess then recognized as earned. When the term of an existing agreement is renewed or extended, revenues are recognized when the licensed content becomes available under the renewal or extension. • Theatrical distribution licensing - Fees charged for licensing of our motion pictures to theaters are recognized as revenue based on the contractual royalty rate applied to the theater’s underlying sales from exhibition of the film. • Merchandise licensing - Fees charged for the use of our trade names and characters in connection with the sale of a licensee’s products are recognized as revenue as the products are sold by the licensee applying a contractual royalty rate to the licensee sales. For licenses with minimum guaranteed license fees, the excess of the minimum guaranteed amount over actual royalties earned from licensee sales (shortfall) is recognized straight-line over the remaining license period once an expected shortfall is probable. • Home entertainment - Sales of our motion pictures to retailers and distributors in physical formats (DVD and Blu-ray) are recognized as revenue on the later of the delivery date or the date that the product can be sold by retailers. We reduce home entertainment revenues for estimated future returns of merchandise and sales incentives based upon historical return experience, current economic trends and projections of consumer demand for our products. Sales of our motion pictures in electronic formats are recognized as revenue when the product is available for use by the consumer. • Taxes - Taxes collected from customers and remitted to governmental authorities are excluded from revenue. • Shipping and handling - Fees collected from customers for shipping and handling are recorded as revenue upon delivery of the product to the consumer. The related shipping expenses are recorded in cost of products upon delivery of the product to the customer. | Revenue Recognition Television advertising revenues are recognized when commercials are aired. Affiliate fee revenue is recognized as services are provided based on per subscriber rates set out in agreements with Multi-channel Video Programming Distributors (MVPD) and the number of MVPD subscribers. Revenues from theme park ticket sales are recognized when the tickets are used. Revenues from annual pass sales are recognized ratably over the period for which the pass is available for use. Revenues from the theatrical distribution of motion pictures are recognized when motion pictures are exhibited. Revenues from home entertainment sales, net of anticipated returns and customer incentives, are recognized on the later of the delivery date or the date that the product can be sold by retailers. Revenues from the licensing of feature films and television programming are recorded when the content is available for telecast by the licensee and when certain other conditions are met. Revenues from the sale of electronic formats of feature films and television programming are recognized when the product is received by the consumer. Merchandise licensing advances and guarantee royalty payments are recognized based on the contractual royalty rate when the licensed product is sold by the licensee. Non-refundable advances and minimum guarantee royalty payments in excess of royalties earned are generally recognized as revenue at the end of the contract period. Revenues from our branded online and mobile operations are recognized as services are rendered. Advertising revenues at our internet operations or associated with the distribution of our video content online are recognized when advertisements are delivered online. Taxes collected from customers and remitted to governmental authorities are presented in the Consolidated Statements of Income on a net basis. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables. The allowance for doubtful accounts is estimated based on our analysis of trends in overall receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and current economic trends. | |
Advertising Expense | Advertising Expense Advertising costs are expensed as incurred. Advertising expense for fiscal years 2018 , 2017 and 2016 was $2.8 billion , $2.6 billion and $2.9 billion , respectively. | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. Cash and cash equivalents subject to contractual restrictions and not readily available are classified as restricted cash. The Company’s restricted cash balances are primarily made up of cash posted as collateral for certain derivative instruments. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts in the Consolidated Statement of Cash Flows. September 29, 2018 September 30, 2017 October 1, 2016 Cash and cash equivalents $ 4,150 $ 4,017 $ 4,610 Restricted cash included in: Other current assets 1 26 96 Other assets 4 21 54 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 4,155 $ 4,064 $ 4,760 | |
Investments | Investments Debt securities that the Company has the positive intent and ability to hold to maturity are classified as “held-to-maturity” and reported at amortized cost. Debt securities not classified as held-to-maturity and marketable equity securities are considered “available-for-sale” and recorded at fair value with unrealized gains and losses included in accumulated other comprehensive income/(loss) (AOCI). All other equity securities are accounted for using either the cost method or the equity method. The Company regularly reviews its investments to determine whether a decline in fair value below the cost basis is other-than-temporary. If the decline in fair value is determined to be other-than-temporary, the cost basis of the investment is written down to fair value. | |
Translation Policy | Translation Policy The U.S. dollar is the functional currency for the majority of our international operations. Significant businesses where the local currency is the functional currency include the Asia Theme Parks, Disneyland Paris and international locations of The Disney Stores. For U.S. dollar functional currency locations, foreign currency assets and liabilities are remeasured into U.S. dollars at end-of-period exchange rates, except for non-monetary balance sheet accounts, which are remeasured at historical exchange rates. Revenue and expenses are remeasured at average exchange rates in effect during each period, except for those expenses related to the non-monetary balance sheet amounts, which are remeasured at historical exchange rates. Gains or losses from foreign currency remeasurement are included in income. For local currency functional locations, assets and liabilities are translated at end-of-period rates while revenues and expenses are translated at average rates in effect during the period. Equity is translated at historical rates and the resulting cumulative translation adjustments are included as a component of AOCI. | |
Inventories | Inventories Inventory primarily includes vacation timeshare units, merchandise, food, materials and supplies. Carrying amounts of vacation ownership units are recorded at the lower of cost or net realizable value. Carrying amounts of merchandise, food, materials and supplies inventories are generally determined on a moving average cost basis and are recorded at the lower of cost or net realizable value. | |
Film and Television Costs | Film and Television Costs Film and television costs include capitalizable production costs, production overhead, interest, development costs and acquired programming costs and are stated at the lower of cost, less accumulated amortization, or fair value. Acquired programming costs for the Company’s cable and broadcast television networks are stated at the lower of cost, less accumulated amortization, or net realizable value. Acquired television broadcast program licenses and rights are recorded when the license period begins and the program is available for use. Marketing, distribution and general and administrative costs are expensed as incurred. Film and television production, participation and residual costs are expensed over the applicable product life cycle based upon the ratio of the current period’s revenues to estimated remaining total revenues (Ultimate Revenues) for each production. For film productions, Ultimate Revenues include revenues from all sources that will be earned within ten years from the date of the initial theatrical release. For television series, Ultimate Revenues include revenues that will be earned within ten years from delivery of the first episode, or if still in production, five years from delivery of the most recent episode, if later. For acquired film libraries, remaining revenues include amounts to be earned for up to twenty years from the date of acquisition. Costs of film and television productions are subject to regular recoverability assessments, which compare the estimated fair values with the unamortized costs. The Company bases these fair value measurements on the Company’s assumptions about how market participants would price the assets at the balance sheet date, which may be different than the amounts ultimately realized in future periods. The amount by which the unamortized costs of film and television productions exceed their estimated fair values is written off. Film development costs for projects that have been abandoned are written off. Projects that have not been set for production within three years are also written off unless management has committed to a plan to proceed with the project and is actively working on and funding the project. The costs of television broadcast rights for acquired series, movies and other programs are expensed based on the number of times the program is expected to be aired or on a straight-line basis over the useful life, as appropriate. Rights costs for multi-year sports programming arrangements are amortized during the applicable seasons based on the estimated relative value of each year in the arrangement. The estimated value of each year is based on our projections of revenues over the contract period, which include advertising revenue and an allocation of affiliate revenue. If the annual contractual payments related to each season approximate each season’s estimated relative value, we expense the related contractual payments during the applicable season. Individual programs are written off when there are no plans to air or sublicense the program. The net realizable values of network television broadcast program licenses and rights are reviewed for recoverability using a daypart methodology. A daypart is defined as an aggregation of programs broadcast during a particular time of day or programs of a similar type. The Company’s dayparts are: primetime, daytime, late night, news and sports (includes broadcast and cable networks). The net realizable values of other cable programming assets are reviewed on an aggregated basis for each cable network. | |
Internal-Use Software Costs | Internal-Use Software Costs The Company expenses costs incurred in the preliminary project stage of developing or acquiring internal use software, such as research and feasibility studies as well as costs incurred in the post-implementation/operational stage, such as maintenance and training. Capitalization of software development costs occurs only after the preliminary-project stage is complete, management authorizes the project and it is probable that the project will be completed and the software will be used for the function intended. As of September 29, 2018 and September 30, 2017 , capitalized software costs, net of accumulated depreciation, totaled $659 million and $710 million , respectively. The capitalized costs are amortized on a straight-line basis over the estimated useful life of the software, ranging from 2 - 10 years. | |
Software Product Development Costs | Software Product Development Costs Software product development costs incurred prior to reaching technological feasibility are expensed. We have determined that technological feasibility of our video game software is generally not established until substantially all product development is complete. | |
Parks, Resorts and Other Property | Parks, Resorts and Other Property Parks, resorts and other property are carried at historical cost. Depreciation is computed on the straight-line method, generally over estimated useful lives as follows: Attractions, buildings and improvements 20 – 40 years Furniture, fixtures and equipment 3 – 25 years Land improvements 20 – 40 years Leasehold improvements Life of lease or asset life if less | |
Goodwill, Other Intangible Assets and Long-Lived Assets | Goodwill, Other Intangible Assets and Long-Lived Assets The Company is required to test goodwill and other indefinite-lived intangible assets for impairment on an annual basis and if current events or circumstances require, on an interim basis. Goodwill is allocated to various reporting units, which are an operating segment or one level below the operating segment. The Company compares the fair value of each reporting unit to its carrying amount, and to the extent the carrying amount exceeds the fair value, an impairment of goodwill is recognized for the excess up to the amount of goodwill allocated to the reporting unit. To determine the fair value of our reporting units, we generally use a present value technique (discounted cash flows) corroborated by market multiples when available and as appropriate. We apply what we believe to be the most appropriate valuation methodology for each of our reporting units. We include in the projected cash flows an estimate of the revenue we believe the reporting unit would receive if the intellectual property developed by the reporting unit that is being used by other reporting units was licensed to an unrelated third party at its fair market value. In times of adverse economic conditions in the global economy, the Company’s long-term cash flow projections are subject to a greater degree of uncertainty than usual. If we had established different reporting units or utilized different valuation methodologies or assumptions, the impairment test results could differ, and we could be required to record impairment charges. The Company is required to compare the fair values of other indefinite-lived intangible assets to their carrying amounts. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized for the excess. Fair values of other indefinite-lived intangible assets are determined based on discounted cash flows or appraised values, as appropriate. The Company has determined that there are currently no legal, competitive, economic or other factors that materially limit the useful life of our FCC licenses and trademarks. Amortizable intangible assets are generally amortized on a straight-line basis over periods up to 40 years . The costs to periodically renew our intangible assets are expensed as incurred. The Company tests long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount may not be recoverable. Once a triggering event has occurred, the impairment test employed is based on whether the intent is to hold the asset for continued use or to hold the asset for sale. The impairment test for assets held for use requires a comparison of cash flows expected to be generated over the useful life of an asset group to the carrying value of the asset group. An asset group is established by identifying the lowest level of cash flows generated by a group of assets that are largely independent of the cash flows of other assets and could include assets used across multiple businesses or segments. If the carrying value of an asset group exceeds the estimated undiscounted future cash flows, an impairment would be measured as the difference between the fair value of the group’s long-lived assets and the carrying value of the group’s long-lived assets. The impairment is allocated to the long-lived assets of the group on a pro rata basis using the relative carrying amounts, but only to the extent the carrying value of each asset is above its fair value. For assets held for sale, to the extent the carrying value is greater than the asset’s fair value less costs to sell, an impairment loss is recognized for the difference. The Company tested its goodwill and other indefinite-lived intangible assets, long-lived assets and investments for impairment and recorded non-cash impairment charges of $210 million , $22 million and $7 million in fiscal years 2018 , 2017 and 2016 , respectively. The fiscal 2018 impairment charges related to equity investments and were recorded in “ Equity in the income (loss) of investees, net ” in the Consolidated Statements of Income. The fiscal 2017 and 2016 impairment charges were recorded in “Restructuring and impairment charges” in the Consolidated Statements of Income. The Company expects its aggregate annual amortization expense for existing amortizable intangible assets for fiscal years 2019 through 2023 to be as follows: 2019 $ 258 2020 233 2021 230 2022 228 2023 202 | |
Risk Management Contracts | Risk Management Contracts In the normal course of business, the Company employs a variety of financial instruments (derivatives) including interest rate and cross-currency swap agreements and forward and option contracts to manage its exposure to fluctuations in interest rates, foreign currency exchange rates and commodity prices. The Company formally documents all relationships between hedges and hedged items as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company primarily enters into two types of derivatives: hedges of fair value exposure and hedges of cash flow exposure. Hedges of fair value exposure are entered into in order to hedge the fair value of a recognized asset, liability, or a firm commitment. Hedges of cash flow exposure are entered into in order to hedge a forecasted transaction (e.g. forecasted revenue) or the variability of cash flows to be paid or received, related to a recognized liability or asset (e.g. floating rate debt). The Company designates and assigns the derivatives as hedges of forecasted transactions, specific assets or specific liabilities. When hedged assets or liabilities are sold or extinguished or the forecasted transactions being hedged occur or are no longer expected to occur, the Company recognizes the gain or loss on the designated derivatives. The Company’s hedge positions are measured at fair value on the balance sheet. Realized gains and losses from hedges are classified in the income statement consistent with the accounting treatment of the items being hedged. The Company accrues the differential for interest rate swaps to be paid or received under the agreements as interest rates change as adjustments to interest expense over the lives of the swaps. Gains and losses on the termination of effective swap agreements, prior to their original maturity, are deferred and amortized to interest expense over the remaining term of the underlying hedged transactions. The Company enters into derivatives that are not designated as hedges and do not qualify for hedge accounting. These derivatives are intended to offset certain economic exposures of the Company and are carried at fair value with changes in value recorded in earnings. Cash flows from hedging activities are classified in the Consolidated Statements of Cash Flows under the same category as the cash flows from the related assets, liabilities or forecasted transactions (see Notes 8 and 16). | |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are recorded with respect to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based on the weight of available evidence, it is more likely than not that some amount of recorded deferred tax assets will not be realized, a valuation allowance is established for the amount that, in management’s judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. A tax position must meet a minimum probability threshold before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. | |
Earnings Per Share | Earnings Per Share The Company presents both basic and diluted earnings per share (EPS) amounts. Basic EPS is calculated by dividing net income attributable to Disney by the weighted average number of common shares outstanding during the year. Diluted EPS is based upon the weighted average number of common and common equivalent shares outstanding during the year, which is calculated using the treasury-stock method for equity-based awards (Awards). Common equivalent shares are excluded from the computation in periods for which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the 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: 2018 2017 2016 Weighted average number of common and common equivalent shares outstanding (basic) 1,499 1,568 1,629 Weighted average dilutive impact of Awards 8 10 10 Weighted average number of common and common equivalent shares outstanding (diluted) 1,507 1,578 1,639 Awards excluded from diluted earnings per share 12 10 6 |
Summary of Significant Revenue
Summary of Significant Revenue Recognition Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Revenue Recognition [Abstract] | ||
Revenue Recognition, Policy | Summary of Significant Revenue Recognition Accounting Policies The Company generates revenue from the sale of both services and products. Revenue is recognized when control of the services or products is transferred to the customer. The amount of revenue recognized reflects the consideration the Company expects to receive in exchange for the services or products. The Company has three broad categories of service revenues: licenses of rights to use our intellectual property, sales to guests at our Parks and Experiences businesses, and advertising. The Company’s primary product revenues include the sale of food, beverage and merchandise at our parks, resorts and retail stores and the sale of film and television productions in physical formats (DVD and Blu-ray). The new revenue standard defines two types of licenses of intellectual property (“IP”): IP that has “standalone functionality,” which is called functional IP, and all other IP, which is called symbolic IP. Revenue related to the license of functional IP is generally recognized upon delivery (availability) of the IP to the customer. The substantial majority of the Company’s film and television content distribution activities at the Media Networks, Studio Entertainment and DTCI segments is considered licensing of functional IP. Revenue related to the license of symbolic IP is generally recognized over the term of the license. The Company’s primary revenue stream derived from symbolic IP is the licensing of trade names, characters, visual and literary properties at the Parks, Experiences & Consumer Products segment. More detailed information about the revenue recognition policies for our key revenues is as follows: • Affiliate fees - Fees charged to affiliates (i.e., MVPDs or television stations) for the right to deliver our television network programming on a continuous basis to their customers are recognized as the programming is provided based on contractually specified per subscriber rates and the actual number of the affiliate’s customers receiving the programming. Affiliate contracts may include a minimum guaranteed license fee. For these contracts, the guaranteed license fee is recognized ratably over the guaranteed period and any fees earned in excess of the guarantee are recognized as earned once the minimum guarantee has been exceeded. Affiliate agreements may also include a license to use the network programming for on demand viewing. As the fees charged under these contracts are generally based on a contractually specified per subscriber rate for the number of underlying subscribers of the affiliate, revenues are recognized as earned. • Subscription fees - Fees charged to customers/subscribers for our DTC streaming and other services are recognized ratably over the term of the subscription. • Advertising - Sales of advertising time/space on our television networks, digital platforms, and television stations are recognized as revenue, net of agency commissions, when commercials are aired on television or delivered online. The performance obligation in advertising agreements is the delivery of ad time/space and may include a guaranteed number of impressions. When a contract contains a guaranteed number of impressions and the guaranteed number of impressions is not met (“ratings shortfall”), revenues are not recognized for the ratings shortfall until the guaranteed impressions are provided through the delivery of additional advertising time/space. • Theme park admissions - Sales of theme park tickets are recognized when the tickets are used. Sales of annual passes are recognized ratably over the period for which the pass is available for use. • Resorts and vacations - Sales of hotel room nights and cruise vacations and rentals of vacation club properties are recognized as the services are provided to the guest. Sales of vacation club properties are recognized when title to the property transfers to the customer. • Merchandise, food and beverage - Sales of merchandise, food and beverages at our theme parks and resorts, cruise ships and Disney Stores are recognized at the time of sale. Sales from our branded internet shopping sites and to wholesalers are recognized upon delivery. We estimate returns and customer incentives based upon historical return experience, current economic trends and projections of consumer demand for our products. • TV/SVOD distribution licensing - Fees charged for the right to use our television and motion picture productions are recognized as revenue when the content is available for use by the licensee. Contractual license fees may be for a fixed amount, based on performance in previous distribution windows (e.g., box office receipts) or based on underlying sales of the licensee. TV/SVOD distribution contracts may contain more than one title and/or provide that certain titles are only available for use during defined periods of time during the contract term. In these instances, each title and/or period of availability is generally considered a separate performance obligation. For these contracts, license fees are allocated to each title and period of availability at contract inception based on relative standalone selling price using management’s best estimate. Revenue is recognized when the content is made available for use by the licensee. For TV/SVOD licenses that include multiple titles subject to an aggregate minimum guaranteed license fee across all titles, the minimum guaranteed license fee is allocated to each title at contract inception and recognized as revenue when the title is available for use by the licensee. License fees earned in excess of the allocated minimum guarantee are deferred until the aggregate contractual minimum guaranteed license fee has been exceeded with the excess then recognized as earned. When the term of an existing agreement is renewed or extended, revenues are recognized when the licensed content becomes available under the renewal or extension. • Theatrical distribution licensing - Fees charged for licensing of our motion pictures to theaters are recognized as revenue based on the contractual royalty rate applied to the theater’s underlying sales from exhibition of the film. • Merchandise licensing - Fees charged for the use of our trade names and characters in connection with the sale of a licensee’s products are recognized as revenue as the products are sold by the licensee applying a contractual royalty rate to the licensee sales. For licenses with minimum guaranteed license fees, the excess of the minimum guaranteed amount over actual royalties earned from licensee sales (shortfall) is recognized straight-line over the remaining license period once an expected shortfall is probable. • Home entertainment - Sales of our motion pictures to retailers and distributors in physical formats (DVD and Blu-ray) are recognized as revenue on the later of the delivery date or the date that the product can be sold by retailers. We reduce home entertainment revenues for estimated future returns of merchandise and sales incentives based upon historical return experience, current economic trends and projections of consumer demand for our products. Sales of our motion pictures in electronic formats are recognized as revenue when the product is available for use by the consumer. • Taxes - Taxes collected from customers and remitted to governmental authorities are excluded from revenue. • Shipping and handling - Fees collected from customers for shipping and handling are recorded as revenue upon delivery of the product to the consumer. The related shipping expenses are recorded in cost of products upon delivery of the product to the customer. | Revenue Recognition Television advertising revenues are recognized when commercials are aired. Affiliate fee revenue is recognized as services are provided based on per subscriber rates set out in agreements with Multi-channel Video Programming Distributors (MVPD) and the number of MVPD subscribers. Revenues from theme park ticket sales are recognized when the tickets are used. Revenues from annual pass sales are recognized ratably over the period for which the pass is available for use. Revenues from the theatrical distribution of motion pictures are recognized when motion pictures are exhibited. Revenues from home entertainment sales, net of anticipated returns and customer incentives, are recognized on the later of the delivery date or the date that the product can be sold by retailers. Revenues from the licensing of feature films and television programming are recorded when the content is available for telecast by the licensee and when certain other conditions are met. Revenues from the sale of electronic formats of feature films and television programming are recognized when the product is received by the consumer. Merchandise licensing advances and guarantee royalty payments are recognized based on the contractual royalty rate when the licensed product is sold by the licensee. Non-refundable advances and minimum guarantee royalty payments in excess of royalties earned are generally recognized as revenue at the end of the contract period. Revenues from our branded online and mobile operations are recognized as services are rendered. Advertising revenues at our internet operations or associated with the distribution of our video content online are recognized when advertisements are delivered online. Taxes collected from customers and remitted to governmental authorities are presented in the Consolidated Statements of Income on a net basis. |
Description of the Business a_2
Description of the Business and Segment Information (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Equity In Income of Investees By Segment | Equity in the income/(loss) of investees is included in segment operating income as follows: Quarter Ended December 29, December 30, Media Networks $ 179 $ 159 Parks, Experiences & Consumer Products (12 ) (7 ) Direct-to-Consumer & International (91 ) (109 ) Equity in the income / (loss) of investees $ 76 $ 43 | Equity in the income of investees included in segment operating income is as follows: 2018 2017 2016 Media Networks $ 711 $ 766 $ 779 Parks, Experiences and Consumer Products (23 ) (25 ) (3 ) Direct-to-Consumer & International (580 ) (421 ) (182 ) Equity in the income of investees included in segment operating income 108 320 594 Impairment of equity investments: Vice (157 ) — — Villages Nature (53 ) — — Vice Gain — — 332 Equity in the income (loss) of investees, net $ (102 ) $ 320 $ 926 |
Financial Information by Operating Segments | 2018 2017 2016 Revenues Media Networks $ 21,922 $ 21,299 $ 21,326 Parks, Experiences & Consumer Products Third parties 25,257 23,516 22,998 Intersegment (556 ) (492 ) (740 ) 24,701 23,024 22,258 Studio Entertainment Third parties 9,509 7,860 8,629 Intersegment 556 492 740 10,065 8,352 9,369 Direct-to-Consumer & International 3,414 3,075 3,306 Eliminations (1) (668 ) (613 ) (627 ) Total consolidated revenues $ 59,434 $ 55,137 $ 55,632 Segment operating income Media Networks $ 7,338 $ 7,196 $ 7,804 Parks, Experiences & Consumer Products 6,095 5,487 5,198 Studio Entertainment 3,004 2,363 2,767 Direct-to-Consumer & International (738 ) (284 ) (38 ) Eliminations (1) (10 ) 13 (10 ) Total segment operating income (2) $ 15,689 $ 14,775 $ 15,721 2018 2017 2016 Reconciliation of segment operating income to income before income taxes Segment operating income $ 15,689 $ 14,775 $ 15,721 Corporate and unallocated shared expenses (744 ) (582 ) (640 ) Restructuring and impairment charges (33 ) (98 ) (156 ) Other income, net 601 78 — Interest expense, net (574 ) (385 ) (260 ) Vice Gain (2) — — 332 Infinity Charge (3) — — (129 ) Impairment of equity investments (2) (210 ) — — Income before income taxes $ 14,729 $ 13,788 $ 14,868 Capital expenditures Media Networks Cable Networks $ 96 $ 64 $ 81 Broadcasting 107 67 73 Parks, Experiences & Consumer Products Domestic 3,223 2,392 2,215 International 677 827 2,053 Studio Entertainment 96 85 86 Direct-to-Consumer & International 107 30 65 Corporate 159 158 200 Total capital expenditures $ 4,465 $ 3,623 $ 4,773 Depreciation expense Media Networks $ 199 $ 206 $ 217 Parks, Experiences & Consumer Products Domestic 1,449 1,371 1,314 International 768 679 468 Studio Entertainment 55 50 46 Direct-to-Consumer & International 106 74 61 Corporate 181 206 214 Total depreciation expense $ 2,758 $ 2,586 $ 2,320 Amortization of intangible assets Media Networks $ — $ — $ 2 Parks, Experiences & Consumer Products 110 111 107 Studio Entertainment 64 65 74 Direct-to-Consumer & International 79 20 24 Total amortization of intangible assets $ 253 $ 196 $ 207 2018 2017 2016 Identifiable assets (4) Media Networks $ 14,216 $ 13,660 Parks, Experiences & Consumer Products 34,684 33,755 Studio Entertainment 10,197 9,672 Direct-to-Consumer & International 3,558 4,083 Corporate (5) 4,977 3,475 Eliminations (303 ) (282 ) Goodwill (6) 31,269 31,426 Total consolidated assets $ 98,598 $ 95,789 Supplemental revenue data Affiliate fees $ 13,279 $ 12,659 $ 12,259 Advertising 7,904 8,237 8,649 Retail merchandise, food and beverage 6,923 6,433 6,116 Theme park admissions 7,183 6,502 5,900 Revenues United States and Canada $ 45,038 $ 41,881 $ 42,616 Europe 7,026 6,541 6,714 Asia Pacific 5,531 5,075 4,582 Latin America and Other 1,839 1,640 1,720 $ 59,434 $ 55,137 $ 55,632 Segment operating income United States and Canada $ 11,396 $ 10,962 $ 12,139 Europe 1,922 1,812 1,815 Asia Pacific 1,869 1,626 1,324 Latin America and Other 502 375 443 $ 15,689 $ 14,775 $ 15,721 Long-lived assets (7) United States and Canada $ 65,245 $ 61,215 Europe 6,275 8,208 Asia Pacific 7,775 8,196 Latin America and Other 131 155 $ 79,426 $ 77,774 (1) Intersegment content transaction are as follows: 2018 2017 2016 Revenues Studio Entertainment: Content transactions with Media Networks $ (169 ) $ (137 ) $ (159 ) Content transactions with Direct-to-Consumer & International (28 ) (22 ) (11 ) Media Networks: Content transactions with Direct-to-Consumer & International (471 ) (454 ) (457 ) Total $ (668 ) $ (613 ) $ (627 ) Operating Income Studio Entertainment: Content transactions with Media Networks $ (8 ) $ 15 $ (10 ) Media Networks: Content transactions with Direct-to-Consumer & International (2 ) (2 ) — Total $ (10 ) $ 13 $ (10 ) (2) Equity in the income of investees included in segment operating income is as follows: 2018 2017 2016 Media Networks $ 711 $ 766 $ 779 Parks, Experiences and Consumer Products (23 ) (25 ) (3 ) Direct-to-Consumer & International (580 ) (421 ) (182 ) Equity in the income of investees included in segment operating income 108 320 594 Impairment of equity investments: Vice (157 ) — — Villages Nature (53 ) — — Vice Gain — — 332 Equity in the income (loss) of investees, net $ (102 ) $ 320 $ 926 During fiscal 2018 , the Company recorded impairments of Vice and Villages Nature equity method investments. During fiscal 2016 , the Company recognized its share of a net gain recorded by A+E, a joint venture owned 50% by the Company, in connection with A+E’s acquisition of an interest in Vice (Vice Gain). These items were recorded in “ Equity in the income (loss) of investees, net ” in the Consolidated Statement of Income but were not included in segment operating income. (3) In fiscal 2016, the Company discontinued its Infinity console game business, which is reported in the Parks, Experiences & Consumer Products 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 Consolidated Statement of Income. (4) Equity method investments included in identifiable assets by segment are as follows: 2018 2017 Media Networks $ 2,430 $ 2,505 Parks, Experiences & Consumer Products 1 70 Studio Entertainment 1 1 Direct-to-Consumer & International 320 493 Corporate 16 18 $ 2,768 $ 3,087 Intangible assets included in identifiable assets by segment are as follows: 2018 2017 Media Networks $ 1,546 $ 1,547 Parks, Experiences & Consumer Products 3,167 3,277 Studio Entertainment 1,479 1,543 Direct-to-Consumer & International 490 498 Corporate 130 130 $ 6,812 $ 6,995 (5) Primarily fixed assets and cash and cash equivalents. (6) See Note 3 for goodwill by segment. (7) Long-lived assets are total assets less the following: current assets, long-term receivables, deferred taxes, financial investments and derivatives. | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment revenues and segment operating income are as follows: Quarter Ended December 29, December 30, Revenues (1) : Media Networks $ 5,921 $ 5,555 Parks, Experiences & Consumer Products 6,824 6,527 Studio Entertainment 1,824 2,509 Direct-to-Consumer & International 918 931 Eliminations (2) (184 ) (171 ) $ 15,303 $ 15,351 Segment operating income (1) : Media Networks $ 1,330 $ 1,243 Parks, Experiences & Consumer Products 2,152 1,954 Studio Entertainment 309 825 Direct-to-Consumer & International (136 ) (42 ) Eliminations — 6 $ 3,655 $ 3,986 (1) Studio Entertainment revenues and operating income include an allocation of Parks, Experiences & Consumer Products revenues, which is meant to reflect royalties on sales of merchandise based on film properties. The increase to Studio Entertainment revenues and operating income and corresponding decrease to Parks, Experiences & Consumer Products revenues and operating income was $154 million and $171 million for the quarters ended December 29, 2018 and December 30, 2017 , respectively. (2) Intersegment content transactions are as follows: Quarter Ended (in millions) December 29, December 30, Revenues Studio Entertainment: Content transactions with Media Networks $ (21 ) $ (31 ) Content transactions with Direct-to-Consumer & International (18 ) (8 ) Media Networks: Content transactions with Direct-to-Consumer & International (145 ) (132 ) Total revenues $ (184 ) $ (171 ) | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | A reconciliation of segment operating income to income before income taxes is as follows: Quarter Ended December 29, December 30, Segment operating income $ 3,655 $ 3,986 Corporate and unallocated shared expenses (161 ) (150 ) Restructuring and impairment charges — (15 ) Other income — 53 Interest expense, net (63 ) (129 ) Income before income taxes $ 3,431 $ 3,745 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Accounting Policies [Abstract] | ||
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts in the Consolidated Statement of Cash Flows. September 29, 2018 September 30, 2017 October 1, 2016 Cash and cash equivalents $ 4,150 $ 4,017 $ 4,610 Restricted cash included in: Other current assets 1 26 96 Other assets 4 21 54 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 4,155 $ 4,064 $ 4,760 | |
Depreciation Computed on Straight-Line Method Over Estimated Useful Lives | Depreciation is computed on the straight-line method, generally over estimated useful lives as follows: Attractions, buildings and improvements 20 – 40 years Furniture, fixtures and equipment 3 – 25 years Land improvements 20 – 40 years Leasehold improvements Life of lease or asset life if less | |
Expected Aggregate Annual Amortization Expense for Existing Amortizable Intangible Assets | The Company expects its aggregate annual amortization expense for existing amortizable intangible assets for fiscal years 2019 through 2023 to be as follows: 2019 $ 258 2020 233 2021 230 2022 228 2023 202 | |
Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding and Number of 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 December 29, December 30, Shares (in millions): Weighted average number of common and common equivalent shares outstanding (basic) 1,490 1,512 Weighted average dilutive impact of Awards 8 9 Weighted average number of common and common equivalent shares outstanding (diluted) 1,498 1,521 Awards excluded from diluted earnings per share 11 16 | 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: 2018 2017 2016 Weighted average number of common and common equivalent shares outstanding (basic) 1,499 1,568 1,629 Weighted average dilutive impact of Awards 8 10 10 Weighted average number of common and common equivalent shares outstanding (diluted) 1,507 1,578 1,639 Awards excluded from diluted earnings per share 12 10 6 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Dec. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Cumulative Effect of Adoption on the Condensed Consolidated Balance Sheet | The cumulative effect of adoption at September 29, 2018 and the impact at December 29, 2018 (had we not applied the new revenue standard) on the Condensed Consolidated Balance Sheet is as follows: September 29, 2018 December 29, 2018 Fiscal 2018 Ending Balances as Reported Effect of Adoption Q1 2019 Opening Balances Balances Assuming Historical Accounting Q1 2019 Impact of New Revenue Standard Q1 2019 Ending Balances as Reported Assets Receivables - current/non-current $ 11,262 $ (241 ) $ 11,021 $ 12,030 $ (102 ) $ 11,928 Film and television costs and advances - current/non-current 9,202 48 9,250 8,968 33 9,001 Liabilities Accounts payable and other accrued liabilities 9,479 1,039 10,518 9,799 897 10,696 Deferred revenue and other 4,591 (1,082 ) 3,509 4,342 (908 ) 3,434 Deferred income taxes 3,109 (34 ) 3,075 3,208 (31 ) 3,177 Equity 52,832 (116 ) 52,716 54,420 (27 ) 54,393 |
Financial Statement Impact Presented Under Previous Guidance | The impact on the Condensed Consolidated Statement of Income for the quarter ended December 29, 2018, due to the adoption of the new revenue standard is as follows: Quarter ended December 29, 2018 Results Assuming Historical Accounting Impact of New Revenue Standard Reported Revenues $ 15,109 $ 194 $ 15,303 Cost and Expenses (11,806 ) (79 ) (11,885 ) Income Taxes (619 ) (26 ) (645 ) Net Income 2,697 89 2,786 |
Disaggregation of Revenue by Major Source | The following table presents our revenues by segment and major source: Quarter Ended December 29, 2018 Media Networks Parks, Experiences & Consumer Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated Affiliate fees $ 3,075 $ — $ — $ 323 $ — $ 3,398 Advertising 2,023 2 — 417 2,442 Theme park admissions — 1,933 — — — 1,933 Resort and vacations — 1,531 — — — 1,531 Retail and wholesale sales of merchandise, food and beverage — 2,122 — — — 2,122 TV/SVOD distribution licensing 722 — 605 34 (184 ) 1,177 Theatrical distribution licensing — — 373 — — 373 Merchandise licensing — 741 154 15 — 910 Home entertainment — — 425 28 — 453 Other 101 495 267 101 — 964 Total revenues $ 5,921 $ 6,824 $ 1,824 $ 918 $ (184 ) $ 15,303 Quarter Ended December 30, 2017 (1) Media Networks Parks, Experiences & Consumer Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated Affiliate fees $ 2,867 $ — $ — $ 338 $ — $ 3,205 Advertising 1,963 2 — 411 — 2,376 Theme park admissions — 1,832 — — — 1,832 Resort and vacations — 1,463 — — — 1,463 Retail and wholesale sales of merchandise, food and beverage — 2,059 — — — 2,059 TV/SVOD distribution licensing 624 — 519 25 (171 ) 997 Theatrical distribution licensing — — 1,169 — — 1,169 Merchandise licensing — 776 171 18 — 965 Home entertainment — — 361 30 — 391 Other 101 395 289 109 — 894 Total revenues $ 5,555 $ 6,527 $ 2,509 $ 931 $ (171 ) $ 15,351 (1) The table presents our revenues by segment and major source under historical accounting. |
Disaggregation of Revenue by Geographical Markets | The following table presents our revenues by segment and primary geographical markets: Quarter Ended December 29, 2018 Media Networks Parks, Experiences & Consumer Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated United States and Canada $ 5,509 $ 5,142 $ 1,038 $ 404 $ (164 ) $ 11,929 Europe 152 1,065 413 180 (15 ) 1,795 Asia Pacific 79 551 286 118 (5 ) 1,029 Latin America 181 66 87 216 — 550 Total revenues $ 5,921 $ 6,824 $ 1,824 $ 918 $ (184 ) $ 15,303 |
Contract with Customer, Asset and Liability | Contract assets, accounts receivable and deferred revenues from contracts with customers are as follows: December 29, September 30, Contract assets $ 146 $ 89 Accounts Receivable Current 9,543 8,553 Non-current 1,561 1,640 Allowance for doubtful accounts (230 ) (226 ) Deferred revenues Current 2,968 2,926 Non-current 514 609 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Business Combinations [Abstract] | ||
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the quarter ended December 29, 2018 are as follows: Media Networks Parks and Resorts Studio Entertainment Consumer Products & Interactive Media Parks, Experiences & Consumer Products Direct-to-Consumer & International Total Balance at Sep. 29, 2018 $ 19,388 $ 291 $ 7,164 $ 4,426 $ — $ — $ 31,269 Segment recast (1) (3,399 ) (291 ) (70 ) (4,426 ) 4,487 3,699 — Other, net — — 9 — — 11 20 Balance at Dec. 29, 2018 $ 15,989 $ — $ 7,103 $ — $ 4,487 $ 3,710 $ 31,289 (1) | The changes in the carrying amount of goodwill for the years ended September 29, 2018 and September 30, 2017 are as follows: Media Networks Parks and Studio Entertainment Consumer Parks, Experiences & Consumer Products Direct-to-Consumer & International Unallocated Total Balance at Oct. 1, 2016 $ 16,345 $ 291 $ 6,830 $ 4,344 $ — $ — $ — $ 27,810 Acquisitions — — — — — — 3,600 3,600 Dispositions — — — — — — — — Other, net (20 ) — (13 ) 49 — — — 16 Balance at Sept. 30, 2017 $ 16,325 $ 291 $ 6,817 $ 4,393 $ — $ — $ 3,600 $ 31,426 Acquisitions — — — — — — — — Dispositions — — — — — — — — Other, net (1) 3,063 — 347 33 — — (3,600 ) (157 ) Balance at Sept. 29, 2018 $ 19,388 $ 291 $ 7,164 $ 4,426 $ — $ — $ — $ 31,269 Segment recast (2) (3,399 ) (291 ) (70 ) (4,426 ) 4,487 3,699 — — Balance at Sept. 30, 2018 $ 15,989 $ — $ 7,094 $ — $ 4,487 $ 3,699 $ — $ 31,269 (1) Other, net primarily represents the allocation of BAMTech goodwill to segments based on the final purchase price allocation and also includes the impact of updates to our initial estimated fair value of intangible assets related to BAMTech. |
Cash, Cash Equivalents, Restr_2
Cash, Cash Equivalents, Restricted Cash and Borrowings (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheet to the total of the amounts reported in the Condensed Consolidated Statements of Cash Flows. December 29, September 29, Cash and cash equivalents $ 4,455 $ 4,150 Restricted cash included in: Other current assets 4 1 Other assets 4 4 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 4,463 $ 4,155 | |
Borrowing Activity | During the quarter ended December 29, 2018 , the Company’s borrowing activity was as follows: September 29, Borrowings Payments Other Activity December 29, Commercial paper with original maturities less than three months (1) $ 50 $ 548 $ — $ 1 $ 599 Commercial paper with original maturities greater than three months 955 99 (950 ) (4 ) 100 U.S. and European medium-term notes 17,942 — — 5 17,947 Asia Theme Parks borrowings 1,145 — — 15 1,160 Foreign currency denominated debt and other (2) 782 1 — 76 859 Total $ 20,874 $ 648 $ (950 ) $ 93 $ 20,665 (1) Borrowings and reductions of borrowings are reported net. (2) The other activity is due to market value adjustments for debt with qualifying hedges, partially offset by the impact of changes in foreign currency exchange rates. | The Company’s borrowings at September 29, 2018 and September 30, 2017 , including the impact of interest rate and cross-currency swaps, are summarized below: 2018 2018 2017 Stated Interest Rate (1) Pay Floating Interest rate and Cross- Currency Swaps (2) Effective Interest Rate (3) Swap Maturities Commercial paper $ 1,005 $ 2,772 — $ — 2.24 % U.S. and European medium-term notes (4) 17,942 19,721 2.91 % 6,600 3.27 % 2019-2027 Foreign currency denominated debt 955 13 2.76 % 955 2.92 % 2025 Capital Cities/ABC debt 103 105 8.75 % — 5.99 % BAMTech acquisition payable — 1,581 — % — — % Other (5) (276 ) (46 ) — 19,729 24,146 2.79 % 7,555 3.22 % Asia Theme Parks borrowings 1,145 1,145 1.33 % — 5.17 % Total borrowings 20,874 25,291 2.71 % 7,555 3.32 % Less current portion 3,790 6,172 1.85 % 1,600 2.94 % Total long-term borrowings $ 17,084 $ 19,119 $ 5,955 (1) The stated interest rate represents the weighted-average coupon rate for each category of borrowings. For floating rate borrowings, interest rates are the rates in effect at September 29, 2018 ; these rates are not necessarily an indication of future interest rates. (2) Amounts represent notional values of interest rate and cross-currency swaps outstanding as of September 29, 2018 . (3) The effective interest rate includes the impact of existing and terminated interest rate and cross-currency swaps, purchase accounting adjustments and debt issuance premiums, discounts and costs. (4) Includes net debt issuance premiums, discounts and costs totaling $121 million and $138 million at September 29, 2018 and September 30, 2017 , respectively. (5) Includes market value adjustments for debt with qualifying hedges, which reduce borrowings by $304 million and $73 million at September 29, 2018 and September 30, 2017 , respectively. |
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 2020 $ 6,000 $ — $ 6,000 Facility expiring March 2021 2,250 — 2,250 Facility expiring March 2023 4,000 — 4,000 Total $ 12,250 $ — $ 12,250 | 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 2019 $ 6,000 $ — $ 6,000 Facility expiring March 2021 2,250 — 2,250 Facility expiring March 2023 4,000 — 4,000 Total $ 12,250 $ — $ 12,250 |
Interest Expense, net | Interest expense, interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 8) are reported net in the Condensed Consolidated Statements of Income and consist of the following (net of capitalized interest): Quarter Ended December 29, December 30, Interest expense $ (163 ) $ (146 ) Interest and investment income 75 17 Net periodic pension and postretirement benefit costs (other than service costs) 25 — Interest expense, net $ (63 ) $ (129 ) |
Dispositions and Other Income_2
Dispositions and Other Income/(Expense) (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Other Income and Expenses [Abstract] | |
Other income, net | Other income, net is as follows: 2018 2017 2016 Gains on sales of real estate and property rights $ 560 $ — $ — Settlement of litigation 38 (177 ) — Gain related to the acquisition of BAMTech 3 255 — Other income, net $ 601 $ 78 $ — |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Investments [Abstract] | |
Investments | Investments consist of the following: September 29, September 30, Investments, equity basis $ 2,768 $ 3,087 Investments, other 131 115 $ 2,899 $ 3,202 |
Combined Financial Information for Equity Investments | The Company’s significant equity investments primarily consist of media and parks and resorts investments and include A + E ( 50% ownership), CTV Specialty Television, Inc. ( 30% ownership), Hulu ( 30% ownership), Seven TV ( 20% ownership), Vice ( 21% effective ownership including A+E ownership) and Villages Nature ( 50% ownership). A summary of combined financial information for equity investments is as follows: Results of Operations: 2018 2017 2016 Revenues $ 9,085 $ 8,122 $ 7,416 Net income (152 ) 857 1,855 Balance Sheet September 29, September 30, October 1, Current assets $ 4,542 $ 4,623 $ 4,801 Non-current assets 9,998 10,047 8,906 $ 14,540 $ 14,670 $ 13,707 Current liabilities $ 3,197 $ 2,852 $ 2,018 Non-current liabilities 4,840 5,056 4,531 Redeemable preferred stock 1,362 1,123 583 Shareholders’ equity 5,141 5,639 6,575 $ 14,540 $ 14,670 $ 13,707 |
International Theme Parks (Tabl
International Theme Parks (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
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 December 29, 2018 and September 29, 2018 : December 29, 2018 September 29, 2018 Cash and cash equivalents $ 737 $ 834 Other current assets 364 400 Total current assets 1,101 1,234 Parks, resorts and other property 8,947 8,973 Other assets 107 103 Total assets (1) $ 10,155 $ 10,310 Current liabilities $ 769 $ 921 Long-term borrowings 1,121 1,106 Other long-term liabilities 348 382 Total liabilities (1) $ 2,238 $ 2,409 (1) Total assets of the Asia Theme Parks were $8 billion at both December 29, 2018 and September 29, 2018 including parks, resorts and other property of $7 billion . Total liabilities of the Asia Theme Parks were $2 billion at both December 29, 2018 and September 29, 2018 | The following table summarizes the carrying amounts of the International Theme Parks’ assets and liabilities included in the Company’s consolidated balance sheets as of September 29, 2018 and September 30, 2017 : 2018 2017 Cash and cash equivalents $ 834 $ 843 Other current assets 400 376 Total current assets 1,234 1,219 Parks, resorts and other property 8,973 9,403 Other assets 103 111 Total assets (1) $ 10,310 $ 10,733 Current liabilities $ 921 $ 1,163 Borrowings - long-term 1,106 1,145 Other long-term liabilities 382 371 Total liabilities (1) $ 2,409 $ 2,679 (1) The total assets of the Asia Theme Parks were $8 billion at both September 29, 2018 and September 30, 2017 including parks, resorts and other property of $7 billion . The total liabilities of the Asia Theme Parks were $2 billion at both September 29, 2018 and September 30, 2017 . |
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 quarter ended December 29, 2018 : December 29, 2018 Revenues $ 910 Costs and expenses (891 ) Equity in the loss of investees (12 ) | The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s consolidated statement of income for fiscal 2018: Revenues $ 3,834 Costs and expenses (3,649 ) Equity in the loss of investees (76 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
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 December 29, December 30, Shares (in millions): Weighted average number of common and common equivalent shares outstanding (basic) 1,490 1,512 Weighted average dilutive impact of Awards 8 9 Weighted average number of common and common equivalent shares outstanding (diluted) 1,498 1,521 Awards excluded from diluted earnings per share 11 16 | 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: 2018 2017 2016 Weighted average number of common and common equivalent shares outstanding (basic) 1,499 1,568 1,629 Weighted average dilutive impact of Awards 8 10 10 Weighted average number of common and common equivalent shares outstanding (diluted) 1,507 1,578 1,639 Awards excluded from diluted earnings per share 12 10 6 |
Film and Television Costs and_2
Film and Television Costs and Advances (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Disclosure Film And Television Costs [Abstract] | |
Film and Television Costs and Advances | Film and television costs and advances are as follows: September 29, 2018 September 30, 2017 Theatrical film costs Released, less amortization $ 1,911 $ 1,658 Completed, not released 397 — In-process 2,974 3,200 In development or pre-production 173 306 5,455 5,164 Television costs Released, less amortization 1,301 1,152 Completed, not released 462 472 In-process 420 364 In development or pre-production 2 53 2,185 2,041 Television programming rights and advances 1,562 1,554 9,202 8,759 Less current portion 1,314 1,278 Non-current portion $ 7,888 $ 7,481 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Debt Disclosure [Abstract] | ||
Borrowings including Impact of Interest Rate Swaps Designated as Hedges | During the quarter ended December 29, 2018 , the Company’s borrowing activity was as follows: September 29, Borrowings Payments Other Activity December 29, Commercial paper with original maturities less than three months (1) $ 50 $ 548 $ — $ 1 $ 599 Commercial paper with original maturities greater than three months 955 99 (950 ) (4 ) 100 U.S. and European medium-term notes 17,942 — — 5 17,947 Asia Theme Parks borrowings 1,145 — — 15 1,160 Foreign currency denominated debt and other (2) 782 1 — 76 859 Total $ 20,874 $ 648 $ (950 ) $ 93 $ 20,665 (1) Borrowings and reductions of borrowings are reported net. (2) The other activity is due to market value adjustments for debt with qualifying hedges, partially offset by the impact of changes in foreign currency exchange rates. | The Company’s borrowings at September 29, 2018 and September 30, 2017 , including the impact of interest rate and cross-currency swaps, are summarized below: 2018 2018 2017 Stated Interest Rate (1) Pay Floating Interest rate and Cross- Currency Swaps (2) Effective Interest Rate (3) Swap Maturities Commercial paper $ 1,005 $ 2,772 — $ — 2.24 % U.S. and European medium-term notes (4) 17,942 19,721 2.91 % 6,600 3.27 % 2019-2027 Foreign currency denominated debt 955 13 2.76 % 955 2.92 % 2025 Capital Cities/ABC debt 103 105 8.75 % — 5.99 % BAMTech acquisition payable — 1,581 — % — — % Other (5) (276 ) (46 ) — 19,729 24,146 2.79 % 7,555 3.22 % Asia Theme Parks borrowings 1,145 1,145 1.33 % — 5.17 % Total borrowings 20,874 25,291 2.71 % 7,555 3.32 % Less current portion 3,790 6,172 1.85 % 1,600 2.94 % Total long-term borrowings $ 17,084 $ 19,119 $ 5,955 (1) The stated interest rate represents the weighted-average coupon rate for each category of borrowings. For floating rate borrowings, interest rates are the rates in effect at September 29, 2018 ; these rates are not necessarily an indication of future interest rates. (2) Amounts represent notional values of interest rate and cross-currency swaps outstanding as of September 29, 2018 . (3) The effective interest rate includes the impact of existing and terminated interest rate and cross-currency swaps, purchase accounting adjustments and debt issuance premiums, discounts and costs. (4) Includes net debt issuance premiums, discounts and costs totaling $121 million and $138 million at September 29, 2018 and September 30, 2017 , respectively. (5) Includes market value adjustments for debt with qualifying hedges, which reduce borrowings by $304 million and $73 million at September 29, 2018 and September 30, 2017 , respectively. |
Schedule of Commercial Paper | 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 2020 $ 6,000 $ — $ 6,000 Facility expiring March 2021 2,250 — 2,250 Facility expiring March 2023 4,000 — 4,000 Total $ 12,250 $ — $ 12,250 | 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 2019 $ 6,000 $ — $ 6,000 Facility expiring March 2021 2,250 — 2,250 Facility expiring March 2023 4,000 — 4,000 Total $ 12,250 $ — $ 12,250 |
Commercial Paper Activity | Commercial paper activity is as follows: Commercial paper with original maturities less than three months, net (1) Commercial paper with original maturities greater than three months Total Balance at Oct. 1, 2016 $ 777 $ 744 $ 1,521 Additions 372 6,364 6,736 Payments — (5,489 ) (5,489 ) Other Activity 2 2 4 Balance at Sept. 30, 2017 $ 1,151 $ 1,621 $ 2,772 Additions — 8,079 8,079 Payments (1,099 ) (8,748 ) (9,847 ) Other Activity (2 ) 3 1 Balance at Sept. 29, 2018 $ 50 $ 955 $ 1,005 (1) Borrowings and reductions of borrowings are reported net. | |
Total Borrowings Excluding Market Value Adjustments, Scheduled Maturities | Total borrowings, excluding market value adjustments and debt issuance premiums, discounts and costs, have the following scheduled maturities: Before Asia Theme Parks Consolidation Asia Theme Parks Total 2019 $ 3,763 $ 39 $ 3,802 2020 3,000 — 3,000 2021 2,106 — 2,106 2022 1,900 10 1,910 2023 1,000 36 1,036 Thereafter 8,385 1,060 9,445 $ 20,154 $ 1,145 $ 21,299 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes | Income Before Income Taxes 2018 2017 2016 Domestic (including U.S. exports) $ 12,914 $ 12,611 $ 14,018 Foreign subsidiaries 1,815 1,177 850 $ 14,729 $ 13,788 $ 14,868 |
Income Tax Expense / (Benefit) | Income Tax Expense/(Benefit) Current Federal $ 2,240 $ 3,229 $ 3,146 State 362 360 154 Foreign (1) 642 489 533 3,244 4,078 3,833 Deferred Federal (2) (1,577 ) 370 1,172 State (20 ) 5 100 Foreign 16 (31 ) (27 ) (1,581 ) 344 1,245 $ 1,663 $ 4,422 $ 5,078 (1) Includes foreign withholding taxes (2) Includes the Deferred Remeasurement |
Deferred Tax Assets and Liabilities | Components of Deferred Tax Assets and Liabilities September 29, 2018 September 30, 2017 Deferred tax assets Net operating losses and tax credit carryforwards $ (1,437 ) $ (1,705 ) Accrued liabilities (1,214 ) (2,422 ) Other (328 ) (386 ) Total deferred tax assets (2,979 ) (4,513 ) Deferred tax liabilities Depreciable, amortizable and other property 3,678 5,692 Investment in foreign entities 351 518 Licensing revenues 265 476 Investment in U.S. entities 189 292 Other 88 130 Total deferred tax liabilities 4,571 7,108 Net deferred tax liability before valuation allowance 1,592 2,595 Valuation allowance 1,383 1,716 Net deferred tax liability $ 2,975 $ 4,311 |
Reconciliation of Effective Income Tax Rate to Federal Rate | A reconciliation of the effective income tax rate to the federal rate is as follows: 2018 2017 2016 Federal income tax rate 24.5 % 35.0 % 35.0 % State taxes, net of federal benefit 1.9 1.7 1.8 Domestic production activity deduction (1.4 ) (2.1 ) (1.6 ) Earnings in jurisdictions taxed at rates different from the statutory U.S. federal rate (1.1 ) (1.6 ) (1.1 ) Tax Act (1) (11.5 ) — — Other, including tax reserves and related interest (1.1 ) (0.9 ) 0.1 11.3 % 32.1 % 34.2 % (1) Reflects the impact from the Deferred Remeasurement, net of the Deemed Repatriation Tax |
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits, Excluding Related Accrual for Interest | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding the related accrual for interest, is as follows: 2018 2017 2016 Balance at the beginning of the year $ 832 $ 844 $ 912 Increases for current year tax positions 64 61 71 Increases for prior year tax positions 48 13 142 Decreases in prior year tax positions (135 ) (55 ) (158 ) Settlements with taxing authorities (161 ) (31 ) (123 ) Balance at the end of the year $ 648 $ 832 $ 844 |
Pension and Other Benefit Pro_2
Pension and Other Benefit Programs (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Retirement Benefits [Abstract] | ||
Benefit Obligations, Assets, Funded Status and Balance Sheet Impacts Associated with Pension and Postretirement Medical Benefit Plans based upon Actuarial Valuations | The following chart summarizes the benefit obligations, assets, funded status and balance sheet impacts associated with the defined benefit pension and postretirement medical benefit plans: Pension Plans Postretirement Medical Plans September 29, 2018 September 30, 2017 September 29, 2018 September 30, Projected benefit obligations Beginning obligations $ (14,532 ) $ (14,480 ) $ (1,746 ) $ (1,759 ) Service cost (350 ) (368 ) (10 ) (11 ) Interest cost (489 ) (447 ) (60 ) (56 ) Actuarial gain 416 343 166 42 Plan amendments and other (12 ) (22 ) (10 ) (9 ) Benefits paid 467 442 51 47 Ending obligations $ (14,500 ) $ (14,532 ) $ (1,609 ) $ (1,746 ) Fair value of plans’ assets Beginning fair value $ 12,325 $ 10,401 $ 696 $ 614 Actual return on plan assets 579 1,056 34 61 Contributions 335 1,348 45 61 Benefits paid (467 ) (442 ) (51 ) (47 ) Expenses and other (44 ) (38 ) 7 7 Ending fair value $ 12,728 $ 12,325 $ 731 $ 696 Underfunded status of the plans $ (1,772 ) $ (2,207 ) $ (878 ) $ (1,050 ) Amounts recognized in the balance sheet Non-current assets $ 113 $ 70 $ — $ — Current liabilities (51 ) (46 ) — — Non-current liabilities (1,834 ) (2,231 ) (878 ) (1,050 ) $ (1,772 ) $ (2,207 ) $ (878 ) $ (1,050 ) | |
Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows: Pension Plans Postretirement Medical Plans Quarter Ended Quarter Ended December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Service costs $ 83 $ 88 $ 2 $ 3 Other costs (benefits): Interest costs 145 123 16 15 Expected return on plan assets (239 ) (225 ) (14 ) (13 ) Amortization of prior-year service costs 3 3 — — Recognized net actuarial loss 64 87 — 3 Total other costs (benefits) (27 ) (12 ) 2 5 Net periodic benefit cost $ 56 $ 76 $ 4 $ 8 | The components of net periodic benefit cost are as follows: Pension Plans Postretirement Medical Plans 2018 2017 2016 2018 2017 2016 Service cost $ 350 $ 368 $ 318 $ 10 $ 11 $ 11 Interest cost 489 447 458 60 56 61 Expected return on plan assets (901 ) (874 ) (747 ) (53 ) (49 ) (45 ) Amortization of prior year service costs 13 12 14 — — (1 ) Recognized net actuarial loss 348 405 242 14 17 8 Net periodic benefit cost $ 299 $ 358 $ 285 $ 31 $ 35 $ 34 |
Key Assumptions | Key assumptions are as follows: Pension Plans Postretirement Medical Plans 2018 2017 2016 2018 2017 2016 Discount rate used to determine the fiscal year end benefit obligation 4.31 % 3.88 % 3.73 % 4.31 % 3.88 % 3.73 % Discount rate used to determine the interest cost component of net periodic benefit cost 3.46 % 3.18 % 3.81 % 3.49 % 3.18 % 3.81 % Rate of return on plan assets 7.50 % 7.50 % 7.50 % 7.50 % 7.50 % 7.50 % Weighted average rate of compensation increase to determine the fiscal year end benefit obligation 3.20 % 2.90 % 3.00 % n/a n/a n/a Year 1 increase in cost of benefits n/a n/a n/a 7.00 % 7.00 % 7.00 % Rate of increase to which the cost of benefits is assumed to decline (the ultimate trend rate) n/a n/a n/a 4.25 % 4.25 % 4.25 % Year that the rate reaches the ultimate trend rate n/a n/a n/a 2032 2031 2030 | |
Accumulated Other Comprehensive Loss, Before Tax, Not yet Recognized in Net Periodic Benefit Cost | AOCI, before tax, as of September 29, 2018 consists of the following amounts that have not yet been recognized in net periodic benefit cost: Pension Plans Postretirement Medical Plans Total Prior service cost $ (52 ) $ — $ (52 ) Net actuarial loss (4,184 ) (36 ) (4,220 ) Total amounts included in AOCI (4,236 ) (36 ) (4,272 ) Prepaid / (accrued) pension cost 2,464 (842 ) 1,622 Net balance sheet liability $ (1,772 ) $ (878 ) $ (2,650 ) | |
Amounts included in Accumulated Other Comprehensive Loss, Before Tax, Expected to be Recognized as Components of Net Periodic Benefit Cost | Amounts included in AOCI, before tax, as of September 29, 2018 that are expected to be recognized as components of net periodic benefit cost during fiscal 2019 are: Pension Plans Postretirement Medical Plans Total Prior service cost $ (12 ) $ — $ (12 ) Net actuarial loss (260 ) — (260 ) Total $ (272 ) $ — $ (272 ) | |
Plan Assets Investment Policy Ranges for Major Asset Classes | The investment policy ranges for the major asset classes are as follows: Asset Class Minimum Maximum Equity investments 30 % 60 % Fixed income investments 20 % 40 % Alternative investments 10 % 30 % Cash & money market funds 0 % 10 % | |
Defined Benefit Plan Assets Measured at Fair Value | The Company’s defined benefit plan assets are summarized by level in the following tables: As of September 29, 2018 Description Level 1 Level 2 Total Plan Asset Mix Cash $ 57 $ — $ 57 — % Common and preferred stocks (1) 3,023 — 3,023 22 % Mutual funds 800 800 6 % Government and federal agency bonds, notes and MBS 2,019 488 2,507 19 % Corporate bonds — 573 573 4 % Other mortgage- and asset-backed securities — 86 86 1 % Derivatives and other, net 3 (1 ) 2 — % Total investments in the fair value hierarchy $ 5,902 $ 1,146 $ 7,048 Assets valued at NAV as a practical expedient: Common collective funds 2,778 21 % Alternative investments 2,363 18 % Money market funds and other 1,270 9 % Total investments at fair value $ 13,459 100 % As of September 30, 2017 Description Level 1 Level 2 Total Plan Asset Mix Cash $ 88 $ — $ 88 1 % Common and preferred stocks (1) 2,974 — 2,974 23 % Mutual funds 771 — 771 6 % Government and federal agency bonds, notes and MBS 1,870 548 2,418 19 % Corporate bonds — 579 579 4 % Other mortgage- and asset-backed securities — 99 99 1 % Derivatives and other, net — 14 14 — % Total investments in the fair value hierarchy $ 5,703 $ 1,240 $ 6,943 Assets valued at NAV as a practical expedient: Common collective funds 2,727 21 % Alternative investments 2,201 17 % Money market funds and other 1,150 9 % Total investments at fair value $ 13,021 100 % (1) Includes 2.8 million shares of Company common stock valued at $332 million ( 2% of total plan assets) and 2.9 million shares valued at $282 million ( 2% of total plan assets) at September 29, 2018 and September 30, 2017 , respectively. | |
Estimated Future Benefit Payments | The following table presents estimated future benefit payments for the next ten fiscal years: Pension Plans Postretirement Medical Plans (1) 2019 $ 534 $ 51 2020 544 54 2021 579 58 2022 618 63 2023 656 68 2024 – 2028 3,827 404 (1) Estimated future benefit payments are net of expected Medicare subsidy receipts of $80 million | |
Long Term Rates of Return by Asset Class | The following long-term rates of return by asset class were considered in setting the long-term rate of return on plan assets assumption: Equity Securities 7 % to 11 % Debt Securities 3 % to 5 % Alternative Investments 7 % to 12 % | |
One Percentage Point (ppt) Change on Projected Benefit Obligations | A one percentage point (ppt) change in the key assumptions would have the following effects on the projected benefit obligations for pension and postretirement medical plans as of September 29, 2018 and on cost for fiscal 2019 : Discount Rate Expected Long-Term Rate of Return On Assets Assumed Healthcare Cost Trend Rate Increase/(decrease) Benefit Expense Projected Benefit Obligations Benefit Expense Net Periodic Postretirement Medical Cost Projected Benefit Obligations 1 ppt decrease $ 241 $ 2,680 $ 135 $ (23 ) $ (213 ) 1 ppt increase (229 ) (2,275 ) (135 ) 30 283 | |
Contribution into Multiemployer Pension Plans and Health and Welfare Plans | The following table sets forth our contributions to multiemployer pension and health and welfare benefit plans that were expensed during the fiscal years 2018 , 2017 and 2016 , respectively: 2018 2017 2016 Pension plans $ 144 $ 127 $ 126 Health & welfare plans 172 160 167 Total contributions $ 316 $ 287 $ 293 |
Equity (Tables)
Equity (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Equity [Abstract] | ||
Dividends Declared | The Company paid the following dividends in fiscal 2019 and 2018 : Per Share Total Paid Payment Timing Related to Fiscal Period $0.88 $1.3 billion Second quarter of Fiscal 2019 Second Half of 2018 $0.84 $1.2 billion Fourth Quarter of Fiscal 2018 First Half of 2018 $0.84 $1.3 billion Second Quarter of Fiscal 2018 Second Half of 2017 $0.78 $1.2 billion Fourth Quarter of Fiscal 2017 First Half of 2017 | The Company paid the following dividends in fiscal 2018 , 2017 and 2016 : Per Share Total Paid Payment Timing Related to Fiscal Period $0.84 $1.2 billion Fourth Quarter of Fiscal 2018 First Half 2018 $0.84 $1.3 billion Second Quarter of Fiscal 2018 Second Half 2017 $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 |
Repurchases of Common Stock | The Company repurchased its common stock in fiscal 2018 , 2017 and 2016 as follows: Fiscal year Shares acquired Total paid 2018 35 million $3.6 billion 2017 89 million $9.4 billion 2016 74 million $7.5 billion | |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | The following tables summarize the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts: Unrecognized Foreign AOCI Market Value Adjustments AOCI, before tax Investments Cash Flow Hedges First quarter of fiscal 2019 Balance at September 29, 2018 $ 24 $ 177 $ (4,323 ) $ (727 ) $ (4,849 ) Quarter Ended December 29, 2018: Unrealized gains (losses) arising during the period — 27 — (16 ) 11 Reclassifications of realized net (gains) losses to net income — (39 ) 69 — 30 Reclassifications to retained earnings (24 ) 1 — — (23 ) Balance at December 29, 2018 $ — $ 166 $ (4,254 ) $ (743 ) $ (4,831 ) First quarter of fiscal 2018 Balance at September 30, 2017 $ 15 $ (108 ) $ (4,906 ) $ (523 ) $ (5,522 ) Quarter Ended December 30, 2017: Unrealized gains (losses) arising during the period (1 ) 19 — 62 80 Reclassifications of realized net (gains) losses to net income — 20 96 — 116 Balance at December 30, 2017 $ 14 $ (69 ) $ (4,810 ) $ (461 ) $ (5,326 ) Unrecognized Foreign AOCI Market Value Adjustments Tax on AOCI Investments Cash Flow Hedges First quarter of fiscal 2019 Balance at September 29, 2018 $ (9 ) $ (32 ) $ 1,690 $ 103 $ 1,752 Quarter Ended December 29, 2018: Unrealized gains (losses) arising during the period — (6 ) — (7 ) (13 ) Reclassifications of realized net (gains) losses to net income — 9 (16 ) — (7 ) Reclassifications to retained earnings 9 (9 ) (667 ) (16 ) (683 ) Balance at December 29, 2018 $ — $ (38 ) $ 1,007 $ 80 $ 1,049 First quarter of fiscal 2018 Balance at September 30, 2017 $ (7 ) $ 46 $ 1,839 $ 116 $ 1,994 Quarter Ended December 30, 2017: Unrealized gains (losses) arising during the period — (13 ) — (16 ) (29 ) Reclassifications of realized net (gains) losses to net income — (8 ) (35 ) — (43 ) Balance at December 30, 2017 $ (7 ) $ 25 $ 1,804 $ 100 $ 1,922 Unrecognized Foreign AOCI Market Value Adjustments AOCI, after tax Investments Cash Flow Hedges First quarter of fiscal 2019 Balance at September 29, 2018 $ 15 $ 145 $ (2,633 ) $ (624 ) $ (3,097 ) Quarter Ended December 29, 2018: Unrealized gains (losses) arising during the period — 21 — (23 ) (2 ) Reclassifications of realized net (gains) losses to net income — (30 ) 53 — 23 Reclassifications to retained earnings (1) (15 ) (8 ) (667 ) (16 ) (706 ) Balance at December 29, 2018 $ — $ 128 $ (3,247 ) $ (663 ) $ (3,782 ) First quarter of fiscal 2018 Balance at September 30, 2017 $ 8 $ (62 ) $ (3,067 ) $ (407 ) $ (3,528 ) Quarter Ended December 30, 2017: Unrealized gains (losses) arising during the period (1 ) 6 — 46 51 Reclassifications of realized net (gains) losses to net income — 12 61 — 73 Balance at December 30, 2017 $ 7 $ (44 ) $ (3,006 ) $ (361 ) $ (3,404 ) (1) On September 30, 2018, the Company adopted a FASB standard, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, and elected to reclassify $691 million from AOCI to retained earnings in the quarter ended December 29, 2018. In addition, on September 30, 2018, the Company adopted a FASB standard, Recognition and Measurement of Financial Assets and Liabilities, and reclassified $24 million ( $15 million after tax) of market value adjustments on investments previously recorded in AOCI to retained earnings. | The following table summarizes the changes in each component of AOCI including our proportional share of equity method investee amounts: Unrecognized Foreign AOCI Market Value Adjustments Investments Cash Flow Hedges AOCI, before tax Balance at October 3, 2015 $ 21 $ 523 $ (4,002 ) $ (431 ) $ (3,889 ) Unrealized gains (losses) arising during the period 23 (297 ) (2,122 ) (90 ) (2,486 ) Reclassifications of realized net (gains) losses to net income — (264 ) 265 — 1 Balance at October 1, 2016 $ 44 $ (38 ) $ (5,859 ) $ (521 ) $ (6,374 ) Unrealized gains (losses) arising during the period (2 ) 124 521 (2 ) 641 Reclassifications of net (gains) losses to net income (27 ) (194 ) 432 — 211 Balance at September 30, 2017 $ 15 $ (108 ) $ (4,906 ) $ (523 ) $ (5,522 ) Unrealized gains (losses) arising during the period 9 250 203 (204 ) 258 Reclassifications of net (gains) losses to net income — 35 380 — 415 Balance at September 29, 2018 $ 24 $ 177 $ (4,323 ) $ (727 ) $ (4,849 ) Unrecognized Foreign AOCI Market Value Adjustments Investments Cash Flow Hedges Tax on AOCI Balance at October 3, 2015 $ (8 ) $ (189 ) $ 1,505 $ 160 $ 1,468 Unrealized gains (losses) arising during the period (10 ) 104 801 32 927 Reclassifications of realized net (gains) losses to net income — 98 (98 ) — — Balance at October 1, 2016 $ (18 ) $ 13 $ 2,208 $ 192 $ 2,395 Unrealized gains (losses) arising during the period 1 (39 ) (209 ) (76 ) (323 ) Reclassifications of net (gains) losses to net income 10 72 (160 ) — (78 ) Balance at September 30, 2017 $ (7 ) $ 46 $ 1,839 $ 116 $ 1,994 Unrealized gains (losses) arising during the period (2 ) (66 ) (47 ) (13 ) (128 ) Reclassifications of net (gains) losses to net income — (12 ) (102 ) — (114 ) Balance at September 29, 2018 $ (9 ) $ (32 ) $ 1,690 $ 103 $ 1,752 Unrecognized Foreign AOCI Market Value Adjustments Investments Cash Flow Hedges AOCI, after tax Balance at October 3, 2015 $ 13 $ 334 $ (2,497 ) $ (271 ) $ (2,421 ) Unrealized gains (losses) arising during the period 13 (193 ) (1,321 ) (58 ) (1,559 ) Reclassifications of realized net (gains) losses to net income — (166 ) 167 — 1 Balance at October 1, 2016 $ 26 $ (25 ) $ (3,651 ) $ (329 ) $ (3,979 ) Unrealized gains (losses) arising during the period (1 ) 85 312 (78 ) 318 Reclassifications of net (gains) losses to net income (17 ) (122 ) 272 — 133 Balance at September 30, 2017 $ 8 $ (62 ) $ (3,067 ) $ (407 ) $ (3,528 ) Unrealized gains (losses) arising during the period 7 184 156 (217 ) 130 Reclassifications of net (gains) losses to net income — 23 278 — 301 Balance at September 29, 2018 $ 15 $ 145 $ (2,633 ) $ (624 ) $ (3,097 ) |
Details of AOCI 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 December 29, December 30, Cash flow hedges Primarily revenue $ 39 $ (20 ) Estimated tax Income taxes (9 ) 8 30 (12 ) Pension and postretirement medical expense Costs and expenses — (96 ) Interest expense, net (69 ) — Estimated tax Income taxes 16 35 (53 ) (61 ) Total reclassifications for the period $ (23 ) $ (73 ) | Details about AOCI components reclassified to net income are as follows: Gains/(losses) in net income: Affected line item in the Consolidated Statements of Income: 2018 2017 2016 Investments, net Interest expense, net $ — $ 27 $ — Estimated tax Income taxes — (10 ) — — 17 — Cash flow hedges Primarily revenue (35 ) 194 264 Estimated tax Income taxes 12 (72 ) (98 ) (23 ) 122 166 Pension and postretirement medical expense Cost and expenses (380 ) (432 ) (265 ) Estimated tax Income taxes 102 160 98 (278 ) (272 ) (167 ) Total reclassifications for the period $ (301 ) $ (133 ) $ (1 ) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted Average Assumptions used in Option-Valuation Model | In fiscal years 2018 , 2017 and 2016 , the weighted average assumptions used in the option-valuation model were as follows: 2018 2017 2016 Risk-free interest rate 2.4 % 2.6 % 2.3 % Expected volatility 23 % 22 % 26 % Dividend yield 1.57 % 1.58 % 1.32 % Termination rate 4.8 % 4.0 % 4.0 % Exercise multiple 1.75 1.62 1.62 | |
Impact of Stock Options/Rights and Restricted Stock Units on Income | The impact of stock options and RSUs on income and cash flows for fiscal years 2018 , 2017 and 2016 , was as follows: 2018 2017 2016 Stock option $ 87 $ 90 $ 93 RSUs 306 274 293 Total equity-based compensation expense (1) 393 364 386 Tax impact (99 ) (123 ) (131 ) Reduction in net income $ 294 $ 241 $ 255 Equity-based compensation expense capitalized during the period $ 70 $ 78 $ 78 Tax benefit reported in cash flow from financing activities (2) n/a n/a $ 208 (1) Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs. (2) The amount for fiscal 2018 and 2017 is not applicable as the Company adopted new accounting guidance in fiscal 2017. | |
Information about Stock Option Transactions | The following table summarizes information about stock option transactions (shares in millions): 2018 Shares Weighted Average Exercise Price Outstanding at beginning of year 24 $ 76.68 Awards forfeited (1 ) 107.69 Awards granted 4 111.48 Awards exercised (3 ) 58.09 Outstanding at end of year 24 $ 84.14 Exercisable at end of year 14 $ 69.06 | |
Information about Stock Options Vested and Expected to Vest | The following tables summarize information about stock options vested and expected to vest at September 29, 2018 (shares in millions): Vested Range of Exercise Prices Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life $ — — $ 45 3 $ 38.13 2.8 $ 46 — $ 60 3 50.75 4.2 $ 61 — $ 90 3 72.94 5.2 $ 91 — $ 115 5 101.92 7.0 14 Expected to Vest Range of Exercise Prices Number of Options (1) Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life $ 90 — $ 105 1 $ 93.09 6.5 $ 106 — $ 110 3 105.24 8.3 $ 111 — $ 115 5 112.05 8.6 9 (1) Number of options expected to vest is total unvested options less estimated forfeitures. | |
Information about Restricted Stock Unit Transactions | The following table summarizes information about RSU transactions (shares in millions): 2018 Units Weighted Average Grant-Date Fair Value Unvested at beginning of year 9 $ 101.17 Granted (1) 5 109.05 Vested (4 ) 113.21 Forfeited (1 ) 107.23 Unvested at end of year (2) 9 $ 108.74 (1) Includes 1.1 million Performance RSUs. (2) Includes 1.4 million Performance RSUs. | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Compensation expense related to stock options and restricted stock units (RSUs) is as follows: Quarter Ended December 29, December 30, Stock options $ 19 $ 23 RSUs 73 71 Total equity-based compensation expense (1) $ 92 $ 94 Equity-based compensation expense capitalized during the period $ 16 $ 19 (1) Equity-based compensation expense is net of capitalized equity-based compensation and excludes amortization of previously capitalized equity-based compensation costs. |
Detail of Certain Balance She_2
Detail of Certain Balance Sheet Accounts (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Current Receivables | Current receivables September 29, September 30, Accounts receivable $ 8,268 $ 7,611 Other 1,258 1,209 Allowance for doubtful accounts (192 ) (187 ) $ 9,334 $ 8,633 |
Other Current Assets | Other current assets Prepaid expenses $ 476 $ 445 Other 159 143 $ 635 $ 588 |
Parks, Resorts and Other Property, at Cost | Parks, resorts and other property Attractions, buildings and improvements $ 28,995 $ 28,644 Furniture, fixtures and equipment 19,400 18,908 Land improvements 5,911 5,593 Leasehold improvements 932 898 55,238 54,043 Accumulated depreciation (30,764 ) (29,037 ) Projects in progress 3,942 2,145 Land 1,124 1,255 $ 29,540 $ 28,406 |
Intangible Assets | Intangible assets Character/franchise intangibles and copyrights $ 5,829 $ 5,829 Other amortizable intangible assets 1,213 1,154 Accumulated amortization (2,070 ) (1,828 ) Net amortizable intangible assets 4,972 5,155 FCC licenses 602 602 Trademarks 1,218 1,218 Other indefinite lived intangible assets 20 20 $ 6,812 $ 6,995 |
Other Non-current Assets | Other non-current assets September 29, September 30, Receivables $ 1,928 $ 1,688 Prepaid expenses 919 233 Other 518 469 $ 3,365 $ 2,390 |
Accounts Payable and Other Accrued Liabilities | Accounts payable and other accrued liabilities Accounts payable $ 6,503 $ 6,305 Payroll and employee benefits 2,189 1,819 Other 787 731 $ 9,479 $ 8,855 |
Other Long-term Liabilities | Other long-term liabilities Pension and postretirement medical plan liabilities $ 2,712 $ 3,281 Other 3,878 3,162 $ 6,590 $ 6,443 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Commitments for Broadcast Programming Rights, Future Minimum Lease Payments under Non-Cancelable Operating Leases, and Creative Talent and Other Commitments | Contractual commitments for broadcast programming rights, future minimum lease payments under non-cancelable operating leases, cruise ships, creative talent and other commitments totaled $55.5 billion at September 29, 2018 , payable as follows: Broadcast Programming Operating Leases Other Total 2019 $ 7,340 $ 681 $ 1,793 $ 9,814 2020 7,475 571 1,269 9,315 2021 7,277 470 568 8,315 2022 5,317 381 1,095 6,793 2023 4,363 261 901 5,525 Thereafter 12,841 1,220 1,668 15,729 $ 44,613 $ 3,584 $ 7,294 $ 55,491 |
Future Payments under Non-Cancelable Capital Leases | Future payments under these leases as of September 29, 2018 are as follows: 2019 $ 24 2020 21 2021 19 2022 18 2023 16 Thereafter 442 Total minimum obligations 540 Less amount representing interest (386 ) Present value of net minimum obligations 154 Less current portion (12 ) Long-term portion $ 142 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
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 December 29, 2018 Level 1 Level 2 Level 3 Total Assets Investments $ 28 $ — $ — $ 28 Derivatives Foreign exchange — 508 — 508 Other — 2 — 2 Liabilities Derivatives Interest rate — (284 ) — (284 ) Foreign exchange — (342 ) — (342 ) Other — (11 ) — (11 ) Total recorded at fair value $ 28 $ (127 ) $ — $ (99 ) Fair value of borrowings $ — $ 19,544 $ 1,187 $ 20,731 Fair Value Measurement at September 29, 2018 Level 1 Level 2 Level 3 Total Assets Investments $ 38 $ — $ — $ 38 Derivatives Foreign exchange — 469 — 469 Other — 15 — 15 Liabilities Derivatives Interest rate — (410 ) — (410 ) Foreign exchange — (274 ) — (274 ) Total recorded at fair value $ 38 $ (200 ) $ — $ (162 ) Fair value of borrowings $ — $ 19,826 $ 1,171 $ 20,997 | The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement Level. See Note 10 for definitions of fair value measures and the Levels within the fair value hierarchy. Fair Value Measurement at September 29, 2018 Description Level 1 Level 2 Level 3 Total Assets Investments $ 38 $ — $ — $ 38 Derivatives Interest rate — — — — Foreign exchange — 469 — 469 Other — 15 — 15 Liabilities Derivatives Interest rate — (410 ) — (410 ) Foreign exchange — (274 ) — (274 ) Total recorded at fair value $ 38 $ (200 ) $ — $ (162 ) Fair value of borrowings $ — $ 19,826 $ 1,171 $ 20,997 Fair Value Measurement at September 30, 2017 Description Level 1 Level 2 Level 3 Total Assets Investments $ 36 $ — $ — $ 36 Derivatives Interest rate — 10 — 10 Foreign exchange — 403 — 403 Other — 8 — 8 Liabilities Derivatives Interest rate — (122 ) — (122 ) Foreign exchange — (427 ) — (427 ) Total recorded at fair value $ 36 $ (128 ) $ — $ (92 ) Fair value of borrowings $ — $ 23,110 $ 2,764 $ 25,874 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
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 December 29, 2018 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 211 $ 181 $ (72 ) $ (77 ) Interest rate — — (221 ) — Other 2 — (7 ) (4 ) Derivatives not designated as hedges Foreign exchange 27 89 (140 ) (53 ) Interest rate — — — (63 ) Gross fair value of derivatives 240 270 (440 ) (197 ) Counterparty netting (145 ) (225 ) 228 142 Cash collateral (received)/paid (3 ) — 104 15 Net derivative positions $ 92 $ 45 $ (108 ) $ (40 ) As of September 29, 2018 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 166 $ 169 $ (80 ) $ (39 ) Interest rate — — (329 ) — Other 13 2 — — Derivatives not designated as hedges Foreign exchange 38 96 (95 ) (60 ) Interest rate — — — (81 ) Gross fair value of derivatives 217 267 (504 ) (180 ) Counterparty netting (158 ) (227 ) 254 131 Cash collateral (received)/paid — — 135 5 Net derivative positions $ 59 $ 40 $ (115 ) $ (44 ) | The Company’s derivative positions measured at fair value are summarized in the following tables: As of September 29, 2018 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 166 $ 169 $ (80 ) $ (39 ) Interest rate — — (329 ) — Other 13 2 — — Derivatives not designated as hedges Foreign exchange 38 96 (95 ) (60 ) Interest Rate — — — (81 ) Gross fair value of derivatives 217 267 (504 ) (180 ) Counterparty netting (158 ) (227 ) 254 131 Cash collateral (received)/paid — — 135 5 Net derivative positions $ 59 $ 40 $ (115 ) $ (44 ) As of September 30, 2017 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 175 $ 190 $ (192 ) $ (170 ) Interest rate — 10 (106 ) — Other 6 2 — — Derivatives not designated as hedges Foreign exchange 38 — (46 ) (19 ) Interest Rate — — — (16 ) Gross fair value of derivatives 219 202 (344 ) (205 ) Counterparty netting (142 ) (190 ) 188 144 Cash collateral (received)/paid (20 ) (7 ) 19 — Net derivative positions $ 57 $ 5 $ (137 ) $ (61 ) |
Adjustments Related to Fair Value Hedges Included in Net Interest Income/(Expense) in Consolidated Statements of Income | The following amounts are included in “ Interest expense, net ” in the Condensed Consolidated Statements of Income: Quarter Ended December 29, December 30, Gain (loss) on: Pay-floating swaps $ 117 $ (64 ) Borrowings hedged with pay-floating swaps (117 ) 64 Benefit (expense) associated with interest accruals on pay-floating swaps (14 ) 7 | The following table summarizes adjustments related to fair value hedges included in “Interest expense, net” in the Consolidated Statements of Income. 2018 2017 2016 Gain (loss) on interest rate swaps $ (230 ) $ (211 ) $ 18 Gain (loss) on hedged borrowings 230 211 (18 ) |
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 quarter ended December 29, 2018 and December 30, 2017 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: December 29, December 30, December 29, December 30, December 29, December 30, Net gain (loss) on foreign currency denominated assets and liabilities $ (27 ) $ 17 $ 40 $ 3 $ 15 $ 3 Net gain (loss) on foreign exchange risk management contracts not designated as hedges 24 (14 ) (39 ) (1 ) (18 ) (1 ) Net gain (loss) $ (3 ) $ 3 $ 1 $ 2 $ (3 ) $ 2 | 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 fiscal years 2018 , 2017 and 2016 by the corresponding line item in which they are recorded in the Consolidated Statements of Income: Costs and Expenses Interest expense, net Income Tax Expense 2018 2017 2016 2018 2017 2016 2018 2017 2016 Net gains (losses) on foreign currency denominated assets and liabilities $ (146 ) $ 105 $ 2 $ 39 $ (13 ) $ (2 ) $ 29 $ 3 $ 49 Net gains (losses) on foreign exchange risk management contracts not designated as hedges 104 (120 ) (65 ) (46 ) 11 — (19 ) 24 (24 ) Net gains (losses) $ (42 ) $ (15 ) $ (63 ) $ (7 ) $ (2 ) $ (2 ) $ 10 $ 27 $ 25 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table summarizes the effect of foreign exchange cash flow hedges on AOCI for the quarter ended December 29, 2018 : December 29, Gain/(loss) recognized in Other Comprehensive Income $ 50 Gain/(loss) reclassified from AOCI into the Statement of Income (1) 37 (1) | |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table summarizes fair value hedge adjustments to hedged borrowings at December 29, 2018 and September 29, 2018: Carrying Amount of Hedged Borrowings (1) Fair Value Adjustments Included in Hedged Borrowings (1) December 29, 2018 September 29, 2018 December 29, 2018 September 29, 2018 Borrowings: Current $ 1,590 $ 1,585 $ (9 ) $ (14 ) Long-term 6,499 6,425 (177 ) (290 ) $ 8,089 $ 8,010 $ (186 ) $ (304 ) (1) Includes $40 million and $41 million of gains on terminated interest rate swaps as of December 29, 2018 and September 29, 2018 , respectively. |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information Condensed Consolidating Financial Information (Tables) | Mar. 20, 2019 | Sep. 29, 2018 |
Condensed Financial Statements, Captions [Line Items] | ||
Condensed Consolidating Statements of Income | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Quarter Ended December 29, 2018 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 15,248 $ 55 $ 15,303 Costs and expenses Operating expenses — — (9,001 ) — (9,001 ) Selling, general, administrative and other — (141 ) (2,011 ) — (2,152 ) Depreciation and amortization — — (732 ) — (732 ) Total costs and expenses — (141 ) (11,744 ) — (11,885 ) Restructuring and impairment charges — — — — — Allocations to non-guarantor subsidiaries — 127 (127 ) — — Other income, net — 76 (21 ) (55 ) — Interest expense, net (65 ) (125 ) 127 — (63 ) Equity in the income of investees — — 76 — 76 Income before taxes (65 ) (63 ) 3,559 — 3,431 Income taxes 12 12 (669 ) — (645 ) Earnings from subsidiary entities — 2,839 — (2,839 ) — Consolidated net income (53 ) 2,788 2,890 (2,839 ) 2,786 Less: Net loss attributable to noncontrolling interests — — 2 — 2 Net income excluding noncontrolling interests $ (53 ) $ 2,788 $ 2,892 $ (2,839 ) $ 2,788 Comprehensive income excluding noncontrolling interests $ (53 ) $ 2,809 $ 2,853 $ (2,800 ) $ 2,809 SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Quarter Ended December 30, 2017 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 15,367 $ (16 ) $ 15,351 Costs and expenses Operating expenses — — (8,729 ) — (8,729 ) Selling, general, administrative and other — (127 ) (1,960 ) — (2,087 ) Depreciation and amortization — — (742 ) — (742 ) Total costs and expenses — (127 ) (11,431 ) — (11,558 ) Restructuring and impairment charges — — (15 ) — (15 ) Allocations to non-guarantor subsidiaries — 118 (118 ) — — Other income, net — (19 ) 56 16 53 Interest expense, net — (141 ) 12 — (129 ) Equity in the income of investees — — 43 — 43 Income before taxes — (169 ) 3,914 — 3,745 Income taxes — (36 ) 764 — 728 Earnings from subsidiary entities — 4,628 — (4,628 ) — Consolidated net income — 4,423 4,678 (4,628 ) 4,473 Less: Net income attributable to noncontrolling interests — — (50 ) — (50 ) Net income excluding noncontrolling interests $ — $ 4,423 $ 4,628 $ (4,628 ) $ 4,423 Comprehensive income excluding noncontrolling interests $ — $ 4,547 $ 4,678 $ (4,678 ) $ 4,547 | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Year Ended September 29, 2018 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 59,520 $ (86 ) $ 59,434 Costs and expenses Operating expenses — — (32,726 ) — (32,726 ) Selling, general, administrative and other — (615 ) (8,245 ) — (8,860 ) Depreciation and amortization — (1 ) (3,010 ) — (3,011 ) Total costs and expenses — (616 ) (43,981 ) — (44,597 ) Restructuring and impairment charges — — (33 ) — (33 ) Allocations to non-guarantor subsidiaries — 576 (576 ) — — Other income, net — 41 474 86 601 Interest expense, net — (698 ) 124 — (574 ) Equity in the income (loss) of investees, net — — (102 ) — (102 ) Income before taxes — (697 ) 15,426 — 14,729 Income taxes — 79 (1,742 ) — (1,663 ) Earnings from subsidiary entities — 13,216 — (13,216 ) — Consolidated net income — 12,598 13,684 (13,216 ) 13,066 Less: Net income attributable to noncontrolling interests — — (468 ) — (468 ) Net income excluding noncontrolling interests $ — $ 12,598 $ 13,216 $ (13,216 ) $ 12,598 Comprehensive income excluding noncontrolling interests $ — $ 13,029 $ 13,037 $ (13,037 ) $ 13,029 SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Year Ended September 30, 2017 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 54,952 $ 185 $ 55,137 Costs and expenses Operating expenses — — (30,306 ) — (30,306 ) Selling, general, administrative and other — (450 ) (7,726 ) — (8,176 ) Depreciation and amortization — (1 ) (2,781 ) — (2,782 ) Total costs and expenses — (451 ) (40,813 ) — (41,264 ) Restructuring and impairment charges — — (98 ) — (98 ) Allocations to non-guarantor subsidiaries — 405 (405 ) — — Other income, net — 163 100 (185 ) 78 Interest expense, net — (510 ) 125 — (385 ) Equity in the income (loss) of investees, net — — 320 — 320 Income before taxes — (393 ) 14,181 — 13,788 Income taxes — 126 (4,548 ) — (4,422 ) Earnings from subsidiary entities — 9,247 — (9,247 ) — Consolidated net income — 8,980 9,633 (9,247 ) 9,366 Less: Net income attributable to noncontrolling interests — — (386 ) — (386 ) Net income excluding noncontrolling interests $ — $ 8,980 $ 9,247 $ (9,247 ) $ 8,980 Comprehensive income excluding noncontrolling interests $ — $ 9,431 $ 9,153 $ (9,153 ) $ 9,431 SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Year Ended October 1, 2016 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 55,287 $ 345 $ 55,632 Costs and expenses Operating expenses — — (29,993 ) — (29,993 ) Selling, general, administrative and other — (488 ) (8,266 ) — (8,754 ) Depreciation and amortization — (1 ) (2,526 ) — (2,527 ) Total costs and expenses — (489 ) (40,785 ) — (41,274 ) Restructuring and impairment charges — — (156 ) — (156 ) Allocations to non-guarantor subsidiaries — 365 (365 ) — — Other income, net — 332 13 (345 ) — Interest expense, net — (434 ) 174 — (260 ) Equity in the income (loss) of investees, net — — 926 — 926 Income before taxes — (226 ) 15,094 — 14,868 Income taxes — 77 (5,155 ) — (5,078 ) Earnings from subsidiary entities — 9,540 — (9,540 ) — Consolidated net income — 9,391 9,939 (9,540 ) 9,790 Less: Net income attributable to noncontrolling interests — — (399 ) — (399 ) Net income excluding noncontrolling interests $ — $ 9,391 $ 9,540 $ (9,540 ) $ 9,391 Comprehensive income excluding noncontrolling interests $ — $ 7,833 $ 9,479 $ (9,479 ) $ 7,833 |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEET As of September 29, 2018 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total ASSETS Current assets Cash and cash equivalents $ — $ 1,367 $ 2,783 $ — $ 4,150 Receivables, net — 155 9,179 — 9,334 Inventories — 4 1,388 — 1,392 Television costs and advances — — 1,314 — 1,314 Other current assets — 152 483 — 635 Total current assets — 1,678 15,147 — 16,825 Film and television costs — — 7,888 — 7,888 Investments in subsidiaries — 149,880 — (149,880 ) — Other investments — — 2,899 — 2,899 Parks, resorts and other property, net — 12 29,528 — 29,540 Intangible assets, net — — 6,812 — 6,812 Goodwill — — 31,269 — 31,269 Intercompany receivables — — 79,793 (79,793 ) — Other assets — 911 3,178 (724 ) 3,365 Total assets $ — $ 152,481 $ 176,514 $ (230,397 ) $ 98,598 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities $ — $ 688 $ 8,791 $ — $ 9,479 Current portion of borrowings — 3,751 39 — 3,790 Deferred revenues and other — 115 4,476 — 4,591 Total current liabilities — 4,554 13,306 — 17,860 Non-current liabilities Borrowings $ — $ 15,676 $ 1,408 $ — $ 17,084 Deferred income taxes — — 3,833 (724 ) 3,109 Other long-term liabilities — 3,685 2,905 — 6,590 Intercompany payables — 79,793 — (79,793 ) — Total non-current liabilities — 99,154 8,146 (80,517 ) 26,783 Redeemable noncontrolling interests — — 1,123 — 1,123 Total Disney Shareholders’ equity — 48,773 149,880 (149,880 ) 48,773 Noncontrolling interests — — 4,059 — 4,059 Total equity — 48,773 153,939 (149,880 ) 52,832 Total liabilities and equity $ — $ 152,481 $ 176,514 $ (230,397 ) $ 98,598 CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2017 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total ASSETS Current assets Cash and cash equivalents $ — $ 667 $ 3,350 $ — $ 4,017 Receivables, net — 307 8,326 — 8,633 Inventories — 4 1,369 — 1,373 Television costs and advances — — 1,278 — 1,278 Other current assets — 110 478 — 588 Total current assets — 1,088 14,801 — 15,889 Film and television costs — — 7,481 — 7,481 Investments in subsidiaries — 135,370 — (135,370 ) — Other investments — — 3,202 — 3,202 Parks, resorts and other property, net — 9 28,397 — 28,406 Intangible assets, net — — 6,995 — 6,995 Goodwill — — 31,426 — 31,426 Intercompany receivables — 257 69,864 (70,121 ) — Other assets — 1,217 2,306 (1,133 ) 2,390 Total assets $ — $ 137,941 $ 164,472 $ (206,624 ) $ 95,789 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities $ — $ 440 $ 8,415 $ — $ 8,855 Current portion of borrowings — 4,577 1,595 — 6,172 Deferred revenues and other — 131 4,437 — 4,568 Total current liabilities — 5,148 14,447 — 19,595 Non-current liabilities Borrowings $ — $ 17,672 $ 1,447 $ — $ 19,119 Deferred income taxes — — 5,613 (1,133 ) 4,480 Other long-term liabilities — 3,942 2,501 — 6,443 Intercompany payables — 69,864 257 (70,121 ) — Total non-current liabilities — 91,478 9,818 (71,254 ) 30,042 Redeemable noncontrolling interests — — 1,148 — 1,148 Total Disney Shareholders’ equity — 41,315 135,370 (135,370 ) 41,315 Noncontrolling interests — — 3,689 — 3,689 Total equity — 41,315 139,059 (135,370 ) 45,004 Total liabilities and equity $ — $ 137,941 $ 164,472 $ (206,624 ) $ 95,789 CONDENSED CONSOLIDATING BALANCE SHEET As of December 29, 2018 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total ASSETS Current assets Cash and cash equivalents $ — $ 1,173 $ 3,282 $ — $ 4,455 Receivables, net — 136 9,987 — 10,123 Inventories — 4 1,353 — 1,357 Television costs and advances — — 824 — 824 Other current assets — 214 564 — 778 Total current assets — 1,527 16,010 — 17,537 Film and television costs — — 8,177 — 8,177 Investments in subsidiaries — 152,703 — (152,703 ) — Other investments — — 2,970 — 2,970 Parks, resorts and other property, net — 12 29,785 — 29,797 Intangible assets, net — — 6,747 — 6,747 Goodwill — — 31,289 — 31,289 Intercompany receivables — — 79,768 (79,768 ) — Other assets — 853 3,203 (632 ) 3,424 Total assets $ — $ 155,095 $ 177,949 $ (233,103 ) $ 99,941 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities $ 33 $ 2,074 $ 8,589 $ — $ 10,696 Current portion of borrowings — 3,450 39 — 3,489 Deferred revenues and other — 126 3,308 — 3,434 Total current liabilities 33 5,650 11,936 — 17,619 Non-current liabilities Borrowings $ — $ 15,752 $ 1,424 $ — $ 17,176 Deferred income taxes — — 3,809 (632 ) 3,177 Other long-term liabilities — 3,629 2,823 — 6,452 Intercompany payables 20 79,748 — (79,768 ) — Total non-current liabilities 20 99,129 8,056 (80,400 ) 26,805 Redeemable noncontrolling interests — — 1,124 — 1,124 Total Disney Shareholders’ equity (53 ) 50,316 152,756 (152,703 ) 50,316 Noncontrolling interests — — 4,077 — 4,077 Total equity (53 ) 50,316 156,833 (152,703 ) 54,393 Total liabilities and equity $ — $ 155,095 $ 177,949 $ (233,103 ) $ 99,941 CONDENSED CONSOLIDATING BALANCE SHEET As of September 29, 2018 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total ASSETS Current assets Cash and cash equivalents $ — $ 1,367 $ 2,783 $ — $ 4,150 Receivables, net — 155 9,179 — 9,334 Inventories — 4 1,388 — 1,392 Television costs and advances — — 1,314 — 1,314 Other current assets — 152 483 — 635 Total current assets — 1,678 15,147 — 16,825 Film and television costs — — 7,888 — 7,888 Investments in subsidiaries — 149,880 — (149,880 ) — Other investments — — 2,899 — 2,899 Parks, resorts and other property, net — 12 29,528 — 29,540 Intangible assets, net — — 6,812 — 6,812 Goodwill — — 31,269 — 31,269 Intercompany receivables — — 79,793 (79,793 ) — Other assets — 911 3,178 (724 ) 3,365 Total assets $ — $ 152,481 $ 176,514 $ (230,397 ) $ 98,598 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities $ — $ 688 $ 8,791 $ — $ 9,479 Current portion of borrowings — 3,751 39 — 3,790 Deferred revenues and other — 115 4,476 — 4,591 Total current liabilities — 4,554 13,306 — 17,860 Non-current liabilities Borrowings $ — $ 15,676 $ 1,408 $ — $ 17,084 Deferred income taxes — — 3,833 (724 ) 3,109 Other long-term liabilities — 3,685 2,905 — 6,590 Intercompany payables — 79,793 — (79,793 ) — Total non-current liabilities — 99,154 8,146 (80,517 ) 26,783 Redeemable noncontrolling interests — — 1,123 — 1,123 Total Disney Shareholders’ equity — 48,773 149,880 (149,880 ) 48,773 Noncontrolling interests — — 4,059 — 4,059 Total equity — 48,773 153,939 (149,880 ) 52,832 Total liabilities and equity $ — $ 152,481 $ 176,514 $ (230,397 ) $ 98,598 | |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended September 29, 2018 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations $ — $ 336 $ 14,149 $ (190 ) $ 14,295 INVESTING ACTIVITIES Investments in parks, resorts and other property — (3 ) (4,462 ) — (4,465 ) Acquisitions — — (1,581 ) — (1,581 ) Intercompany investing activities, net — (1,327 ) — 1,327 — Other — — 710 — 710 Cash used in investing activities — (1,330 ) (5,333 ) 1,327 (5,336 ) FINANCING ACTIVITIES Commercial paper, net — (1,768 ) — — (1,768 ) Borrowings — 997 59 — 1,056 Reduction of borrowings — (1,800 ) (71 ) — (1,871 ) Dividends — (2,515 ) (190 ) 190 (2,515 ) Repurchases of common stock — (3,577 ) — — (3,577 ) Proceeds from exercise of stock options — 210 — — 210 Intercompany financing, net — 10,343 (9,016 ) (1,327 ) — Contributions from noncontrolling interest holders — — 399 — 399 Other — (222 ) (555 ) — (777 ) Cash used in financing activities — 1,668 (9,374 ) (1,137 ) (8,843 ) Impact of exchange rates on cash, cash equivalents and restricted cash — — (25 ) — (25 ) Change in cash, cash equivalents and restricted cash — 674 (583 ) — 91 Cash, cash equivalents and restricted cash, beginning of year — 693 3,371 — 4,064 Cash, cash equivalents and restricted cash, end of year $ — $ 1,367 $ 2,788 $ — $ 4,155 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended September 30, 2017 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations $ — $ 753 $ 13,461 $ (1,871 ) $ 12,343 INVESTING ACTIVITIES Investments in parks, resorts and other property — (7 ) (3,616 ) — (3,623 ) Acquisitions — — (417 ) — (417 ) Intercompany investing activities, net — (1,856 ) — 1,856 — Other — 15 (86 ) — (71 ) Cash used in investing activities — (1,848 ) (4,119 ) 1,856 (4,111 ) FINANCING ACTIVITIES Commercial paper, net — 1,247 — — 1,247 Borrowings — 4,741 79 — 4,820 Reduction of borrowings — (1,850 ) (514 ) — (2,364 ) Dividends — (2,445 ) (1,871 ) 1,871 (2,445 ) Repurchases of common stock — (9,368 ) — — (9,368 ) Proceeds from exercise of stock options — 276 — 276 Intercompany financing, net — 8,394 (6,538 ) (1,856 ) — Contributions from noncontrolling interest holders — — 17 — 17 Other — (266 ) (876 ) — (1,142 ) Cash used in financing activities — 729 (9,703 ) 15 (8,959 ) Impact of exchange rates on cash, cash equivalents and restricted cash — — 31 — 31 Change in cash, cash equivalents and restricted cash — (366 ) (330 ) — (696 ) Cash, cash equivalents and restricted cash, beginning of year — 1,059 3,701 — 4,760 Cash, cash equivalents and restricted cash, end of year $ — $ 693 $ 3,371 $ — $ 4,064 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended October 1, 2016 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations $ — $ (385 ) $ 13,756 $ (235 ) $ 13,136 INVESTING ACTIVITIES Investments in parks, resorts and other property — (12 ) (4,761 ) — (4,773 ) Acquisitions — — (850 ) — (850 ) Intercompany investing activities, net — (617 ) — 617 — Other — (74 ) (61 ) — (135 ) Cash used in investing activities — (703 ) (5,672 ) 617 (5,758 ) FINANCING ACTIVITIES Commercial paper, net — (920 ) — — (920 ) Borrowings — 4,948 1,117 — 6,065 Reduction of borrowings — (2,000 ) (205 ) — (2,205 ) Dividends — (2,313 ) (235 ) 235 (2,313 ) Repurchases of common stock — (7,499 ) — — (7,499 ) Proceeds from exercise of stock options — 259 — — 259 Intercompany financing, net — 8,624 (8,007 ) (617 ) — Other — (42 ) (565 ) — (607 ) Cash used in financing activities — 1,057 (7,895 ) (382 ) (7,220 ) Impact of exchange rates on cash, cash equivalents and restricted cash — — (123 ) — (123 ) Change in cash, cash equivalents and restricted cash — (31 ) 66 — 35 Cash, cash equivalents and restricted cash, beginning of year — 1,090 3,635 — 4,725 Cash, cash equivalents and restricted cash, end of year $ — $ 1,059 $ 3,701 $ — $ 4,760 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Quarter Ended December 29, 2018 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations $ (20 ) $ 135 $ 1,984 $ — $ 2,099 INVESTING ACTIVITIES Investments in parks, resorts and other property — — (1,195 ) — (1,195 ) Intercompany investing activities, net — (11 ) — 11 — Other — — (141 ) — (141 ) Cash used in investing activities — (11 ) (1,336 ) 11 (1,336 ) FINANCING ACTIVITIES Commercial paper, net — (302 ) — — (302 ) Proceeds from exercise of stock options — 37 — — 37 Intercompany financing, net 20 75 (84 ) (11 ) — Other — (125 ) (21 ) — (146 ) Cash used in financing activities 20 (315 ) (105 ) (11 ) (411 ) Impact of exchange rates on cash, cash equivalents and restricted cash — — (44 ) — (44 ) Change in cash, cash equivalents and restricted cash — (191 ) 499 — 308 Cash, cash equivalents and restricted cash, beginning of period — 1,367 2,788 — 4,155 Cash, cash equivalents and restricted cash, end of period $ — $ 1,176 $ 3,287 $ — $ 4,463 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Quarter Ended December 30, 2017 TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations $ — $ 1,255 $ 982 $ — $ 2,237 INVESTING ACTIVITIES Investments in parks, resorts and other property — — (981 ) — (981 ) Other — — (62 ) — (62 ) Cash used in investing activities — — (1,043 ) — (1,043 ) FINANCING ACTIVITIES Commercial paper, net — 1,140 — — 1,140 Borrowings — 997 28 — 1,025 Reduction of borrowings — (1,299 ) (31 ) — (1,330 ) Repurchases of common stock — (1,313 ) — — (1,313 ) Proceeds from exercise of stock options — 50 — — 50 Intercompany financing, net — (272 ) 272 — — Other — (158 ) 2 — (156 ) Cash used in financing activities — (855 ) 271 — (584 ) Impact of exchange rates on cash, cash equivalents and restricted cash — — 21 — 21 Change in cash, cash equivalents and restricted cash — 400 231 — 631 Cash, cash equivalents and restricted cash, beginning of period — 693 3,371 — 4,064 Cash, cash equivalents and restricted cash, end of period $ — $ 1,093 $ 3,602 $ — $ 4,695 |
QUARTERLY FINANCIAL SUMMARY (Ta
QUARTERLY FINANCIAL SUMMARY (Tables) | 12 Months Ended |
Sep. 29, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Summary | QUARTERLY FINANCIAL SUMMARY (in millions, except per share data) (unaudited) Q1 Q2 Q3 Q4 2018 Revenues $ 15,351 $ 14,548 $ 15,228 $ 14,307 Segment operating income (5) 3,986 4,237 4,189 3,277 Net income 4,473 3,115 3,059 2,419 Net income attributable to Disney 4,423 2,937 2,916 2,322 Earnings per share: Diluted $ 2.91 (1) $ 1.95 (2) $ 1.95 (3) $ 1.55 (4) Basic 2.93 1.95 1.96 1.56 2017 Revenues $ 14,784 $ 13,336 $ 14,238 $ 12,779 Segment operating income (5) 3,956 3,996 4,011 2,812 Net income 2,488 2,539 2,474 1,865 Net income attributable to Disney 2,479 2,388 2,366 1,747 Earnings per share: Diluted $ 1.55 $ 1.50 $ 1.51 (3) $ 1.13 (4) Basic 1.56 1.51 1.51 1.14 (1) Results for the first quarter of fiscal 2018 included an estimated net benefit from the Deferred Remeasurement, partially offset by the Deemed Repatriation Tax as a result of the Tax Act (Tax Act Estimate), which had a favorable impact of $1.00 on diluted earnings per share, and a gain from the sale of property rights, which had a favorable impact of $0.03 on diluted earnings per share. These favorable impacts were partially offset by restructuring and impairment charges, which had an adverse impact of $0.01 on diluted earnings per share. (2) Results for the second quarter of fiscal 2018 included a net benefit of updating prior-period Tax Act estimate, which had a favorable impact of $0.09 on diluted earnings per share, and proceeds from legal insurance recoveries, which had a favorable impact of $0.02 on diluted earnings per share. These favorable impacts were partially offset by restructuring and impairment charges, which had an adverse impact of $0.01 per diluted earnings per share. (3) Results for the third quarter of fiscal 2018 included a net benefit of updating prior-period Tax Act estimate, which had a favorable impact of $0.07 on diluted earnings per share. Results for the third quarter of fiscal 2017 included a charge, net of committed insurance recoveries, incurred in connection with the settlement of litigation, which had an adverse impact of $0.07 on diluted earnings per share. (4) Results for the fourth quarter of fiscal 2018 included a gain in connection with the sale of real estate, which had a favorable impact of $0.25 on diluted earnings per share, partially offset by equity investment impairments, which had an adverse impact of $0.11 per diluted earnings per share, and the impact of updating prior-period Tax Act estimate, which had an adverse impact of $0.06 per diluted earnings per share. Results for the fourth quarter of fiscal 2017 included a non-cash net gain in connection with the acquisition of a controlling interest in BAMTech, which had a favorable impact of $0.10 per diluted earnings per share, partially offset by restructuring and impairment charges, which had an adverse impact of $0.04 per diluted earnings per share. (5) Segment operating results reflect earnings before the corporate and unallocated shared expenses, restructuring and impairment charges, other income, net, interest expense, net, income taxes and noncontrolling interests. |
Description of the Business a_3
Description of the Business and Segment Information - Financial Information by Operating Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 15,303 | $ 14,307 | $ 15,228 | $ 14,548 | $ 15,351 | $ 12,779 | $ 14,238 | $ 13,336 | $ 14,784 | $ 59,434 | $ 55,137 | $ 55,632 |
Segment operating income | 3,655 | 3,277 | $ 4,189 | $ 4,237 | 3,986 | 2,812 | $ 4,011 | $ 3,996 | $ 3,956 | 15,689 | 14,775 | 15,721 |
Corporate and unallocated shared expenses | (161) | (150) | (744) | (582) | (640) | |||||||
Restructuring and impairment charges | (33) | (98) | (156) | |||||||||
Other income, net | 601 | 78 | 0 | |||||||||
Interest expense, net | (63) | (129) | (574) | (385) | (260) | |||||||
Vice Gain | 0 | 0 | 332 | |||||||||
Business Exit Costs | 0 | 0 | (129) | |||||||||
Equity Method Investment, Other than Temporary Impairment | (210) | 0 | 0 | |||||||||
Interest expense, net | (63) | (129) | ||||||||||
Income before income taxes | 3,431 | 3,745 | 14,729 | 13,788 | 14,868 | |||||||
Capital expenditures | 1,195 | 981 | 4,465 | 3,623 | 4,773 | |||||||
Depreciation expense | 2,758 | 2,586 | 2,320 | |||||||||
Amortization of intangible assets | 253 | 196 | 207 | |||||||||
Identifiable assets | 99,941 | 98,598 | 95,789 | 98,598 | 95,789 | |||||||
Goodwill, Not Allocated, Amount | 31,269 | 31,426 | 31,269 | 31,426 | ||||||||
Affiliate Fees | 13,279 | 12,659 | 12,259 | |||||||||
Retail merchandise, food and beverage | 6,923 | 6,433 | 6,116 | |||||||||
Long-lived assets | 79,426 | 77,774 | 79,426 | 77,774 | ||||||||
Equity in the income (loss) of investees, net | 76 | 43 | (102) | 320 | 926 | |||||||
Intersegment transactions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (184) | (171) | ||||||||||
United States and Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 11,929 | 45,038 | 41,881 | 42,616 | ||||||||
Segment operating income | 11,396 | 10,962 | 12,139 | |||||||||
Long-lived assets | 65,245 | 61,215 | 65,245 | 61,215 | ||||||||
Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,795 | 7,026 | 6,541 | 6,714 | ||||||||
Segment operating income | 1,922 | 1,812 | 1,815 | |||||||||
Long-lived assets | 6,275 | 8,208 | 6,275 | 8,208 | ||||||||
Asia Pacific | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,029 | 5,531 | 5,075 | 4,582 | ||||||||
Segment operating income | 1,869 | 1,626 | 1,324 | |||||||||
Long-lived assets | 7,775 | 8,196 | 7,775 | 8,196 | ||||||||
Latin America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,839 | 1,640 | 1,720 | |||||||||
Segment operating income | 502 | 375 | 443 | |||||||||
Long-lived assets | 131 | 155 | 131 | 155 | ||||||||
Advertising | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,442 | 2,376 | 7,904 | 8,237 | 8,649 | |||||||
Theme park admissions | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,933 | 1,832 | ||||||||||
Media Networks | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 5,921 | 5,555 | 21,922 | 21,299 | 21,326 | |||||||
Segment operating income | 1,330 | 1,243 | 7,338 | 7,196 | 7,804 | |||||||
Depreciation expense | 199 | 206 | 217 | |||||||||
Amortization of intangible assets | 0 | 0 | 2 | |||||||||
Identifiable assets | 14,216 | 13,660 | 14,216 | 13,660 | ||||||||
Equity in the income (loss) of investees, net | 179 | 159 | 711 | 766 | 779 | |||||||
Media Networks | Studio Entertainment intersegment content transactions | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (21) | (31) | (169) | (137) | (159) | |||||||
Segment operating income | (8) | 15 | (10) | |||||||||
Media Networks | United States and Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 5,509 | |||||||||||
Media Networks | Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 152 | |||||||||||
Media Networks | Asia Pacific | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 79 | |||||||||||
Media Networks | Cable | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital expenditures | 96 | 64 | 81 | |||||||||
Media Networks | Broadcasting | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital expenditures | 107 | 67 | 73 | |||||||||
Media Networks | Advertising | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,023 | 1,963 | ||||||||||
Media Networks | Theme park admissions | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Parks, Experiences & Consumer Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 24,701 | 23,024 | 22,258 | |||||||||
Segment operating income | 6,095 | 5,487 | 5,198 | |||||||||
Amortization of intangible assets | 110 | 111 | 107 | |||||||||
Identifiable assets | 34,684 | 33,755 | 34,684 | 33,755 | ||||||||
Equity in the income (loss) of investees, net | (23) | (25) | (3) | |||||||||
Parks, Experiences & Consumer Products | Domestic | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital expenditures | 3,223 | 2,392 | 2,215 | |||||||||
Depreciation expense | 1,449 | 1,314 | ||||||||||
Parks, Experiences & Consumer Products | International | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital expenditures | 677 | 827 | 2,053 | |||||||||
Depreciation expense | 768 | 679 | 468 | |||||||||
Parks, Experiences & Consumer Products | Intersegment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (556) | (492) | (740) | |||||||||
Parks, Experiences & Consumer Products | Third Parties | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 25,257 | 23,516 | 22,998 | |||||||||
Parks, Experiences and Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 6,824 | 6,527 | ||||||||||
Segment operating income | 2,152 | 1,954 | ||||||||||
Equity in the income (loss) of investees, net | (12) | (7) | ||||||||||
Parks, Experiences and Products | United States and Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 5,142 | |||||||||||
Parks, Experiences and Products | Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,065 | |||||||||||
Parks, Experiences and Products | Asia Pacific | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 551 | |||||||||||
Parks, Experiences and Products | Intersegment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (154) | (171) | ||||||||||
Parks, Experiences and Products | Advertising | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2 | 2 | ||||||||||
Parks, Experiences and Products | Theme park admissions | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,933 | 1,832 | ||||||||||
Studio Entertainment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,824 | 2,509 | 10,065 | 8,352 | 9,369 | |||||||
Segment operating income | 309 | 825 | 3,004 | 2,363 | 2,767 | |||||||
Capital expenditures | 96 | 85 | 86 | |||||||||
Depreciation expense | 55 | 50 | 46 | |||||||||
Amortization of intangible assets | 64 | 65 | 74 | |||||||||
Identifiable assets | 10,197 | 9,672 | 10,197 | 9,672 | ||||||||
Studio Entertainment | United States and Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,038 | |||||||||||
Studio Entertainment | Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 413 | |||||||||||
Studio Entertainment | Asia Pacific | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 286 | |||||||||||
Studio Entertainment | Intersegment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 154 | 171 | 556 | 492 | 740 | |||||||
Studio Entertainment | Advertising | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Studio Entertainment | Third Parties | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 9,509 | 7,860 | 8,629 | |||||||||
Studio Entertainment | Theme park admissions | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Direct-to-Consumer & International | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 918 | 931 | 3,414 | 3,075 | 3,306 | |||||||
Segment operating income | (136) | (42) | (738) | (284) | (38) | |||||||
Capital expenditures | 107 | 30 | 65 | |||||||||
Depreciation expense | 106 | 74 | 61 | |||||||||
Amortization of intangible assets | 79 | 20 | 24 | |||||||||
Identifiable assets | 3,558 | 4,083 | 3,558 | 4,083 | ||||||||
Equity in the income (loss) of investees, net | (91) | (109) | (580) | (421) | (182) | |||||||
Direct-to-Consumer & International | Studio Entertainment intersegment content transactions | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (18) | (8) | (28) | (22) | (11) | |||||||
Direct-to-Consumer & International | Media Networks intersegment content transactions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (145) | (132) | ||||||||||
Direct-to-Consumer & International | United States and Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 404 | |||||||||||
Direct-to-Consumer & International | Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 180 | |||||||||||
Direct-to-Consumer & International | Asia Pacific | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 118 | |||||||||||
Direct-to-Consumer & International | Advertising | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 417 | 411 | ||||||||||
Direct-to-Consumer & International | Theme park admissions | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (184) | (171) | (668) | (613) | (627) | |||||||
Segment operating income | 0 | 6 | (10) | 13 | (10) | |||||||
Identifiable assets | (303) | (282) | (303) | (282) | ||||||||
Eliminations | United States and Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (164) | |||||||||||
Eliminations | Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (15) | |||||||||||
Eliminations | Asia Pacific | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (5) | |||||||||||
Eliminations | Advertising | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 0 | |||||||||||
Eliminations | Theme park admissions | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 0 | $ 0 | ||||||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital expenditures | 159 | 158 | 200 | |||||||||
Depreciation expense | 181 | 206 | 214 | |||||||||
Identifiable assets | $ 4,977 | $ 3,475 | 4,977 | 3,475 | ||||||||
Parks and Resorts | Domestic | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation expense | 1,371 | |||||||||||
Parks and Resorts | Theme park admissions | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 7,183 | $ 6,502 | $ 5,900 |
Description of the Business a_4
Description of the Business and Segment Information - Financial Information by Operating Segments (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 15,303 | $ 14,307 | $ 15,228 | $ 14,548 | $ 15,351 | $ 12,779 | $ 14,238 | $ 13,336 | $ 14,784 | $ 59,434 | $ 55,137 | $ 55,632 |
Equity in the income (loss) of investees, net | 76 | 43 | (102) | 320 | 926 | |||||||
Equity Method Investment, Other than Temporary Impairment | (210) | 0 | 0 | |||||||||
Equity method investments | 2,768 | 3,087 | 2,768 | 3,087 | ||||||||
Goodwill and intangible assets | 6,812 | 6,995 | 6,812 | 6,995 | ||||||||
Segment operating income | 3,655 | 3,277 | $ 4,189 | $ 4,237 | 3,986 | 2,812 | $ 4,011 | $ 3,996 | $ 3,956 | 15,689 | 14,775 | 15,721 |
Vice Media | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Equity in the income (loss) of investees, net | 0 | 0 | 332 | |||||||||
Equity Method Investment, Other than Temporary Impairment | (157) | 0 | 0 | |||||||||
Villages Nature | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Equity Method Investment, Other than Temporary Impairment | (53) | 0 | 0 | |||||||||
Media Networks | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 5,921 | 5,555 | 21,922 | 21,299 | 21,326 | |||||||
Equity in the income (loss) of investees, net | 179 | 159 | 711 | 766 | 779 | |||||||
Equity method investments | 2,430 | 2,505 | 2,430 | 2,505 | ||||||||
Goodwill and intangible assets | 1,546 | 1,547 | 1,546 | 1,547 | ||||||||
Segment operating income | 1,330 | 1,243 | 7,338 | 7,196 | 7,804 | |||||||
Parks, Experiences & Consumer Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 24,701 | 23,024 | 22,258 | |||||||||
Equity in the income (loss) of investees, net | (23) | (25) | (3) | |||||||||
Equity method investments | 1 | 70 | 1 | 70 | ||||||||
Goodwill and intangible assets | 3,167 | 3,277 | 3,167 | 3,277 | ||||||||
Segment operating income | 6,095 | 5,487 | 5,198 | |||||||||
Direct-to-Consumer & International | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 918 | 931 | 3,414 | 3,075 | 3,306 | |||||||
Equity in the income (loss) of investees, net | (91) | (109) | (580) | (421) | (182) | |||||||
Equity method investments | 320 | 493 | 320 | 493 | ||||||||
Goodwill and intangible assets | 490 | 498 | 490 | 498 | ||||||||
Segment operating income | (136) | (42) | (738) | (284) | (38) | |||||||
Total Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Equity in the income (loss) of investees, net | 76 | 43 | 108 | 320 | 594 | |||||||
Studio Entertainment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,824 | 2,509 | 10,065 | 8,352 | 9,369 | |||||||
Equity method investments | 1 | 1 | 1 | 1 | ||||||||
Goodwill and intangible assets | 1,479 | 1,543 | 1,479 | 1,543 | ||||||||
Segment operating income | 309 | 825 | 3,004 | 2,363 | 2,767 | |||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Equity method investments | 16 | 18 | 16 | 18 | ||||||||
Goodwill and intangible assets | $ 130 | $ 130 | 130 | 130 | ||||||||
Studio Entertainment intersegment content transactions | Media Networks | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (21) | (31) | (169) | (137) | (159) | |||||||
Segment operating income | (8) | 15 | (10) | |||||||||
Studio Entertainment intersegment content transactions | Direct-to-Consumer & International | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ (18) | $ (8) | (28) | (22) | (11) | |||||||
Media Networks intersegment content transactions [Member] [Member] | Direct-to-Consumer & International | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (471) | (454) | (457) | |||||||||
Segment operating income | (2) | (2) | 0 | |||||||||
Intersegment content transactions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (668) | (613) | (627) | |||||||||
Segment operating income | $ (10) | $ 13 | $ (10) |
Description of Business and Seg
Description of Business and Segment Information - Additional Information (Detail) - Property | Dec. 29, 2018 | Sep. 29, 2018 | Oct. 01, 2016 |
Segment Reporting Information [Line Items] | |||
Number of owned television stations | 8 | ||
Disneyland Paris | |||
Segment Reporting Information [Line Items] | |||
Number of theme parks | 2 | ||
Number of hotels | 7 | ||
Number of convention centers | 2 | ||
Ownership Interest in Eco-Tourism Resort | 50.00% | ||
Hong Kong Disneyland Resort | |||
Segment Reporting Information [Line Items] | |||
Number of theme parks | 1 | ||
Number of hotels | 3 | ||
Effective ownership interest | 47.00% | 47.00% | |
Shanghai Disney Resort | |||
Segment Reporting Information [Line Items] | |||
Number of theme parks | 1 | ||
Number of hotels | 2 | ||
Effective ownership interest | 43.00% | 43.00% | |
Shanghai Disney Resort Management Company | |||
Segment Reporting Information [Line Items] | |||
Effective ownership interest | 70.00% | 70.00% | |
Florida | |||
Segment Reporting Information [Line Items] | |||
Number of theme parks | 4 | ||
Number of hotels | 18 | ||
California | |||
Segment Reporting Information [Line Items] | |||
Number of theme parks | 2 | ||
Number of hotels | 3 | ||
Tokyo | |||
Segment Reporting Information [Line Items] | |||
Number of theme parks | 2 | ||
Number of hotels | 4 | ||
A And E Television Networks Llc | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 50.00% | 50.00% | |
Vice Media | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 21.00% | 11.00% | |
Viceland [Member] | Vice Media | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 50.00% | ||
Viceland [Member] | A&E | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 50.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported in the Consolidated Balance Sheet that sum to the Total Amount in the Statement of Cash Flow (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Oct. 03, 2015 |
Accounting Policies [Abstract] | ||||||
Cash and cash equivalents | $ 4,455 | $ 4,150 | $ 4,017 | $ 4,610 | ||
Restricted Cash and Investments, Current | 4 | 1 | 26 | 96 | ||
Restricted Cash and Investments, Noncurrent | 4 | 4 | 21 | 54 | ||
Cash and Cash Equivalents and Restricted Cash | $ 4,463 | $ 4,155 | $ 4,695 | $ 4,064 | $ 4,760 | $ 4,725 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Depreciation Computed on Straight-Line Method Over Estimated Useful Lives (Detail) | 12 Months Ended |
Sep. 29, 2018 | |
Software and Software Development Costs | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Software and Software Development Costs | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Attractions, Buildings and Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Attractions, Buildings and Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Life of lease or asset life if less |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Expected Aggregate Annual Amortization Expense for Existing Amortizable Intangible Assets (Detail) $ in Millions | Sep. 29, 2018USD ($) |
Accounting Policies [Abstract] | |
2019 | $ 258 |
2020 | 233 |
2021 | 230 |
2022 | 228 |
2023 | $ 202 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding and Number of Awards Excluded from Diluted Earnings Per Share (Detail) - shares shares in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Earnings Per Share [Abstract] | |||||
Weighted average number of common and common equivalent shares outstanding (basic) | 1,490 | 1,512 | 1,499 | 1,568 | 1,629 |
Weighted average dilutive impact of Awards | 8 | 9 | 8 | 10 | 10 |
Weighted average number of common and common equivalent shares outstanding (diluted) | 1,498 | 1,521 | 1,507 | 1,578 | 1,639 |
Awards excluded from diluted earnings per share | 11 | 16 | 12 | 10 | 6 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Sep. 29, 2018USD ($) | Sep. 30, 2017USD ($)derivatives | Oct. 01, 2016USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |||
Advertising expense | $ 2,800 | $ 2,600 | $ 2,900 |
Ultimate Revenues from Theatrical Release Maximum Period | 10 years | ||
Ultimate Revenues from TV Series Delivery of First Episode Maximum Period | 10 years | ||
Ultimate Revenues from TV Series Delivery of Recent Episode Maximum Period | 5 years | ||
Amortization Film Library Maximum Period | 20 years | ||
Film Development Write Off Maximum Period | 3 years | ||
Internal-Use software costs capitalized, net of accumulated depreciation | $ 659 | 710 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 210 | $ 22 | $ 7 |
Number of Types of Derivatives | derivatives | 2 | ||
Measurement of tax benefit, minimum likelihood of largest amount being realized upon ultimate settlement | 50.00% | ||
Maximum | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, maximum amortization period | 40 years | ||
Attractions, Buildings and Improvements | Minimum | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Attractions, Buildings and Improvements | Maximum | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Software and Software Development Costs | Minimum | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Software and Software Development Costs | Maximum | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years |
Cumulative Effect of Adoption o
Cumulative Effect of Adoption on the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 30, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Receivables - current/non-current | $ 11,928 | $ 11,021 | ||
Film and television costs and advances | 9,001 | 9,250 | ||
Accounts payable and other accrued liabilities | 10,696 | 10,518 | $ 9,479 | $ 8,855 |
Deferred revenue and other | 3,434 | 3,509 | ||
Deferred income taxes | 3,177 | 3,075 | 4,571 | 7,108 |
Equity | 54,393 | 52,716 | 52,832 | $ 45,004 |
Calculated under Revenue Guidance in Effect before Topic 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Receivables - current/non-current | 12,030 | 11,262 | ||
Film and television costs and advances | 8,968 | 9,202 | ||
Accounts payable and other accrued liabilities | 9,799 | 9,479 | ||
Deferred revenue and other | 4,342 | 4,591 | ||
Deferred income taxes | 3,208 | 3,109 | ||
Equity | 54,420 | $ 52,832 | ||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Receivables - current/non-current | (102) | (241) | ||
Film and television costs and advances | 33 | 48 | ||
Accounts payable and other accrued liabilities | 897 | 1,039 | ||
Deferred revenue and other | (908) | (1,082) | ||
Deferred income taxes | (31) | (34) | ||
Equity | $ (27) | $ (116) |
Impact of Adoption on the Conde
Impact of Adoption on the Condensed Consolidated Statement of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | $ 15,303 | $ 14,307 | $ 15,228 | $ 14,548 | $ 15,351 | $ 12,779 | $ 14,238 | $ 13,336 | $ 14,784 | $ 59,434 | $ 55,137 | $ 55,632 |
Cost and expenses | (11,885) | (11,558) | (44,597) | (41,264) | (41,274) | |||||||
Income Taxes | 645 | (728) | 1,663 | 4,422 | 5,078 | |||||||
Net income | 2,786 | $ 2,419 | $ 3,059 | $ 3,115 | $ 4,473 | $ 1,865 | $ 2,474 | $ 2,539 | $ 2,488 | $ 13,066 | $ 9,366 | $ 9,790 |
Calculated under Revenue Guidance in Effect before Topic 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 15,109 | |||||||||||
Cost and expenses | (11,806) | |||||||||||
Income Taxes | (619) | |||||||||||
Net income | 2,697 | |||||||||||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 194 | |||||||||||
Cost and expenses | (79) | |||||||||||
Income Taxes | (26) | |||||||||||
Net income | $ 89 |
Disaggregation of Revenue by Ma
Disaggregation of Revenue by Major Source (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | $ 15,303 | $ 14,307 | $ 15,228 | $ 14,548 | $ 15,351 | $ 12,779 | $ 14,238 | $ 13,336 | $ 14,784 | $ 59,434 | $ 55,137 | $ 55,632 |
Affiliate fees | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 3,398 | 3,205 | ||||||||||
Advertising | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 2,442 | 2,376 | 7,904 | 8,237 | 8,649 | |||||||
Theme park admissions | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,933 | 1,832 | ||||||||||
Resort and vacations | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,531 | 1,463 | ||||||||||
Retail and wholesale sales of merchandise, food and beverage | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 2,122 | 2,059 | ||||||||||
TV/SVOD distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,177 | 997 | ||||||||||
Theatrical distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 373 | 1,169 | ||||||||||
Merchandise licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 910 | 965 | ||||||||||
Home entertainment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 453 | 391 | ||||||||||
Other | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 964 | 894 | ||||||||||
Media Networks | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 5,921 | 5,555 | 21,922 | 21,299 | 21,326 | |||||||
Media Networks | Affiliate fees | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 3,075 | 2,867 | ||||||||||
Media Networks | Advertising | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 2,023 | 1,963 | ||||||||||
Media Networks | Theme park admissions | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Media Networks | Resort and vacations | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Media Networks | TV/SVOD distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 722 | 624 | ||||||||||
Media Networks | Theatrical distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Media Networks | Merchandise licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Media Networks | Home entertainment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Media Networks | Other | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 101 | 101 | ||||||||||
Parks, Experiences and Products | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 6,824 | 6,527 | ||||||||||
Parks, Experiences and Products | Affiliate fees | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Parks, Experiences and Products | Advertising | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 2 | 2 | ||||||||||
Parks, Experiences and Products | Theme park admissions | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,933 | 1,832 | ||||||||||
Parks, Experiences and Products | Resort and vacations | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,531 | 1,463 | ||||||||||
Parks, Experiences and Products | Retail and wholesale sales of merchandise, food and beverage | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 2,122 | 2,059 | ||||||||||
Parks, Experiences and Products | TV/SVOD distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Parks, Experiences and Products | Theatrical distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Parks, Experiences and Products | Merchandise licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 741 | 776 | ||||||||||
Parks, Experiences and Products | Home entertainment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Parks, Experiences and Products | Other | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 495 | 395 | ||||||||||
Studio Entertainment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,824 | 2,509 | 10,065 | 8,352 | 9,369 | |||||||
Studio Entertainment | Affiliate fees | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Studio Entertainment | Advertising | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Studio Entertainment | Theme park admissions | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Studio Entertainment | Resort and vacations | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Studio Entertainment | TV/SVOD distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 605 | 519 | ||||||||||
Studio Entertainment | Theatrical distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 373 | 1,169 | ||||||||||
Studio Entertainment | Merchandise licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 154 | 171 | ||||||||||
Studio Entertainment | Home entertainment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 425 | 361 | ||||||||||
Studio Entertainment | Other | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 267 | 289 | ||||||||||
Direct-to-Consumer & International | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 918 | 931 | 3,414 | 3,075 | 3,306 | |||||||
Direct-to-Consumer & International | Affiliate fees | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 323 | 338 | ||||||||||
Direct-to-Consumer & International | Advertising | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 417 | 411 | ||||||||||
Direct-to-Consumer & International | Theme park admissions | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Direct-to-Consumer & International | Resort and vacations | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Direct-to-Consumer & International | TV/SVOD distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 34 | 25 | ||||||||||
Direct-to-Consumer & International | Theatrical distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Direct-to-Consumer & International | Merchandise licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 15 | 18 | ||||||||||
Direct-to-Consumer & International | Home entertainment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 28 | 30 | ||||||||||
Direct-to-Consumer & International | Other | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 101 | 109 | ||||||||||
Eliminations | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | (184) | (171) | $ (668) | $ (613) | $ (627) | |||||||
Eliminations | Affiliate fees | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Eliminations | Advertising | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | |||||||||||
Eliminations | Theme park admissions | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Eliminations | Resort and vacations | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Eliminations | TV/SVOD distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | (184) | (171) | ||||||||||
Eliminations | Theatrical distribution licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Eliminations | Merchandise licensing | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Eliminations | Home entertainment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 0 | 0 | ||||||||||
Eliminations | Other | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | $ 0 | $ 0 |
Disaggregation of Revenue by Ge
Disaggregation of Revenue by Geographical Markets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | $ 15,303 | $ 14,307 | $ 15,228 | $ 14,548 | $ 15,351 | $ 12,779 | $ 14,238 | $ 13,336 | $ 14,784 | $ 59,434 | $ 55,137 | $ 55,632 |
United States and Canada | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 11,929 | 45,038 | 41,881 | 42,616 | ||||||||
Europe | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,795 | 7,026 | 6,541 | 6,714 | ||||||||
Asia Pacific | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,029 | 5,531 | 5,075 | 4,582 | ||||||||
Latin America | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 550 | |||||||||||
Media Networks | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 5,921 | 5,555 | 21,922 | 21,299 | 21,326 | |||||||
Media Networks | United States and Canada | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 5,509 | |||||||||||
Media Networks | Europe | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 152 | |||||||||||
Media Networks | Asia Pacific | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 79 | |||||||||||
Media Networks | Latin America | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 181 | |||||||||||
Parks, Experiences and Products | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 6,824 | 6,527 | ||||||||||
Parks, Experiences and Products | United States and Canada | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 5,142 | |||||||||||
Parks, Experiences and Products | Europe | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,065 | |||||||||||
Parks, Experiences and Products | Asia Pacific | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 551 | |||||||||||
Parks, Experiences and Products | Latin America | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 66 | |||||||||||
Studio Entertainment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,824 | 2,509 | 10,065 | 8,352 | 9,369 | |||||||
Studio Entertainment | United States and Canada | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,038 | |||||||||||
Studio Entertainment | Europe | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 413 | |||||||||||
Studio Entertainment | Asia Pacific | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 286 | |||||||||||
Studio Entertainment | Latin America | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 87 | |||||||||||
Direct-to-Consumer & International | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 918 | 931 | 3,414 | 3,075 | 3,306 | |||||||
Direct-to-Consumer & International | United States and Canada | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 404 | |||||||||||
Direct-to-Consumer & International | Europe | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 180 | |||||||||||
Direct-to-Consumer & International | Asia Pacific | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 118 | |||||||||||
Direct-to-Consumer & International | Latin America | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 216 | |||||||||||
Eliminations | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | (184) | $ (171) | $ (668) | $ (613) | $ (627) | |||||||
Eliminations | United States and Canada | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | (164) | |||||||||||
Eliminations | Europe | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | (15) | |||||||||||
Eliminations | Asia Pacific | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | (5) | |||||||||||
Eliminations | Latin America | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | $ 0 |
Contract with Customer, Asset a
Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 30, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Contract with Customer, Asset, Gross | $ 146 | $ 89 | ||
Accounts Receivable, Gross, Current | 9,543 | 8,553 | $ 8,268 | $ 7,611 |
Accounts Receivable, Gross, Noncurrent | 1,561 | 1,640 | ||
Allowance for Doubtful Accounts Receivable | (230) | (226) | ||
Deferred Revenue and Credits, Current | 2,968 | 2,926 | ||
Deferred Revenue and Credits, Noncurrent | $ 514 | $ 609 |
Revenues - Additional Informati
Revenues - Additional Information (Details) $ in Millions | 3 Months Ended |
Dec. 29, 2018USD ($) | |
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 378 |
Revenue, Remaining Performance Obligation, Amount | 13,300 |
Contract with Customer, Liability, Revenue Recognized | 1,600 |
Unsatisfied performance obligation recognized in fiscal 2019 | |
Revenue, Remaining Performance Obligation, Amount | 4,200 |
Unsatisfied performance obligation recognized in fiscal 2020 | |
Revenue, Remaining Performance Obligation, Amount | 3,600 |
Unsatisfied performance obligation recognized in fiscal 2021 | |
Revenue, Remaining Performance Obligation, Amount | 2,300 |
Unsatisfied performance obligation recognized thereafter | |
Revenue, Remaining Performance Obligation, Amount | 3,300 |
Accounting Standards Update 2014-09 | |
Adoption of new accounting guidance | 116 |
Contract with Customer, Asset, Accumulated Allowance for Credit Loss | 163 |
Customer Advances and Deposits | $ 739 |
Acquisitions Changes in Carryin
Acquisitions Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Goodwill [Roll Forward] | ||||
Beginning balance | $ 31,269 | $ 31,269 | $ 31,426 | $ 27,810 |
Acquisitions | 0 | 3,600 | ||
Dispositions | 0 | 0 | ||
Other, net | (20) | (157) | (16) | |
Segment Recast | 0 | 0 | ||
Ending balance | 31,269 | 31,289 | 31,269 | 31,426 |
Media Networks | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 19,388 | 19,388 | 16,325 | 16,345 |
Acquisitions | 0 | 0 | ||
Dispositions | 0 | 0 | ||
Other, net | 0 | 3,063 | (20) | |
Segment Recast | (3,399) | (3,399) | ||
Ending balance | 15,989 | 15,989 | 19,388 | 16,325 |
Parks and Resorts | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 291 | 291 | 291 | 291 |
Acquisitions | 0 | 0 | ||
Dispositions | 0 | 0 | ||
Other, net | 0 | 0 | 0 | |
Segment Recast | (291) | (291) | ||
Ending balance | 0 | 0 | 291 | 291 |
Studio Entertainment | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 7,164 | 7,164 | 6,817 | 6,830 |
Acquisitions | 0 | 0 | ||
Dispositions | 0 | 0 | ||
Other, net | (9) | 347 | (13) | |
Segment Recast | (70) | (70) | ||
Ending balance | 7,094 | 7,103 | 7,164 | 6,817 |
Consumer Products and Interactive | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 4,426 | 4,426 | 4,393 | 4,344 |
Acquisitions | 0 | 0 | ||
Dispositions | 0 | 0 | ||
Other, net | 0 | 33 | 49 | |
Segment Recast | (4,426) | (4,426) | ||
Ending balance | 0 | 0 | 4,426 | 4,393 |
Parks, Experiences & Consumer Products | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 0 |
Acquisitions | 0 | 0 | ||
Dispositions | 0 | 0 | ||
Other, net | 0 | 0 | ||
Segment Recast | 4,487 | |||
Ending balance | 4,487 | 0 | 0 | |
Parks, Experiences and Products | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Other, net | 0 | |||
Segment Recast | 4,487 | |||
Ending balance | 4,487 | 0 | ||
Direct-to-Consumer & International | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 0 |
Acquisitions | 0 | 0 | ||
Dispositions | 0 | 0 | ||
Other, net | (11) | 0 | 0 | |
Segment Recast | 3,699 | 3,699 | ||
Ending balance | 3,699 | 3,710 | 0 | 0 |
Unallocated | ||||
Goodwill [Roll Forward] | ||||
Beginning balance | 0 | $ 0 | 3,600 | 0 |
Acquisitions | 0 | 3,600 | ||
Dispositions | 0 | 0 | ||
Other, net | (3,600) | 0 | ||
Segment Recast | 0 | |||
Ending balance | $ 0 | $ 0 | $ 3,600 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) € / shares in Units, $ / shares in Units, shares in Millions, $ in Millions, € in Billions | Oct. 05, 2018USD ($)$ / sharesshares | Oct. 03, 2018USD ($) | Oct. 03, 2018EUR (€)€ / shares | Jun. 28, 2018USD ($)$ / shares | Jun. 20, 2018USD ($) | Sep. 25, 2017USD ($) | Aug. 31, 2016USD ($) | Dec. 29, 2018USD ($) | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 29, 2018USD ($) | Sep. 30, 2017USD ($) | Oct. 01, 2016USD ($) | Sep. 30, 2018USD ($) | Oct. 03, 2015 |
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Redeemable noncontrolling interest | $ 1,124 | $ 1,123 | $ 1,148 | $ 1,123 | $ 1,148 | ||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | 210 | 0 | $ 0 | ||||||||||||||||||
Equity Method Investment Non-cash Gain | 0 | 0 | 332 | ||||||||||||||||||
Goodwill | 31,289 | 31,269 | 31,426 | 31,269 | 31,426 | 27,810 | $ 31,269 | ||||||||||||||
Revenues | 15,303 | $ 14,307 | $ 15,228 | $ 14,548 | $ 15,351 | $ 12,779 | $ 14,238 | $ 13,336 | $ 14,784 | 59,434 | 55,137 | 55,632 | |||||||||
Costs and Expenses | $ 11,885 | $ 11,558 | $ 44,597 | 41,264 | $ 41,274 | ||||||||||||||||
A And E Television Networks Llc | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Equity Method Investment, Ownership Interest | 50.00% | 50.00% | 50.00% | ||||||||||||||||||
BAMTech, LLC | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Equity Method Investment, Ownership Interest | 75.00% | ||||||||||||||||||||
Vice Media | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Equity Method Investment, Ownership Interest | 21.00% | 11.00% | 11.00% | ||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 157 | $ 0 | $ 0 | ||||||||||||||||||
Payments to Acquire Equity Method Investments | 400 | ||||||||||||||||||||
Equity Method Investment Non-cash Gain | $ 332 | ||||||||||||||||||||
Vice Media | Equity Interest Held By A&E | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Equity Method Investment, Ownership Interest | 20.00% | 20.00% | 8.00% | ||||||||||||||||||
Vice Media | Retained Investment in Subsidiary | Equity Interest Held By A&E | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Equity Method Investment, Other Transaction Details | 49.90% | ||||||||||||||||||||
Hulu LLC | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Equity Method Investment, Ownership Interest | 30.00% | 30.00% | 30.00% | 30.00% | 33.00% | ||||||||||||||||
Equity Method Investment Non-cash Gain | $ 175 | ||||||||||||||||||||
Guaranteed obligations | $ 400 | ||||||||||||||||||||
Hulu LLC | Equity Interest Held By Time Warner | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Equity Method Investment, Ownership Interest | 10.00% | ||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 600 | $ 200 | |||||||||||||||||||
BAMTech, LLC | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Redeemable noncontrolling interest | $ 1,100 | ||||||||||||||||||||
Equity Method Investment, Ownership Interest | 42.00% | 75.00% | 42.00% | 33.00% | 75.00% | 42.00% | |||||||||||||||
Business Combination Material Effects of Transaction | $ 255 | ||||||||||||||||||||
Business Combination Material Effects of Transaction after tax | 162 | ||||||||||||||||||||
Investment Owned, at Fair Value | $ 1,200 | ||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 1,600 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 3,900 | ||||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 1,100 | ||||||||||||||||||||
Effective ownership interest by noncontrolling owners | 25.00% | ||||||||||||||||||||
Goodwill | $ 3,500 | ||||||||||||||||||||
Revenues | 300 | ||||||||||||||||||||
Costs and Expenses | 700 | ||||||||||||||||||||
BAMTech, LLC | MLB | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 608 | $ 608 | |||||||||||||||||||
BAMTech, LLC | NHL | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 500 | ||||||||||||||||||||
BAMTech, LLC | Equity Interest Held By Hearst Corporation | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Equity Method Investment, Ownership Interest | 20.00% | 20.00% | |||||||||||||||||||
Minimum | BAMTech, LLC | MLB | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Preferred Stock Redemption Period | 5 years | ||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 563 | ||||||||||||||||||||
Preferred Stock Return on NCI, Accretion Percentage | 8.00% | ||||||||||||||||||||
Minimum | BAMTech, LLC | NHL | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 300 | ||||||||||||||||||||
Maximum | BAMTech, LLC | MLB | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Preferred Stock Redemption Period | 10 years | ||||||||||||||||||||
Maximum | BAMTech, LLC | NHL | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 350 | ||||||||||||||||||||
Pending Completion of Acquisition | 21CF | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Business Acquisition, Per Share Value, Percentage | 50.00% | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 23,000 | ||||||||||||||||||||
Business Combination Dividend Distribution, Change in Amount of Dividend Distribution | $ 2,000 | ||||||||||||||||||||
Business combination, recognized liabilities, net debt | $ 19,000 | ||||||||||||||||||||
Loss on Contract Termination | 2,500 | ||||||||||||||||||||
Gain (Loss) on Contract Termination | 1,500 | ||||||||||||||||||||
Business Acquisition, Notes Payable Issuable from Exchange Offer | $ 18,100 | ||||||||||||||||||||
Pending Completion of Acquisition | Minimum | 21CF | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Business Acquisition, Share Price | $ / shares | $ 38 | ||||||||||||||||||||
Business Combination Dividend Distribution | 6,500 | ||||||||||||||||||||
Pending Completion of Acquisition | Maximum | 21CF | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Business Acquisition, Share Price | € / shares | € 17.28 | ||||||||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 15,100 | € 11.6 | |||||||||||||||||||
Business Combination, Consideration Transferred | $ 35,700 | ||||||||||||||||||||
Business Combination Dividend Distribution | $ 8,500 | ||||||||||||||||||||
Scenario, Stock Price Greater than $114.32 | Pending Completion of Acquisition | 21CF | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Share Price | $ / shares | $ 114.32 | ||||||||||||||||||||
Exchange Ratio used in calculation of Acquisition | $ / shares | 0.3324 | ||||||||||||||||||||
Scenario, Stock Price Less than $93.53 | Pending Completion of Acquisition | 21CF | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Share Price | $ / shares | 93.53 | ||||||||||||||||||||
Exchange Ratio used in calculation of Acquisition | $ / shares | 0.4063 | ||||||||||||||||||||
Scenario, Stock Price Greater than or equal to $93.53 and Less than or equal to $114.32 | Pending Completion of Acquisition | Minimum | 21CF | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Business Acquisition, Share Price | $ / shares | 38 | ||||||||||||||||||||
Share Price | $ / shares | 93.53 | ||||||||||||||||||||
Scenario, Stock Price Greater than or equal to $93.53 and Less than or equal to $114.32 | Pending Completion of Acquisition | Maximum | 21CF | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Share Price | $ / shares | $ 114.32 | ||||||||||||||||||||
Scenario, Plan | Pending Completion of Acquisition | 21CF | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Business Acquisition, Share Price | $ / shares | $ 111.6013 | ||||||||||||||||||||
Share Price | $ / shares | $ 111.6013 | ||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 319 | ||||||||||||||||||||
21CF | 21CF agreement to sell Sky | |||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | |||||||||||||||||||||
Business Acquisition, Share Price | € / shares | € 17.28 | ||||||||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 15,100 | € 11.6 | |||||||||||||||||||
Equity Method Investment, Other Transaction Details | 39.00% | 39.00% |
Dispositions and Other Income_3
Dispositions and Other Income/(Expense) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Schedule of Other Income and Expense [Line Items] | |||
Gains on Sales of Real Estate and Property Rights | $ 560 | $ 0 | $ 0 |
Litigation Settlement | 38 | (177) | 0 |
Gain from acquisition of BAMTech | 3 | 255 | 0 |
Other income, net | $ 601 | $ 78 | $ 0 |
Reconciliation of Cash, Cash Eq
Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported in the Condensed Consolidated Balance Sheet to the Total Amount in the Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Oct. 03, 2015 |
Accounting Policies [Abstract] | ||||||
Cash and cash equivalents | $ 4,455 | $ 4,150 | ||||
Restricted Cash and Investments, Current | 4 | 1 | $ 26 | $ 96 | ||
Restricted Cash and Investments, Noncurrent | 4 | 4 | 21 | 54 | ||
Cash and Cash Equivalents and Restricted Cash | $ 4,463 | $ 4,155 | $ 4,695 | $ 4,064 | $ 4,760 | $ 4,725 |
Borrowing Activity (Details)
Borrowing Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | |
Borrowings [Roll Forward] | |||
Borrowings beginning balance | $ 20,874 | ||
Borrowings | 648 | ||
Payments | (950) | ||
Other Activity | 93 | $ 1 | $ 4 |
Borrowings ending balance | 20,665 | 20,874 | |
Commercial paper with original maturities less than three months | |||
Borrowings [Roll Forward] | |||
Borrowings beginning balance | 50 | ||
Borrowings | 548 | ||
Payments | 0 | ||
Other Activity | 1 | (2) | 2 |
Borrowings ending balance | 599 | 50 | |
Commercial paper with original maturities greater than three months | |||
Borrowings [Roll Forward] | |||
Borrowings beginning balance | 955 | ||
Borrowings | 99 | ||
Payments | (950) | ||
Other Activity | (4) | 3 | $ 2 |
Borrowings ending balance | 100 | 955 | |
U.S. and European medium-term notes | |||
Borrowings [Roll Forward] | |||
Borrowings beginning balance | 17,942 | ||
Borrowings | 0 | ||
Payments | 0 | ||
Other Activity | 5 | ||
Borrowings ending balance | 17,947 | 17,942 | |
Asia International Theme Parks borrowings | |||
Borrowings [Roll Forward] | |||
Borrowings beginning balance | 1,145 | ||
Borrowings | 0 | ||
Payments | 0 | ||
Other Activity | 15 | ||
Borrowings ending balance | 1,160 | 1,145 | |
Foreign currency denominated debt | |||
Borrowings [Roll Forward] | |||
Borrowings beginning balance | 782 | ||
Borrowings | 1 | ||
Payments | 0 | ||
Other Activity | 76 | ||
Borrowings ending balance | $ 859 | $ 782 |
Dispositions and Other Income_4
Dispositions and Other Income/(Expense) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Schedule of Other Income and Expense [Line Items] | |||
Gains on Sales of Real Estate and Property Rights | $ 560 | $ 0 | $ 0 |
Litigation Settlement | 38 | (177) | 0 |
Gain from acquisition of BAMTech | 3 | 255 | $ 0 |
BAMTech, LLC | |||
Schedule of Other Income and Expense [Line Items] | |||
Gain from acquisition of BAMTech | 3 | 255 | |
Litigation net of insurance | |||
Schedule of Other Income and Expense [Line Items] | |||
Litigation Settlement | $ 38 | $ 177 |
Cash, Cash Equivalents, Restr_3
Cash, Cash Equivalents, Restricted Cash and Borrowings Line of Credit Facilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Amount Outstanding | $ 0 | $ 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 12,250 | 12,250 | |
Line of Credit Facility, Maximum Borrowing Capacity | 12,250 | 12,250 | |
Existing Line of Credit 3 | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Amount Outstanding | 0 | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 6,000 | $ 6,000 | |
Line of Credit Facility, Expiration Date | Mar. 31, 2020 | Mar. 31, 2019 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | $ 6,000 | |
Existing Line of Credit 2 | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Amount Outstanding | 0 | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,000 | 4,000 | |
Line of Credit Facility, Expiration Date | Mar. 31, 2023 | Mar. 31, 2023 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000 | 4,000 | |
Existing Line Of Credit 1 | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Amount Outstanding | 0 | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,250 | $ 2,250 | |
Line of Credit Facility, Expiration Date | Mar. 31, 2021 | Mar. 31, 2021 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,250 | $ 2,250 |
Cash, Cash Equivalents, Restr_4
Cash, Cash Equivalents, Restricted Cash and Borrowings Interest Expense, net (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Interest expense | $ (163) | $ (146) | $ (682) | $ (507) | $ (354) |
Interest and investment income | 75 | 17 | |||
Interest expense, net | (63) | (129) | |||
Net periodic pension and postretirement benefit costs other than service costs | 25 | 0 | |||
Interest expense, net | $ (63) | $ (129) | $ (574) | $ (385) | $ (260) |
Cash, Cash Equivalents, Restr_5
Cash, Cash Equivalents, Restricted Cash and Borrowings - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Sep. 29, 2018 | |
Line of Credit Facility [Line Items] | ||
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 & Poor’s. The spread above LIBOR can range from 0.18% to 1.63%. | 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 0.18% to 1.63%. |
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,250 | $ 12,250 |
Letters of Credit Outstanding, Amount | $ 221 | $ 220 |
Minimum | ||
Line of Credit Facility [Line Items] | ||
Spread above LIBOR | 0.18% | |
Maximum | ||
Line of Credit Facility [Line Items] | ||
Spread above LIBOR | 1.63% | |
Disney Cruise Line | ||
Line of Credit Facility [Line Items] | ||
Loan to Cost Ratio | 80.00% | 80.00% |
21CF | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,700 | |
21CF | Pending Completion of Acquisition | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,700 | |
Spread above LIBOR | 0.75% | |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | 500 |
Existing Line of Credit 3 | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 6,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 6,000 | 6,000 |
Credit Facility available beginning April 2021 | Disney Cruise Line | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | $ 1,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.48% | 3.48% |
Credit Facility available beginning May 2022 | Disney Cruise Line | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,100 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.72% | |
Credit Facility available beginning April 2023 | Disney Cruise Line | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,100 | $ 1,100 |
Debt Instrument, Interest Rate, Stated Percentage | 3.74% | 3.74% |
Investments (Detail)
Investments (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Investments [Abstract] | |||
Investments, equity basis | $ 2,768 | $ 3,087 | |
Other Investments | $ 2,970 | 131 | 115 |
Investments | $ 2,970 | $ 2,899 | $ 3,202 |
Investments Combined Financial
Investments Combined Financial Information for Equity Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Results of Operations: | |||
Revenues | $ 9,085 | $ 8,122 | $ 7,416 |
Net Income | (152) | 857 | 1,855 |
Balance Sheet | |||
Current assets | 4,542 | 4,623 | 4,801 |
Non-current assets | 9,998 | 10,047 | 8,906 |
Equity Method Investment, Summarized Financial Information, Assets, Total | 14,540 | 14,670 | 13,707 |
Current liabilities | 3,197 | 2,852 | 2,018 |
Non-current liabilities | 4,840 | 5,056 | 4,531 |
Equity Method Investment, Summarized Financial Information, Noncontrolling Interest | 1,362 | 1,123 | 583 |
Shareholders' equity | 5,141 | 5,639 | 6,575 |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity, Total | $ 14,540 | $ 14,670 | $ 13,707 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 29, 2018 | Aug. 31, 2016 | Oct. 03, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Excess book value of equity method investments representing intangible assets and goodwill | $ 500 | |||||
Revenue from Related Parties | 800 | $ 500 | $ 500 | |||
Securities classified as available-for-sale | 38 | 36 | ||||
Non-publicly traded cost-method investments | $ 93 | $ 79 | ||||
A&E | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Interest | 50.00% | 50.00% | ||||
CTV Specialty Television, Inc. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Interest | 30.00% | |||||
Hulu LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Interest | 30.00% | 30.00% | 30.00% | 33.00% | ||
Seven TV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Interest | 20.00% | |||||
Vice Media | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Interest | 21.00% | |||||
Villages Nature | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Interest | 50.00% |
International Theme Parks Impac
International Theme Parks Impact of Consolidating Balance Sheets of International Theme Parks (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 |
Schedule of Condensed Consolidating Balance Sheets [Line Items] | ||||
Cash and cash equivalents | $ 4,455 | $ 4,150 | $ 4,017 | $ 4,610 |
Other current assets | 778 | 635 | 588 | |
Total current assets | 17,537 | 16,825 | 15,889 | |
Parks, resorts and other property | 29,797 | 29,540 | 28,406 | |
Other assets | 3,424 | 3,365 | 2,390 | |
Total assets | 99,941 | 98,598 | 95,789 | |
Current liabilities | 17,619 | 17,860 | 19,595 | |
Borrowings | 17,176 | 17,084 | 19,119 | |
International Theme Parks | ||||
Schedule of Condensed Consolidating Balance Sheets [Line Items] | ||||
Cash and cash equivalents | 737 | 834 | 843 | |
Other current assets | 364 | 400 | ||
Other current assets | 400 | 376 | ||
Total current assets | 1,101 | 1,234 | 1,219 | |
Parks, resorts and other property | 8,947 | 8,973 | 9,403 | |
Other assets | 103 | 111 | ||
Other assets | 107 | 103 | ||
Total assets | 10,155 | 10,310 | 10,733 | |
Current liabilities | 769 | 921 | 1,163 | |
Borrowings | 1,121 | 1,106 | 1,145 | |
Other long-term liabilities | 348 | 382 | 371 | |
Total Liabilities | $ 2,238 | $ 2,409 | $ 2,679 |
International Theme Parks Imp_2
International Theme Parks Impact of Consolidating Balance Sheets of International Theme Parks - Asia International Theme Parks (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Schedule of Condensed Consolidating Balance Sheets - Asia International Theme Parks [Line Items] | |||
Total assets | $ 99,941 | $ 98,598 | $ 95,789 |
Parks, resorts and other property | 29,797 | 29,540 | 28,406 |
Asia International Theme Parks | |||
Schedule of Condensed Consolidating Balance Sheets - Asia International Theme Parks [Line Items] | |||
Total assets | 8,000 | 8,000 | 8,000 |
Parks, resorts and other property | 7,000 | 7,000 | 7,000 |
Total liabilities | $ 2,000 | $ 2,000 | $ 2,000 |
International Theme Parks Imp_3
International Theme Parks Impact of Consolidating Income Statements of International Theme Parks (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||||||||
Revenues | $ 15,303 | $ 14,307 | $ 15,228 | $ 14,548 | $ 15,351 | $ 12,779 | $ 14,238 | $ 13,336 | $ 14,784 | $ 59,434 | $ 55,137 | $ 55,632 |
Cost and expenses | (11,885) | (11,558) | (44,597) | (41,264) | (41,274) | |||||||
Equity in the income (loss) of investees, net | 76 | $ 43 | (102) | $ 320 | $ 926 | |||||||
International Theme Parks | ||||||||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||||||||
Revenues | 910 | 3,834 | ||||||||||
Cost and expenses | (891) | (3,649) | ||||||||||
Equity in the income (loss) of investees, net | $ (12) | $ (76) |
International Theme Parks - Add
International Theme Parks - Additional Information (Detail) shares in Thousands, ¥ in Millions, $ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 29, 2018USD ($) | Dec. 29, 2018CNY (¥) | Dec. 29, 2018HKD ($) | Dec. 30, 2017USD ($) | Sep. 29, 2018USD ($)Property | Sep. 29, 2018CNY (¥)Property | Sep. 29, 2018HKD ($)Property | Sep. 30, 2017USD ($)shares | Oct. 01, 2016USD ($) | |
Noncontrolling Interest [Line Items] | |||||||||
Total assets | $ 99,941 | $ 98,598 | $ 95,789 | ||||||
Property, Plant and Equipment, Net | 29,797 | 29,540 | 28,406 | ||||||
Net Cash Provided by Operating Activities | 2,099 | $ 2,237 | 14,295 | 12,343 | $ 13,136 | ||||
Net Cash Used in Investing Activities | (1,336) | (1,043) | (5,336) | (4,111) | (5,758) | ||||
Net Cash Provided by Financing Activities | $ (411) | $ (584) | (8,843) | (8,959) | $ (7,220) | ||||
Maximum | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.63% | 1.63% | 1.63% | ||||||
International Theme Parks | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Total assets | $ 10,155 | 10,310 | 10,733 | ||||||
Liabilities | 2,238 | 2,409 | 2,679 | ||||||
Property, Plant and Equipment, Net | 8,947 | 8,973 | 9,403 | ||||||
Net Cash Provided by Operating Activities | 135 | 915 | |||||||
Net Cash Used in Investing Activities | 230 | 689 | |||||||
Net Cash Provided by Financing Activities | 20 | 72 | |||||||
Asia International Theme Parks | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Total assets | 8,000 | 8,000 | 8,000 | ||||||
Liabilities | 2,000 | 2,000 | 2,000 | ||||||
Property, Plant and Equipment, Net | 7,000 | 7,000 | $ 7,000 | ||||||
Royalties And Management Fees | $ 33 | $ 178 | |||||||
Hong Kong Disneyland Resort | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Effective ownership interest | 47.00% | 47.00% | |||||||
Effective ownership interest by noncontrolling owners | 53.00% | 53.00% | |||||||
Theme Areas To Be Built | Property | 2 | 2 | 2 | ||||||
Hong Kong Disneyland Resort | Maximum | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling Interest, Incremental Ownership Percentage by Noncontrolling Interest Upon Achieving Performance Targets | 7.00% | ||||||||
Noncontrolling Interest, Ownership Percentage Parent Dilution Period | 14 years | 14 years | 14 years | ||||||
Hong Kong Disneyland Resort | Loans | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Variable Interest Entity, Financial or Other Support, Amount | $ 144 | $ 143 | |||||||
Debt, maturity date | Sep. 30, 2025 | Sep. 30, 2025 | Sep. 30, 2025 | ||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 143 | $ 143 | $ 1,100 | ||||||
Hong Kong Disneyland Resort | Loans | HIBOR | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | |||
Hong Kong Disneyland Resort | Line of Credit | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Debt, maturity date | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | ||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 269 | $ 2,100 | $ 269 | $ 2,100 | |||||
Hong Kong Disneyland Resort | Line of Credit | HIBOR | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | |||
Hong Kong Disneyland Resort | Equity Securities | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Variable Interest Entity, Financial or Other Support, Amount | $ 144 | ||||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 39 | ||||||||
Variable Interest Entity, Cumulative Financial or Other Support, Amount from Noncontrolling Interests | $ 218 | ||||||||
Hong Kong Disneyland Resort | Scenario, Plan | Maximum | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling Interest, Incremental Ownership Percentage by Noncontrolling Interest Upon Achieving Performance Targets | 4.00% | ||||||||
Hong Kong Disneyland Resort | Scenario, Plan | Loans | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Debt, maturity date | Sep. 3, 2025 | Sep. 3, 2025 | Sep. 3, 2025 | ||||||
Hong Kong Disneyland Resort | Scenario, Plan | Equity Securities | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Variable Interest Entity, Financial or Other Support, Amount | $ 1,400 | $ 10,900 | |||||||
Shanghai Disney Resort | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Effective ownership interest | 43.00% | 43.00% | |||||||
Effective ownership interest by noncontrolling owners | 57.00% | 57.00% | |||||||
Shanghai Disney Resort | Unused lines of Credit | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Variable Interest Entity, Financial or Other Support, Amount | $ 157 | $ 157 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | |||||||
Shanghai Disney Resort | Loans | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Variable Interest Entity, Financial or Other Support, Amount | $ 809 | $ 802 | |||||||
Debt, maturity date | Dec. 31, 2036 | Dec. 31, 2036 | Dec. 31, 2036 | ||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 1,000 | ¥ 7,000 | |||||||
Shanghai Disney Resort | Loans | Maximum | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | |||||||
Shanghai Disney Resort | Shendi Loan | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Debt, maturity date | Dec. 31, 2036 | Dec. 31, 2036 | Dec. 31, 2036 | ||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 1,000 | ¥ 7,000 | |||||||
Shanghai Disney Resort | Shendi Loan | Maximum | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||
Shanghai Disney Resort | Line of Credit | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 199 | ¥ 1,400 | $ 199 | ¥ 1,400 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | |||||||
Shanghai Disney Resort | Development and pre-opening cost loan [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Variable Interest Entity, Financial or Other Support, Amount | $ 160 | $ 191 | |||||||
Shanghai Disney Resort Management Company | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Effective ownership interest | 70.00% | 70.00% | |||||||
Effective ownership interest by noncontrolling owners | 30.00% | 30.00% | |||||||
Disneyland Paris | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | 100.00% | 100.00% | ||||||
Disneyland Paris | Minority Interest in Euro Disney S.C.A. | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Effective ownership interest by noncontrolling owners | 19.00% | ||||||||
Cash paid for noncontrolling interest shares | $ 250 | ||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 1,360 | ||||||||
Value of parent shares issued for noncontrolling interest shares | $ 150 |
Film and Television Costs and_3
Film and Television Costs and Advances (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Theatrical film costs | |||
Released, less amortization | $ 1,911 | $ 1,658 | |
Completed, not released | 397 | 0 | |
In-process | 2,974 | 3,200 | |
In development or pre-production | 173 | 306 | |
Theatrical Film Costs, Total | 5,455 | 5,164 | |
Television costs | |||
Released, less amortization | 1,301 | 1,152 | |
Completed, not released | 462 | 472 | |
In-process | 420 | 364 | |
In development or pre-production | 2 | 53 | |
Television Costs, Total | 2,185 | 2,041 | |
Television programming rights and advances | 1,562 | 1,554 | |
Film and Television Costs and Advances, Total | 9,202 | 8,759 | |
Less current portion | $ 824 | 1,314 | 1,278 |
Non-current portion | $ 8,177 | $ 7,888 | $ 7,481 |
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 | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Shares (in millions): | |||||
Weighted average number of common and common equivalent shares outstanding (basic) | 1,490 | 1,512 | 1,499 | 1,568 | 1,629 |
Weighted average dilutive impact of Awards | 8 | 9 | 8 | 10 | 10 |
Weighted average number of common and common equivalent shares outstanding (diluted) | 1,498 | 1,521 | 1,507 | 1,578 | 1,639 |
Awards excluded from diluted earnings per share | 11 | 16 | 12 | 10 | 6 |
Film and Television Costs and_4
Film and Television Costs and Advances - Additional Information (Detail) $ in Millions | 12 Months Ended |
Sep. 29, 2018USD ($) | |
Disclosure Film And Television Costs [Abstract] | |
Percentage of unamortized film and television costs for released productions expected to be amortized during the next three years | 78.00% |
The period required to reach an amortization level of 84 percent for unamortized film costs that is expected to be amortize within three years from the date of the balance sheet | By the end of fiscal 2022, we will have reached on a cumulative basis over 80% amortization of the September 29, 2018 balance of unamortized film and television costs. |
Accrued participation and residual liabilities to be paid in fiscal year 2019 | $ 1,000 |
Expected amortization of capitalized film and television production costs during fiscal 2019 | 1,700 |
Unamortized Acquired Film And Television Libraries | $ 160 |
Weighted Average Remaining Amortization Period | 13 years |
Borrowings including the impact
Borrowings including the impact of Interest Rate and Cross-Currency Swaps (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 29, 2018 | Dec. 29, 2018 | Sep. 30, 2017 | |
Debt Instrument [Line Items] | |||
Borrowings | $ 20,874 | $ 25,291 | |
Less current portion | 3,790 | $ 3,489 | 6,172 |
Long-term borrowings | 17,084 | $ 17,176 | 19,119 |
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | 7,555 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 121 | 138 | |
Qualifying hedges, market value adjustments for debt | 304 | 73 | |
Before International Theme Park Consolidation | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 19,729 | 24,146 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.79% | ||
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | $ 7,555 | ||
Borrowings, Effective Interest Rate | 3.22% | ||
BAMTech Notes Payable | |||
Debt Instrument [Line Items] | |||
Notes Payable, Related Parties, Current | $ 0 | 1,581 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | $ 0 | ||
Borrowings, Effective Interest Rate | 0.00% | ||
Commercial paper | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 1,005 | 2,772 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | $ 0 | ||
Borrowings, Effective Interest Rate | 2.24% | ||
U.S. and European Medium-term Notes | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 17,942 | 19,721 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.91% | ||
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | $ 6,600 | ||
Borrowings, Effective Interest Rate | 3.27% | ||
U.S. and European Medium-term Notes | Minimum | |||
Debt Instrument [Line Items] | |||
Swap Maturity Year | Dec. 31, 2019 | ||
U.S. and European Medium-term Notes | Maximum | |||
Debt Instrument [Line Items] | |||
Swap Maturity Year | Dec. 31, 2027 | ||
Foreign currency denominated debt | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 955 | 13 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.76% | ||
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | $ 955 | ||
Borrowings, Effective Interest Rate | 2.92% | ||
Swap Maturity Year | Dec. 31, 2025 | ||
Capital Cities/ABC debt | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 103 | 105 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ||
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | $ 0 | ||
Borrowings, Effective Interest Rate | 5.99% | ||
Other | |||
Debt Instrument [Line Items] | |||
Custom Long-term Debt (contra) | $ (276) | (46) | |
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | 0 | ||
Asia International Theme Parks | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 1,145 | $ 1,145 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.33% | ||
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | $ 0 | ||
Borrowings, Effective Interest Rate | 5.17% | ||
Total borrowings | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.71% | ||
Borrowings, Effective Interest Rate | 3.32% | ||
Long Term Debt, Current Portion | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | ||
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | $ 1,600 | ||
Borrowings, Effective Interest Rate | 2.94% | ||
Non Current | |||
Debt Instrument [Line Items] | |||
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | $ 5,955 |
Borrowings Bank facilities to s
Borrowings Bank facilities to support commercial paper borrowings (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Committed Capacity | $ 12,250 | $ 12,250 |
Line of Credit Facility, Capacity Used | 0 | 0 |
Line of Credit Facility, Unused Capacity | 12,250 | 12,250 |
Existing Line of Credit 3 | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Committed Capacity | 6,000 | 6,000 |
Line of Credit Facility, Capacity Used | 0 | 0 |
Line of Credit Facility, Unused Capacity | 6,000 | 6,000 |
Existing Line Of Credit 1 | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Committed Capacity | 2,250 | 2,250 |
Line of Credit Facility, Capacity Used | 0 | 0 |
Line of Credit Facility, Unused Capacity | 2,250 | 2,250 |
Existing Line of Credit 2 | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Committed Capacity | 4,000 | 4,000 |
Line of Credit Facility, Capacity Used | 0 | 0 |
Line of Credit Facility, Unused Capacity | $ 4,000 | $ 4,000 |
Borrowings Commercial Paper Act
Borrowings Commercial Paper Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | |
Commercial Paper Rollforward [Line Items] | |||
Beginning Balance | $ 1,005 | $ 2,772 | $ 1,521 |
Additions | 8,079 | 6,736 | |
Payments | 9,847 | 5,489 | |
Other Activity | 93 | 1 | 4 |
Ending Balance | 1,005 | 2,772 | |
Commercial Paper with original maturities less that three months | |||
Commercial Paper Rollforward [Line Items] | |||
Beginning Balance | 50 | 1,151 | 777 |
Additions | 0 | 372 | |
Payments | 1,099 | 0 | |
Other Activity | 1 | (2) | 2 |
Ending Balance | 50 | 1,151 | |
commercial paper with original maturities greater than three months | |||
Commercial Paper Rollforward [Line Items] | |||
Beginning Balance | 955 | 1,621 | 744 |
Additions | 8,079 | 6,364 | |
Payments | 8,748 | 5,489 | |
Other Activity | $ (4) | 3 | 2 |
Ending Balance | $ 955 | $ 1,621 |
Borrowings Total Borrowings Exc
Borrowings Total Borrowings Excluding Market Value Adjustments, Scheduled Maturities (Detail) $ in Millions | Sep. 29, 2018USD ($) |
Long Term Debt Maturities Repayments Of Principal [Line Items] | |
2019 | $ 3,802 |
2020 | 3,000 |
2021 | 2,106 |
2022 | 1,910 |
2023 | 1,036 |
Thereafter | 9,445 |
Total borrowings | 21,299 |
Before Asia Theme Parks Consolidation | |
Long Term Debt Maturities Repayments Of Principal [Line Items] | |
2019 | 3,763 |
2020 | 3,000 |
2021 | 2,106 |
2022 | 1,900 |
2023 | 1,000 |
Thereafter | 8,385 |
Total borrowings | 20,154 |
Asia Theme Parks and Adjustments | |
Long Term Debt Maturities Repayments Of Principal [Line Items] | |
2019 | 39 |
2020 | 0 |
2021 | 0 |
2022 | 10 |
2023 | 36 |
Thereafter | 1,060 |
Total borrowings | $ 1,145 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) ₨ in Millions, ¥ in Millions, $ in Millions, $ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 29, 2018USD ($) | Dec. 29, 2018CNY (¥) | Dec. 29, 2018HKD ($) | Dec. 30, 2017USD ($) | Jul. 01, 2017 | Sep. 29, 2018USD ($) | Sep. 29, 2018CNY (¥) | Sep. 29, 2018HKD ($) | Sep. 30, 2017USD ($) | Oct. 01, 2016USD ($) | Sep. 29, 2018INR (₨) | Oct. 31, 2017USD ($) | Oct. 31, 2017CAD ($) | Sep. 25, 2017 | Apr. 01, 2017 | |
Debt Instrument [Line Items] | |||||||||||||||
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 & Poor’s. The spread above LIBOR can range from 0.18% to 1.63%. | 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 & Poor’s. The spread above LIBOR can range from 0.18% to 1.63%. | 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 & Poor’s. The spread above LIBOR can range from 0.18% to 1.63%. | 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 0.18% to 1.63%. | 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 0.18% to 1.63%. | 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 0.18% to 1.63%. | |||||||||
Line of Credit Facility, Committed Capacity | $ 12,250 | $ 12,250 | |||||||||||||
Line of Credit Facility, Capacity Used | 0 | 0 | |||||||||||||
Letters of Credit, amount outstanding | 221 | 220 | |||||||||||||
Borrowings | 20,874 | $ 25,291 | |||||||||||||
Interest capitalized | 125 | 87 | $ 139 | ||||||||||||
Interest expense, net of capitalized interest | $ 163 | $ 146 | 682 | 507 | $ 354 | ||||||||||
Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Spread above LIBOR | 0.18% | 0.18% | 0.18% | ||||||||||||
Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Spread above LIBOR | 1.63% | 1.63% | 1.63% | ||||||||||||
Letters Of Credit under Revolving Credit Facility Expiring In 2019 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Committed Capacity | $ 500 | 500 | |||||||||||||
Foreign Currency Denominated Indian Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Committed Capacity | $ 149 | ₨ 10,800 | |||||||||||||
Debt, maturity date | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | ||||||||||||
BAMTech Notes Payable | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes Payable, Related Parties, Current | $ 0 | 1,581 | |||||||||||||
Stated interest rate | 0.00% | 0.00% | |||||||||||||
Borrowings, Effective Interest Rate | 0.00% | 0.00% | |||||||||||||
Commercial paper | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowings | $ 1,005 | 2,772 | |||||||||||||
Stated interest rate | 0.00% | 0.00% | |||||||||||||
Borrowings, Effective Interest Rate | 2.24% | 2.24% | |||||||||||||
Commercial paper | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Spread above LIBOR | 0.18% | 0.18% | 0.18% | ||||||||||||
Commercial paper | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Spread above LIBOR | 1.63% | 1.63% | 1.63% | ||||||||||||
U.S. and European medium-term notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowings | $ 17,400 | ||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | 15,400 | ||||||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Amount | $ 2,000 | ||||||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.67% | 2.67% | |||||||||||||
U.S. and European medium-term notes | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Term | 1 year | 1 year | 1 year | ||||||||||||
Stated interest rate | 0.88% | 0.88% | |||||||||||||
U.S. and European medium-term notes | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Term | 75 years | 75 years | 75 years | ||||||||||||
Stated interest rate | 7.55% | 7.55% | |||||||||||||
European medium-term notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowings | $ 497 | ||||||||||||||
Stated interest rate | 2.13% | 2.13% | |||||||||||||
Remaining borrowing capacity | $ 4,000 | ||||||||||||||
Foreign Currency Denominated Canadian Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowings | $ 955 | $ 1,300 | |||||||||||||
Stated interest rate | 2.76% | 2.76% | |||||||||||||
Debt, maturity date | Oct. 31, 2024 | Oct. 31, 2024 | Oct. 31, 2024 | ||||||||||||
Capital Cities/ABC debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowings | $ 103 | $ 105 | |||||||||||||
Stated interest rate | 8.75% | 8.75% | |||||||||||||
Debt, maturity date | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | ||||||||||||
Borrowings, Effective Interest Rate | 5.99% | 5.99% | |||||||||||||
Hong Kong Disneyland Resort | Loans | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, maturity date | Sep. 30, 2025 | Sep. 30, 2025 | Sep. 30, 2025 | ||||||||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 143 | $ 143 | $ 1,100 | ||||||||||||
Hong Kong Disneyland Resort | Loans | HIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Spread above LIBOR | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | |||||||||
Hong Kong Disneyland Resort | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, maturity date | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | ||||||||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 269 | $ 2,100 | $ 269 | $ 2,100 | |||||||||||
Hong Kong Disneyland Resort | Line of Credit | HIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Spread above LIBOR | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | |||||||||
Shanghai Disney Resort | Loans | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, maturity date | Dec. 31, 2036 | Dec. 31, 2036 | Dec. 31, 2036 | ||||||||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 1,000 | ¥ 7,000 | |||||||||||||
Shanghai Disney Resort | Loans | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 8.00% | 8.00% | 8.00% | ||||||||||||
Shanghai Disney Resort | Shendi Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, maturity date | Dec. 31, 2036 | Dec. 31, 2036 | Dec. 31, 2036 | ||||||||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 1,000 | ¥ 7,000 | |||||||||||||
Shanghai Disney Resort | Shendi Loan | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 8.00% | 8.00% | |||||||||||||
Shanghai Disney Resort | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate | 8.00% | 8.00% | 8.00% | ||||||||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 199 | ¥ 1,400 | $ 199 | ¥ 1,400 | |||||||||||
Existing Line of Credit 2 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Expiration Date | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | |||||||||||
Line of Credit Facility, Committed Capacity | $ 4,000 | 4,000 | |||||||||||||
Line of Credit Facility, Capacity Used | $ 0 | $ 0 | |||||||||||||
Existing Line of Credit 3 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Expiration Date | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2019 | |||||||||
Line of Credit Facility, Committed Capacity | $ 6,000 | $ 6,000 | |||||||||||||
Line of Credit Facility, Capacity Used | $ 0 | $ 0 | |||||||||||||
Existing Line Of Credit 1 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Expiration Date | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | |||||||||
Line of Credit Facility, Committed Capacity | $ 2,250 | $ 2,250 | |||||||||||||
Line of Credit Facility, Capacity Used | $ 0 | $ 0 | |||||||||||||
Disney Cruise Line | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan to Cost Ratio | 80.00% | 80.00% | 80.00% | 80.00% | 80.00% | 80.00% | |||||||||
Disney Cruise Line | Credit Facility available beginning April 2021 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Committed Capacity | $ 1,000 | $ 1,000 | |||||||||||||
Stated interest rate | 3.48% | 3.48% | 3.48% | ||||||||||||
Disney Cruise Line | Credit Facility available beginning May 2022 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Committed Capacity | $ 1,100 | ||||||||||||||
Stated interest rate | 3.72% | 3.72% | |||||||||||||
Disney Cruise Line | Credit Facility available beginning April 2023 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Committed Capacity | $ 1,100 | $ 1,100 | |||||||||||||
Stated interest rate | 3.74% | 3.74% | 3.74% | ||||||||||||
21CF | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Committed Capacity | $ 35,700 | ||||||||||||||
21CF | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Spread above LIBOR | 0.875% | 0.875% | 0.875% | ||||||||||||
BAMTech, LLC | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Interest | 75.00% | 42.00% | 75.00% | 42.00% | 33.00% | ||||||||||
BAMTech, LLC | BAMTech Notes Payable | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes Payable, Related Parties, Current | $ 1,600 |
Income Before Income Taxes (Det
Income Before Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Income Before Income Taxes | |||||
Domestic (including U.S. exports) | $ 12,914 | $ 12,611 | $ 14,018 | ||
Foreign subsidiaries | 1,815 | 1,177 | 850 | ||
Income before income taxes | $ 3,431 | $ 3,745 | $ 14,729 | $ 13,788 | $ 14,868 |
Income Tax Expense _ (Benefit)
Income Tax Expense / (Benefit) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Current | |||||
Federal | $ 2,240 | $ 3,229 | $ 3,146 | ||
State | 362 | 360 | 154 | ||
Foreign | 642 | 489 | 533 | ||
Current Income Tax Expense (Benefit), Total | 3,244 | 4,078 | 3,833 | ||
Deferred | |||||
Federal | (1,577) | 370 | 1,172 | ||
State | (20) | 5 | 100 | ||
Foreign | 16 | (31) | (27) | ||
Deferred Income Tax Expense (Benefit), Total | (1,581) | 344 | 1,245 | ||
Income taxes | $ 645 | $ (728) | $ 1,663 | $ 4,422 | $ 5,078 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 30, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Deferred tax assets | ||||
Noncontrolling interest net operating losses | $ (1,437) | $ (1,705) | ||
Accrued liabilities | (1,214) | (2,422) | ||
Other | (328) | (386) | ||
Total deferred tax assets | (2,979) | (4,513) | ||
Deferred tax liabilities | ||||
Depreciable, amortizable and other property | 3,678 | 5,692 | ||
Investment in Foreign Entities | 351 | 518 | ||
Licensing revenues | 265 | 476 | ||
Investment in U.S. Entities | 189 | 292 | ||
Other | 88 | 130 | ||
Deferred Tax Liabilities, Gross | $ 3,177 | $ 3,075 | 4,571 | 7,108 |
Deferred Tax Liabilities before valuation allowance | 1,592 | 2,595 | ||
Valuation allowance | 1,383 | 1,716 | ||
Total deferred tax liabilities | $ 2,975 | $ 4,311 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate to Federal Rate (Detail) | Jan. 01, 2018 | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 |
Income Tax Disclosure [Abstract] | |||||
Federal income tax rate | 35.00% | 21.00% | 24.50% | 35.00% | 35.00% |
State taxes, net of federal benefit | 1.90% | 1.70% | 1.80% | ||
Domestic production activity deduction | (1.40%) | (2.10%) | (1.60%) | ||
Earnings in jurisdictions taxed at rates different from the statutory U.S. federal rate | (1.10%) | (1.60%) | (1.10%) | ||
Tax Act | (11.50%) | 0.00% | 0.00% | ||
Other, including tax reserves and related interest | (1.10%) | (0.90%) | 0.10% | ||
Effective Income Tax Rate, Continuing Operations, Total | 11.30% | 32.10% | 34.20% |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits, Excluding Related Accrual for Interest (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at the beginning of the year | $ 832 | $ 844 | $ 912 |
Increases for current year tax positions | 64 | 61 | 71 |
Increases for prior year tax positions | 48 | 13 | 142 |
Decreases in prior year tax positions | (135) | (55) | (158) |
Settlements with taxing authorities | (161) | (31) | (123) |
Balance at the end of the year | $ 648 | $ 832 | $ 844 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | Oct. 03, 2015 |
Income Taxes [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 24.50% | 35.00% | 35.00% | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 2,200 | $ 2,100 | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 400 | 400 | |||||
Valuation allowance | 1,437 | $ 1,705 | |||||
Gross unrecognized tax benefits that would reduce income tax expense and effective tax rate, if recognized | 469 | 444 | $ 469 | ||||
Accrued interest and penalties related to unrecognized tax benefits | 181 | 234 | 221 | ||||
Additional accrued interest related to unrecognized tax benefits | 47 | 43 | 22 | ||||
Reductions in accrued interest as a result of audit settlements and other prior-year adjustments | 100 | 30 | 32 | ||||
Unrecognized tax benefits, reasonably possible reduction due to payments for or resolution of open tax matters | 21 | ||||||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 100 | ||||||
Adjustments to Income Tax Expense, Income Tax Benefit from Share-based Compensation | 52 | 125 | |||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 207 | ||||||
Unrecognized Tax Benefits | $ 700 | 648 | 832 | $ 844 | $ 912 | ||
International Theme Parks | |||||||
Income Taxes [Line Items] | |||||||
Valuation allowance | 1,100 | 1,300 | |||||
Loss from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | $ 200 | $ 200 | |||||
Tax Credit Carryforward, Description | indefinite carryforward period in France and Hong Kong and a five-year carryforward period in China | ||||||
Scenario, Plan | |||||||
Income Taxes [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 24.50% | 21.00% | |||||
Cash and Cash Equivalents | |||||||
Income Taxes [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 15.50% | 15.50% | |||||
Residual Earnings | |||||||
Income Taxes [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 8.00% | 8.00% | |||||
Minimum | Scenario, Plan | |||||||
Income Taxes [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 13.00% | 13.00% | |||||
Maximum | Scenario, Plan | |||||||
Income Taxes [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 16.00% | 16.00% | |||||
Accounting Standards Update 2016-16 [Member] | |||||||
Income Taxes [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 100 | ||||||
CHINA | International Theme Parks | |||||||
Income Taxes [Line Items] | |||||||
Tax Credit Carryforward, Period | 5 years |
Derivative Instruments Carrying
Derivative Instruments Carrying Amount and Cumulative Basis Adjustment for Fair Value Hedges (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Liability, Fair Value Hedge | $ 8,089 | $ 8,010 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (186) | (304) |
Current Portion of Borrowings | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Liability, Fair Value Hedge | 1,590 | 1,585 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (9) | (14) |
Borrowings | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Liability, Fair Value Hedge | 6,499 | 6,425 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ (177) | $ (290) |
Derivative Instruments Carryi_2
Derivative Instruments Carrying Amount and Cumulative Basis Adjustment for Fair Value Hedges - Terminated Interest Rate Swaps (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 |
Interest rate | Derivatives designated as hedges | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ 40 | $ 41 |
Derivative Instruments Effect o
Derivative Instruments Effect of Foreign Currency Cash Flow Hedges on AOCI (Details) $ in Millions | 3 Months Ended |
Dec. 29, 2018USD ($) | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 50 |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 37 |
Pension and Other Benefit Pro_3
Pension and Other Benefit Programs - Benefit Obligations, Assets, Funded Status and Balance Sheet Impacts Associated with Pension and Postretirement Medical Benefit Plans based upon Actuarial Valuations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Fair value of plans' assets | |||||
Beginning fair value | $ 13,459 | $ 13,021 | $ 13,021 | ||
Contributions | 380 | ||||
Ending fair value | 13,459 | $ 13,021 | |||
Amounts recognized in the balance sheet | |||||
Non-current liabilities | (2,712) | (3,281) | |||
Net balance sheet liability | (2,650) | ||||
Pension Plans | |||||
Projected benefit obligations | |||||
Beginning obligations | (14,500) | (14,532) | (14,532) | (14,480) | |
Service costs | (83) | (88) | (350) | (368) | $ (318) |
Interest cost | (145) | (123) | (489) | (447) | (458) |
Actuarial gain | 416 | 343 | |||
Plan amendments and other | (12) | (22) | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 467 | 442 | |||
Ending obligations | (14,500) | (14,532) | (14,480) | ||
Fair value of plans' assets | |||||
Beginning fair value | 12,728 | 12,325 | 12,325 | 10,401 | |
Actual return on plan assets | 579 | 1,056 | |||
Contributions | 335 | 1,348 | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | 467 | 442 | |||
Expenses and other | (44) | (38) | |||
Ending fair value | 12,728 | 12,325 | 10,401 | ||
Underfunded status of the plans | (1,772) | (2,207) | |||
Amounts recognized in the balance sheet | |||||
Non-current assets | 113 | 70 | |||
Current liabilities | (51) | (46) | |||
Non-current liabilities | (1,834) | (2,231) | |||
Net balance sheet liability | (1,772) | (2,207) | |||
Postretirement Medical Plans | |||||
Projected benefit obligations | |||||
Beginning obligations | (1,609) | (1,746) | (1,746) | (1,759) | |
Service costs | (2) | (3) | (10) | (11) | (11) |
Interest cost | (16) | (15) | (60) | (56) | (61) |
Actuarial gain | 166 | 42 | |||
Plan amendments and other | (10) | (9) | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 51 | 47 | |||
Ending obligations | (1,609) | (1,746) | (1,759) | ||
Fair value of plans' assets | |||||
Beginning fair value | $ 731 | $ 696 | 696 | 614 | |
Actual return on plan assets | 34 | 61 | |||
Contributions | 45 | 61 | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | 51 | 47 | |||
Expenses and other | (7) | (7) | |||
Ending fair value | 731 | 696 | $ 614 | ||
Underfunded status of the plans | (878) | (1,050) | |||
Amounts recognized in the balance sheet | |||||
Non-current assets | 0 | 0 | |||
Current liabilities | 0 | 0 | |||
Non-current liabilities | (878) | (1,050) | |||
Net balance sheet liability | $ (878) | $ (1,050) |
Pension and Other Benefit Pro_4
Pension and Other Benefit Programs - Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ (25) | $ 0 | |||
Pension Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 83 | 88 | $ 350 | $ 368 | $ 318 |
Interest cost | 145 | 123 | 489 | 447 | 458 |
Expected return on plan assets | (239) | (225) | (901) | (874) | (747) |
Amortization of prior year service costs | 3 | 3 | 13 | 12 | 14 |
Recognized net actuarial loss | 64 | 87 | 348 | 405 | 242 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (27) | (12) | |||
Net periodic benefit cost | 56 | 76 | 299 | 358 | 285 |
Postretirement Medical Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 2 | 3 | 10 | 11 | 11 |
Interest cost | 16 | 15 | 60 | 56 | 61 |
Expected return on plan assets | (14) | (13) | (53) | (49) | (45) |
Amortization of prior year service costs | 0 | 0 | 0 | 0 | (1) |
Recognized net actuarial loss | 0 | 3 | 14 | 17 | 8 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 2 | 5 | |||
Net periodic benefit cost | $ 4 | $ 8 | $ 31 | $ 35 | $ 34 |
Pension and Other Benefit Pro_5
Pension and Other Benefit Programs - Key Assumptions (Detail) | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Pension Plans | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate used to determine the benefit obligation | 4.31% | 3.88% | 3.73% |
Discount rate used to determine the interest cost component of net periodic benefit cost | 3.46% | 3.18% | 3.81% |
Rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Weighted average rate of compensation increase to determine the benefit obligation | 3.20% | 2.90% | 3.00% |
Postretirement Medical Plans | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate used to determine the benefit obligation | 4.31% | 3.88% | 3.73% |
Discount rate used to determine the interest cost component of net periodic benefit cost | 3.49% | 3.18% | 3.81% |
Rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Year 1 increase in cost of benefits | 7.00% | 7.00% | 7.00% |
Rate of increase to which the cost of benefits is assumed to decline (the ultimate trend rate) | 4.25% | 4.25% | 4.25% |
Pension and Other Benefit Pro_6
Pension and Other Benefit Programs - Accumulated Other Comprehensive Loss, Before Tax, not yet Recognized in Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | Sep. 29, 2018 | Sep. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | $ (52) | |
Net actuarial loss | (4,220) | |
Total amounts included in AOCI | (4,272) | |
Prepaid / (accrued) pension cost | 1,622 | |
Net balance sheet liability | (2,650) | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | (52) | |
Net actuarial loss | (4,184) | |
Total amounts included in AOCI | (4,236) | |
Prepaid / (accrued) pension cost | 2,464 | |
Net balance sheet liability | (1,772) | $ (2,207) |
Postretirement Medical Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | 0 | |
Net actuarial loss | (36) | |
Total amounts included in AOCI | (36) | |
Prepaid / (accrued) pension cost | (842) | |
Net balance sheet liability | $ (878) | $ (1,050) |
Pension and Other Benefit Pro_7
Pension and Other Benefit Programs - Amounts included in Accumulated Other Comprehensive Loss, Before Tax, Expected to Be Recognized as Components of Net Periodic Benefit Cost (Detail) $ in Millions | Sep. 29, 2018USD ($) |
Summary of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income [Line Items] | |
Prior service cost | $ (12) |
Net actuarial loss | (260) |
Total | (272) |
Pension Plans | |
Summary of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income [Line Items] | |
Prior service cost | (12) |
Net actuarial loss | (260) |
Total | (272) |
Postretirement Medical Plans | |
Summary of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income [Line Items] | |
Prior service cost | 0 |
Net actuarial loss | 0 |
Total | $ 0 |
Pension and Other Benefit Pro_8
Pension and Other Benefit Programs - Plan Assets Investment Policy Ranges for Major Asset Classes (Detail) | Sep. 29, 2018 |
Minimum | Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% |
Minimum | Fixed Income Investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% |
Minimum | Alternative Investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% |
Minimum | Cash & Money Market Funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% |
Maximum | Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% |
Maximum | Fixed Income Investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% |
Maximum | Alternative Investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% |
Maximum | Cash & Money Market Funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% |
Pension and Other Benefit Pro_9
Pension and Other Benefit Programs - Defined Benefit Plan Assets Measured at Fair Value (Detail) - USD ($) $ in Millions | Sep. 29, 2018 | Sep. 30, 2017 |
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | $ 7,048 | $ 6,943 |
Fair value asset measurements | $ 13,459 | $ 13,021 |
Percentage of plan assets mix | 100.00% | 100.00% |
Cash | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | $ 57 | $ 88 |
Percentage of plan assets mix | 0.00% | 1.00% |
Equity Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | $ 3,023 | $ 2,974 |
Percentage of plan assets mix | 22.00% | 23.00% |
Mutual Funds | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | $ 800 | $ 771 |
Percentage of plan assets mix | 6.00% | 6.00% |
US Government Debt Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | $ 2,507 | $ 2,418 |
Percentage of plan assets mix | 19.00% | 19.00% |
Corporate Bond Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | $ 573 | $ 579 |
Percentage of plan assets mix | 4.00% | 4.00% |
Other Mortgage and Asset Backed Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | $ 86 | $ 99 |
Percentage of plan assets mix | 1.00% | 1.00% |
Derivatives and Other, Net | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | $ 2 | $ 14 |
Percentage of plan assets mix | 0.00% | 0.00% |
Common Collective Funds | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Fair value asset measurements | $ 2,778 | $ 2,727 |
Percentage of plan assets mix | 21.00% | 21.00% |
Alternative Investments Funds | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Fair value asset measurements | $ 2,363 | $ 2,201 |
Percentage of plan assets mix | 18.00% | 17.00% |
Money Market Funds and Other | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Fair value asset measurements | $ 1,270 | $ 1,150 |
Percentage of plan assets mix | 9.00% | 9.00% |
Level 1 | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | $ 5,902 | $ 5,703 |
Level 1 | Cash | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 57 | 88 |
Level 1 | Equity Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 3,023 | 2,974 |
Level 1 | Mutual Funds | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 800 | 771 |
Level 1 | US Government Debt Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 2,019 | 1,870 |
Level 1 | Corporate Bond Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 0 | 0 |
Level 1 | Other Mortgage and Asset Backed Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 0 | 0 |
Level 1 | Derivatives and Other, Net | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 3 | 0 |
Level 2 | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 1,146 | 1,240 |
Level 2 | Cash | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 0 | 0 |
Level 2 | Equity Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 0 | 0 |
Level 2 | Mutual Funds | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 0 | |
Level 2 | US Government Debt Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 488 | 548 |
Level 2 | Corporate Bond Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 573 | 579 |
Level 2 | Other Mortgage and Asset Backed Securities | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | 86 | 99 |
Level 2 | Derivatives and Other, Net | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Investments in the Fair Value Hierarchy | $ (1) | $ 14 |
Pension and Other Benefit Pr_10
Pension and Other Benefit Programs - Defined Benefit Plan Assets Measured at Fair Value (Parenthetical) (Detail) - USD ($) shares in Millions, $ in Millions | Sep. 29, 2018 | Sep. 30, 2017 |
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Asset allocation ranges | 100.00% | 100.00% |
United States Mid Large Cap | Shares Held In The Walt Disney Company | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Large cap domestic equities, shares of company common stock | 2.8 | 2.9 |
Large cap domestic equities, value of company common stock | $ 332 | $ 282 |
Asset allocation ranges | 2.00% | 2.00% |
Pension and Other Benefit Pr_11
Pension and Other Benefit Programs - Estimated Future Benefit Payments (Detail) $ in Millions | Sep. 29, 2018USD ($) |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | $ 534 |
2020 | 544 |
2021 | 579 |
2022 | 618 |
2023 | 656 |
2024 - 2028 | 3,827 |
Postretirement Medical Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 51 |
2020 | 54 |
2021 | 58 |
2022 | 63 |
2023 | 68 |
2024 - 2028 | $ 404 |
Pension and Other Benefit Pr_12
Pension and Other Benefit Programs - Estimated Future Benefit Payments (Parenthetical) (Detail) $ in Millions | Sep. 29, 2018USD ($) |
Postretirement Medical Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected Medicare subsidy receipts | $ 80 |
Pension and Other Benefit Pr_13
Pension and Other Benefit Programs - Long-Term Rate of Return on Plan Assets (Detail) | 12 Months Ended |
Sep. 29, 2018 | |
Minimum | Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Long term rate of return on assets | 7.00% |
Minimum | Debt Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Long term rate of return on assets | 3.00% |
Minimum | Alternative Investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Long term rate of return on assets | 7.00% |
Maximum | Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Long term rate of return on assets | 11.00% |
Maximum | Debt Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Long term rate of return on assets | 5.00% |
Maximum | Alternative Investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Long term rate of return on assets | 12.00% |
Pension and Other Benefit Pr_14
Pension and Other Benefit Programs - One Percentage Point (ppt) Change on Projected Benefit Obligations (Detail) $ in Millions | 12 Months Ended |
Sep. 29, 2018USD ($) | |
Retirement Benefits [Abstract] | |
Impact of 1 ppt Discount Rate decrease on Benefit Expense | $ 241 |
Impact of 1 ppt Discount Rate increase on Benefit Expense | (229) |
Impact of 1 ppt Discount Rate decrease on Projected Benefit Obligations | 2,680 |
Impact of 1 ppt Discount Rate increase on Projected Benefit Obligations | (2,275) |
Impact of 1 ppt Expected Long-Term Rate of Return on Assets Decrease on Benefit Expense | 135 |
Impact of 1 ppt Expected Long-Term Rate of Return on Assets Increase on Benefit Expense | (135) |
Impact of 1 ppt Healthcare Cost Trend Rate decrease on Net Periodic Postretirement Medical Cost | (23) |
Impact of 1 ppt Healthcare Cost Trend Rate increase on Net Periodic Postretirement Medical Cost | 30 |
Impact of 1 ppt Healthcare Cost Trend Rate decrease on Projected Benefit Obligations | (213) |
Impact of 1 ppt Healthcare Cost Trend Rate increase on Projected Benefit Obligations | $ 283 |
Pension and Other Benefit Pr_15
Pension and Other Benefit Programs - Contribution into Multiemployer Pension Plans and Health and Welfare Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Multiemployer Plans [Line Items] | |||
Contribution | $ 316 | $ 287 | $ 293 |
Multi-employer Pension Plans | |||
Multiemployer Plans [Line Items] | |||
Contribution | 144 | 127 | 126 |
Multiemployer Health and Welfare Plans | |||
Multiemployer Plans [Line Items] | |||
Contribution | $ 172 | $ 160 | $ 167 |
Pension and Other Benefit Pr_16
Pension and Other Benefit Programs - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 29, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
New vesting service year requirement effective January 1, 2012 | 3 years | |||
Pension plans with accumulated benefit obligations in excess of plan assets, projected benefit obligation | $ 1,100 | $ 8,500 | ||
Pension plans with accumulated benefit obligations in excess of plan assets, accumulated benefit obligation | 1,000 | 7,700 | ||
Pension plans with accumulated benefit obligations in excess of plan assets, aggregate fair value of plan assets | 3 | 6,400 | ||
Total accumulated pension benefit obligations | $ 13,300 | $ 13,400 | ||
Total accumulated pension benefit obligations, vested percentage | 99.00% | 99.00% | ||
Additional Capital Contributions Commitment | $ 1,000 | |||
Pension and postretirement medical plans, employer contributions | $ 380 | |||
Defined contribution plan, contribution rate | 50.00% | |||
Savings and investment plans, employees contribution rate | 50.00% | |||
Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 250 | |||
Defined contribution plan, contribution rate | 3.00% | |||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 600 | |||
Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 300 | |||
Defined contribution plan, contribution rate | 9.00% | |||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 700 | |||
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 12,000 | $ 12,800 | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 10,100 | 10,500 | ||
Pension and postretirement medical plans, employer contributions | 335 | 1,348 | ||
Postretirement Medical Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 1,600 | 1,700 | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 700 | 700 | ||
Pension and postretirement medical plans, employer contributions | $ 45 | $ 61 | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 7.00% | 7.00% | 7.00% | |
Rate of increase to which the cost of benefits is assumed to decline (the ultimate trend rate) | 4.25% | 4.25% | 4.25% | |
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plans, employer contributions | $ 162 | $ 143 | $ 131 | |
Non-US | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plans, employer contributions | 21 | $ 20 | $ 19 | |
Scenario, Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Decrease in Defined Benefit and Postretirement Medical Cost | 87 | |||
Defined Benefit and Post Retirement Medical Cost | $ 243 |
Equity Dividends Paid (Details)
Equity Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Billions | 3 Months Ended | ||||||
Dec. 29, 2018 | Sep. 29, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Apr. 01, 2017 | Oct. 01, 2016 | Apr. 02, 2016 | |
Dividends, Common Stock [Abstract] | |||||||
Dividends paid, per share | $ 0.88 | $ 0.84 | $ 0.84 | $ 0.78 | $ 0.78 | $ 0.71 | $ 0.71 |
Dividends paid | $ 1.3 | $ 1.2 | $ 1.3 | $ 1.2 | $ 1.2 | $ 1.1 | $ 1.2 |
Equity Common Stock Repurchases
Equity Common Stock Repurchases (Details) - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Common Stock Repurchases [Abstract] | |||
Common stock repurchases (in shares) | 35 | 89 | 74 |
Common stock repurchases | $ 3.6 | $ 9.4 | $ 7.5 |
Equity Changes in Accumulated O
Equity Changes in Accumulated Other Comprehensive Loss, Before Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
AOCI before Tax, Attributable to Parent, Beginning Balance | $ (4,849) | $ (5,522) | $ (5,522) | $ (6,374) | $ (3,889) |
Unrealized gains (losses) arising during the period | 11 | 80 | 258 | 641 | (2,486) |
Reclassifications of realized net (gains) losses to net income | 30 | 116 | 415 | 211 | 1 |
AOCI before Tax, Attributable to Parent, Ending Balance | (4,831) | (5,326) | (4,849) | (5,522) | (6,374) |
Investments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
AOCI before Tax, Attributable to Parent, Beginning Balance | 24 | 15 | 15 | 44 | 21 |
Unrealized gains (losses) arising during the period | 0 | (1) | 9 | (2) | 23 |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | 0 | (27) | 0 |
AOCI before Tax, Attributable to Parent, Ending Balance | 0 | 14 | 24 | 15 | 44 |
Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
AOCI before Tax, Attributable to Parent, Beginning Balance | 177 | (108) | (108) | (38) | 523 |
Unrealized gains (losses) arising during the period | 27 | 19 | 250 | 124 | (297) |
Reclassifications of realized net (gains) losses to net income | (39) | 20 | 35 | (194) | (264) |
AOCI before Tax, Attributable to Parent, Ending Balance | 166 | (69) | 177 | (108) | (38) |
Unrecognized Pension and Postretirement Medical Expense | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
AOCI before Tax, Attributable to Parent, Beginning Balance | (4,323) | (4,906) | (4,906) | (5,859) | (4,002) |
Unrealized gains (losses) arising during the period | 0 | 0 | 203 | 521 | (2,122) |
Reclassifications of realized net (gains) losses to net income | 69 | 96 | 380 | 432 | 265 |
AOCI before Tax, Attributable to Parent, Ending Balance | (4,254) | (4,810) | (4,323) | (4,906) | (5,859) |
Foreign Currency Translation and Other | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
AOCI before Tax, Attributable to Parent, Beginning Balance | (727) | (523) | (523) | (521) | (431) |
Unrealized gains (losses) arising during the period | (16) | 62 | (204) | (2) | (90) |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | 0 | 0 | 0 |
AOCI before Tax, Attributable to Parent, Ending Balance | $ (743) | $ (461) | $ (727) | $ (523) | $ (521) |
Equity Changes in Accumulated_2
Equity Changes in Accumulated Other Comprehensive Loss, Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
AOCI Tax, Attributable to Parent, Beginning Balance | $ 1,752 | $ 1,994 | $ 1,994 | $ 2,395 | $ 1,468 |
Unrealized gains (losses) arising during the period | (13) | (29) | (128) | (323) | 927 |
Reclassifications of realized net (gains) losses to net income | (7) | (43) | (114) | (78) | 0 |
AOCI Tax, Attributable to Parent, Ending Balance | 1,049 | 1,922 | 1,752 | 1,994 | 2,395 |
Investments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
AOCI Tax, Attributable to Parent, Beginning Balance | (9) | (7) | (7) | (18) | (8) |
Unrealized gains (losses) arising during the period | 0 | 0 | (2) | 1 | (10) |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | 0 | 10 | 0 |
AOCI Tax, Attributable to Parent, Ending Balance | 0 | (7) | (9) | (7) | (18) |
Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
AOCI Tax, Attributable to Parent, Beginning Balance | (32) | 46 | 46 | 13 | (189) |
Unrealized gains (losses) arising during the period | (6) | (13) | (66) | (39) | 104 |
Reclassifications of realized net (gains) losses to net income | 9 | (8) | (12) | 72 | 98 |
AOCI Tax, Attributable to Parent, Ending Balance | (38) | 25 | (32) | 46 | 13 |
Unrecognized Pension and Postretirement Medical Expense | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
AOCI Tax, Attributable to Parent, Beginning Balance | 1,690 | 1,839 | 1,839 | 2,208 | 1,505 |
Unrealized gains (losses) arising during the period | 0 | 0 | (47) | (209) | 801 |
Reclassifications of realized net (gains) losses to net income | (16) | (35) | (102) | (160) | (98) |
AOCI Tax, Attributable to Parent, Ending Balance | 1,007 | 1,804 | 1,690 | 1,839 | 2,208 |
Foreign Currency Translation and Other | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
AOCI Tax, Attributable to Parent, Beginning Balance | 103 | 116 | 116 | 192 | 160 |
Unrealized gains (losses) arising during the period | (7) | (16) | (13) | (76) | 32 |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | 0 | 0 | 0 |
AOCI Tax, Attributable to Parent, Ending Balance | $ 80 | $ 100 | $ 103 | $ 116 | $ 192 |
Equity Changes in Accumulated_3
Equity Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
AOCI, Beginning Balance | $ (3,097) | $ (3,097) | $ (3,528) | $ (3,528) | $ (3,979) | $ (2,421) |
Unrealized gains (losses) arising during the period | (2) | 51 | 130 | 318 | (1,559) | |
Reclassifications of realized net (gains) losses to net income | 23 | 73 | 301 | 133 | 1 | |
AOCI reclassifications to retained earnings, net of tax | (706) | |||||
AOCI, Ending Balance | (3,782) | (3,404) | (3,097) | (3,528) | (3,979) | |
AOCI reclassifications to retained earnings, tax | (683) | |||||
AOCI reclassifications to retained earnings, before tax | (23) | |||||
Investments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
AOCI, Beginning Balance | 15 | 15 | 8 | 8 | 26 | 13 |
Unrealized gains (losses) arising during the period | 0 | (1) | 7 | (1) | 13 | |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | 0 | (17) | 0 | |
AOCI reclassifications to retained earnings, net of tax | (15) | |||||
AOCI, Ending Balance | 0 | 7 | 15 | 8 | 26 | |
AOCI reclassifications to retained earnings, tax | 9 | |||||
AOCI reclassifications to retained earnings, before tax | (24) | |||||
Cash Flow Hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
AOCI, Beginning Balance | 145 | 145 | (62) | (62) | (25) | 334 |
Unrealized gains (losses) arising during the period | 21 | 6 | 184 | 85 | (193) | |
Reclassifications of realized net (gains) losses to net income | (30) | 12 | 23 | (122) | (166) | |
AOCI reclassifications to retained earnings, net of tax | (8) | |||||
AOCI, Ending Balance | 128 | (44) | 145 | (62) | (25) | |
AOCI reclassifications to retained earnings, tax | (9) | |||||
AOCI reclassifications to retained earnings, before tax | 1 | |||||
Unrecognized Pension and Postretirement Medical Expense | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
AOCI, Beginning Balance | (2,633) | (2,633) | (3,067) | (3,067) | (3,651) | (2,497) |
Unrealized gains (losses) arising during the period | 0 | 0 | 156 | 312 | (1,321) | |
Reclassifications of realized net (gains) losses to net income | 53 | 61 | 278 | 272 | 167 | |
AOCI reclassifications to retained earnings, net of tax | (667) | |||||
AOCI, Ending Balance | (3,247) | (3,006) | (2,633) | (3,067) | (3,651) | |
AOCI reclassifications to retained earnings, tax | (667) | |||||
AOCI reclassifications to retained earnings, before tax | 0 | |||||
Foreign Currency Translation and Other | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
AOCI, Beginning Balance | (624) | (624) | (407) | (407) | (329) | (271) |
Unrealized gains (losses) arising during the period | (23) | 46 | (217) | (78) | (58) | |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | 0 | 0 | 0 | |
AOCI reclassifications to retained earnings, net of tax | (16) | |||||
AOCI, Ending Balance | (663) | $ (361) | $ (624) | $ (407) | $ (329) | |
AOCI reclassifications to retained earnings, tax | (16) | |||||
AOCI reclassifications to retained earnings, before tax | $ 0 | |||||
Accounting Standards Update 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
AOCI reclassifications to retained earnings, net of tax | 15 | |||||
AOCI reclassifications to retained earnings, before tax | 24 | |||||
Accounting Standards Update 2018-02 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
AOCI reclassifications to retained earnings, tax | $ 691 |
Equity Details about AOCI Compo
Equity Details about AOCI Components Reclassified to Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest expense, net | $ (63) | $ (129) | $ (574) | $ (385) | $ (260) | |||||||
Interest expense, net | (63) | (129) | ||||||||||
Income taxes | (645) | 728 | (1,663) | (4,422) | (5,078) | |||||||
Net income attributable to The Walt Disney Company (Disney) | 2,788 | $ 2,322 | $ 2,916 | $ 2,937 | 4,423 | $ 1,747 | $ 2,366 | $ 2,388 | $ 2,479 | 12,598 | 8,980 | 9,391 |
Revenues | 15,303 | $ 14,307 | $ 15,228 | $ 14,548 | 15,351 | $ 12,779 | $ 14,238 | $ 13,336 | $ 14,784 | 59,434 | 55,137 | 55,632 |
Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Net income attributable to The Walt Disney Company (Disney) | (23) | (73) | (301) | (133) | (1) | |||||||
Reclassification out of Accumulated Other Comprehensive Income | Gain/(loss) in net income from Investments, net | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest expense, net | 0 | 27 | 0 | |||||||||
Income taxes | 0 | (10) | 0 | |||||||||
Net income attributable to The Walt Disney Company (Disney) | 0 | 17 | 0 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Gain/(loss) in net income from Cash flow hedges | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income taxes | (9) | 8 | 12 | (72) | (98) | |||||||
Net income attributable to The Walt Disney Company (Disney) | 30 | (12) | (23) | 122 | 166 | |||||||
Revenues | 39 | (20) | (35) | 194 | 264 | |||||||
Reclassification out of Accumulated Other Comprehensive Income | Gain/(loss) in net income from Pension and postretirement medical expense | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Primarily included in the computation of net periodic benefit cost | 0 | (96) | (380) | (432) | (265) | |||||||
Interest expense, net | 69 | 0 | ||||||||||
Income taxes | 16 | 35 | 102 | 160 | 98 | |||||||
Net income attributable to The Walt Disney Company (Disney) | $ (53) | $ (61) | $ (278) | $ (272) | $ (167) |
Equity - Additional Information
Equity - Additional Information (Detail) - $ / shares shares in Thousands | Dec. 29, 2018 | Sep. 29, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jan. 30, 2015 |
Class of Stock [Line Items] | |||||
Total shares authorized for repurchase | 400,000 | ||||
Remaining shares authorized for repurchase | 158,000 | 158,000 | |||
Treasury stock, shares | 1,400,000 | 1,400,000 | 1,400,000 | ||
Common stock, authorized | 4,600,000 | 4,600,000 | 4,600,000 | ||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Shares Authorized | 100,000 | 100,000 | 100,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred Stock, Shares Issued | 0 | 0 | 0 | ||
Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Shares Authorized | 40 | 40 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
Preferred Stock, Shares Issued | 0 | 0 |
Equity-Based Compensation - Wei
Equity-Based Compensation - Weighted Average Assumptions used in Option-Valuation Model (Detail) - OptionPlan | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 2.40% | 2.60% | 2.30% |
Expected volatility | 23.00% | 22.00% | 26.00% |
Dividend yield | 1.57% | 1.58% | 1.32% |
Termination rate | 4.80% | 4.00% | 4.00% |
Exercise multiple | 1.75 | 1.62 | 1.62 |
Equity-Based Compensation - Imp
Equity-Based Compensation - Impact of Stock Options/Rights and Restricted Stock Units on Income and Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Stock option/rights compensation expense | $ 19 | $ 23 | $ 87 | $ 90 | $ 93 |
RSU compensation expense | 73 | 71 | 306 | 274 | 293 |
Total equity-based compensation expense | 92 | 94 | 393 | 364 | 386 |
Tax impact | (99) | (123) | (131) | ||
Reduction in net income | 294 | 241 | 255 | ||
Equity-based compensation expense capitalized during the period | $ 16 | $ 19 | $ 70 | $ 78 | 78 |
Tax benefit reported in cash flow from financing activities | $ 208 |
Equity-Based Compensation - Inf
Equity-Based Compensation - Information about Stock Option Transactions (Detail) shares in Millions | 12 Months Ended |
Sep. 29, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding at beginning of year | shares | 24 |
Awards forfeited | shares | (1) |
Awards granted | shares | 4 |
Awards exercised | shares | (3) |
Outstanding at end of year | shares | 24 |
Exercisable at end of year | shares | 14 |
Weighted Average Exercise Price | |
Outstanding at beginning of year | $ / shares | $ 76.68 |
Awards forfeited | $ / shares | 107.69 |
Awards granted | $ / shares | 111.48 |
Awards exercised | $ / shares | 58.09 |
Outstanding at end of year | $ / shares | 84.14 |
Exercisable at end of year | $ / shares | $ 69.06 |
Equity-Based Compensation - I_2
Equity-Based Compensation - Information about Stock Options Vested and Expected to Vest (Detail) shares in Millions | 12 Months Ended |
Sep. 29, 2018$ / sharesshares | |
Vested | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 14 |
Vested | $ 0 — $ 45 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 38.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 9 months 18 days |
Range of Exercise Prices, Lower Range | $ 0 |
Range of Exercise Prices, Upper Range | $ 45 |
Vested | $ 46 — $ 60 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 50.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 2 months 12 days |
Range of Exercise Prices, Lower Range | $ 46 |
Range of Exercise Prices, Upper Range | $ 60 |
Vested | $ 61 — $ 90 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 72.94 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 2 months 12 days |
Range of Exercise Prices, Lower Range | $ 61 |
Range of Exercise Prices, Upper Range | $ 90 |
Vested | $ 91 — $ 115 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 5 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 101.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years |
Range of Exercise Prices, Lower Range | $ 91 |
Range of Exercise Prices, Upper Range | $ 115 |
Expected to Vest | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 9 |
Expected to Vest | $ 90 — $ 105 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 1 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 93.09 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 6 months |
Range of Exercise Prices, Lower Range | $ 90 |
Range of Exercise Prices, Upper Range | $ 105 |
Expected to Vest | $ 106 — $ 110 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 105.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years 3 months 18 days |
Range of Exercise Prices, Lower Range | $ 106 |
Range of Exercise Prices, Upper Range | $ 110 |
Expected to Vest | $ 111 — $ 115 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 5 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 112.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years 7 months 6 days |
Range of Exercise Prices, Lower Range | $ 111 |
Range of Exercise Prices, Upper Range | $ 115 |
Equity-Based Compensation - I_3
Equity-Based Compensation - Information about Restricted Stock Unit Transactions (Detail) shares in Millions | 12 Months Ended |
Sep. 29, 2018$ / sharesshares | |
Units | |
Unvested at beginning of year | shares | 9 |
Granted | shares | 5 |
Vested | shares | (4) |
Forfeited | shares | (1) |
Unvested at end of year | shares | 9 |
Weighted Average Grant-Date Fair Value | |
Unvested at beginning of year | $ / shares | $ 101.17 |
Granted | $ / shares | 109.05 |
Vested | $ / shares | 113.21 |
Forfeited | $ / shares | 107.23 |
Unvested at end of year | $ / shares | $ 108.74 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 10 years | ||||
Restricted stock units granted, number of shares | 5 | ||||
Restricted stock units granted, unvested number of shares | 9 | 9 | |||
Weighted average grant-date fair values of options granted | $ 28.72 | $ 28.01 | $ 28.01 | $ 25.65 | $ 30.93 |
Stock options exercised and RSUs vested, total intrinsic value | $ 585 | $ 757 | $ 981 | ||
Aggregate intrinsic values of stock options vested | 684 | ||||
Proceeds from exercise of stock options | $ 37 | $ 50 | 210 | 276 | 259 |
Tax benefits realized from tax deductions associated with option exercises and RSU activity | $ 159 | $ 264 | $ 342 | ||
Awards granted | 4 | ||||
Expected to Vest | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate intrinsic values of stock options vested | $ 78 | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum extension period of stock options after grant date | 15 years | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Ratable vesting term of stock options from grant date | 4 years | ||||
Number of shares authorized to be awarded as grants | 55 | ||||
Unrecognized compensation costs | $ 209 | $ 122 | |||
Weighted-average period to recognize compensation costs | 1 year 7 months 6 days | ||||
Awards granted | 3.8 | ||||
Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Ratable vesting term of stock options from grant date | 4 years | ||||
Number of shares authorized to be awarded as grants | 28 | ||||
Unrecognized compensation costs | $ 735 | $ 455 | |||
Weighted-average period to recognize compensation costs | 1 year 8 months 12 days | ||||
Awards granted | 3.2 | ||||
Performance Based Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Ratable vesting term of stock options from grant date | 3 years | ||||
Restricted stock units granted, number of shares | 1.1 | ||||
Restricted stock units granted, unvested number of shares | 1.4 |
Detail of Certain Balance She_3
Detail of Certain Balance Sheet Accounts - Current Receivables (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 30, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Current receivables | ||||
Accounts receivable | $ 9,543 | $ 8,553 | $ 8,268 | $ 7,611 |
Other | 1,258 | 1,209 | ||
Allowance for doubtful accounts | (192) | (187) | ||
Current receivables, Net | $ 10,123 | $ 9,334 | $ 8,633 |
Detail of Certain Balance She_4
Detail of Certain Balance Sheet Accounts - Other Current Assets (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Other current assets | |||
Prepaid expenses | $ 476 | $ 445 | |
Other | 159 | 143 | |
Other current assets | $ 778 | $ 635 | $ 588 |
Detail of Certain Balance She_5
Detail of Certain Balance Sheet Accounts - Parks, Resorts and Other Property, at Cost (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Parks, resorts and other property, at cost | |||
Attractions, buildings and improvements | $ 28,995 | $ 28,644 | |
Furniture, fixtures and equipment | 19,400 | 18,908 | |
Land improvements | 5,911 | 5,593 | |
Leasehold improvements | 932 | 898 | |
Parks, resorts and other property, at cost | $ 55,385 | 55,238 | 54,043 |
Accumulated depreciation | (31,069) | (30,764) | (29,037) |
Projects in progress | 4,336 | 3,942 | 2,145 |
Land | 1,145 | 1,124 | 1,255 |
Parks, resorts and other property | $ 29,797 | $ 29,540 | $ 28,406 |
Detail of Certain Balance She_6
Detail of Certain Balance Sheet Accounts - Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Intangible assets | |||
Character/franchise intangibles and copyrights | $ 5,829 | $ 5,829 | |
Other amortizable intangible assets | 1,213 | 1,154 | |
Accumulated amortization | (2,070) | (1,828) | |
Net amortizable intangible assets | 4,972 | 5,155 | |
FCC licenses | 602 | 602 | |
Trademarks | 1,218 | 1,218 | |
Other indefinite lived intangible assets | 20 | 20 | |
Intangible assets | $ 6,747 | $ 6,812 | $ 6,995 |
Detail of Certain Balance She_7
Detail of Certain Balance Sheet Accounts - Other Non-Current Assets (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Other non-current assets | |||
Receivables | $ 1,928 | $ 1,688 | |
Prepaid expenses | 919 | 233 | |
Other | 518 | 469 | |
Other non-current assets, net | $ 3,424 | $ 3,365 | $ 2,390 |
Detail of Certain Balance She_8
Detail of Certain Balance Sheet Accounts - Accounts Payable and Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 30, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Accounts payable and other accrued liabilities | ||||
Accounts payable | $ 6,503 | $ 6,305 | ||
Payroll and employee benefits | 2,189 | 1,819 | ||
Other | 787 | 731 | ||
Accounts payable and other accrued liabilities | $ 10,696 | $ 10,518 | $ 9,479 | $ 8,855 |
Detail of Certain Balance She_9
Detail of Certain Balance Sheet Accounts - Other Long-Term Liabilities (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Other long-term liabilities | |||
Pension and postretirement medical plan liabilities | $ 2,712 | $ 3,281 | |
Other | 3,878 | 3,162 | |
Other long-term liabilities | $ 6,452 | $ 6,590 | $ 6,443 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual Commitments for Broadcast Programming Rights, Future Minimum Lease Payments Under Non-Cancelable Operating Leases, Cruise Ships, Creative Talent and Other Commitments (Detail) $ in Millions | Sep. 29, 2018USD ($) |
Commitments and Contingencies [Line Items] | |
2019 | $ 9,814 |
2020 | 9,315 |
2021 | 8,315 |
2022 | 6,793 |
2023 | 5,525 |
Thereafter | 15,729 |
Commitments | 55,491 |
Operating Leases, 2019 | 681 |
Operating Leases, 2020 | 571 |
Operating Leases, 2021 | 470 |
Operating Leases, 2022 | 381 |
Operating Leases, 2023 | 261 |
Operating Leases, Thereafter | 1,220 |
Operating Leases | 3,584 |
Broadcast programming | |
Commitments and Contingencies [Line Items] | |
2019 | 7,340 |
2020 | 7,475 |
2021 | 7,277 |
2022 | 5,317 |
2023 | 4,363 |
Thereafter | 12,841 |
Commitments | 44,613 |
Other Commitments | |
Commitments and Contingencies [Line Items] | |
2019 | 1,793 |
2020 | 1,269 |
2021 | 568 |
2022 | 1,095 |
2023 | 901 |
Thereafter | 1,668 |
Commitments | $ 7,294 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Payments under Non-Cancelable Capital Leases (Detail) $ in Millions | Sep. 29, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 24 |
2020 | 21 |
2021 | 19 |
2022 | 18 |
2023 | 16 |
Thereafter | 442 |
Total minimum obligations | 540 |
Less amount representing interest | (386) |
Present value of net minimum obligations | 154 |
Less current portion | (12) |
Long-term portion | $ 142 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 29, 2018 | Aug. 31, 2016 | |
Commitments and Contingencies Disclosure [Line Items] | |||||
Commitments | $ 55,491 | ||||
Rental expense for operating leases | 930 | $ 868 | $ 847 | ||
Non-cancelable capital leases, gross carrying value | 371 | 466 | |||
Non-cancelable capital leases, accumulated amortization | 164 | 233 | |||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 14,540 | $ 14,670 | $ 13,707 | ||
Hulu LLC | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Guaranteed obligations | $ 400 | ||||
Other Commitment | 450 | $ 645 | |||
Equity Method Investment, Committed Capital Paid | 341 | ||||
Hulu LLC | Notes Payable, Other Payables | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Guaranteed obligations | 113 | ||||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 338 | ||||
Guarantee Obligations | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Guaranteed obligations | 296 | 296 | |||
Broadcast programming | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Long-term receivables, net of allowance for credit losses | 1,000 | 900 | |||
Mortgage Receivable | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Long-term receivables, net of allowance for credit losses | $ 700 | $ 700 | |||
Allowance for credit losses related to long-term receivables, percentage | 4.00% | 4.00% | |||
Broadcast programming | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Commitments | $ 44,613 | ||||
Available Programming | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Commitments | 400 | ||||
Sports Programming | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Commitments | $ 42,500 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | $ 28 | $ 38 | $ 36 |
Total | (99) | (162) | (92) |
Fair value of borrowings | 20,731 | 20,997 | 25,874 |
Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 10 | |
Derivative Liability | (284) | (410) | (122) |
Foreign exchange | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 508 | 469 | 403 |
Derivative Liability | (342) | (274) | (427) |
Other Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 2 | 15 | 8 |
Derivative Liability | (11) | ||
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 28 | 38 | 36 |
Total | 28 | 38 | 36 |
Fair value of borrowings | 0 | 0 | 0 |
Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liability | 0 | 0 | 0 |
Level 1 | Foreign exchange | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | 0 |
Derivative Liability | 0 | 0 | 0 |
Level 1 | Other Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | 0 |
Derivative Liability | 0 | ||
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 0 | 0 | 0 |
Total | (127) | (200) | (128) |
Fair value of borrowings | 19,544 | 19,826 | 23,110 |
Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 10 | |
Derivative Liability | (284) | (410) | (122) |
Level 2 | Foreign exchange | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 508 | 469 | 403 |
Derivative Liability | (342) | (274) | (427) |
Level 2 | Other Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 2 | 15 | 8 |
Derivative Liability | (11) | ||
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Fair value of borrowings | 1,187 | 1,171 | 2,764 |
Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liability | 0 | 0 | 0 |
Level 3 | Foreign exchange | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | 0 |
Derivative Liability | 0 | 0 | 0 |
Level 3 | Other Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | $ 0 | $ 0 |
Derivative Liability | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Method Investment, Other than Temporary Impairment | $ 210 | $ 0 | $ 0 |
Level 3 | Film Production | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of the asset prior to impairment | 143 | ||
Impairment charges | $ 115 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Equity Method Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Method Investments, Fair Value | 392 | ||
Carrying value of the asset prior to impairment | 602 | ||
Equity Method Investment, Other than Temporary Impairment | $ 210 |
Derivative Instruments - Gross
Derivative Instruments - Gross Fair Value of Derivative Positions (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 |
Current Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 240 | $ 217 | $ 219 |
Derivative Asset, Counterparty Netting Offset | (145) | (158) | (142) |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | (3) | 0 | (20) |
Net derivative positions | 92 | 59 | 57 |
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 | 211 | 166 | 175 |
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 | 0 |
Current Assets | Derivatives designated as hedges | Other Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2 | 13 | 6 |
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 | 27 | 38 | 38 |
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 | 0 | 0 |
Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 270 | 267 | 202 |
Derivative Asset, Counterparty Netting Offset | (225) | (227) | (190) |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | (7) |
Net derivative positions | 45 | 40 | 5 |
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 | 181 | 169 | 190 |
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 | 0 | 0 | 10 |
Other Assets | Derivatives designated as hedges | Other Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 2 | 2 |
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 | 89 | 96 | 0 |
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 | 0 | 0 |
Other Current Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (440) | (504) | (344) |
Derivative Liability, Counterparty Netting Offset | 228 | 254 | 188 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 104 | 135 | 19 |
Net derivative positions | (108) | (115) | (137) |
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 | (72) | (80) | (192) |
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 | (221) | (329) | (106) |
Other Current Liabilities | Derivatives designated as hedges | Other Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (7) | 0 | 0 |
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 | (140) | (95) | (46) |
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 | 0 | 0 |
Other Long-Term Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (197) | (180) | (205) |
Derivative Liability, Counterparty Netting Offset | 142 | 131 | 144 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 15 | 5 | 0 |
Net derivative positions | (40) | (44) | (61) |
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 | (77) | (39) | (170) |
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 | 0 |
Other Long-Term Liabilities | Derivatives designated as hedges | Other Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (4) | 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 | (53) | (60) | (19) |
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 | $ (63) | $ (81) | $ (16) |
Derivative Instruments - Adjust
Derivative Instruments - Adjustments Related to Fair Value Hedges included in Net Interest Expense in Consolidated Statements of Income (Detail) - Interest rate - Interest expense, net - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on interest rate swaps | $ 117 | $ (64) | $ (230) | $ (211) | $ 18 |
Gain (loss) on hedged borrowings | $ (117) | $ 64 | $ 230 | $ 211 | $ (18) |
Derivative Instruments - Net Ga
Derivative Instruments - Net Gains or Losses Recognized in Costs and Expenses on Economic Exposures Associated with Foreign Currency Exchange Rates (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Costs and Expenses | |||||
Derivative [Line Items] | |||||
Net gains (losses) on foreign currency denominated assets and liabilities | $ (27) | $ 17 | $ (146) | $ 105 | $ 2 |
Net gains (losses) on foreign exchange risk management contracts not designated as hedges | 24 | (14) | 104 | (120) | (65) |
Net gains (losses) | (3) | 3 | (42) | (15) | (63) |
Interest expense, net | |||||
Derivative [Line Items] | |||||
Net gains (losses) on foreign currency denominated assets and liabilities | 40 | 3 | 39 | (13) | (2) |
Net gains (losses) on foreign exchange risk management contracts not designated as hedges | (39) | (1) | (46) | 11 | 0 |
Net gains (losses) | 1 | 2 | (7) | (2) | (2) |
Income Taxes | |||||
Derivative [Line Items] | |||||
Net gains (losses) on foreign currency denominated assets and liabilities | 15 | 3 | 29 | 3 | 49 |
Net gains (losses) on foreign exchange risk management contracts not designated as hedges | (18) | (1) | (19) | 24 | (24) |
Net gains (losses) | $ (3) | $ 2 | $ 10 | $ 27 | $ 25 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Derivative [Line Items] | |||||
Hedging period for foreign currency transactions, maximum | 4 years | ||||
Net deferred loss recorded in AOCI for contracts that will be reclassified to earnings in the next twelve months | $ 147 | $ 92 | |||
Aggregate fair value of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty | $ 267 | 299 | $ 217 | ||
Hedged Instruments Maturity Upper Limit | 4 years | ||||
Interest rate | Interest expense, net | |||||
Derivative [Line Items] | |||||
Realized benefit from derivative instruments | $ (14) | $ 7 | 15 | 35 | $ 94 |
Derivatives designated as hedges | Interest rate | Fair Value Hedging | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 7,500 | 7,600 | 8,200 | ||
Derivatives designated as hedges | Foreign exchange | Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 6,100 | 6,200 | 6,300 | ||
Derivatives not designated as hedges | Interest rate | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 2,000 | 2,000 | |||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 81 | 16 | |||
Derivatives not designated as hedges | Foreign exchange | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 2,400 | $ 3,300 | $ 3,600 |
Restructuring and Impairment _2
Restructuring and Impairment Charges - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Restructuring and Related Activities [Abstract] | |||||
Restructuring and impairment charges | $ 0 | $ 15 | $ 33 | $ 98 | $ 156 |
New Accounting Pronouncements_2
New Accounting Pronouncements New Accounting Pronouncements - Additional Details (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Leases, Future Minimum Payments Due | $ 3,584 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Leases, Future Minimum Payments Due | $ 3,600 | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 350 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information Condensed Consolidating Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Revenues | $ 15,303 | $ 14,307 | $ 15,228 | $ 14,548 | $ 15,351 | $ 12,779 | $ 14,238 | $ 13,336 | $ 14,784 | $ 59,434 | $ 55,137 | $ 55,632 |
Operating expenses | (9,001) | (8,729) | (32,726) | (30,306) | (29,993) | |||||||
Selling, general, administrative and other | (2,152) | (2,087) | (8,860) | (8,176) | (8,754) | |||||||
Depreciation and amortization | (732) | (742) | (3,011) | (2,782) | (2,527) | |||||||
Total costs and expenses | (11,885) | (11,558) | (44,597) | (41,264) | (41,274) | |||||||
Restructuring and impairment charges | 0 | (15) | (33) | (98) | (156) | |||||||
Allocations to non-guarantor subsidiaries | 0 | 0 | 0 | 0 | 0 | |||||||
Other income, net | 0 | 53 | 601 | 78 | 0 | |||||||
Interest expense, net | (63) | (129) | (574) | (385) | (260) | |||||||
Equity in the income (loss) of investees, net | 76 | 43 | (102) | 320 | 926 | |||||||
Income (Loss) from Continuing Operations before Income Taxes | 3,431 | 3,745 | 14,729 | 13,788 | 14,868 | |||||||
Income taxes | (645) | 728 | (1,663) | (4,422) | (5,078) | |||||||
Earnings from subsidiary entities | 0 | 0 | 0 | 0 | 0 | |||||||
Net income | 2,786 | 2,419 | 3,059 | 3,115 | 4,473 | 1,865 | 2,474 | 2,539 | 2,488 | 13,066 | 9,366 | 9,790 |
Less: Net income attributable to noncontrolling interests | 2 | (50) | (468) | (386) | (399) | |||||||
Net income attributable to The Walt Disney Company (Disney) | 2,788 | $ 2,322 | $ 2,916 | $ 2,937 | 4,423 | $ 1,747 | $ 2,366 | $ 2,388 | $ 2,479 | 12,598 | 8,980 | 9,391 |
Comprehensive income excluding noncontrolling interests | 2,809 | 4,547 | 13,029 | 9,431 | 7,833 | |||||||
Reclassifications & Eliminations | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Revenues | 55 | (16) | (86) | 185 | 345 | |||||||
Operating expenses | 0 | 0 | 0 | 0 | 0 | |||||||
Selling, general, administrative and other | 0 | 0 | 0 | 0 | 0 | |||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | 0 | |||||||
Total costs and expenses | 0 | 0 | 0 | 0 | 0 | |||||||
Restructuring and impairment charges | 0 | 0 | 0 | 0 | 0 | |||||||
Allocations to non-guarantor subsidiaries | 0 | 0 | 0 | 0 | 0 | |||||||
Other income, net | (55) | 16 | 86 | (185) | (345) | |||||||
Interest expense, net | 0 | 0 | 0 | 0 | 0 | |||||||
Equity in the income (loss) of investees, net | 0 | 0 | 0 | 0 | 0 | |||||||
Income (Loss) from Continuing Operations before Income Taxes | 0 | 0 | 0 | 0 | 0 | |||||||
Income taxes | 0 | 0 | 0 | 0 | 0 | |||||||
Earnings from subsidiary entities | (2,839) | (4,628) | (13,216) | (9,247) | (9,540) | |||||||
Net income | (2,839) | (4,628) | (13,216) | (9,247) | (9,540) | |||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | |||||||
Net income attributable to The Walt Disney Company (Disney) | (2,839) | (4,628) | (13,216) | (9,247) | (9,540) | |||||||
Comprehensive income excluding noncontrolling interests | (2,800) | (4,678) | (13,037) | (9,153) | (9,479) | |||||||
TWDC | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Revenues | 0 | 0 | 0 | 0 | 0 | |||||||
Operating expenses | 0 | 0 | 0 | 0 | 0 | |||||||
Selling, general, administrative and other | 0 | 0 | 0 | 0 | 0 | |||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | 0 | |||||||
Total costs and expenses | 0 | 0 | 0 | 0 | 0 | |||||||
Restructuring and impairment charges | 0 | 0 | 0 | 0 | 0 | |||||||
Allocations to non-guarantor subsidiaries | 0 | 0 | 0 | 0 | 0 | |||||||
Other income, net | 0 | 0 | 0 | 0 | 0 | |||||||
Interest expense, net | (65) | 0 | 0 | 0 | 0 | |||||||
Equity in the income (loss) of investees, net | 0 | 0 | 0 | 0 | 0 | |||||||
Income (Loss) from Continuing Operations before Income Taxes | (65) | 0 | 0 | 0 | 0 | |||||||
Income taxes | 12 | 0 | 0 | 0 | 0 | |||||||
Earnings from subsidiary entities | 0 | 0 | 0 | 0 | 0 | |||||||
Net income | (53) | 0 | 0 | 0 | 0 | |||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | |||||||
Net income attributable to The Walt Disney Company (Disney) | (53) | 0 | 0 | 0 | 0 | |||||||
Comprehensive income excluding noncontrolling interests | (53) | 0 | 0 | 0 | 0 | |||||||
Legacy Disney | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Revenues | 0 | 0 | 0 | 0 | 0 | |||||||
Operating expenses | 0 | 0 | 0 | 0 | 0 | |||||||
Selling, general, administrative and other | (141) | (127) | (615) | (450) | (488) | |||||||
Depreciation and amortization | 0 | 0 | (1) | (1) | (1) | |||||||
Total costs and expenses | (141) | (127) | (616) | (451) | (489) | |||||||
Restructuring and impairment charges | 0 | 0 | 0 | 0 | 0 | |||||||
Allocations to non-guarantor subsidiaries | 127 | 118 | 576 | 405 | 365 | |||||||
Other income, net | 76 | (19) | 41 | 163 | 332 | |||||||
Interest expense, net | (125) | (141) | (698) | (510) | (434) | |||||||
Equity in the income (loss) of investees, net | 0 | 0 | 0 | 0 | 0 | |||||||
Income (Loss) from Continuing Operations before Income Taxes | (63) | (169) | (697) | (393) | (226) | |||||||
Income taxes | 12 | (36) | 79 | 126 | 77 | |||||||
Earnings from subsidiary entities | 2,839 | 4,628 | 13,216 | 9,247 | 9,540 | |||||||
Net income | 2,788 | 4,423 | 12,598 | 8,980 | 9,391 | |||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | |||||||
Net income attributable to The Walt Disney Company (Disney) | 2,788 | 4,423 | 12,598 | 8,980 | 9,391 | |||||||
Comprehensive income excluding noncontrolling interests | 2,809 | 4,547 | 13,029 | 9,431 | 7,833 | |||||||
Non-Guarantor Subsidiaries | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Revenues | 15,248 | 15,367 | 59,520 | 54,952 | 55,287 | |||||||
Operating expenses | (9,001) | (8,729) | (32,726) | (30,306) | (29,993) | |||||||
Selling, general, administrative and other | (2,011) | (1,960) | (8,245) | (7,726) | (8,266) | |||||||
Depreciation and amortization | (732) | (742) | (3,010) | (2,781) | (2,526) | |||||||
Total costs and expenses | (11,744) | (11,431) | (43,981) | (40,813) | (40,785) | |||||||
Restructuring and impairment charges | 0 | (15) | (33) | (98) | (156) | |||||||
Allocations to non-guarantor subsidiaries | (127) | (118) | (576) | (405) | (365) | |||||||
Other income, net | (21) | 56 | 474 | 100 | 13 | |||||||
Interest expense, net | 127 | 12 | 124 | 125 | 174 | |||||||
Equity in the income (loss) of investees, net | 76 | 43 | (102) | 320 | 926 | |||||||
Income (Loss) from Continuing Operations before Income Taxes | 3,559 | 3,914 | 15,426 | 14,181 | 15,094 | |||||||
Income taxes | (669) | 764 | (1,742) | (4,548) | (5,155) | |||||||
Earnings from subsidiary entities | 0 | 0 | 0 | 0 | 0 | |||||||
Net income | 2,890 | 4,678 | 13,684 | 9,633 | 9,939 | |||||||
Less: Net income attributable to noncontrolling interests | 2 | (50) | (468) | (386) | (399) | |||||||
Net income attributable to The Walt Disney Company (Disney) | 2,892 | 4,628 | 13,216 | 9,247 | 9,540 | |||||||
Comprehensive income excluding noncontrolling interests | $ 2,853 | $ 4,678 | $ 13,037 | $ 9,153 | $ 9,479 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 30, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 4,455 | $ 4,150 | $ 4,017 | $ 4,610 | |
Receivables, net | 10,123 | 9,334 | 8,633 | ||
Inventories | 1,357 | 1,392 | 1,373 | ||
Television costs and advances | 824 | 1,314 | 1,278 | ||
Other current assets | 778 | 635 | 588 | ||
Total current assets | 17,537 | 16,825 | 15,889 | ||
Film and television costs | 8,177 | 7,888 | 7,481 | ||
Investments in subsidiaries | 0 | 0 | 0 | ||
Other Investments | 2,970 | 131 | 115 | ||
Investments | 2,970 | 2,899 | 3,202 | ||
Parks, resorts and other property | 29,797 | 29,540 | 28,406 | ||
Intangible assets, net | 6,747 | 6,812 | 6,995 | ||
Goodwill | 31,289 | $ 31,269 | 31,269 | 31,426 | $ 27,810 |
Intercompany receivables | 0 | 0 | 0 | ||
Other assets | 3,424 | 3,365 | 2,390 | ||
Total assets | 99,941 | 98,598 | 95,789 | ||
Accounts payable and other accrued liabilities | 10,696 | 10,518 | 9,479 | 8,855 | |
Current portion of borrowings | 3,489 | 3,790 | 6,172 | ||
Deferred revenue and other | 3,434 | 4,591 | 4,568 | ||
Total current liabilities | 17,619 | 17,860 | 19,595 | ||
Borrowings | 17,176 | 17,084 | 19,119 | ||
Deferred income taxes | 3,177 | 3,109 | 4,480 | ||
Other long-term liabilities | 6,452 | 6,590 | 6,443 | ||
Intercompany payables | 0 | 0 | 0 | ||
Liabilities, Noncurrent | 26,805 | 26,783 | 30,042 | ||
Redeemable noncontrolling interest | 1,124 | 1,123 | 1,148 | ||
Total Disney Shareholders' equity | 50,316 | 48,773 | 41,315 | ||
Noncontrolling interests | 4,077 | 4,059 | 3,689 | ||
Total equity | 54,393 | $ 52,716 | 52,832 | 45,004 | |
Total liabilities and equity | 99,941 | 98,598 | 95,789 | ||
Reclassifications & Eliminations | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Receivables, net | 0 | 0 | 0 | ||
Inventories | 0 | 0 | 0 | ||
Television costs and advances | 0 | 0 | 0 | ||
Other current assets | 0 | 0 | 0 | ||
Total current assets | 0 | 0 | 0 | ||
Film and television costs | 0 | 0 | 0 | ||
Investments in subsidiaries | (152,703) | (149,880) | (135,370) | ||
Other Investments | 0 | ||||
Investments | 0 | 0 | |||
Parks, resorts and other property | 0 | 0 | 0 | ||
Intangible assets, net | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Intercompany receivables | (79,768) | (79,793) | (70,121) | ||
Other assets | (632) | (724) | (1,133) | ||
Total assets | (233,103) | (230,397) | (206,624) | ||
Accounts payable and other accrued liabilities | 0 | 0 | 0 | ||
Current portion of borrowings | 0 | 0 | 0 | ||
Deferred revenue and other | 0 | 0 | 0 | ||
Total current liabilities | 0 | 0 | 0 | ||
Borrowings | 0 | 0 | 0 | ||
Deferred income taxes | (632) | (724) | (1,133) | ||
Other long-term liabilities | 0 | 0 | 0 | ||
Intercompany payables | (79,768) | (79,793) | (70,121) | ||
Liabilities, Noncurrent | (80,400) | (80,517) | (71,254) | ||
Redeemable noncontrolling interest | 0 | 0 | 0 | ||
Total Disney Shareholders' equity | (152,703) | (149,880) | (135,370) | ||
Noncontrolling interests | 0 | 0 | 0 | ||
Total equity | (152,703) | (149,880) | (135,370) | ||
Total liabilities and equity | (233,103) | (230,397) | (206,624) | ||
TWDC | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Receivables, net | 0 | 0 | 0 | ||
Inventories | 0 | 0 | 0 | ||
Television costs and advances | 0 | 0 | 0 | ||
Other current assets | 0 | 0 | 0 | ||
Total current assets | 0 | 0 | 0 | ||
Film and television costs | 0 | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | 0 | ||
Other Investments | 0 | ||||
Investments | 0 | 0 | |||
Parks, resorts and other property | 0 | 0 | 0 | ||
Intangible assets, net | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Intercompany receivables | 0 | 0 | 0 | ||
Other assets | 0 | 0 | 0 | ||
Total assets | 0 | 0 | 0 | ||
Accounts payable and other accrued liabilities | 33 | 0 | 0 | ||
Current portion of borrowings | 0 | 0 | 0 | ||
Deferred revenue and other | 0 | 0 | 0 | ||
Total current liabilities | 33 | 0 | 0 | ||
Borrowings | 0 | 0 | 0 | ||
Deferred income taxes | 0 | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | 0 | ||
Intercompany payables | 20 | 0 | 0 | ||
Liabilities, Noncurrent | 20 | 0 | 0 | ||
Redeemable noncontrolling interest | 0 | 0 | 0 | ||
Total Disney Shareholders' equity | (53) | 0 | 0 | ||
Noncontrolling interests | 0 | 0 | 0 | ||
Total equity | (53) | 0 | 0 | ||
Total liabilities and equity | 0 | 0 | 0 | ||
Legacy Disney | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 1,173 | 1,367 | 667 | ||
Receivables, net | 136 | 155 | 307 | ||
Inventories | 4 | 4 | 4 | ||
Television costs and advances | 0 | 0 | 0 | ||
Other current assets | 214 | 152 | 110 | ||
Total current assets | 1,527 | 1,678 | 1,088 | ||
Film and television costs | 0 | 0 | 0 | ||
Investments in subsidiaries | 152,703 | 149,880 | 135,370 | ||
Other Investments | 0 | ||||
Investments | 0 | 0 | |||
Parks, resorts and other property | 12 | 12 | 9 | ||
Intangible assets, net | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Intercompany receivables | 0 | 0 | 257 | ||
Other assets | 853 | 911 | 1,217 | ||
Total assets | 155,095 | 152,481 | 137,941 | ||
Accounts payable and other accrued liabilities | 2,074 | 688 | 440 | ||
Current portion of borrowings | 3,450 | 3,751 | 4,577 | ||
Deferred revenue and other | 126 | 115 | 131 | ||
Total current liabilities | 5,650 | 4,554 | 5,148 | ||
Borrowings | 15,752 | 15,676 | 17,672 | ||
Deferred income taxes | 0 | 0 | 0 | ||
Other long-term liabilities | 3,629 | 3,685 | 3,942 | ||
Intercompany payables | 79,748 | 79,793 | 69,864 | ||
Liabilities, Noncurrent | 99,129 | 99,154 | 91,478 | ||
Redeemable noncontrolling interest | 0 | 0 | 0 | ||
Total Disney Shareholders' equity | 50,316 | 48,773 | 41,315 | ||
Noncontrolling interests | 0 | 0 | 0 | ||
Total equity | 50,316 | 48,773 | 41,315 | ||
Total liabilities and equity | 155,095 | 152,481 | 137,941 | ||
Non-Guarantor Subsidiaries | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 3,282 | 2,783 | 3,350 | ||
Receivables, net | 9,987 | 9,179 | 8,326 | ||
Inventories | 1,353 | 1,388 | 1,369 | ||
Television costs and advances | 824 | 1,314 | 1,278 | ||
Other current assets | 564 | 483 | 478 | ||
Total current assets | 16,010 | 15,147 | 14,801 | ||
Film and television costs | 8,177 | 7,888 | 7,481 | ||
Investments in subsidiaries | 0 | 0 | 0 | ||
Other Investments | 2,970 | ||||
Investments | 2,899 | 3,202 | |||
Parks, resorts and other property | 29,785 | 29,528 | 28,397 | ||
Intangible assets, net | 6,747 | 6,812 | 6,995 | ||
Goodwill | 31,289 | 31,269 | 31,426 | ||
Intercompany receivables | 79,768 | 79,793 | 69,864 | ||
Other assets | 3,203 | 3,178 | 2,306 | ||
Total assets | 177,949 | 176,514 | 164,472 | ||
Accounts payable and other accrued liabilities | 8,589 | 8,791 | 8,415 | ||
Current portion of borrowings | 39 | 39 | 1,595 | ||
Deferred revenue and other | 3,308 | 4,476 | 4,437 | ||
Total current liabilities | 11,936 | 13,306 | 14,447 | ||
Borrowings | 1,424 | 1,408 | 1,447 | ||
Deferred income taxes | 3,809 | 3,833 | 5,613 | ||
Other long-term liabilities | 2,823 | 2,905 | 2,501 | ||
Intercompany payables | 0 | 0 | 257 | ||
Liabilities, Noncurrent | 8,056 | 8,146 | 9,818 | ||
Redeemable noncontrolling interest | 1,124 | 1,123 | 1,148 | ||
Total Disney Shareholders' equity | 152,756 | 149,880 | 135,370 | ||
Noncontrolling interests | 4,077 | 4,059 | 3,689 | ||
Total equity | 156,833 | 153,939 | 139,059 | ||
Total liabilities and equity | $ 177,949 | $ 176,514 | $ 164,472 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 2,099 | $ 2,237 | $ 14,295 | $ 12,343 | $ 13,136 |
Investments in parks, resorts and other property | (1,195) | (981) | (4,465) | (3,623) | (4,773) |
Acquisitions | (1,581) | (417) | (850) | ||
Intercompany investing activities, net | 0 | 0 | 0 | 0 | |
Other | (141) | (62) | 710 | (71) | (135) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (1,336) | (1,043) | (5,336) | (4,111) | (5,758) |
Commercial paper, net | (302) | 1,140 | (1,768) | 1,247 | (920) |
Borrowings | 0 | 1,025 | 1,056 | 4,820 | 6,065 |
Reduction of borrowings | 0 | (1,330) | (1,871) | (2,364) | (2,205) |
Dividends | (2,515) | (2,445) | (2,313) | ||
Repurchases of common stock | 0 | (1,313) | (3,577) | (9,368) | (7,499) |
Proceeds from exercise of stock options | 37 | 50 | 210 | 276 | 259 |
Intercompany financing and other, net | 0 | 0 | 0 | 0 | 0 |
Contributions from noncontrolling interests | 399 | 17 | 0 | ||
Other | (146) | (156) | (777) | (1,142) | (607) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (411) | (584) | (8,843) | (8,959) | (7,220) |
Impact of exchange rates on cash, cash equivalents and restricted cash | (44) | 21 | (25) | 31 | (123) |
Change in Cash, Cash Equivalents and Restricted Cash | 308 | 631 | 91 | (696) | 35 |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 4,155 | 4,064 | 4,064 | 4,760 | 4,725 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 4,463 | 4,695 | 4,155 | 4,064 | 4,760 |
Reclassifications & Eliminations | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 0 | 0 | (190) | (1,871) | (235) |
Investments in parks, resorts and other property | 0 | 0 | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 | ||
Intercompany investing activities, net | 11 | 1,327 | 1,856 | 617 | |
Other | 0 | 0 | 0 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 11 | 0 | 1,327 | 1,856 | 617 |
Commercial paper, net | 0 | 0 | 0 | 0 | 0 |
Borrowings | 0 | 0 | 0 | 0 | |
Reduction of borrowings | 0 | 0 | 0 | 0 | |
Dividends | 190 | 1,871 | 235 | ||
Repurchases of common stock | 0 | 0 | 0 | 0 | |
Proceeds from exercise of stock options | 0 | 0 | 0 | 0 | |
Intercompany financing and other, net | (11) | 0 | (1,327) | (1,856) | (617) |
Contributions from noncontrolling interests | 0 | 0 | |||
Other | 0 | 0 | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (11) | 0 | (1,137) | 15 | (382) |
Impact of exchange rates on cash, cash equivalents and restricted cash | 0 | 0 | 0 | 0 | 0 |
Change in Cash, Cash Equivalents and Restricted Cash | 0 | 0 | 0 | 0 | 0 |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 0 | 0 | 0 | 0 | 0 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 0 | 0 | 0 | 0 | 0 |
TWDC | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (20) | 0 | 0 | 0 | 0 |
Investments in parks, resorts and other property | 0 | 0 | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 | ||
Intercompany investing activities, net | 0 | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | 0 | 0 | 0 | 0 |
Commercial paper, net | 0 | 0 | 0 | 0 | 0 |
Borrowings | 0 | 0 | 0 | 0 | |
Reduction of borrowings | 0 | 0 | 0 | 0 | |
Dividends | 0 | 0 | 0 | ||
Repurchases of common stock | 0 | 0 | 0 | 0 | |
Proceeds from exercise of stock options | 0 | 0 | 0 | 0 | 0 |
Intercompany financing and other, net | 20 | 0 | 0 | 0 | 0 |
Contributions from noncontrolling interests | 0 | 0 | |||
Other | 0 | 0 | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 20 | 0 | 0 | 0 | 0 |
Impact of exchange rates on cash, cash equivalents and restricted cash | 0 | 0 | 0 | 0 | 0 |
Change in Cash, Cash Equivalents and Restricted Cash | 0 | 0 | 0 | 0 | 0 |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 0 | 0 | 0 | 0 | 0 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 0 | 0 | 0 | 0 | 0 |
Legacy Disney | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 135 | 1,255 | 336 | 753 | (385) |
Investments in parks, resorts and other property | 0 | 0 | (3) | (7) | (12) |
Acquisitions | 0 | 0 | 0 | ||
Intercompany investing activities, net | (11) | (1,327) | (1,856) | (617) | |
Other | 0 | 0 | 0 | 15 | (74) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (11) | 0 | (1,330) | (1,848) | (703) |
Commercial paper, net | (302) | 1,140 | (1,768) | 1,247 | (920) |
Borrowings | 997 | 997 | 4,741 | 4,948 | |
Reduction of borrowings | (1,299) | (1,800) | (1,850) | (2,000) | |
Dividends | (2,515) | (2,445) | (2,313) | ||
Repurchases of common stock | (1,313) | (3,577) | (9,368) | (7,499) | |
Proceeds from exercise of stock options | 37 | 50 | 210 | 276 | 259 |
Intercompany financing and other, net | 75 | (272) | 10,343 | 8,394 | 8,624 |
Contributions from noncontrolling interests | 0 | 0 | |||
Other | (125) | (158) | (222) | (266) | (42) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (315) | (855) | 1,668 | 729 | 1,057 |
Impact of exchange rates on cash, cash equivalents and restricted cash | 0 | 0 | 0 | 0 | 0 |
Change in Cash, Cash Equivalents and Restricted Cash | (191) | 400 | 674 | (366) | (31) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 1,367 | 693 | 693 | 1,059 | 1,090 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 1,176 | 1,093 | 1,367 | 693 | 1,059 |
Non-Guarantor Subsidiaries | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 1,984 | 982 | 14,149 | 13,461 | 13,756 |
Investments in parks, resorts and other property | (1,195) | (981) | (4,462) | (3,616) | (4,761) |
Acquisitions | (1,581) | (417) | (850) | ||
Intercompany investing activities, net | 0 | 0 | 0 | 0 | |
Other | (141) | (62) | 710 | (86) | (61) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (1,336) | (1,043) | (5,333) | (4,119) | (5,672) |
Commercial paper, net | 0 | 0 | 0 | 0 | 0 |
Borrowings | 28 | 59 | 79 | 1,117 | |
Reduction of borrowings | (31) | (71) | (514) | (205) | |
Dividends | (190) | (1,871) | (235) | ||
Repurchases of common stock | 0 | 0 | 0 | 0 | |
Proceeds from exercise of stock options | 0 | 0 | 0 | 0 | 0 |
Intercompany financing and other, net | (84) | 272 | (9,016) | (6,538) | (8,007) |
Contributions from noncontrolling interests | 399 | 17 | |||
Other | (21) | 2 | (555) | (876) | (565) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (105) | 271 | (9,374) | (9,703) | (7,895) |
Impact of exchange rates on cash, cash equivalents and restricted cash | (44) | 21 | (25) | 31 | (123) |
Change in Cash, Cash Equivalents and Restricted Cash | 499 | 231 | (583) | (330) | 66 |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 2,788 | 3,371 | 3,371 | 3,701 | 3,635 |
Cash, Cash Equivalents and Restricted Cash, End of Period | $ 3,287 | $ 3,602 | $ 2,788 | $ 3,371 | $ 3,701 |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information Condensed Consolidating Financial Information - Additional Details (Details) | Mar. 20, 2019 |
Legacy Disney | |
Condensed Financial Statements, Captions [Line Items] | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% |
Quarterly Financial Summary (De
Quarterly Financial Summary (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Quarterly Financial Information [Line Items] | ||||||||||||
Revenues | $ 15,303 | $ 14,307 | $ 15,228 | $ 14,548 | $ 15,351 | $ 12,779 | $ 14,238 | $ 13,336 | $ 14,784 | $ 59,434 | $ 55,137 | $ 55,632 |
Segment operating income | 3,655 | 3,277 | 4,189 | 4,237 | 3,986 | 2,812 | 4,011 | 3,996 | 3,956 | 15,689 | 14,775 | 15,721 |
Net income | 2,786 | 2,419 | 3,059 | 3,115 | 4,473 | 1,865 | 2,474 | 2,539 | 2,488 | 13,066 | 9,366 | 9,790 |
Net income attributable to Disney | $ 2,788 | $ 2,322 | $ 2,916 | $ 2,937 | $ 4,423 | $ 1,747 | $ 2,366 | $ 2,388 | $ 2,479 | $ 12,598 | $ 8,980 | $ 9,391 |
Diluted | $ 1.86 | $ 1.55 | $ 1.95 | $ 1.95 | $ 2.91 | $ 1.13 | $ 1.51 | $ 1.50 | $ 1.55 | $ 8.36 | $ 5.69 | $ 5.73 |
Basic | $ 1.87 | $ 1.56 | $ 1.96 | $ 1.95 | $ 2.93 | $ 1.14 | $ 1.51 | $ 1.51 | $ 1.56 | $ 8.40 | $ 5.73 | $ 5.76 |
Quarterly Financial Summary - A
Quarterly Financial Summary - Additional Information (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | |
Quarterly Financial Information [Line Items] | ||||||||||||
Diluted | $ 1.86 | $ 1.55 | $ 1.95 | $ 1.95 | $ 2.91 | $ 1.13 | $ 1.51 | $ 1.50 | $ 1.55 | $ 8.36 | $ 5.69 | $ 5.73 |
BAMTech, LLC | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Diluted | 0.10 | |||||||||||
Settled Litigation | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Diluted | (0.02) | $ (0.07) | ||||||||||
Impact of the Tax Act | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Diluted | 0.06 | $ 0.07 | 0.09 | 1 | ||||||||
Gain from sale of property rights | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Diluted | 0.03 | |||||||||||
Restructuring and Impairment Charges | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Diluted | $ (0.01) | $ (0.01) | $ (0.04) | |||||||||
Gain from sale of real estate | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Diluted | 0.25 | |||||||||||
Equity investment impairments | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Diluted | $ 0.11 |