Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Sep. 28, 2019 | Nov. 13, 2019 | Mar. 31, 2018 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 28, 2019 | ||
Current Fiscal Year End Date | --09-28 | ||
Document Transition Report | false | ||
Entity File Number | 001-38842 | ||
Entity Registrant Name | WALT DISNEY CO/ | ||
Entity Incorporation, State or Country Code | DE | ||
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 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | DIS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 199.5 | ||
Entity Common Stock, Shares Outstanding | 1,802,398,289 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001744489 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | ||
Revenues | $ 69,570 | $ 59,434 | $ 55,137 | |
Selling, general, administrative and other | (11,541) | (8,860) | (8,176) | |
Depreciation and amortization | (4,160) | (3,011) | (2,782) | |
Total costs and expenses | (57,719) | (44,597) | (41,264) | |
Restructuring and impairment charges | (1,183) | (33) | (98) | |
Other income, net | 4,357 | 601 | 78 | |
Interest expense, net | (978) | (574) | (385) | |
Equity in the income (loss) of investees, net | (103) | (102) | 320 | |
Income from continuing operations before income taxes | 13,944 | 14,729 | 13,788 | |
Income taxes from continuing operations | (3,031) | (1,663) | (4,422) | |
Net income from continuing operations | 10,913 | 13,066 | 9,366 | |
Income from discontinued operations (includes income tax expense of $35, $0 and $0, respectively) | 671 | 0 | 0 | |
Net income | 11,584 | 13,066 | 9,366 | |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (472) | (468) | (386) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 58 | 0 | 0 | |
Net income attributable to The Walt Disney Company (Disney) | $ 11,054 | $ 12,598 | $ 8,980 | |
Earnings per share attributable to Disney: | ||||
Continuing Operations, Per Diluted Share | $ 6.27 | $ 8.36 | $ 5.69 | |
Discontinued Operation, Per Diluted Share | 0.37 | 0 | 0 | |
Diluted | [1] | 6.64 | 8.36 | 5.69 |
Continuing Operations, Per Basic Share | 6.30 | 8.40 | 5.73 | |
Discontinued Operation, Per Basic Share | 0.37 | 0 | 0 | |
Basic | [1] | $ 6.68 | $ 8.40 | $ 5.73 |
Weighted average number of common and common equivalent shares outstanding: | ||||
Diluted (shares) | 1,666 | 1,507 | 1,578 | |
Basic (shares) | 1,656 | 1,499 | 1,568 | |
Service | ||||
Revenues | $ 60,542 | $ 50,869 | $ 46,843 | |
Cost of Goods and Services Sold | 36,450 | 27,528 | 25,320 | |
Product | ||||
Revenues | 9,028 | 8,565 | 8,294 | |
Cost of Goods and Services Sold | $ 5,568 | $ 5,198 | $ 4,986 | |
[1] | Total may not equal the sum of the column due to rounding. |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Discontinued Operation, Tax Effect of Discontinued Operation | $ 35 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Net income | $ 11,584 | $ 13,066 | $ 9,366 |
Other comprehensive income/(loss), net of tax: | |||
Market value adjustments for investments | (2) | 7 | (18) |
Market value adjustments for hedges | (35) | 207 | (37) |
Pension and postretirement medical plan adjustments | (2,446) | 434 | 584 |
Foreign currency translation and other | (396) | (289) | (103) |
Other comprehensive income/(loss) | (2,879) | 359 | 426 |
Comprehensive income | 8,705 | 13,425 | 9,792 |
Net income attributable to noncontrolling and redeemable noncontrolling interests | (530) | (468) | (386) |
Other comprehensive income attributable to noncontrolling and redeemable noncontrolling interests | 65 | 72 | 25 |
Comprehensive income attributable to Disney | $ 8,240 | $ 13,029 | $ 9,431 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 | |
Current assets | |||
Cash and cash equivalents | $ 5,418 | $ 4,150 | |
Receivables | 15,481 | 9,334 | |
Inventories | 1,649 | 1,392 | |
Television costs and advances | 4,597 | 1,314 | |
Other current assets | 979 | 635 | |
Total current assets | 28,124 | 16,825 | |
Film and television costs | 22,810 | 7,888 | |
Investments | 3,224 | 2,899 | |
Attractions, buildings and equipment | 58,589 | 55,238 | |
Accumulated depreciation | (32,415) | (30,764) | |
Parks, resorts and other property, before projects in progress and land, Total | 26,174 | 24,474 | |
Projects in progress | 4,264 | 3,942 | |
Land | 1,165 | 1,124 | |
Parks, resorts and other property | 31,603 | 29,540 | |
Intangible assets, net | 23,215 | 6,812 | |
Goodwill | 80,293 | 31,269 | |
Other assets | 4,715 | 3,365 | |
Total assets | [1] | 193,984 | 98,598 |
Current liabilities | |||
Accounts payable and other accrued liabilities | 17,762 | 9,479 | |
Current portion of borrowings | 8,857 | 3,790 | |
Deferred revenue and other | 4,722 | 4,591 | |
Total current liabilities | 31,341 | 17,860 | |
Borrowings | 38,129 | 17,084 | |
Deferred income taxes | 7,902 | 3,109 | |
Other long-term liabilities | 13,760 | 6,590 | |
Commitments and contingencies | |||
Redeemable noncontrolling interest | 8,963 | 1,123 | |
Equity | |||
Preferred stock | 0 | 0 | |
Common stock, $.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares at September 28, 2019 and 2.9 billion shares at September 29, 2018 | 53,907 | 36,779 | |
Retained earnings | 42,494 | 82,679 | |
Accumulated other comprehensive loss | (6,617) | (3,097) | |
Treasury stock, at cost, 19 million shares at September 28, 2019 and 1.4 billion shares at September 29, 2018 | (907) | (67,588) | |
Total Disney Shareholders’ equity | 88,877 | 48,773 | |
Noncontrolling interests | 5,012 | 4,059 | |
Total equity | 93,889 | 52,832 | |
Total liabilities and equity | $ 193,984 | $ 98,598 | |
[1] | Equity method investments included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 2,018 $ 2,430 Parks, Experiences and Products 3 1 Studio Entertainment 8 1 Direct-to-Consumer & International 821 320 Corporate 72 16 $ 2,922 $ 2,768 Intangible assets included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 7,861 $ 1,546 Parks, Experiences and Products 3,122 3,167 Studio Entertainment 2,085 1,479 Direct-to-Consumer & International 9,962 490 Corporate 185 130 $ 23,215 $ 6,812 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions | Sep. 28, 2019 | Sep. 29, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, authorized | 4,600 | 4,600 |
Common stock, issued | 1,800 | 2,900 |
Treasury stock, shares | 19 | 1,400 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Net income from continuing operations | $ 10,913 | $ 13,066 | $ 9,366 |
OPERATING ACTIVITIES | |||
Depreciation and amortization | 4,160 | 3,011 | 2,782 |
Gain on acquisition | (4,794) | (560) | (289) |
Deferred income taxes | 117 | (1,573) | 334 |
Equity in the (income) / loss of investees | 103 | 102 | (320) |
Cash distributions received from equity investees | 754 | 775 | 788 |
Net change in film and television costs and advances | (542) | (523) | (1,075) |
Equity-based compensation | 711 | 393 | 364 |
Other | 206 | 441 | 503 |
Changes in operating assets and liabilities, net of business acquisitions: | |||
Receivables | 55 | (720) | 107 |
Inventories | (223) | (17) | (5) |
Other assets | 932 | (927) | (52) |
Accounts payable and other accrued liabilities | 191 | 235 | (368) |
Income taxes | (6,599) | 592 | 208 |
Cash provided by operations - continuing operations | 5,984 | 14,295 | 12,343 |
INVESTING ACTIVITIES | |||
Investments in parks, resorts and other property | (4,876) | (4,465) | (3,623) |
Acquisitions | (9,901) | (1,581) | (417) |
Other | (319) | 710 | (71) |
Cash used in investing activities - continuing operations | (15,096) | (5,336) | (4,111) |
FINANCING ACTIVITIES | |||
Commercial paper borrowings/(payments), net | 4,318 | (1,768) | 1,247 |
Borrowings | 38,240 | 1,056 | 4,820 |
Reduction of borrowings | (38,881) | (1,871) | (2,364) |
Dividends | (2,895) | (2,515) | (2,445) |
Repurchases of common stock | 0 | (3,577) | (9,368) |
Proceeds from exercise of stock options | 318 | 210 | 276 |
Contributions from/sales of noncontrolling interests | 737 | 399 | 17 |
Acquisitions of noncontrolling and redeemable noncontrolling interests | (1,430) | 0 | 0 |
Other | (871) | (777) | (1,142) |
Cash used in financing activities - continuing operations | (464) | (8,843) | (8,959) |
CASH FLOWS FROM DISCONTINUED OPERATIONS | |||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 622 | 0 | 0 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 10,978 | 0 | 0 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (626) | 0 | 0 |
Cash used in discontinued operations | 10,974 | 0 | 0 |
Impact of exchange rates on cash, cash equivalents and restricted cash | (98) | (25) | 31 |
Change in Cash, Cash Equivalents and Restricted Cash | 1,300 | 91 | (696) |
Cash, cash equivalents and restricted cash, beginning of year | 4,155 | 4,064 | 4,760 |
Cash, cash equivalents and restricted cash, end of year | 5,455 | 4,155 | 4,064 |
Supplemental disclosure of cash flow information: | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 1,142 | 631 | 466 |
Income taxes paid | $ 9,259 | $ 2,503 | $ 3,801 |
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 | [1] | Total excluding redeemable noncontrolling interest [Member] |
BEGINNING BALANCE (in shares) at Oct. 01, 2016 | 1,597 | ||||||||
BEGINNING 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 | $ 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 | 8,705 | 11,054 | (2,814) | 8,240 | 371 | 8,611 | |||
Equity compensation activity (in shares) | 7 | ||||||||
Equity compensation activity | $ 912 | 912 | 912 | ||||||
Dividends | $ 18 | (2,913) | (2,895) | (2,895) | |||||
Contributions | 737 | 737 | 737 | ||||||
Acquisition of TFCF (in shares) | 307 | ||||||||
Acquisition of TFCF | $ 33,774 | 33,774 | 10,408 | 44,182 | |||||
Adoption of new accounting guidance | Accounting Standards Update 2018-02 | 691 | (691) | |||||||
Adoption of new accounting guidance | Accounting Standards Update 2016-16 | 192 | 192 | 192 | ||||||
Adoption of new accounting guidance | Accounting Standards Update 2014-09 | (116) | (116) | (116) | ||||||
Adoption of new accounting guidance | Accounting Standards Update, Other | 22 | (15) | 7 | 7 | |||||
Treasury Stock, Retired, Cost Method, Amount | (17,563) | (49,118) | 66,681 | ||||||
Temporary Equity, Accretion to Redemption Value | (7,770) | (7,770) | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (1,430) | (1,430) | |||||||
Sales of RSN | (744) | (744) | |||||||
Distributions and other | $ (13) | 3 | (10) | (619) | (629) | ||||
ENDING BALANCE (in shares) at Sep. 28, 2019 | 1,802 | ||||||||
ENDING BALANCE at Sep. 28, 2019 | $ 93,889 | $ 53,907 | $ 42,494 | $ (6,617) | $ (907) | $ 88,877 | $ 5,012 | $ 93,889 | |
[1] | Excludes redeemable noncontrolling interest |
Description of the Business and
Description of the Business and Segment Information | 12 Months Ended |
Sep. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business and Segment Information | 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 and Products; Studio Entertainment; and Direct-to-Consumer & International (DTCI). The terms “Company,” “we,” “us,” and “our” are used in this report to refer collectively to the parent company and the subsidiaries through which various businesses are conducted. The term “TWDC” is used to refer to the parent company. On March 20, 2019, the Company acquired the outstanding capital stock of Twenty-First Century Fox, Inc., which was subsequently renamed TFCF Corporation, a diversified global media and entertainment company. Prior to the acquisition, TFCF and a newly-formed subsidiary of TFCF (New Fox) entered into a separation agreement, pursuant to which TFCF transferred to New Fox a portfolio of TFCF’s news, sports and broadcast businesses and certain other assets. TFCF retained all of the assets and liabilities not transferred to New Fox, the most significant of which were the Twentieth Century Fox film and television studios, certain cable networks (primarily FX and National Geographic), TFCF’s international television businesses (including Star) and TFCF’s 30% interest in Hulu LLC (Hulu). Under the terms of the agreement governing the acquisition, the Company will generally phase-out Fox brands by 2024, but has perpetual rights to certain Fox brands, including the Twentieth Century Fox and Fox Searchlight brands. As a result of the TFCF acquisition, the Company’s ownership interest in Hulu LLC (Hulu) increased to 60% and the Company started consolidating the results of Hulu. In May 2019, the Company increased its ownership interest in Hulu to 67% , with NBC Universal (NBCU) owning the remaining 33% . Also in May 2019, the Company entered into a put/call agreement with NBCU that provided the Company with full operational control of Hulu. In order to obtain regulatory approval for the acquisition of TFCF, the Company agreed to sell TFCF’s regional sports networks (RSN) and sports media operations in Brazil and Mexico. The sale of the RSNs was completed in August 2019. The income and cash flows of the RSNs and sports media operations in Brazil and Mexico are reported as discontinued operations. See Note 4 for additional information on these transactions. DESCRIPTION OF THE BUSINESS Media Networks Significant operations: • Disney, ESPN, Freeform, FX and National Geographic branded domestic cable networks • ABC branded broadcast television network and eight owned domestic television stations • Television production and distribution • National Geographic magazines • A 50% equity investment in A+E Television Networks (A+E) 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 advertising time/space on our domestic networks and related platforms (“ratings-based ad sales”, which excludes advertising on digital platforms that is not ratings-based) and the sale of advertising 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 is reported by DTCI. • TV/SVOD distribution - Licensing fees and other revenues from the right to use our television programs and productions and revenue from 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 and Products Significant operations: • Parks & Experiences: ◦ Theme parks and resorts, which include: Walt Disney World Resort in Florida; Disneyland Resort in California; Disneyland Paris; Hong Kong Disneyland Resort ( 47% ownership interest); Shanghai Disney Resort ( 43% ownership interest), 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, National Geographic Expeditions ( 73% ownership interest), Adventures by Disney 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, comic books and magazines (except National Geographic, which is reported in Media Networks) 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 and other 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 • Parks licensing and other - Revenues from sponsorships and co-branding opportunities and real estate rent and sales. In addition, we earn royalties on Tokyo Disney Resort revenues. 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, Twentieth Century Fox, Marvel, Lucasfilm, Pixar, Fox Searchlight Pictures and Blue Sky Studios banners • Development, production and licensing of live entertainment events on Broadway and around the world (stage plays) • Music production and distribution • Post-production services, which include visual and audio effects through Industrial Light & Magic and Skywalker Sound 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 from the right to use our motion picture productions, revenue from content transactions with other Company segments, ticket sales from stage plays, fees from licensing our intellectual properties for use in live entertainment productions, revenue from licensing our music and revenue from post-production services 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: • Branded international television channels, which include Disney, ESPN, Fox, National Geographic and Star (International Channels) • Direct-to-consumer (DTC) streaming services, which include Disney+, ESPN+, Hotstar and Hulu. Disney+ launched in November 2019 in the U.S. and 4 other countries and further launches planned throughout 2020 and 2021. • Other digital content distribution platforms and services including branded apps and websites, the Disney Movie Club and Disney Digital Network and streaming technology support services • Equity investments: ◦ A 50% ownership interest in Endemol Shine Group, which is a multi-platform content provider with creative operations across the world’s major markets ◦ A 20% ownership interest ( 49% economic interest) in Seven TV, which operates an advertising-supported, free-to-air Disney Channel in Russia ◦ A 30% effective ownership interest in Tata Sky, which owns and operates a direct-to-home satellite distribution platform in India ◦ An approximate 20% effective ownership interest 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: • Advertising - Sales of advertising time/space on our International Channels and sales of non-ratings-based advertising time/space on digital media platforms (“addressable ad sales”) across the Company. 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. • Affiliate fees - Fees charged to MVPDs for the right to deliver our International Channels to their customers • Subscription fees - Fees charged to customers/subscribers for our DTC services Significant expenses: • Operating expenses consisting primarily of programming and production costs (including amortization of 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, net other income, net interest expense, income taxes and noncontrolling interests. Segment operating income includes equity in the income of investees and excludes impairments of certain equity investments and purchase accounting amortization for TFCF and Hulu assets (i.e. intangible assets and the fair value step-up for film and television costs) recognized in connection with the TFCF acquisition. Corporate and unallocated shared expenses principally consist of corporate functions, executive management and certain unallocated administrative support functions. Segment operating results include allocations of certain costs, including information technology, pension, legal and other shared services costs, which are allocated based on metrics designed to correlate with consumption. 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 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). Generally, timing of revenue recognition is similar to the reporting of third-party transactions, except that intersegment sales of library content are generally recognized over time. Other intersegment transactions are reported “Net” (i.e. revenue between segments is recorded as a reduction of costs). Studio Entertainment revenues and operating income include an allocation of Parks, Experiences and Products revenues, which is meant to reflect royalties on revenue generated by Parks, Experiences and Products on merchandise based on intellectual property from Studio Entertainment films. The following tables provide select segment and regional financial information: 2019 2018 2017 Revenues Media Networks $ 24,827 $ 21,922 $ 21,299 Parks, Experiences and Products Third parties 26,786 25,257 23,516 Intersegment (561 ) (556 ) (492 ) 26,225 24,701 23,024 Studio Entertainment Third parties 10,566 9,509 7,860 Intersegment 561 556 492 11,127 10,065 8,352 Direct-to-Consumer & International 9,349 3,414 3,075 Eliminations (1) (1,958 ) (668 ) (613 ) Total consolidated revenues $ 69,570 $ 59,434 $ 55,137 Segment operating income / (loss) Media Networks $ 7,479 $ 7,338 $ 7,196 Parks, Experiences and Products 6,758 6,095 5,487 Studio Entertainment 2,686 3,004 2,363 Direct-to-Consumer & International (1,814 ) (738 ) (284 ) Eliminations (1) (241 ) (10 ) 13 Total segment operating income (2) $ 14,868 $ 15,689 $ 14,775 Reconciliation of segment operating income to income from continuing operations before income taxes Segment operating income $ 14,868 $ 15,689 $ 14,775 Corporate and unallocated shared expenses (987 ) (744 ) (582 ) Restructuring and impairment charges (1,183 ) (33 ) (98 ) Other income, net 4,357 601 78 Interest expense, net (978 ) (574 ) (385 ) Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs (3) (1,595 ) — — Impairment of equity investments (4) (538 ) (210 ) — Income from continuing operations before income taxes $ 13,944 $ 14,729 $ 13,788 Capital expenditures Media Networks Cable Networks $ 93 $ 96 $ 64 Broadcasting 81 107 67 Parks, Experiences and Products Domestic 3,294 3,223 2,392 International 852 677 827 Studio Entertainment 88 96 85 Direct-to-Consumer & International 258 107 30 Corporate 210 159 158 Total capital expenditures $ 4,876 $ 4,465 $ 3,623 2019 2018 2017 Depreciation expense Media Networks $ 191 $ 199 $ 206 Parks, Experiences and Products Domestic 1,474 1,449 1,371 International 724 768 679 Studio Entertainment 74 55 50 Direct-to-Consumer & International 207 106 74 Depreciation expense included in segment operating income 2,670 2,577 2,380 Corporate 167 181 206 Total depreciation expense $ 2,837 $ 2,758 $ 2,586 Amortization of intangible assets Media Networks $ — $ — $ — Parks, Experiences and Products 108 110 111 Studio Entertainment 61 64 65 Direct-to-Consumer & International 111 79 20 Amortization of intangible assets included in segment operating income 280 253 196 TFCF and Hulu intangible assets 1,043 — — Total amortization of intangible assets $ 1,323 $ 253 $ 196 September 28, 2019 September 29, 2018 Identifiable assets (5) Media Networks $ 63,519 $ 30,205 Parks, Experiences and Products 41,923 39,171 Studio Entertainment 34,268 17,291 Direct-to-Consumer & International 48,606 7,257 Corporate (6) 6,135 4,977 Eliminations (467 ) (303 ) Total consolidated assets $ 193,984 $ 98,598 2019 2018 2017 Revenues United States and Canada $ 50,555 $ 45,038 $ 41,881 Europe 8,006 7,026 6,541 Asia Pacific 7,796 5,531 5,075 Latin America and Other 3,213 1,839 1,640 $ 69,570 $ 59,434 $ 55,137 Segment operating income United States and Canada $ 10,031 $ 11,396 $ 10,962 Europe 2,433 1,922 1,812 Asia Pacific 2,167 1,869 1,626 Latin America and Other 237 502 375 $ 14,868 $ 15,689 $ 14,775 September 28, 2019 September 29, 2018 Long-lived assets (7) United States and Canada $ 134,869 $ 65,245 Europe 10,793 6,275 Asia Pacific 12,703 7,775 Latin America and Other 3,805 131 $ 162,170 $ 79,426 (1) Intersegment content transaction are as follows: 2019 2018 2017 Revenues: Studio Entertainment: Content transactions with Media Networks $ (106 ) $ (169 ) $ (137 ) Content transactions with Direct-to-Consumer & International (272 ) (28 ) (22 ) Media Networks: Content transactions with Direct-to-Consumer & International (1,580 ) (471 ) (454 ) Total $ (1,958 ) $ (668 ) $ (613 ) Operating Income: Studio Entertainment: Content transactions with Media Networks $ (19 ) $ (8 ) $ 15 Content transactions with Direct-to-Consumer & International (80 ) — — Media Networks: Content transactions with Direct-to-Consumer & International (142 ) (2 ) (2 ) Total $ (241 ) $ (10 ) $ 13 (2) Equity in the income/(loss) of investees included in segment operating income is as follows: 2019 2018 2017 Media Networks $ 703 $ 711 $ 766 Parks, Experiences and Products (13 ) (23 ) (25 ) Direct-to-Consumer & International (240 ) (580 ) (421 ) Equity in the income of investees included in segment operating income 450 108 320 Impairment of equity investments (538 ) (210 ) — Amortization of TFCF intangible assets related to equity investees (15 ) — — Equity in the income (loss) of investees, net $ (103 ) $ (102 ) $ 320 (3) For fiscal 2019 , amortization of intangible assets and fair value step-up on film and television costs were $1,043 million and $552 million , respectively. (4) Impairment of equity investments for fiscal 2019 primarily reflects the impairments of Vice Group Holding, Inc. and of an investment in a cable channel at A+E Television Networks ( $353 million and $170 million , respectively). Impairment of equity investments for fiscal 2018 reflects impairments of Vice Group Holding, Inc. and Villages Nature ( $157 million and $53 million , respectively). (5) Equity method investments included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 2,018 $ 2,430 Parks, Experiences and Products 3 1 Studio Entertainment 8 1 Direct-to-Consumer & International 821 320 Corporate 72 16 $ 2,922 $ 2,768 Intangible assets included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 7,861 $ 1,546 Parks, Experiences and Products 3,122 3,167 Studio Entertainment 2,085 1,479 Direct-to-Consumer & International 9,962 490 Corporate 185 130 $ 23,215 $ 6,812 (6) Primarily fixed assets and cash and cash equivalents. (7) Long-lived assets are total assets less: current assets, long-term receivables, deferred taxes, financial investments and the fair value of derivative instruments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 28, 2019 | |
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 (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. 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 2019 , 2018 and 2017 were fifty-two week years. Reclassifications Certain reclassifications have been made in the fiscal 2018 and fiscal 2017 financial statements and notes to conform to the fiscal 2019 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, published materials and in multi-platform 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 • The sale of DVDs and Blu-ray discs • The sale of books, comic books and magazines Significant operating costs related to the sale of tangible products include: • Costs of goods sold • Amortization of programming and production costs and participations and residuals costs • Distribution costs • Operating labor • Retail occupancy costs Revenue Recognition 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 four broad categories of service revenues: licenses of rights to use our intellectual property, sales to guests at our Parks and Experiences businesses, sales of advertising time/space and DTC services. 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 guidance 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 and visual and literary properties at the Parks, Experiences and 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. For affiliate contracts with fixed license fees, the fees are recognized ratably over the contract term. If an affiliate contract includes a minimum guaranteed license fee, 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 streaming 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. For contracts that contain a guaranteed number of impressions, revenues are recognized based on impressions delivered. When the guaranteed number of impressions is not met (“ratings shortfall”), revenues are not recognized for the ratings shortfall until the additional impressions are delivered. • 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 revenue as the services are provided to the guest. Sales of vacation club properties are recognized as revenue upon the later of when title transfers to the customer or when construction activity is deemed complete. • 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 - Fixed license 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. License fees based on the underlying sales of the licensee are recognized as revenue as earned based on the contractual royalty rate applied to the licensee sales. For TV/SVOD licenses that include multiple titles with a fixed license fee across all titles, each title is considered a separate performance obligation. The fixed license fee is allocated to each title at contract inception and the allocated license fee is recognized as revenue when the title is available for use by the licensee. When the license contains a minimum guaranteed license fee across all titles, the license fees earned by titles in excess of their allocated amount are deferred until the minimum guaranteed license fee across all titles is exceeded. Once the minimum guaranteed license fee is exceeded, revenue is recognized as earned based on the licensee’s underlying sales. TV/SVOD distribution contracts may limit the licensee’s use of a title to certain defined periods of time during the contract term. In these instances, each period of availability is generally considered a separate performance obligation. For these contracts, the fixed license fee is allocated to each period of availability at contract inception based on relative standalone selling price using management’s best estimate. Revenue is recognized at the start of each availability period when the content is made available for use by the licensee. 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 theatrical distributors are recognized as revenue based on the contractual royalty rate applied to the distributor’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 earned based on the contractual royalty rate applied to the licensee’s underlying product sales. For licenses with minimum guaranteed license fees, the excess of the minimum guaranteed amount over actual royalties earned (“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 and the related shipping expenses are recorded in cost of products upon delivery of the product to the consumer. 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 2019 , 2018 and 2017 was $4.3 billion , $2.8 billion and $2.6 billion , respectively. The increase in advertising expense for fiscal 2019 compared to fiscal 2018 was primarily due to the consolidation of TFCF and Hulu's operations. 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 28, 2019 September 29, 2018 September 30, 2017 Cash and cash equivalents $ 5,418 $ 4,150 $ 4,017 Restricted cash included in: Other current assets 26 1 26 Other assets 11 4 21 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 5,455 $ 4,155 $ 4,064 Investments Investments in equity securities with a readily determinable fair value, not accounted for under the equity method, are recorded at that value with unrealized gains and losses included in earnings. For equity securities without a readily determinable fair value, the investment is recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the same or similar securities, with unrealized gains and losses included in earnings. For equity method investments, the Company regularly reviews its investments to determine whether there is a decline in fair value below book value. If there is a decline that is other-than-temporary, the investment is written down to fair value. Translation Policy Generally, the U.S. dollar is the functional currency for our international film and television distribution and licensing businesses and the branded International Channels. Generally, the local currency is the functional currency for the Asia Theme Parks, Disneyland Paris, the branded International Channels that primarily source and exploit their content locally (primarily Star branded channels in India and international sports channels) 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 accumulated other comprehensive income/(loss) (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 production costs include capitalizable direct costs, production overhead, interest and development 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 on an accelerated or straight-line basis over the useful life, or over the number of times the program is expected to be aired, 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. The costs of film and television series that are used by our DTC services are expensed based on historical and estimated viewing patterns, which may be on an accelerated or straight-line basis, as appropriate. The unamortized costs are reviewed for impairment on an aggregate basis for each service. 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 28, 2019 and September 29, 2018 , capitalized software costs, net of accumulated depreciation, totaled $927 million and $659 million , respectively. The capitalized costs are amortized on a straight-line basis over the estimated useful life of the software up to 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. The impairment test for goodwill requires judgment related to the identification of reporting units, the assignment of assets and liabilities to reporting units including goodwill, and the determination of fair value of the reporting units. 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. The projected cash flows of our reporting units reflect intersegment revenues and expenses for the sale and use of intellectual property as if it was licensed to an unrelated third party. 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 $538 million , $210 million and $22 million in fiscal 2019 , 2018 and 2017 , respectively. The fiscal 2019 and 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 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 2020 through 2024 to be as follows: 2020 $ 2,283 2021 2,219 2022 2,164 2023 1,993 2024 1,756 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 9 and 17). 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: 2019 2018 2017 Weighted average number of common and common equivalent shares outstanding (basic) 1,656 1,499 1,568 Weighted average dilutive impact of Awards 10 8 10 Weighted average number of common and common equivalent shares outstanding (diluted) 1,666 1,507 1,578 Awards excluded from diluted earnings per share 7 12 10 |
Revenues Revenues
Revenues Revenues | 12 Months Ended |
Sep. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenues At the beginning of fiscal 2019, the Company adopted Financial Accounting Standards Board (FASB) guidance that replaced the existing accounting guidance for revenue recognition with a single comprehensive five-step model (“new revenue guidance”). 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 guidance using the modified retrospective method; therefore, results for reporting periods beginning after September 30, 2018 are presented under the new revenue guidance, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting. Upon adoption, we recorded a net reduction of $116 million to opening retained earnings in fiscal 2019. The most significant changes to the Company’s revenue recognition policies resulting from the adoption of the new revenue guidance 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 (“shortfall”) is now recognized straight-line over the remaining license period once an expected shortfall is probable. 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 by titles in excess of their allocated amount are deferred until the minimum guaranteed license fee across all titles is exceeded. Once the minimum guaranteed license fee across all titles is exceeded, license fees are recognized 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 guidance 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 ( $0.2 billion at September 28, 2019 ) and the reclassification of refundable customer advances (previously reported as deferred revenues) to other accrued liabilities ( $1.0 billion at September 28, 2019 ). The cumulative effect of adoption at September 29, 2018 and the impact at September 28, 2019 (had we not applied the new revenue guidance) on the Consolidated Balance Sheet is as follows: September 29, 2018 September 28, 2019 Fiscal 2018 Ending Balances as Reported Effect of Adoption Q1 2019 Opening Balances Balances Assuming Historical Accounting Impact of New Revenue guidance Q4 2019 Ending Balances as Reported Assets Receivables - current/non-current $ 11,262 $ (241 ) $ 11,021 $ 18,343 $ (66 ) $ 18,277 Film and television costs and advances - current/non-current 9,202 48 9,250 27,384 23 27,407 Liabilities Accounts payable and other accrued liabilities 9,479 1,039 10,518 16,514 1,248 17,762 Deferred revenue and other 4,591 (1,082 ) 3,509 5,950 (1,228 ) 4,722 Deferred income taxes 3,109 (34 ) 3,075 7,919 (17 ) 7,902 Equity 52,832 (116 ) 52,716 93,935 (46 ) 93,889 The impact on the Consolidated Statement of Income for fiscal 2019 due to the adoption of the new revenue guidance is as follows: Results Assuming Historical Accounting Impact of New Revenue guidance Reported Revenues $ 69,225 $ 345 $ 69,570 Cost and Expenses (57,465 ) (254 ) (57,719 ) Income Taxes (3,010 ) (21 ) (3,031 ) Net Income 11,514 70 11,584 The most significant impact was at the Studio Entertainment reflecting a change in the timing of revenue recognition related to film content licensing agreements with multiple availability windows. The following table presents our revenues by segment and major source: 2019 Media Networks Parks, Experiences and Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated Affiliate fees $ 13,433 $ — $ — $ 2,740 $ (253 ) $ 15,920 Advertising 6,965 6 — 3,534 — 10,505 Theme park admissions — 7,540 — — — 7,540 Resort and vacations — 6,266 — — — 6,266 Retail and wholesale sales of merchandise, food and beverage — 7,716 — — — 7,716 TV/SVOD distribution licensing 4,046 — 2,920 404 (1,705 ) 5,665 Theatrical distribution licensing — — 4,726 — — 4,726 Merchandise licensing — 2,768 561 51 — 3,380 Subscription fees — — — 2,244 — 2,244 Home entertainment — — 1,734 97 — 1,831 Other 383 1,929 1,186 279 — 3,777 Total revenues $ 24,827 $ 26,225 $ 11,127 $ 9,349 $ (1,958 ) $ 69,570 2018 Media Networks Parks, Experiences and Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated Affiliate fees $ 11,907 $ — $ — $ 1,372 $ — $ 13,279 Advertising 6,586 7 — 1,311 — 7,904 Theme park admissions — 7,183 — — — 7,183 Resort and vacations — 5,938 — — — 5,938 Retail and wholesale sales of merchandise, food and beverage — 7,365 — — — 7,365 TV/SVOD distribution licensing 3,120 — 2,340 105 (668 ) 4,897 Theatrical distribution licensing — — 4,303 — — 4,303 Merchandise licensing — 2,566 556 70 — 3,192 Subscription fees — — — 168 — 168 Home entertainment — — 1,647 103 — 1,750 Other 309 1,642 1,219 285 — 3,455 Total revenues $ 21,922 $ 24,701 $ 10,065 $ 3,414 $ (668 ) $ 59,434 Amounts for fiscal 2018 reflect our historical accounting prior to the adoption of the new revenue guidance. The following table presents our revenues by segment and primary geographical markets: 2019 Media Networks Parks, Experiences and Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated United States and Canada $ 23,623 $ 19,631 $ 5,269 $ 3,671 $ (1,639 ) $ 50,555 Europe 785 3,135 2,956 1,260 (130 ) 8,006 Asia Pacific 275 3,222 2,121 2,367 (189 ) 7,796 Latin America 144 237 781 2,051 — 3,213 Total revenues $ 24,827 $ 26,225 $ 11,127 $ 9,349 $ (1,958 ) $ 69,570 Revenues recognized in the current year from performance obligations satisfied (or partially satisfied) in previous reporting periods primarily relate to revenues earned on TV/SVOD and theatrical distribution licensee sales on titles made available to the licensee in previous reporting periods. For fiscal 2019 , $1.2 billion was recognized related to performance obligations satisfied prior to September 30, 2018. As of September 28, 2019 , revenue for unsatisfied performance obligations expected to be recognized in the future is $16 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 $7 billion in fiscal 2020, $4 billion in fiscal 2021, $3 billion in fiscal 2022 and $2 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 solely based on the 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 30 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 15). These receivables are discounted to present value at an appropriate discount rate at contract inception, and 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 is recognized as accounts receivable. Deferred revenues are recognized as (or when) the Company performs under the contract. Contract assets, accounts receivable and deferred revenues from contracts with customers are as follows: September 28, September 30, Contract assets $ 125 $ 89 Accounts Receivable Current 12,755 8,553 Non-current 1,987 1,640 Allowance for doubtful accounts (327 ) (226 ) Deferred revenues Current 4,050 2,926 Non-current 619 609 Contract assets primarily relate to certain multi-season TV/SVOD licensing contracts. Activity for fiscal 2019 related to contract assets and the allowance for doubtful accounts was not material. Deferred revenue primarily relates to non-refundable consideration received in advance for (i) licensing contracts and theme park vacation packages, tickets and annual passes and (ii) the deferral of advertising revenues due to ratings shortfalls. The increase in the deferred revenue balance at September 28, 2019 was primarily due to the receipt of additional prepaid park admissions, advances on certain licensing arrangements and non-refundable travel deposits, as well as the acquisition of TFCF and consolidation of Hulu (see Note 4). The acquisition of TFCF and consolidation of Hulu increased deferred revenues by $0.6 billion , of which $0.4 billion was recognized during fiscal 2019 . For fiscal 2019 , the Company recognized revenues of $2.7 billion primarily related to licensing advances, theme park admissions and vacation packages included in the deferred revenue balance at September 30, 2018. |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 28, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions TFCF Corporation On March 20, 2019, the Company acquired the outstanding capital stock of TFCF, a diversified global media and entertainment company. Prior to the acquisition, TFCF and a newly-formed subsidiary of TFCF (New Fox) entered into a separation agreement, pursuant to which TFCF transferred to New Fox a portfolio of TFCF’s news, sports and broadcast businesses and certain other assets. TFCF retained all of the assets and liabilities not transferred to New Fox, including the Twentieth Century Fox film and television studios, certain cable networks and TFCF’s international TV businesses; these remaining assets and businesses are held directly or indirectly by the acquired TFCF entity. The acquisition purchase price totaled $69.5 billion , of which the Company paid $35.7 billion in cash and $33.8 billion in Disney shares ( 307 million shares at a price of $110.00 per share). We acquired TFCF to enhance the Company’s position as a premier, global entertainment company by increasing our portfolio of creative assets and branded content to be monetized through our film and television studio, theme parks and direct-to-consumer offerings. In connection with the acquisition, outstanding TFCF performance stock units and restricted stock units were either vested upon closing of the acquisition or replaced with new restricted stock units (which require additional service for vesting). The purchase price for TFCF includes $361 million related to TFCF awards that were settled or replaced in connection with the acquisition, and the Company recognized compensation expense of $164 million related to awards that were accelerated to vest upon closing of the acquisition. Additionally, compensation expense of $219 million related to awards that were replaced with new restricted stock units will be recognized over the post-acquisition service period of up to approximately two years. As part of the TFCF acquisition, the Company acquired TFCF’s 30% interest in Hulu increasing our ownership to 60% . As a result, the Company began consolidating Hulu and recorded a one-time gain of $4.8 billion (Hulu Gain) from remeasuring our initial 30% interest to its estimated fair value, which was determined based on a discounted cash flow analysis. Significant assumptions used in the discounted cash flows include future revenue growth and margins, the discount rate used to present value future cash flows and the terminal growth rate of cash flows. On April 15, 2019, Hulu redeemed Warner Media LLC’s (WM) 10% interest in Hulu for $1.4 billion . The redemption was funded by the Company and Hulu’s remaining noncontrolling interest holder, NBC Universal (NBCU). This resulted in the Company’s and NBCU’s interests in Hulu increasing to 67% and 33% , respectively. On May 13, 2019, the Company entered into a put/call agreement with NBCU that provided the Company with full operational control of Hulu. Under the agreement, beginning in January 2024, NBCU has the option to require the Company to purchase NBCU’s interest in Hulu and the Company has the option to require NBCU to sell its interest in Hulu, based on NBCU’s equity ownership percentage of the greater of Hulu’s then fair value or $27.5 billion . Hulu’s future equity capital calls are limited to $1.5 billion in the aggregate each year, with any excess funding requirements funded with member loans. NBCU has the right, but not the obligation, to fund its proportionate share of future capital calls. If NBCU elects not to fund its share of future equity capital calls its ownership will be diluted. However, Disney has agreed that NBCU’s ownership interest in Hulu cannot be diluted below 21% . Additionally, the agreement provides NBCU with 50% of the tax benefit related to the exercise of the put or call. NBCU’s interest is classified as a redeemable noncontrolling interest on the Company’s Condensed Consolidated Balance Sheet and will generally not be allocated Hulu’s losses as the redeemable noncontrolling interest is required to be carried at a minimum value representing fair value as of the May 13, 2019 agreement date accreted to the January 2024 redemption value. The accretion of NBCU’s interest will be based on an interest method and recorded in “Net income attributable to noncontrolling interests” on the Consolidated Statement of Income. At September 28, 2019 , NBCU’s interest in Hulu is recorded in the Company’s financial statements at $7.9 billion . Upon closing of the TFCF acquisition, the Company exchanged new Disney notes for outstanding notes issued by 21 st Century Fox America, Inc. with a principal balance of $16.8 billion (see Note 9). The Company is required to allocate the TFCF purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values. The excess of the purchase price over those fair values is recorded as goodwill. As of September 28, 2019, the Company has generally completed its allocation of the TFCF purchase price. The principal open items relate to the valuation of certain income tax matters. The Company is still obtaining information related to the evaluation of the income tax impact of certain pre-acquisition transactions of TFCF. Estimates have been recorded as of the acquisition date and updates to these estimates may increase or decrease goodwill. In determining the fair value of assets acquired and liabilities assumed, the Company primarily used discounted cash flow analyses. Inputs to the discounted cash flow analyses and other aspects of the allocation of purchase price require judgment. The more significant inputs used in the discounted cash flow analyses and other areas of judgment include (i) future revenue growth or attrition rates (ii) projected margins (iii) discount rates used to present value future cash flows (iv) the amount of synergies expected from the acquisition (v) the economic useful life of assets and; (vi) the evaluation of historical tax positions of TFCF. The following table summarizes our current allocation of the March 20, 2019 purchase price: Initial Allocation (1) Adjustments Updated Allocation Cash and cash equivalents $ 25,666 $ 35 $ 25,701 Receivables 4,746 484 5,230 Film and television costs 20,120 (2,322 ) 17,798 Investments 1,471 (507 ) 964 Intangible assets 20,385 (2,504 ) 17,881 Net assets held for sale 11,704 (338 ) 11,366 Accounts payable and other liabilities (10,753 ) (1,606 ) (12,359 ) Borrowings (21,723 ) — (21,723 ) Deferred income taxes (6,497 ) 1,164 (5,333 ) Other net liabilities acquired (3,865 ) (93 ) (3,958 ) Noncontrolling interests (10,638 ) 230 (10,408 ) Goodwill 43,751 5,334 49,085 Fair value of net assets acquired 74,367 (123 ) 74,244 Less: Disney’s previously held 30% interest in Hulu (4,860 ) 123 (4,737 ) Total purchase price $ 69,507 $ — $ 69,507 (1) As reported in our March 30, 2019 Form 10-Q. The adjustments to the initial allocation are based on more detailed information obtained about the specific assets acquired and liabilities assumed. The adjustments made to the initial allocation did not result in material changes to the amortization expense recorded in the previous quarters. Intangible assets primarily consist of MVPD agreements, with a weighted average useful life of 9 years , and advertising networks and trade names, with a weighted average useful life of 16 years . The goodwill reflects the value to Disney of increasing our global portfolio of creative assets and branded content to be monetized through our DTC services, film and television studio and theme parks. The amount of goodwill that is deductible for tax purposes is not material. The fair value of investments acquired in the acquisition include $0.9 billion of equity method investments and $0.1 billion of equity investments. Equity method investments primarily consist of a 50% interest in Endemol Shine Group and a 30% interest in Tata Sky Limited. On October 25, 2019, the Company entered into a definitive agreement with Banijay Group to sell its 50% interest in Endemol Shine Group. Completion of the transaction is subject to customary closing conditions, including approval from the European Commission. We expect the sale to close in fiscal 2021. The fair value of the assets acquired includes current trade receivables of $5.2 billion . The gross amount due under the contracts is $5.5 billion . For fiscal 2019 , the Company incurred $0.3 billion of acquisition-related expenses, of which $0.2 billion is included in Selling, general, administrative and other, and $0.1 billion related to financing fees is included in “Interest expense, net” in the Company’s Consolidated Statements of Income. The following table summarizes the revenues and net loss from continuing operations (including purchase accounting amortization and the impact of intercompany eliminations and excluding restructuring and impairment charges) of TFCF and Hulu included in the Company’s fiscal 2019 Consolidated Statement of Income since the date of acquisition: TFCF (1) : Revenues $ 6,950 Net income from continuing operations (1,030 ) Hulu (2) : Revenues $ 1,938 Net loss from continuing operations (774 ) (1) The impact of eliminations on revenues and net income as a result of consolidating TFCF was not material. (2) As a result of consolidating Hulu, the elimination of our legacy operations’ revenues for sales to Hulu was approximately $0.6 billion and the elimination of TFCF’s revenues for sales to Hulu was approximately $0.4 billion . The impact of the eliminations on net income was not material. The following pro forma summary presents consolidated information of the Company as if the acquisition of TFCF and consolidation of Hulu had occurred on October 1, 2017: 2019 2018 Revenues $ 78,116 $ 76,318 Net income 7,596 13,708 Net income attributable to Disney 7,284 13,877 Earnings per share attributable to Disney: Diluted $ 3.72 $ 7.64 Basic 3.74 7.68 These pro forma results include adjustments for purposes of consolidating the historical financial results of TFCF and Hulu (net of adjustments to eliminate transactions between Disney and TFCF, Disney and Hulu and Hulu and TFCF). These pro formas also include $3.1 billion and $3.5 billion (including $0.4 billion and $0.8 billion of amortization related to the RSNs) for fiscal 2019 and 2018 , respectively, to reflect the incremental amortization as a result of recording film and television programming and production costs and finite lived intangible assets at fair value. Interest expense of $0.4 billion and $0.5 billion is included to reflect the cost of borrowings to finance the TFCF acquisition for fiscal 2019 and 2018 , respectively. Additionally, fiscal 2018 pro forma earnings include the Hulu Gain, compensation expense of $0.2 billion related to TFCF equity awards that were accelerated to vest upon closing of the acquisition, and $0.4 billion of acquisition-related expenses. These amounts were recognized by Disney and TFCF in fiscal 2019 , but have been excluded from the fiscal 2019 pro forma earnings. The pro forma results exclude a $10.8 billion gain on sale and $0.5 billion of equity earnings recorded by TFCF for fiscal 2019 and 2018 , respectively, related to its 39% interest in Sky plc, which was sold by TFCF in October 2018. The pro forma results include $0.8 billion and $0.6 billion of net income attributable to Disney for fiscal 2019 and 2018 , respectively, related to the TFCF businesses that have been or will be divested (see the Assets Disposed, to be Disposed and Discontinued Operations section below). These pro forma results do not represent financial results that would have been realized had the acquisition actually occurred on October 1, 2017, nor are they intended to be a projection of future results. Assets Disposed, to be Disposed and Discontinued Operations In order to obtain regulatory approval for the acquisition of TFCF the Company agreed to sell the RSNs and sports media operations in Brazil and Mexico, and the Company agreed to divest its interest in certain European cable channels that were controlled by A+E. The Company divested its interest in certain European cable channels controlled by A+E in April 2019 for an amount that was not material. The Company sold the RSNs in August 2019 for approximately $11 billion . The RSNs, the Brazil and Mexico sports media operations and certain other businesses to be divested are presented as discontinued operations in the Consolidated Statements of Income. As of September 28, 2019, the assets and liabilities of the businesses held for sale are not material and are included in other assets and other liabilities in the Consolidated Balance Sheet. BAMTech In fiscal 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 fiscal 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 launch of DTC 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 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 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 28, 2019, the redeemable noncontrolling interest subject to accretion would have had a redemption amount of approximately $660 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 revenues and costs of BAMTech included in the Company’s Consolidated Statement of Income for fiscal 2018 were approximately $0.3 billion and $0.7 billion , respectively. Goodwill The changes in the carrying amount of goodwill for the years ended September 28, 2019 and September 29, 2018 are as follows: Media Networks Parks and Resorts Studio Entertainment Consumer Products & Interactive Media Parks, Experiences and Products Direct-to-Consumer & International Unallocated Total 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 ) Segment recast (2) (3,399 ) (291 ) (70 ) (4,426 ) 4,487 3,699 — — Balance at Sept. 29, 2018 $ 15,989 $ — $ 7,094 $ — $ 4,487 $ 3,699 $ — $ 31,269 Acquisitions (3) 17,434 — 10,711 — 1,048 19,892 — 49,085 Dispositions — — — — — — — — Other, net — — (8 ) — — (53 ) — (61 ) Balance at Sept. 28, 2019 $ 33,423 $ — $ 17,797 $ — $ 5,535 $ 23,538 $ — $ 80,293 (1) Primarily represents the allocation of BAMTech goodwill to the 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 a result of a strategic reorganization during fiscal 2018. (3) Represents the acquisition of TFCF and consolidation of Hulu. |
Dispositions and Other Income_(
Dispositions and Other Income/(Expense) | 12 Months Ended |
Sep. 28, 2019 | |
Other Income and Expenses [Abstract] | |
Dispositions and Other Income/(Expense) | Other Income Other income, net is as follows: 2019 2018 2017 Hulu Gain (see Note 4) $ 4,794 $ — $ — Charge for the extinguishment of a portion of the debt originally assumed in the TFCF acquisition (511 ) — — Insurance recoveries (settlements) related to legal matters 46 38 (177 ) Gain on sale of real estate, property rights and other 28 560 — Gain related to the acquisition of BAMTech (see Note 4) — 3 255 Other income, net $ 4,357 $ 601 $ 78 |
Investments
Investments | 12 Months Ended |
Sep. 28, 2019 | |
Investments [Abstract] | |
Investments | Investments Investments consist of the following: September 28, September 29, Investments, equity basis $ 2,922 $ 2,768 Investments, other 302 131 $ 3,224 $ 2,899 Investments, Equity Basis The Company’s significant equity investments primarily consist of media investments and include A + E ( 50% ownership), CTV Specialty Television, Inc. ( 30% ownership), Endemol Shine Group ( 50% ownership), Seven TV ( 20% ownership) and Tata Sky Limited ( 30% ownership). A summary of combined financial information for equity investments is as follows: Results of Operations: 2019 2018 2017 Revenues $ 9,405 $ 9,085 $ 8,122 Net income 133 (152 ) 857 Balance Sheet September 28, September 29, September 30, Current assets $ 3,350 $ 4,542 $ 4,623 Non-current assets 9,666 9,998 10,047 $ 13,016 $ 14,540 $ 14,670 Current liabilities $ 2,182 $ 3,197 $ 2,852 Non-current liabilities 5,452 4,840 5,056 Redeemable preferred stock — 1,362 1,123 Shareholders’ equity 5,382 5,141 5,639 $ 13,016 $ 14,540 $ 14,670 As of September 28, 2019 , 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 $1.2 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 $0.5 billion , $0.8 billion and $0.5 billion in fiscal 2019 , 2018 and 2017 , 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 28, 2019 , the Company held $290 million of non-publicly traded securities without a readily determinable fair value. Securities held at fair value at September 28, 2019 were not material. Non-publicly traded securities and securities held at fair value at September 29, 2018 were not material. In fiscal 2019 , 2018 and 2017 , realized gains, unrealized gains and losses and impairments on securities were not material. Gains and losses on securities are reported in “ Interest expense, net ” in the Consolidated Statements of Income. |
International Theme Parks
International Theme Parks | 12 Months Ended |
Sep. 28, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
International Theme Parks | International Theme Parks The Company has a 47% ownership interest in the operations of Hong Kong Disneyland Resort and a 43% ownership interest in the operations of Shanghai Disney Resort (together, the Asia Theme Parks), which are both VIEs consolidated in the Company’s financial statements. See Note 2 for the Company’s policy on consolidating VIEs. In addition, the Company has 100% ownership of Disneyland Paris. 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: September 28, 2019 September 29, 2018 Cash and cash equivalents $ 1,025 $ 834 Other current assets 346 400 Total current assets 1,371 1,234 Parks, resorts and other property 8,674 8,973 Other assets 91 103 Total assets (1) $ 10,136 $ 10,310 Current liabilities $ 683 $ 921 Borrowings - long-term 1,114 1,106 Other long-term liabilities 366 382 Total liabilities (1) $ 2,163 $ 2,409 (1) The total assets of the Asia Theme Parks was $7 billion at September 28, 2019 and $8 billion at September 29, 2018 including parks, resorts and other property of $7 billion at both September 28, 2019 and September 29, 2018 . The total liabilities of the Asia Theme Parks were $2 billion at both September 28, 2019 and September 29, 2018 . The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s consolidated statement of income for fiscal 2019 : Revenues $ 3,859 Costs and expenses (3,655 ) Equity in the loss of investees (13 ) Asia Theme Parks’ royalty and management fees of $174 million for fiscal 2019 are eliminated in consolidation but are considered in calculating earnings attributable to noncontrolling interests. International Theme Parks’ cash flows included in the Company’s fiscal 2019 consolidated statement of cash flows were $1.1 billion generated from operating activities, $878 million used in investing activities and $26 million generated in financing activities. Approximately two-thirds of cash flows generated from operating activities and used in investing activities related to 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 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 $144 million and $96 million , respectively. The interest rate is three month HIBOR plus 2% , and the maturity date is September 2025 . 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 28, 2019 . Hong Kong Disneyland is undergoing a multi-year expansion estimated to cost HK $10.9 billion ( $1.4 billion ). The Company and HKSAR have agreed to fund the expansion on an equal basis through equity contributions, which totaled $160 million and $144 million in fiscal 2019 and 2018, respectively. 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 6 percentage points over a period no shorter than 13 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 $830 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 $118 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 28, 2019 . These balances are eliminated in consolidation. Shendi has provided Shanghai Disney Resort with loans totaling 7.3 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 $196 million ) line of credit bearing interest at 8% . There is no outstanding balance under the line of credit at September 28, 2019 |
Film and Television Costs and A
Film and Television Costs and Advances | 12 Months Ended |
Sep. 28, 2019 | |
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 28, 2019 September 29, 2018 Theatrical film costs Released, less amortization $ 4,447 $ 1,911 Completed, not released 863 397 In-process 3,943 2,974 In development or pre-production 301 173 9,554 5,455 Television costs Released, less amortization 7,717 1,301 Completed, not released 1,085 462 In-process 1,849 420 In development or pre-production 99 2 10,750 2,185 Television programming rights and advances 7,103 1,562 27,407 9,202 Less current portion 4,597 1,314 Non-current portion $ 22,810 $ 7,888 Based on the Company’s total gross revenue estimates as of September 28, 2019 , approximately 80% of unamortized film and television costs for released productions (excluding amounts allocated to acquired film and television libraries and amounts that will be contractually recovered from production participants) are expected to be amortized during the next three years. Approximately $2.6 billion of accrued participation and residual liabilities will be paid in fiscal 2020 . The Company expects to amortize, based on current estimates, approximately $4.3 billion in capitalized completed film and television production costs during fiscal 2020 . At September 28, 2019 , acquired film and television libraries have remaining unamortized costs of $3.6 billion , which are generally being amortized straight-line over a weighted-average remaining period of approximately 19 years . |
Borrowings
Borrowings | 12 Months Ended |
Sep. 28, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The Company’s borrowings, including the impact of interest rate and cross-currency swaps, are summarized as follows: September 28, 2019 Sept. 28, 2019 Sept. 29, 2018 Stated Interest Rate (1) Pay Floating Interest rate and Cross- Currency Swaps (2) Effective Interest Rate (3) Swap Maturities Commercial paper $ 5,342 $ 1,005 — $ — 2.19 % U.S. dollar denominated notes (4) 39,424 18,045 3.97 % 9,000 3.37 % 2020-2029 Foreign currency denominated debt 1,044 955 3.18 % 940 3.23 % 2025 Other (5) 62 (276 ) — 45,872 19,729 3.49 % 9,940 3.23 % Asia Theme Parks borrowings 1,114 1,145 1.81 % — 5.51 % Total borrowings 46,986 20,874 3.44 % 9,940 3.28 % Less current portion 8,857 3,790 2.62 % 1,125 2.59 % Total long-term borrowings $ 38,129 $ 17,084 $ 8,815 (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 28, 2019 ; 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 28, 2019 . (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 discounts, costs and purchase accounting adjustments totaling a net premium of $2.5 billion and a net cost of $121 million at September 28, 2019 and September 29, 2018 , respectively. (5) Includes market value adjustments for debt with qualifying hedges, which increase borrowings by $31 million and reduce borrowings by $304 million at September 28, 2019 and September 29, 2018 , respectively. 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 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 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 28, 2019 by a significant margin. 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 28, 2019 , the Company has $1.2 billion of outstanding letters of credit, of which none were issued under this facility. Outstanding letters of credit include letters of credit assumed in the acquisition of TFCF primarily in support of international sports programming rights. 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 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 Additions 1,881 6,889 8,770 Payments — (4,452 ) (4,452 ) Other Activity 3 16 19 Balance at Sept. 28, 2019 $ 1,934 $ 3,408 $ 5,342 (1) Borrowings and reductions of borrowings are reported net. U.S. Dollar Denominated Notes At September 28, 2019 , the Company had $39.4 billion of U.S. dollar denominated notes with maturities ranging from 1 to 77 years. The debt outstanding includes $37.0 billion of fixed rate notes, which have stated interest rates that range from 1.65% to 9.50% and $2.4 billion of floating rate notes that bear interest at U.S. LIBOR plus or minus a spread. At September 28, 2019 , the effective rate on the floating rate notes was 2.48% . On March 20, 2019, the Company assumed public debt with a fair value of $21.2 billion (principal balance of $17.4 billion ) upon completion of the TFCF acquisition. On March 20, 2019, 96% (principal balance of $16.8 billion ) of the assumed debt was exchanged for senior notes of TWDC, with essentially the same terms. In September 2019, the Company repurchased previously exchanged debt with a carrying value of approximately $3.5 billion (principal balance of approximately $2.7 billion ) and TFCF debt with a carrying value of approximately $280 million (principal balance of approximately $260 million ) for $4.3 billion and recognized a charge of $511 million in “Other income, net” in the fiscal 2019 Consolidated Statement of Income. In October 2019, the Company made an offer to holders of the remaining outstanding debt exchanged for senior notes of TWDC with a carrying value of $17.4 billion (principal balance of $14.1 billion ) to exchange those notes for registered senior notes under the Securities Act of 1933. Foreign Currency Denominated Debt In fiscal 2018, the Company issued Canadian $1.3 billion ( $940 million ) of fixed rate senior notes, 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 a variable rate U.S. dollar denominated borrowing indexed to LIBOR. On March 20, 2019, upon the completion of the TFCF acquisition, the Company assumed a term loan and unsecured credit facilities with outstanding balances totaling INR 7.4 billion ( $104 million ) and weighted-average stated interest rate of approximately 7.00% . RSN Debt On March 20, 2019, as part of the TFCF acquisition, the Company assumed $1.1 billion of debt related to one of the RSNs. In August 2019, the RSN was sold and the buyer has assumed the outstanding debt obligation. Credit Facilities to Acquire TFCF On March 20, 2019, the Company borrowed $31.1 billion under two 364-day unsecured bridge loan facilities with a bank syndicate to fund the cash component of the TFCF acquisition. On March 21, 2019, the Company repaid one bridge loan facility in the amount of $16.1 billion , utilizing cash acquired in the TFCF transaction, and terminated the facility. The remaining 364-day unsecured bridge loan facility in the amount of $15.0 billion was repaid and terminated during the fourth quarter using the after-tax proceeds from the divestiture of the RSNs and proceeds from new borrowings. Cruise Ship Credit Facilities The Company has 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. Asia Theme Parks Borrowings HKSAR provided Hong Kong Disneyland Resort with loans totaling HK $0.8 billion ( $96 million ). The interest rate is three month HIBOR plus 2% , and the maturity date is September 2025 . Shendi has provided Shanghai Disney Resort with loans totaling 7.3 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 $196 million ) line of credit bearing interest at 8% . There is no outstanding balance under the line of credit at September 28, 2019 . 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 2020 $ 8,878 $ — $ 8,878 2021 3,513 — 3,513 2022 3,858 10 3,868 2023 1,242 24 1,266 2024 2,870 28 2,898 Thereafter 23,003 1,052 24,055 $ 43,364 $ 1,114 $ 44,478 The Company capitalizes interest on assets constructed for its parks and resorts and on certain film and television productions. In fiscal 2019 , 2018 and 2017 , total interest capitalized was $222 million , $125 million and $87 million , respectively. Interest expense, net of capitalized interest, for fiscal 2019 , 2018 and 2017 was $1,246 million , $682 million and $507 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 28, 2019 | |
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% and is 21.0% in 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 will be realized (either 24.5% for fiscal 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. • 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. 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 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 years 2023 through 2027. • The domestic production activity deduction is eliminated in fiscal 2019 and thereafter. • Starting in fiscal 2019, certain foreign derived income is 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% . • Starting in fiscal 2019, certain foreign earnings are 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 At the beginning of fiscal 2019, the Company adopted new FASB accounting 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. Upon adoption, the Company recorded a $0.2 billion deferred tax asset with an offsetting increase to retained earnings in fiscal 2019. Provision for Income Taxes and Deferred Tax Assets and Liabilities Income Before Income Taxes 2019 2018 2017 Domestic (including U.S. exports) $ 12,389 $ 12,914 $ 12,611 Foreign subsidiaries 1,555 1,815 1,177 Total income from continuing operations 13,944 14,729 13,788 Income from discontinued operations 706 — — $ 14,650 $ 14,729 $ 13,788 Income Tax Expense/(Benefit) Current Federal $ 14 $ 2,240 $ 3,229 State 112 362 360 Foreign (1) 824 642 489 950 3,244 4,078 Deferred Federal (2) 1,829 (1,577 ) 370 State 259 (20 ) 5 Foreign (7 ) 16 (31 ) 2,081 (1,581 ) 344 Income tax expense from continuing operations 3,031 1,663 4,422 Income tax expense from discontinued operations 35 — — $ 3,066 $ 1,663 $ 4,422 (1) Includes foreign withholding taxes (2) Includes the Tax Act Deferred Remeasurement in fiscal 2018 Components of Deferred Tax Assets and Liabilities September 28, 2019 September 29, 2018 Deferred tax assets Net operating losses and tax credit carryforwards $ (2,181 ) $ (1,437 ) Accrued liabilities (2,598 ) (1,214 ) Other (540 ) (328 ) Total deferred tax assets (5,319 ) (2,979 ) Deferred tax liabilities Depreciable, amortizable and other property 7,647 3,678 Investment in U.S. entities 2,258 189 Licensing revenues 573 265 Investment in foreign entities 146 351 Other 212 88 Total deferred tax liabilities 10,836 4,571 Net deferred tax liability before valuation allowance 5,517 1,592 Valuation allowance 1,975 1,383 Net deferred tax liability $ 7,492 $ 2,975 The increase of $0.6 billion in the valuation allowance relates to acquired TFCF deferred tax assets. As of both September 28, 2019 and September 29, 2018 , the valuation allowance includes approximately $1 billion related to deferred tax assets for International Theme Park net operating losses primarily in France and, to a lesser extent, Hong Kong and China. 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 for continuing operations is as follows: 2019 2018 2017 Federal income tax rate 21.0 % 24.5 % 35.0 % State taxes, net of federal benefit 2.2 1.9 1.7 Foreign derived income (1.1 ) — — Domestic production activity deduction — (1.4 ) (2.1 ) Earnings in jurisdictions taxed at rates different from the statutory U.S. federal rate 0.1 (1.1 ) (1.6 ) Tax Act (1) (0.3 ) (11.5 ) — Other, including tax reserves and related interest (0.2 ) (1.1 ) (0.9 ) 21.7 % 11.3 % 32.1 % (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: 2019 2018 2017 Balance at the beginning of the year $ 648 $ 832 $ 844 Increases due to business acquisitions 2,728 — — Increases for current year tax positions 84 64 61 Increases for prior year tax positions 143 48 13 Decreases in prior year tax positions (61 ) (135 ) (55 ) Settlements with taxing authorities (590 ) (161 ) (31 ) Balance at the end of the year $ 2,952 $ 648 $ 832 The fiscal year-end 2019 , 2018 and 2017 balances include $2.4 billion , $469 million and $444 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. At September 28, 2019 , September 29, 2018 and September 30, 2017 , the Company had $965 million , $181 million and $234 million , respectively, in accrued interest and penalties related to unrecognized tax benefits. During fiscal 2019 , 2018 and 2017 , the Company recorded additional interest and penalties of $802 million (of which $731 million is due to the acquisition of TFCF), $47 million and $43 million , respectively, and recorded reductions in accrued interest and penalties of $96 million , $100 million and $30 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 2017 for The Walt Disney Company and for years prior to 2014 for TFCF. The Company 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 $187 million . In fiscal 2019 , 2018 and 2017 , the Company recognized income tax benefits of $41 million , $52 million and $125 million , respectively for the excess of equity-based compensation deductions over amounts recorded based on grant date fair value. |
Pension and Other Benefit Progr
Pension and Other Benefit Programs | 12 Months Ended |
Sep. 28, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Benefit Programs | 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 has defined benefit pension plans that 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. In addition, the Company has a defined benefit plan for TFCF employees for which benefits stopped accruing in June 2017. 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. In connection with our acquisition of TFCF, we assumed net pension and postretirement obligations of $237 million ( $824 million in obligations and $587 million in plan assets). 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 28, 2019 September 29, 2018 September 28, 2019 September 29, Projected benefit obligations Beginning obligations $ (14,500 ) $ (14,532 ) $ (1,609 ) $ (1,746 ) Acquisition of TFCF (759 ) — (65 ) — Service cost (345 ) (350 ) (8 ) (10 ) Interest cost (592 ) (489 ) (67 ) (60 ) Actuarial (loss)/gain (1) (2,923 ) 416 (234 ) 166 Plan amendments and other 32 (12 ) (11 ) (10 ) Benefits paid 534 467 48 51 Curtailments 22 — — — Ending obligations $ (18,531 ) $ (14,500 ) $ (1,946 ) $ (1,609 ) Fair value of plans’ assets Beginning fair value $ 12,728 $ 12,325 $ 731 $ 696 Acquisition of TFCF 587 — — — Actual return on plan assets 690 579 33 34 Contributions 1,461 335 37 45 Benefits paid (534 ) (467 ) (48 ) (51 ) Expenses and other (54 ) (44 ) 9 7 Ending fair value $ 14,878 $ 12,728 $ 762 $ 731 Underfunded status of the plans $ (3,653 ) $ (1,772 ) $ (1,184 ) $ (878 ) Amounts recognized in the balance sheet Non-current assets $ 5 $ 113 $ — $ — Current liabilities (54 ) (51 ) (5 ) — Non-current liabilities (3,604 ) (1,834 ) (1,179 ) (878 ) $ (3,653 ) $ (1,772 ) $ (1,184 ) $ (878 ) (1) The actuarial loss for fiscal 2019 and the actuarial gain for fiscal 2018 were due to the change in the discount rate from the rate that was used in the preceding fiscal year. The components of net periodic benefit cost are as follows: Pension Plans Postretirement Medical Plans 2019 2018 2017 2019 2018 2017 Service cost $ 345 $ 350 $ 368 $ 8 $ 10 $ 11 Other costs (benefits): Interest cost 592 489 447 67 60 56 Expected return on plan assets (978 ) (901 ) (874 ) (56 ) (53 ) (49 ) Amortization of prior-year service costs 13 13 12 — — — Recognized net actuarial loss 260 348 405 — 14 17 Total other costs (benefits) (113 ) (51 ) (10 ) 11 21 24 Net periodic benefit cost $ 232 $ 299 $ 358 $ 19 $ 31 $ 35 In fiscal 2019, the Company adopted new FASB accounting guidance on the presentation of the components of net periodic pension and postretirement benefit cost (“net periodic benefit cost”). This guidance 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 expenses” in the Consolidated Statements 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 Consolidated Statements of Income. The other costs/benefits in fiscal 2018 and 2017 were not material and are reported in Costs and expenses. In fiscal 2020 , we expect pension and postretirement medical costs to increase by $159 million to $410 million due to the impact of a lower discount rate. Key assumptions are as follows: Pension Plans Postretirement Medical Plans 2019 2018 2017 2019 2018 2017 Discount rate used to determine the fiscal year‑end benefit obligation 3.22 % 4.31 % 3.88 % 3.22 % 4.31 % 3.88 % Discount rate used to determine the interest cost component of net periodic benefit cost 4.09 % 3.46 % 3.18 % 4.10 % 3.49 % 3.18 % Rate of return on plan assets 7.25 % 7.50 % 7.50 % 7.25 % 7.50 % 7.50 % Weighted average rate of compensation increase to determine the fiscal year‑end benefit obligation 3.20 % 3.20 % 2.90 % 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 2033 2032 2031 AOCI, before tax, as of September 28, 2019 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 $ (41 ) $ — $ (41 ) Net actuarial loss (7,156 ) (294 ) (7,450 ) Total amounts included in AOCI (7,197 ) (294 ) (7,491 ) Prepaid / (accrued) pension cost 3,544 (890 ) 2,654 Net balance sheet liability $ (3,653 ) $ (1,184 ) $ (4,837 ) 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 $17.5 billion , $16.1 billion and $13.9 billion , respectively, as of September 28, 2019 and $1.1 billion , $1.0 billion and $3 million , respectively, as of September 29, 2018 . For pension plans with projected benefit obligations in excess of plan assets, the projected benefit obligation and aggregate fair value of plan assets were $18.5 billion and $14.8 billion , respectively, as of September 28, 2019 and $12.0 billion and $10.1 billion respectively, as of September 29, 2018 . The Company’s total accumulated pension benefit obligations at September 28, 2019 and September 29, 2018 were $17.0 billion and $13.3 billion , respectively. Approximately 98% and 99% was vested as of September 28, 2019 and September 29, 2018 , respectively. 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 $1.9 billion and $0.8 billion , respectively, at September 28, 2019 and $1.6 billion and $0.7 billion , respectively, at September 29, 2018 . Plan Assets A significant portion of the assets of the Company’s defined benefit plans are managed in third-party master trusts. The investment policy and allocation of the assets in the master trusts 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 trusts 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 trusts 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 trusts 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 28, 2019 and September 29, 2018 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 28, 2019 Description Level 1 Level 2 Total Plan Asset Mix Cash $ 197 $ — $ 197 1 % Common and preferred stocks (1) 3,468 — 3,468 22 % Mutual funds 1,140 — 1,140 7 % Government and federal agency bonds, notes and MBS 2,042 404 2,446 16 % Corporate bonds — 580 580 4 % Other mortgage- and asset-backed securities — 127 127 1 % Derivatives and other, net (6 ) (21 ) (27 ) — % Total investments in the fair value hierarchy $ 6,841 $ 1,090 $ 7,931 Assets valued at NAV as a practical expedient: Common collective funds 3,691 24 % Alternative investments 2,725 17 % Money market funds and other 1,293 8 % Total investments at fair value $ 15,640 100 % 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 % (1) Includes 2.9 million shares of Company common stock valued at $373 million ( 2% of total plan assets) and 2.8 million shares valued at $332 million ( 2% of total plan assets) at September 28, 2019 and September 29, 2018 , 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 28, 2019 , the total committed capital still uncalled and unpaid was $1.0 billion . Plan Contributions During fiscal 2019 , the Company made $1.5 billion of contributions to its pension and postretirement medical plans. The Company currently expects to make approximately $600 million to $675 million of pension and postretirement medical plan contributions in fiscal 2020. Final minimum funding requirements for fiscal 2020 will be determined based on a January 1, 2020 funding actuarial valuation, which is expected to be received during the fourth quarter of fiscal 2020 . Estimated Future Benefit Payments The following table presents estimated future benefit payments for the next ten fiscal years: Pension Plans Postretirement Medical Plans (1) 2020 $ 626 $ 58 2021 609 61 2022 647 67 2023 687 71 2024 727 75 2025 – 2029 4,223 433 (1) Estimated future benefit payments are net of expected Medicare subsidy receipts of $84 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 2019 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 discount rate and expected long-term rate of return on plan assets would have the following effects on the projected benefit obligations for pension and postretirement medical plans as of September 28, 2019 and on cost for fiscal 2020 : Discount Rate Expected Long-Term Rate of Return On Assets Increase/(decrease) Benefit Expense Projected Benefit Obligations Benefit Expense 1 ppt decrease $ 313 $ 3,566 $ 157 1 ppt increase (273 ) (3,001 ) (157 ) 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 a participating employer chooses to stop participating in these multiemployer plans, the employer 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: 2019 2018 2017 Pension plans $ 189 $ 144 $ 127 Health & welfare plans 218 172 160 Total contributions $ 407 $ 316 $ 287 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 2019 , 2018 and 2017 , the costs of these defined contribution plans were $208 million , $162 million and $143 million , respectively. The Company also has defined contribution retirement plans for employees in our international operations. The costs of these defined contribution plans were $25 million , $21 million and $20 million in fiscal years 2019 , 2018 and 2017 |
Equity
Equity | 12 Months Ended |
Sep. 28, 2019 | |
Equity [Abstract] | |
Equity | Equity The Company paid the following dividends in fiscal 2019 , 2018 and 2017 : Per Share Total Paid Payment Timing Related to Fiscal Period $0.88 $1.6 billion Fourth Quarter of Fiscal 2019 First Half 2019 $0.88 $1.3 billion Second Quarter of Fiscal 2019 Second Half 2018 $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 As a result of the acquisition of TFCF, TWDC became the parent entity of both TFCF and TWDC Enterprises 18 Corp. (formerly known as The Walt Disney Company and referred to herein as Legacy Disney). TWDC issued 307 million shares of common stock to acquire TFCF (see Note 4), and all the outstanding shares of Legacy Disney (other than shares of Legacy Disney held in treasury that were not held on behalf of a third party) were converted on a one-for-one basis into new publicly traded shares of TWDC . In March 2019, Legacy Disney terminated its share repurchase program, and 1.4 billion treasury shares were canceled, which resulted in a decrease to common stock and retained earnings of $17.6 billion and $49.1 billion , respectively. The cost of treasury shares canceled was allocated to common stock based on the ratio of treasury shares to total shares outstanding, with the excess allocated to retained earnings. At September 28, 2019 , TWDC held 19 million treasury shares. TWDC’s authorized share capital consists of 4.6 billion common shares at $0.01 par value and 100 million preferred shares at $0.01 par value, both of which represent the same authorized capital structure in effect prior to the completion of the TFCF acquisition and as of September 29, 2018 . As of September 29, 2018 , Legacy Disney had 40 thousand preferred series B shares authorized with $0.01 par value, which were eliminated in fiscal 2019. The Company repurchased its common stock as follows: Fiscal Year Shares acquired Total paid 2018 35 million $3.6 billion 2017 89 million $9.4 billion 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 1, 2016 $ 44 $ (38 ) $ (5,859 ) $ (521 ) $ (6,374 ) Unrealized gains (losses) arising during the period (2 ) 124 521 (2 ) 641 Reclassifications of realized 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 ) Unrealized gains (losses) arising during the period — 136 (3,457 ) (359 ) (3,680 ) Reclassifications of net (gains) losses to net income — (185 ) 278 — 93 Reclassifications to retained earnings (24 ) 1 — — (23 ) Balance at September 28, 2019 $ — $ 129 $ (7,502 ) $ (1,086 ) $ (8,459 ) Unrecognized Foreign AOCI Market Value Adjustments Investments Cash Flow Hedges Tax on AOCI 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 realized 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 Unrealized gains (losses) arising during the period (2 ) (29 ) 797 28 794 Reclassifications of net (gains) losses to net income — 43 (64 ) — (21 ) Reclassifications to retained earnings 9 (9 ) (667 ) (16 ) (683 ) Balance at September 28, 2019 $ (2 ) $ (27 ) $ 1,756 $ 115 $ 1,842 Unrecognized Foreign AOCI Market Value Adjustments Investments Cash Flow Hedges AOCI, after tax 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 realized 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 ) Unrealized gains (losses) arising during the period (2 ) 107 (2,660 ) (331 ) (2,886 ) Reclassifications of net (gains) losses to net income — (142 ) 214 — 72 Reclassifications to retained earnings (1) (15 ) (8 ) (667 ) (16 ) (706 ) Balance at September 28, 2019 $ (2 ) $ 102 $ (5,746 ) $ (971 ) $ (6,617 ) (1) At the beginning of fiscal 2019, the Company adopted new FASB accounting guidance, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, and reclassified $691 million from AOCI to retained earnings. In addition, at the beginning of fiscal 2019, the Company adopted new FASB accounting guidance, 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 Consolidated Statements of Income: 2019 2018 2017 Investments, net Interest expense, net $ — $ — $ 27 Estimated tax Income taxes — — (10 ) — — 17 Cash flow hedges Primarily revenue 185 (35 ) 194 Estimated tax Income taxes (43 ) 12 (72 ) 142 (23 ) 122 Pension and postretirement medical expense Cost and expenses — (380 ) (432 ) Interest expense, net (278 ) — — Estimated tax Income taxes 64 102 160 (214 ) (278 ) (272 ) Total reclassifications for the period $ (72 ) $ (301 ) $ (133 ) |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Sep. 28, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | 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 28, 2019 , 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 72 million shares and the number available for issuance assuming all awards are in the form of RSUs was approximately 34 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. The weighted average assumptions used in the option-valuation model were as follows: 2019 2018 2017 Risk-free interest rate 2.8 % 2.4 % 2.6 % Expected volatility 23 % 23 % 22 % Dividend yield 1.61 % 1.57 % 1.58 % Termination rate 4.8 % 4.8 % 4.0 % Exercise multiple 1.75 1.75 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. Compensation expense related to stock options and RSUs is as follows: 2019 2018 2017 Stock option $ 84 $ 87 $ 90 RSUs (1) 627 306 274 Total equity-based compensation expense (2) 711 393 364 Tax impact (161 ) (99 ) (123 ) Reduction in net income $ 550 $ 294 $ 241 Equity-based compensation expense capitalized during the period $ 81 $ 70 $ 78 (1) Includes TFCF Performance RSUs converted to Company RSUs in connection with the TFCF acquisition (see Note 4). In fiscal 2019, the Company recognized $307 million of equity based compensation in connection with the TFCF acquisition. (2) Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs. The following table summarizes information about stock option transactions (shares in millions): 2019 Shares Weighted Average Exercise Price Outstanding at beginning of year 24 $ 84.14 Awards forfeited (1 ) 109.59 Awards granted 4 111.15 Awards exercised (4 ) 74.13 Outstanding at end of year 23 $ 90.05 Exercisable at end of year 14 $ 76.59 The following tables summarize information about stock options vested and expected to vest at September 28, 2019 (shares in millions): Vested Range of Exercise Prices Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life $ 0 — $ 50 3 $ 39.71 2.0 $ 51 — $ 75 4 61.34 3.7 $ 76 — $ 100 3 91.87 5.2 $ 101 — $ 125 4 109.71 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 $ 105 — $ 110 2 $ 105.34 7.3 $ 111 — $ 115 7 111.25 8.5 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): 2019 Units Weighted Average Grant-Date Fair Value Unvested at beginning of year 9 $ 108.74 Granted (1) 4 112.73 Vested (3 ) 105.98 Forfeited (1 ) 107.24 Other (2) 3 110.00 Unvested at end of year (3)(4) 12 $ 110.84 (1) Includes 0.4 million Performance RSUs. (2) Reflects TFCF Performance RSUs replaced with Company RSUs in connection with the TFCF acquisition that generally vest in three years. (3) Includes 1.5 million Performance RSUs. (4) Excludes Performance RSUs issued in September 2018, for which vesting is subject to service conditions and the number of units vesting is subject to the discretion of the CEO. At September 28, 2019, the maximum number of these Performance RSUs that could be issued upon vesting is 0.2 million . The weighted average grant-date fair values of options granted during fiscal 2019 , 2018 and 2017 were $28.76 , $28.01 and $25.65 , respectively. The total intrinsic value (market value on date of exercise less exercise price) of options exercised and RSUs vested during fiscal 2019 , 2018 and 2017 totaled $646 million , $585 million and $757 million , respectively. The aggregate intrinsic values of stock options vested and expected to vest at September 28, 2019 were $728 million and $173 million , respectively. As of September 28, 2019 , unrecognized compensation cost related to unvested stock options and RSUs was $121 million and $599 million , respectively. That cost is expected to be recognized over a weighted-average period of 1.6 years for stock options and 1.6 years for RSUs. Cash received from option exercises for fiscal 2019 , 2018 and 2017 was $318 million , $210 million and $276 million , respectively. Tax benefits realized from tax deductions associated with option exercises and RSUs vesting for fiscal 2019 , 2018 and 2017 was approximately $145 million , $160 million and $265 million , respectively. |
Detail of Certain Balance Sheet
Detail of Certain Balance Sheet Accounts | 12 Months Ended |
Sep. 28, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Detail of Certain Balance Sheet Accounts | Detail of Certain Balance Sheet Accounts Current receivables September 28, September 29, Accounts receivable $ 12,882 $ 8,268 Other 2,894 1,258 Allowance for doubtful accounts (295 ) (192 ) $ 15,481 $ 9,334 Parks, resorts and other property Attractions, buildings and improvements $ 29,509 $ 28,995 Furniture, fixtures and equipment 21,265 19,400 Land improvements 6,649 5,911 Leasehold improvements 1,166 932 58,589 55,238 Accumulated depreciation (32,415 ) (30,764 ) Projects in progress 4,264 3,942 Land 1,165 1,124 $ 31,603 $ 29,540 Intangible assets Character/franchise intangibles, copyrights and trademarks $ 10,577 $ 5,829 MVPD agreements 9,900 — Other amortizable intangible assets 4,291 1,213 Accumulated amortization (3,393 ) (2,070 ) Net amortizable intangible assets 21,375 4,972 Indefinite lived intangible assets 1,840 1,840 $ 23,215 $ 6,812 Accounts payable and other accrued liabilities Accounts payable $ 13,778 $ 6,503 Payroll and employee benefits 3,010 2,189 Other 974 787 $ 17,762 $ 9,479 Other long-term liabilities Pension and postretirement medical plan liabilities $ 4,783 $ 2,712 Other 8,977 3,878 $ 13,760 $ 6,590 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company has various contractual commitments for broadcast rights for sports, feature films and other programming, totaling approximately $50.4 billion , including approximately $3.1 billion for available programming as of September 28, 2019 , and approximately $43.9 billion related to sports programming rights, primarily for college football (including bowl games and the College Football Playoff) and basketball, NBA, NFL, UFC, MLB, Cricket, 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 2019 , 2018 and 2017 , including common-area maintenance and contingent rentals, was $1.1 billion , $0.9 billion and $0.9 billion , 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 $69.3 billion at September 28, 2019 , payable as follows: Broadcast Programming Operating Leases Other Total 2020 $ 11,477 $ 982 $ 3,210 $ 15,669 2021 10,080 849 1,593 12,522 2022 7,810 670 1,699 10,179 2023 5,624 532 1,285 7,441 2024 4,637 407 933 5,977 Thereafter 10,786 2,491 4,198 17,475 $ 50,414 $ 5,931 $ 12,918 $ 69,263 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 $376 million and $371 million at September 28, 2019 and September 29, 2018 , respectively. Accumulated amortization related to these capital leases totaled $170 million and $164 million at September 28, 2019 and September 29, 2018 , respectively. Future payments under these leases as of September 28, 2019 are as follows: 2020 $ 19 2021 20 2022 19 2023 17 2024 16 Thereafter 458 Total minimum obligations 549 Less amount representing interest (398 ) Present value of net minimum obligations 151 Less current portion (5 ) Long-term portion $ 146 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 September 28, 2019 , the remaining debt service obligation guaranteed by the Company was $285 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. 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 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 $1.2 billion as of September 28, 2019 . Fiscal 2019 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 $0.8 billion as of September 28, 2019 . Fiscal 2019 activity related to the allowance for credit losses was not material. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Sep. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 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 11 for definitions of fair value measures and the Levels within the fair value hierarchy. Fair Value Measurement at September 28, 2019 Description Level 1 Level 2 Level 3 Total Assets Investments $ 13 $ — $ — $ 13 Derivatives Interest rate — 89 — 89 Foreign exchange — 771 — 771 Other — 1 — 1 Liabilities Derivatives Interest rate — (93 ) — (93 ) Foreign exchange — (544 ) — (544 ) Other — (4 ) — (4 ) Total recorded at fair value $ 13 $ 220 $ — $ 233 Fair value of borrowings $ — $ 48,709 $ 1,249 $ 49,958 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 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. and European 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 Asia Theme Park borrowings, which are valued based on the current borrowing cost and credit risk of the Asia Theme Parks as well 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. 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 28, 2019 , 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 28, 2019 , the Company’s balances with individual financial institutions that exceeded 10% of the Company’s total cash and cash equivalents were 26% of total cash and cash equivalents. At 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 28, 2019 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 | 12 Months Ended |
Sep. 28, 2019 | |
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 September 28, 2019 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 302 $ 241 $ (67 ) $ (244 ) Interest rate — 89 (82 ) — Other 1 — (3 ) (1 ) Derivatives not designated as hedges Foreign exchange 65 163 (107 ) (126 ) Interest Rate — — — (11 ) Gross fair value of derivatives 368 493 (259 ) (382 ) Counterparty netting (231 ) (345 ) 258 318 Cash collateral (received)/paid (55 ) (6 ) — 7 Net derivative positions $ 82 $ 142 $ (1 ) $ (57 ) 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 September 28, 2019 and September 29, 2018 , the total notional amount of the Company’s pay-floating interest rate swaps was $9.9 billion and $7.6 billion , respectively. The following table summarizes fair value hedge adjustments to hedged borrowings: Carrying Amount of Hedged Borrowings (1) Fair Value Adjustments Included in Hedged Borrowings (1) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Borrowings: Current $ 1,121 $ 1,585 $ (3 ) $ (14 ) Long-term 9,562 6,425 34 (290 ) $ 10,683 $ 8,010 $ 31 $ (304 ) (1) Includes $37 million and $41 million of gains on terminated interest rate swaps as of September 28, 2019 and September 29, 2018 , respectively. The following amounts are included in “ Interest expense, net ” in the Consolidated Statements of Income: 2019 2018 2017 Gain (loss) on: Pay-floating swaps $ 337 $ (230 ) $ (211 ) Borrowings hedged with pay-floating swaps (337 ) 230 211 Benefit (expense) associated with interest accruals on pay-floating swaps (58 ) (15 ) 35 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 28, 2019 or at September 29, 2018 , and gains and losses related to pay-fixed swaps recognized in earnings for fiscal 2019 , 2018 and 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 future pay-floating interest rate swaps indexed to LIBOR for $2.0 billion in future borrowings. The fair values of these contracts were $11 million and $81 million at September 28, 2019 and September 29, 2018 , 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. Gains and losses on the options for fiscal 2019 , 2018 and 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 September 28, 2019 and September 29, 2018 , the notional amounts of the Company’s net foreign exchange cash flow hedges were $6.3 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 totaled $254 million . The following table summarizes the effect of foreign exchange cash flow hedges on AOCI for fiscal year 2019 : Gain/(loss) recognized in Other Comprehensive Income $ 156 Gain/(loss) reclassified from AOCI into the Statement of Income (1) 183 (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 September 28, 2019 and September 29, 2018 were $3.8 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 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 2019 2018 2017 2019 2018 2017 2019 2018 2017 Net gains (losses) on foreign currency denominated assets and liabilities $ (188 ) $ (146 ) $ 105 $ 16 $ 39 $ (13 ) $ 50 $ 29 $ 3 Net gains (losses) on foreign exchange risk management contracts not designated as hedges 123 104 (120 ) (19 ) (46 ) 11 (51 ) (19 ) 24 Net gains (losses) $ (65 ) $ (42 ) $ (15 ) $ (3 ) $ (7 ) $ (2 ) $ (1 ) $ 10 $ 27 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 28, 2019 and September 29, 2018 and related gains or losses recognized in earnings were not material for fiscal 2019 , 2018 and 2017 . 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 28, 2019 and September 29, 2018 were not material. The related gains or losses recognized in earnings were not material for fiscal 2019 , 2018 and 2017 . 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 $65 million and $299 million at September 28, 2019 and September 29, 2018 , respectively. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 12 Months Ended |
Sep. 28, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Impairment Charges | Restructuring and Impairment Charges The Company has begun implementing a restructuring and integration plan as a part of its initiative to realize cost synergies from the acquisition of TFCF. During fiscal 2019, we recorded charges of $1.2 billion , including $0.9 billion of severance and related costs in connection with the plan and $0.3 billion of equity based compensation costs, primarily for TFCF awards that were accelerated to vest upon the closing of the TFCF acquisition. These charges are recorded in “Restructuring and impairment charges” in the Consolidated Statements of Income. Although our plans are not yet finalized, we anticipate that the total severance and related costs could be on the order of $1.5 billion . The Company may incur other restructuring costs, such as contract termination costs, but we currently expect these will not be material. We currently expect to substantially complete the restructuring plan by the end of fiscal 2021. For fiscal 2018 and 2017, restructuring and impairment charges were not material. The following table summarizes the changes in restructuring reserves related to the TFCF integration plan for fiscal 2019: One-time Termination Benefits Contract Termination Total Beginning Balance: $ — $ — $ — Additions: Media Networks 57 33 90 Parks, Experiences and Products 8 3 11 Studio Entertainment 123 74 197 Direct-to-Consumer & International 349 77 426 Corporate 133 49 182 Total Additions 670 236 906 Payments (193 ) (37 ) (230 ) Ending Balance: $ 477 $ 199 $ 676 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information Condensed Consolidating Financial Information | 12 Months Ended |
Sep. 28, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidating Financial Information On March 20, 2019, the Company completed its acquisition of TFCF (as described in Note 4), and the Company (referred to herein as “Legacy Disney”) and TFCF 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 U.S. 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 28, 2019 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 69,342 $ 228 $ 69,570 Costs and expenses Operating expenses — (42,018 ) — (42,018 ) Selling, general, administrative and other — (672 ) (10,869 ) — (11,541 ) Depreciation and amortization — (1 ) (4,159 ) — (4,160 ) Total costs and expenses — (673 ) (57,046 ) — (57,719 ) Restructuring and impairment charges — — (1,183 ) — (1,183 ) Allocations to non-guarantor subsidiaries — 652 (652 ) — — Other income/(expense), net (236 ) 94 4,727 (228 ) 4,357 Interest income/(expense), net (636 ) (699 ) 357 — (978 ) Equity in the income (loss) of investees, net — — (103 ) — (103 ) Income from continuing operations before income taxes (872 ) (626 ) 15,442 — 13,944 Income taxes from continuing operations 190 136 (3,357 ) — (3,031 ) Earnings from subsidiary entities 3,026 12,802 — (15,828 ) — Net income from continuing operations 2,344 12,312 12,085 (15,828 ) 10,913 Income (loss) from discontinued operations 671 291 671 (962 ) 671 Net Income 3,015 12,603 12,756 (16,790 ) 11,584 Less: Net income from continuing operations attributable to noncontrolling interests — — (472 ) — (472 ) Less: Net income from discontinued operations attributable to noncontrolling interests — — (58 ) — (58 ) Net income excluding noncontrolling interests 3,015 12,603 12,226 (16,790 ) 11,054 Comprehensive income excluding noncontrolling interests $ 185 $ 9,669 $ 11,786 $ (13,400 ) $ 8,240 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 income 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 CONDENSED CONSOLIDATING BALANCE SHEET As of September 28, 2019 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total ASSETS Current assets Cash and cash equivalents $ 554 $ — $ 4,864 $ — $ 5,418 Receivables, net 499 1 14,981 — 15,481 Inventories — 4 1,645 — 1,649 Television costs and advances — — 4,597 — 4,597 Other current assets 83 4 898 (6 ) 979 Total current assets 1,136 9 26,985 (6 ) 28,124 Film and television costs — — 22,810 — 22,810 Investments in subsidiaries 125,999 281,041 — (407,040 ) — Other investments — — 3,224 — 3,224 Parks, resorts and other property, net — 8 31,595 — 31,603 Intangible assets, net — — 23,215 — 23,215 Goodwill — — 80,293 — 80,293 Intercompany receivables — — 143,574 (143,574 ) — Other assets 314 1,076 4,541 (1,216 ) 4,715 Total assets $ 127,449 $ 282,134 $ 336,237 $ (551,836 ) $ 193,984 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities $ 371 $ 279 $ 17,112 $ — $ 17,762 Current portion of borrowings 5,721 3,007 129 — 8,857 Deferred revenues and other 27 4,701 (6 ) 4,722 Total current liabilities 6,092 3,313 21,942 (6 ) 31,341 Non-current liabilities Borrowings 23,182 13,061 1,886 — 38,129 Deferred income taxes — — 9,118 (1,216 ) 7,902 Other long-term liabilities 859 4,626 8,275 — 13,760 Intercompany payables 8,439 135,135 — (143,574 ) — Total non-current liabilities 32,480 152,822 19,279 (144,790 ) 59,791 Redeemable noncontrolling interests — — 8,963 — 8,963 Total Disney Shareholders’ equity 88,877 125,999 281,041 (407,040 ) 88,877 Noncontrolling interests — — 5,012 — 5,012 Total equity 88,877 125,999 286,053 (407,040 ) 93,889 Total liabilities and equity $ 127,449 $ 282,134 $ 336,237 $ (551,836 ) $ 193,984 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 STATEMENT OF CASH FLOWS For the Year Ended September 28, 2019 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations - continuing operations $ 340 $ (1,800 ) $ 7,764 $ (320 ) $ 5,984 INVESTING ACTIVITIES Investments in parks, resorts and other property — — (4,876 ) — (4,876 ) Acquisitions (35,702 ) — 25,801 — (9,901 ) Intercompany investing activities, net 20,396 (1 ) (7,507 ) (12,888 ) — Other — — (319 ) — (319 ) Cash used in investing activities - continuing operations (15,306 ) (1 ) 13,099 (12,888 ) (15,096 ) FINANCING ACTIVITIES Commercial paper, net 5,328 (1,010 ) — — 4,318 Borrowings 37,999 — 241 — 38,240 Reduction of borrowings (35,100 ) (2,750 ) (1,031 ) — (38,881 ) Dividends (1,585 ) (1,470 ) (160 ) 320 (2,895 ) Proceeds from exercise of stock options 234 84 — — 318 Intercompany financing, net 8,712 5,837 (27,437 ) 12,888 — Contributions from / sales of noncontrolling interest holders — — 737 — 737 Acquisitions of noncontrolling and redeemable noncontrolling interests — — (1,430 ) — (1,430 ) Other (68 ) (257 ) (546 ) — (871 ) Cash used in financing activities - continuing operations 15,520 434 (29,626 ) 13,208 (464 ) Discontinued operations — — 10,974 — 10,974 Impact of exchange rates on cash, cash equivalents and restricted cash — — (98 ) — (98 ) Change in cash, cash equivalents and restricted cash 554 (1,367 ) 2,113 — 1,300 Cash, cash equivalents and restricted cash, beginning of year — 1,367 2,788 — 4,155 Cash, cash equivalents and restricted cash, end of year $ 554 $ — $ 4,901 $ — $ 5,455 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 |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements | 12 Months Ended |
Sep. 28, 2019 | |
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 10 • Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost - See Note 11 • Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income - See Note 12 • Recognition and Measurement of Financial Assets and Liabilities - See Note 12 • Targeted Improvements to Accounting for Hedging Activities - The adoption of the new guidance did not have a material impact on our consolidated financial statements Leases In February 2016, the FASB issued new lease accounting guidance, 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 guidance is effective at the beginning of the Company ’ s 2020 fiscal year. We are adopting the guidance without restating prior periods and by applying practical expedients in the guidance that allow us to not reassess 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 estimates the adoption of the new guidance will result in the recognition of right-of-use assets and lease liabilities for our operating leases of approximately $4 billion . Additionally, the Company will reclassify a deferred gain of approximately $350 million related to a prior sale-leaseback transaction to retained earnings upon adoption. Improvements to Accounting for Costs of Films and License Agreements for Program Materials In March 2019, the FASB updated guidance for the accounting for film and television content costs. The new guidance impacts the capitalization, amortization and impairment of these costs as follows: • Eliminates the limitation on capitalization of production costs for episodic content, aligning the capitalization model with film content; • Requires production costs that are being amortized based on estimated usage to be reviewed and updated each reporting period, with any changes in estimated usage applied prospectively; and • Requires produced and acquired programming costs to be tested for impairment using the lowest level of identifiable cash flows based on the predominant monetization strategy for the content (i.e., monetized individually or in a group) We currently do not expect the new guidance will have a material impact on our financial statements. The guidance is effective at the beginning of the Company’s 2021 fiscal year (with early adoption permitted) and requires prospective adoption. The Company plans to adopt the new guidance in fiscal 2020. |
QUARTERLY FINANCIAL SUMMARY
QUARTERLY FINANCIAL SUMMARY | 12 Months Ended |
Sep. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL SUMMARY | QUARTERLY FINANCIAL SUMMARY (in millions, except per share data) (unaudited) Q1 Q2 Q3 Q4 2019 Revenues $ 15,303 $ 14,922 $ 20,245 (8) $ 19,100 (8) Income from continuing operations before income taxes 3,431 7,237 2,018 1,258 Segment operating income (9) 3,655 3,816 3,961 3,436 Net income from continuing operations 2,786 5,590 1,623 914 Net income attributable to Disney 2,788 5,452 1,760 1,054 Income from discontinued operations, net of tax — 21 359 291 Earnings per share: Diluted - continuing operations $ 1.86 $ 3.53 (2) $ 0.79 (4) $ 0.43 (6) Diluted - total 1.86 3.55 0.97 0.58 Basic - continuing operations 1.87 3.55 0.80 0.44 Basic - total 1.87 3.56 0.98 0.58 2018 Revenues $ 15,351 $ 14,548 $ 15,229 $ 14,306 Segment operating income (9) 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 (3) $ 1.95 (5) $ 1.55 (7) Basic 2.93 1.95 1.96 1.56 (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. (2) Results for the second quarter of fiscal 2019 included a non-cash gain in connection with the acquisition of Hulu (Hulu Gain), which had a favorable impact of $2.46 on diluted earnings per share. This favorable impact was partially offset by restructuring and impairment charges, which had an adverse impact of $0.33 on diluted earnings per share, an impairment in our investment in Vice, which had an adverse impact of $0.18 on diluted earnings per share, and amortization related to TFCF and Hulu intangible assets and fair value step-up on film and television costs, which had an adverse impact of $0.05 on diluted earnings per share. (3) Results for the second quarter of fiscal 2018 included a net benefit from updating the Tax Act Estimate, which had a favorable impact of $0.09 on diluted earnings per share. (4) Results for the third quarter of fiscal 2019 included amortization related to TFCF and Hulu intangible assets and fair value step-up on film and television costs, which had an adverse impact of $0.34 on diluted earnings per share, restructuring and impairment charges, which had a net adverse impact of $0.09 on diluted earnings per share, equity investment impairments, which had an adverse impact of $0.08 on diluted earnings per share, and an adjustment to the Hulu Gain, which had an adverse impact of $0.05 on diluted earnings per share. (5) Results for the third quarter of fiscal 2018 included a net benefit from updating the Tax Act Estimate, which had a favorable impact of $0.07 on diluted earnings per share. (6) Results for the fourth quarter of fiscal 2019 included amortization related to TFCF and Hulu intangible assets and fair value step-up on film and television costs, which had an adverse impact of $0.30 on diluted earnings per share, a charge for the settlement of a portion of the debt originally assumed in the TFCF acquisition, which had an adverse impact of $0.22 on diluted earnings per share, and restructuring and impairment charges, which had an adverse impact of $0.13 on diluted earnings per share. (7) 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 on diluted earnings per share, and the impact of updating the Tax Act Estimate, which had an adverse impact of $0.06 on diluted earnings per share. (8) On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. (9) 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) | 12 Months Ended |
Sep. 28, 2019 | |
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 (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. |
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 2019 , 2018 and 2017 were fifty-two week years. |
Reclassifications | Reclassifications Certain reclassifications have been made in the fiscal 2018 and fiscal 2017 financial statements and notes to conform to the fiscal 2019 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, published materials and in multi-platform 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 • The sale of DVDs and Blu-ray discs • The sale of books, comic books and magazines Significant operating costs related to the sale of tangible products include: • Costs of goods sold • Amortization of programming and production costs and participations and residuals costs • Distribution costs • Operating labor • Retail occupancy costs |
Revenue Recognition | Revenue Recognition 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 four broad categories of service revenues: licenses of rights to use our intellectual property, sales to guests at our Parks and Experiences businesses, sales of advertising time/space and DTC services. 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 guidance 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 and visual and literary properties at the Parks, Experiences and 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. For affiliate contracts with fixed license fees, the fees are recognized ratably over the contract term. If an affiliate contract includes a minimum guaranteed license fee, 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 streaming 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. For contracts that contain a guaranteed number of impressions, revenues are recognized based on impressions delivered. When the guaranteed number of impressions is not met (“ratings shortfall”), revenues are not recognized for the ratings shortfall until the additional impressions are delivered. • 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 revenue as the services are provided to the guest. Sales of vacation club properties are recognized as revenue upon the later of when title transfers to the customer or when construction activity is deemed complete. • 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 - Fixed license 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. License fees based on the underlying sales of the licensee are recognized as revenue as earned based on the contractual royalty rate applied to the licensee sales. For TV/SVOD licenses that include multiple titles with a fixed license fee across all titles, each title is considered a separate performance obligation. The fixed license fee is allocated to each title at contract inception and the allocated license fee is recognized as revenue when the title is available for use by the licensee. When the license contains a minimum guaranteed license fee across all titles, the license fees earned by titles in excess of their allocated amount are deferred until the minimum guaranteed license fee across all titles is exceeded. Once the minimum guaranteed license fee is exceeded, revenue is recognized as earned based on the licensee’s underlying sales. TV/SVOD distribution contracts may limit the licensee’s use of a title to certain defined periods of time during the contract term. In these instances, each period of availability is generally considered a separate performance obligation. For these contracts, the fixed license fee is allocated to each period of availability at contract inception based on relative standalone selling price using management’s best estimate. Revenue is recognized at the start of each availability period when the content is made available for use by the licensee. 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 theatrical distributors are recognized as revenue based on the contractual royalty rate applied to the distributor’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 earned based on the contractual royalty rate applied to the licensee’s underlying product sales. For licenses with minimum guaranteed license fees, the excess of the minimum guaranteed amount over actual royalties earned (“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 and the related shipping expenses are recorded in cost of products upon delivery of the product to the consumer. |
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 2019 , 2018 and 2017 was $4.3 billion , $2.8 billion and $2.6 billion , respectively. The increase in advertising expense for fiscal 2019 compared to fiscal 2018 was primarily due to the consolidation of TFCF and Hulu's operations. |
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 28, 2019 September 29, 2018 September 30, 2017 Cash and cash equivalents $ 5,418 $ 4,150 $ 4,017 Restricted cash included in: Other current assets 26 1 26 Other assets 11 4 21 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 5,455 $ 4,155 $ 4,064 |
Investments | Investments Investments in equity securities with a readily determinable fair value, not accounted for under the equity method, are recorded at that value with unrealized gains and losses included in earnings. For equity securities without a readily determinable fair value, the investment is recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the same or similar securities, with unrealized gains and losses included in earnings. For equity method investments, the Company regularly reviews its investments to determine whether there is a decline in fair value below book value. If there is a decline that is other-than-temporary, the investment is written down to fair value. |
Translation Policy | Translation Policy Generally, the U.S. dollar is the functional currency for our international film and television distribution and licensing businesses and the branded International Channels. Generally, the local currency is the functional currency for the Asia Theme Parks, Disneyland Paris, the branded International Channels that primarily source and exploit their content locally (primarily Star branded channels in India and international sports channels) 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 accumulated other comprehensive income/(loss) (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 production costs include capitalizable direct costs, production overhead, interest and development 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 on an accelerated or straight-line basis over the useful life, or over the number of times the program is expected to be aired, 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. The costs of film and television series that are used by our DTC services are expensed based on historical and estimated viewing patterns, which may be on an accelerated or straight-line basis, as appropriate. The unamortized costs are reviewed for impairment on an aggregate basis for each service. |
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 28, 2019 and September 29, 2018 , capitalized software costs, net of accumulated depreciation, totaled $927 million and $659 million , respectively. The capitalized costs are amortized on a straight-line basis over the estimated useful life of the software up to 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. The impairment test for goodwill requires judgment related to the identification of reporting units, the assignment of assets and liabilities to reporting units including goodwill, and the determination of fair value of the reporting units. 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. The projected cash flows of our reporting units reflect intersegment revenues and expenses for the sale and use of intellectual property as if it was licensed to an unrelated third party. 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 $538 million , $210 million and $22 million in fiscal 2019 , 2018 and 2017 , respectively. The fiscal 2019 and 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 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 2020 through 2024 to be as follows: 2020 $ 2,283 2021 2,219 2022 2,164 2023 1,993 2024 1,756 |
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 9 and 17). |
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: 2019 2018 2017 Weighted average number of common and common equivalent shares outstanding (basic) 1,656 1,499 1,568 Weighted average dilutive impact of Awards 10 8 10 Weighted average number of common and common equivalent shares outstanding (diluted) 1,666 1,507 1,578 Awards excluded from diluted earnings per share 7 12 10 |
Description of the Business a_2
Description of the Business and Segment Information (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Information by Operating Segments | The following tables provide select segment and regional financial information: 2019 2018 2017 Revenues Media Networks $ 24,827 $ 21,922 $ 21,299 Parks, Experiences and Products Third parties 26,786 25,257 23,516 Intersegment (561 ) (556 ) (492 ) 26,225 24,701 23,024 Studio Entertainment Third parties 10,566 9,509 7,860 Intersegment 561 556 492 11,127 10,065 8,352 Direct-to-Consumer & International 9,349 3,414 3,075 Eliminations (1) (1,958 ) (668 ) (613 ) Total consolidated revenues $ 69,570 $ 59,434 $ 55,137 Segment operating income / (loss) Media Networks $ 7,479 $ 7,338 $ 7,196 Parks, Experiences and Products 6,758 6,095 5,487 Studio Entertainment 2,686 3,004 2,363 Direct-to-Consumer & International (1,814 ) (738 ) (284 ) Eliminations (1) (241 ) (10 ) 13 Total segment operating income (2) $ 14,868 $ 15,689 $ 14,775 Reconciliation of segment operating income to income from continuing operations before income taxes Segment operating income $ 14,868 $ 15,689 $ 14,775 Corporate and unallocated shared expenses (987 ) (744 ) (582 ) Restructuring and impairment charges (1,183 ) (33 ) (98 ) Other income, net 4,357 601 78 Interest expense, net (978 ) (574 ) (385 ) Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs (3) (1,595 ) — — Impairment of equity investments (4) (538 ) (210 ) — Income from continuing operations before income taxes $ 13,944 $ 14,729 $ 13,788 Capital expenditures Media Networks Cable Networks $ 93 $ 96 $ 64 Broadcasting 81 107 67 Parks, Experiences and Products Domestic 3,294 3,223 2,392 International 852 677 827 Studio Entertainment 88 96 85 Direct-to-Consumer & International 258 107 30 Corporate 210 159 158 Total capital expenditures $ 4,876 $ 4,465 $ 3,623 2019 2018 2017 Depreciation expense Media Networks $ 191 $ 199 $ 206 Parks, Experiences and Products Domestic 1,474 1,449 1,371 International 724 768 679 Studio Entertainment 74 55 50 Direct-to-Consumer & International 207 106 74 Depreciation expense included in segment operating income 2,670 2,577 2,380 Corporate 167 181 206 Total depreciation expense $ 2,837 $ 2,758 $ 2,586 Amortization of intangible assets Media Networks $ — $ — $ — Parks, Experiences and Products 108 110 111 Studio Entertainment 61 64 65 Direct-to-Consumer & International 111 79 20 Amortization of intangible assets included in segment operating income 280 253 196 TFCF and Hulu intangible assets 1,043 — — Total amortization of intangible assets $ 1,323 $ 253 $ 196 September 28, 2019 September 29, 2018 Identifiable assets (5) Media Networks $ 63,519 $ 30,205 Parks, Experiences and Products 41,923 39,171 Studio Entertainment 34,268 17,291 Direct-to-Consumer & International 48,606 7,257 Corporate (6) 6,135 4,977 Eliminations (467 ) (303 ) Total consolidated assets $ 193,984 $ 98,598 2019 2018 2017 Revenues United States and Canada $ 50,555 $ 45,038 $ 41,881 Europe 8,006 7,026 6,541 Asia Pacific 7,796 5,531 5,075 Latin America and Other 3,213 1,839 1,640 $ 69,570 $ 59,434 $ 55,137 Segment operating income United States and Canada $ 10,031 $ 11,396 $ 10,962 Europe 2,433 1,922 1,812 Asia Pacific 2,167 1,869 1,626 Latin America and Other 237 502 375 $ 14,868 $ 15,689 $ 14,775 September 28, 2019 September 29, 2018 Long-lived assets (7) United States and Canada $ 134,869 $ 65,245 Europe 10,793 6,275 Asia Pacific 12,703 7,775 Latin America and Other 3,805 131 $ 162,170 $ 79,426 (1) Intersegment content transaction are as follows: 2019 2018 2017 Revenues: Studio Entertainment: Content transactions with Media Networks $ (106 ) $ (169 ) $ (137 ) Content transactions with Direct-to-Consumer & International (272 ) (28 ) (22 ) Media Networks: Content transactions with Direct-to-Consumer & International (1,580 ) (471 ) (454 ) Total $ (1,958 ) $ (668 ) $ (613 ) Operating Income: Studio Entertainment: Content transactions with Media Networks $ (19 ) $ (8 ) $ 15 Content transactions with Direct-to-Consumer & International (80 ) — — Media Networks: Content transactions with Direct-to-Consumer & International (142 ) (2 ) (2 ) Total $ (241 ) $ (10 ) $ 13 (2) Equity in the income/(loss) of investees included in segment operating income is as follows: 2019 2018 2017 Media Networks $ 703 $ 711 $ 766 Parks, Experiences and Products (13 ) (23 ) (25 ) Direct-to-Consumer & International (240 ) (580 ) (421 ) Equity in the income of investees included in segment operating income 450 108 320 Impairment of equity investments (538 ) (210 ) — Amortization of TFCF intangible assets related to equity investees (15 ) — — Equity in the income (loss) of investees, net $ (103 ) $ (102 ) $ 320 (3) For fiscal 2019 , amortization of intangible assets and fair value step-up on film and television costs were $1,043 million and $552 million , respectively. (4) Impairment of equity investments for fiscal 2019 primarily reflects the impairments of Vice Group Holding, Inc. and of an investment in a cable channel at A+E Television Networks ( $353 million and $170 million , respectively). Impairment of equity investments for fiscal 2018 reflects impairments of Vice Group Holding, Inc. and Villages Nature ( $157 million and $53 million , respectively). (5) Equity method investments included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 2,018 $ 2,430 Parks, Experiences and Products 3 1 Studio Entertainment 8 1 Direct-to-Consumer & International 821 320 Corporate 72 16 $ 2,922 $ 2,768 Intangible assets included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 7,861 $ 1,546 Parks, Experiences and Products 3,122 3,167 Studio Entertainment 2,085 1,479 Direct-to-Consumer & International 9,962 490 Corporate 185 130 $ 23,215 $ 6,812 (6) Primarily fixed assets and cash and cash equivalents. (7) Long-lived assets are total assets less: current assets, long-term receivables, deferred taxes, financial investments and the fair value of derivative instruments. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
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 28, 2019 September 29, 2018 September 30, 2017 Cash and cash equivalents $ 5,418 $ 4,150 $ 4,017 Restricted cash included in: Other current assets 26 1 26 Other assets 11 4 21 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 5,455 $ 4,155 $ 4,064 |
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 2020 through 2024 to be as follows: 2020 $ 2,283 2021 2,219 2022 2,164 2023 1,993 2024 1,756 |
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: 2019 2018 2017 Weighted average number of common and common equivalent shares outstanding (basic) 1,656 1,499 1,568 Weighted average dilutive impact of Awards 10 8 10 Weighted average number of common and common equivalent shares outstanding (diluted) 1,666 1,507 1,578 Awards excluded from diluted earnings per share 7 12 10 |
Revenues Revenues (Tables)
Revenues Revenues (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Cumulative Effect of Adoption on the Consolidated Balance sheet | The cumulative effect of adoption at September 29, 2018 and the impact at September 28, 2019 (had we not applied the new revenue guidance) on the Consolidated Balance Sheet is as follows: September 29, 2018 September 28, 2019 Fiscal 2018 Ending Balances as Reported Effect of Adoption Q1 2019 Opening Balances Balances Assuming Historical Accounting Impact of New Revenue guidance Q4 2019 Ending Balances as Reported Assets Receivables - current/non-current $ 11,262 $ (241 ) $ 11,021 $ 18,343 $ (66 ) $ 18,277 Film and television costs and advances - current/non-current 9,202 48 9,250 27,384 23 27,407 Liabilities Accounts payable and other accrued liabilities 9,479 1,039 10,518 16,514 1,248 17,762 Deferred revenue and other 4,591 (1,082 ) 3,509 5,950 (1,228 ) 4,722 Deferred income taxes 3,109 (34 ) 3,075 7,919 (17 ) 7,902 Equity 52,832 (116 ) 52,716 93,935 (46 ) 93,889 |
Financial Statement Impact Presented Under Previous Guidance | The impact on the Consolidated Statement of Income for fiscal 2019 due to the adoption of the new revenue guidance is as follows: Results Assuming Historical Accounting Impact of New Revenue guidance Reported Revenues $ 69,225 $ 345 $ 69,570 Cost and Expenses (57,465 ) (254 ) (57,719 ) Income Taxes (3,010 ) (21 ) (3,031 ) Net Income 11,514 70 11,584 |
Disaggregation of Revenue by Major Source | The following table presents our revenues by segment and major source: 2019 Media Networks Parks, Experiences and Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated Affiliate fees $ 13,433 $ — $ — $ 2,740 $ (253 ) $ 15,920 Advertising 6,965 6 — 3,534 — 10,505 Theme park admissions — 7,540 — — — 7,540 Resort and vacations — 6,266 — — — 6,266 Retail and wholesale sales of merchandise, food and beverage — 7,716 — — — 7,716 TV/SVOD distribution licensing 4,046 — 2,920 404 (1,705 ) 5,665 Theatrical distribution licensing — — 4,726 — — 4,726 Merchandise licensing — 2,768 561 51 — 3,380 Subscription fees — — — 2,244 — 2,244 Home entertainment — — 1,734 97 — 1,831 Other 383 1,929 1,186 279 — 3,777 Total revenues $ 24,827 $ 26,225 $ 11,127 $ 9,349 $ (1,958 ) $ 69,570 2018 Media Networks Parks, Experiences and Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated Affiliate fees $ 11,907 $ — $ — $ 1,372 $ — $ 13,279 Advertising 6,586 7 — 1,311 — 7,904 Theme park admissions — 7,183 — — — 7,183 Resort and vacations — 5,938 — — — 5,938 Retail and wholesale sales of merchandise, food and beverage — 7,365 — — — 7,365 TV/SVOD distribution licensing 3,120 — 2,340 105 (668 ) 4,897 Theatrical distribution licensing — — 4,303 — — 4,303 Merchandise licensing — 2,566 556 70 — 3,192 Subscription fees — — — 168 — 168 Home entertainment — — 1,647 103 — 1,750 Other 309 1,642 1,219 285 — 3,455 Total revenues $ 21,922 $ 24,701 $ 10,065 $ 3,414 $ (668 ) $ 59,434 |
Disaggregation of Revenue by Geographical Markets | The following table presents our revenues by segment and primary geographical markets: 2019 Media Networks Parks, Experiences and Products Studio Entertainment Direct-to-Consumer & International Eliminations Consolidated United States and Canada $ 23,623 $ 19,631 $ 5,269 $ 3,671 $ (1,639 ) $ 50,555 Europe 785 3,135 2,956 1,260 (130 ) 8,006 Asia Pacific 275 3,222 2,121 2,367 (189 ) 7,796 Latin America 144 237 781 2,051 — 3,213 Total revenues $ 24,827 $ 26,225 $ 11,127 $ 9,349 $ (1,958 ) $ 69,570 |
Contract with Customer, Asset and Liability | Contract assets, accounts receivable and deferred revenues from contracts with customers are as follows: September 28, September 30, Contract assets $ 125 $ 89 Accounts Receivable Current 12,755 8,553 Non-current 1,987 1,640 Allowance for doubtful accounts (327 ) (226 ) Deferred revenues Current 4,050 2,926 Non-current 619 609 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Business Acquisition [Line Items] | |
Business Acquisition, Summarized Financial Information of Acquiree | The following table summarizes the revenues and net loss from continuing operations (including purchase accounting amortization and the impact of intercompany eliminations and excluding restructuring and impairment charges) of TFCF and Hulu included in the Company’s fiscal 2019 Consolidated Statement of Income since the date of acquisition: TFCF (1) : Revenues $ 6,950 Net income from continuing operations (1,030 ) Hulu (2) : Revenues $ 1,938 Net loss from continuing operations (774 ) |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the years ended September 28, 2019 and September 29, 2018 are as follows: Media Networks Parks and Resorts Studio Entertainment Consumer Products & Interactive Media Parks, Experiences and Products Direct-to-Consumer & International Unallocated Total 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 ) Segment recast (2) (3,399 ) (291 ) (70 ) (4,426 ) 4,487 3,699 — — Balance at Sept. 29, 2018 $ 15,989 $ — $ 7,094 $ — $ 4,487 $ 3,699 $ — $ 31,269 Acquisitions (3) 17,434 — 10,711 — 1,048 19,892 — 49,085 Dispositions — — — — — — — — Other, net — — (8 ) — — (53 ) — (61 ) Balance at Sept. 28, 2019 $ 33,423 $ — $ 17,797 $ — $ 5,535 $ 23,538 $ — $ 80,293 (1) Primarily represents the allocation of BAMTech goodwill to the 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 a result of a strategic reorganization during fiscal 2018. (3) Represents the acquisition of TFCF and consolidation of Hulu. |
TFCF | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes our current allocation of the March 20, 2019 purchase price: Initial Allocation (1) Adjustments Updated Allocation Cash and cash equivalents $ 25,666 $ 35 $ 25,701 Receivables 4,746 484 5,230 Film and television costs 20,120 (2,322 ) 17,798 Investments 1,471 (507 ) 964 Intangible assets 20,385 (2,504 ) 17,881 Net assets held for sale 11,704 (338 ) 11,366 Accounts payable and other liabilities (10,753 ) (1,606 ) (12,359 ) Borrowings (21,723 ) — (21,723 ) Deferred income taxes (6,497 ) 1,164 (5,333 ) Other net liabilities acquired (3,865 ) (93 ) (3,958 ) Noncontrolling interests (10,638 ) 230 (10,408 ) Goodwill 43,751 5,334 49,085 Fair value of net assets acquired 74,367 (123 ) 74,244 Less: Disney’s previously held 30% interest in Hulu (4,860 ) 123 (4,737 ) Total purchase price $ 69,507 $ — $ 69,507 |
Business Acquisition, Pro Forma Information | The following pro forma summary presents consolidated information of the Company as if the acquisition of TFCF and consolidation of Hulu had occurred on October 1, 2017: 2019 2018 Revenues $ 78,116 $ 76,318 Net income 7,596 13,708 Net income attributable to Disney 7,284 13,877 Earnings per share attributable to Disney: Diluted $ 3.72 $ 7.64 Basic 3.74 7.68 |
Dispositions and Other Income_2
Dispositions and Other Income/(Expense) (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Other Income and Expenses [Abstract] | |
Other income, net | Other income, net is as follows: 2019 2018 2017 Hulu Gain (see Note 4) $ 4,794 $ — $ — Charge for the extinguishment of a portion of the debt originally assumed in the TFCF acquisition (511 ) — — Insurance recoveries (settlements) related to legal matters 46 38 (177 ) Gain on sale of real estate, property rights and other 28 560 — Gain related to the acquisition of BAMTech (see Note 4) — 3 255 Other income, net $ 4,357 $ 601 $ 78 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Investments [Abstract] | |
Investments | Investments consist of the following: September 28, September 29, Investments, equity basis $ 2,922 $ 2,768 Investments, other 302 131 $ 3,224 $ 2,899 |
Combined Financial Information for Equity Investments | A summary of combined financial information for equity investments is as follows: Results of Operations: 2019 2018 2017 Revenues $ 9,405 $ 9,085 $ 8,122 Net income 133 (152 ) 857 Balance Sheet September 28, September 29, September 30, Current assets $ 3,350 $ 4,542 $ 4,623 Non-current assets 9,666 9,998 10,047 $ 13,016 $ 14,540 $ 14,670 Current liabilities $ 2,182 $ 3,197 $ 2,852 Non-current liabilities 5,452 4,840 5,056 Redeemable preferred stock — 1,362 1,123 Shareholders’ equity 5,382 5,141 5,639 $ 13,016 $ 14,540 $ 14,670 |
International Theme Parks (Tabl
International Theme Parks (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
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 consolidated balance sheets: September 28, 2019 September 29, 2018 Cash and cash equivalents $ 1,025 $ 834 Other current assets 346 400 Total current assets 1,371 1,234 Parks, resorts and other property 8,674 8,973 Other assets 91 103 Total assets (1) $ 10,136 $ 10,310 Current liabilities $ 683 $ 921 Borrowings - long-term 1,114 1,106 Other long-term liabilities 366 382 Total liabilities (1) $ 2,163 $ 2,409 (1) The total assets of the Asia Theme Parks was $7 billion at September 28, 2019 and $8 billion at September 29, 2018 including parks, resorts and other property of $7 billion at both September 28, 2019 and September 29, 2018 . The total liabilities of the Asia Theme Parks were $2 billion at both September 28, 2019 and September 29, 2018 . |
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 consolidated statement of income for fiscal 2019 : Revenues $ 3,859 Costs and expenses (3,655 ) Equity in the loss of investees (13 ) |
Film and Television Costs and_2
Film and Television Costs and Advances (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Disclosure Film And Television Costs [Abstract] | |
Film and Television Costs and Advances | Film and television costs and advances are as follows: September 28, 2019 September 29, 2018 Theatrical film costs Released, less amortization $ 4,447 $ 1,911 Completed, not released 863 397 In-process 3,943 2,974 In development or pre-production 301 173 9,554 5,455 Television costs Released, less amortization 7,717 1,301 Completed, not released 1,085 462 In-process 1,849 420 In development or pre-production 99 2 10,750 2,185 Television programming rights and advances 7,103 1,562 27,407 9,202 Less current portion 4,597 1,314 Non-current portion $ 22,810 $ 7,888 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings including Impact of Interest Rate Swaps Designated as Hedges | The Company’s borrowings, including the impact of interest rate and cross-currency swaps, are summarized as follows: September 28, 2019 Sept. 28, 2019 Sept. 29, 2018 Stated Interest Rate (1) Pay Floating Interest rate and Cross- Currency Swaps (2) Effective Interest Rate (3) Swap Maturities Commercial paper $ 5,342 $ 1,005 — $ — 2.19 % U.S. dollar denominated notes (4) 39,424 18,045 3.97 % 9,000 3.37 % 2020-2029 Foreign currency denominated debt 1,044 955 3.18 % 940 3.23 % 2025 Other (5) 62 (276 ) — 45,872 19,729 3.49 % 9,940 3.23 % Asia Theme Parks borrowings 1,114 1,145 1.81 % — 5.51 % Total borrowings 46,986 20,874 3.44 % 9,940 3.28 % Less current portion 8,857 3,790 2.62 % 1,125 2.59 % Total long-term borrowings $ 38,129 $ 17,084 $ 8,815 (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 28, 2019 ; 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 28, 2019 . (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 discounts, costs and purchase accounting adjustments totaling a net premium of $2.5 billion and a net cost of $121 million at September 28, 2019 and September 29, 2018 , respectively. (5) Includes market value adjustments for debt with qualifying hedges, which increase borrowings by $31 million and reduce borrowings by $304 million at September 28, 2019 and September 29, 2018 , 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 |
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 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 Additions 1,881 6,889 8,770 Payments — (4,452 ) (4,452 ) Other Activity 3 16 19 Balance at Sept. 28, 2019 $ 1,934 $ 3,408 $ 5,342 (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 2020 $ 8,878 $ — $ 8,878 2021 3,513 — 3,513 2022 3,858 10 3,868 2023 1,242 24 1,266 2024 2,870 28 2,898 Thereafter 23,003 1,052 24,055 $ 43,364 $ 1,114 $ 44,478 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes | Income Before Income Taxes 2019 2018 2017 Domestic (including U.S. exports) $ 12,389 $ 12,914 $ 12,611 Foreign subsidiaries 1,555 1,815 1,177 Total income from continuing operations 13,944 14,729 13,788 Income from discontinued operations 706 — — $ 14,650 $ 14,729 $ 13,788 |
Income Tax Expense / (Benefit) | Income Tax Expense/(Benefit) Current Federal $ 14 $ 2,240 $ 3,229 State 112 362 360 Foreign (1) 824 642 489 950 3,244 4,078 Deferred Federal (2) 1,829 (1,577 ) 370 State 259 (20 ) 5 Foreign (7 ) 16 (31 ) 2,081 (1,581 ) 344 Income tax expense from continuing operations 3,031 1,663 4,422 Income tax expense from discontinued operations 35 — — $ 3,066 $ 1,663 $ 4,422 (1) Includes foreign withholding taxes (2) Includes the Tax Act Deferred Remeasurement in fiscal 2018 |
Deferred Tax Assets and Liabilities | Components of Deferred Tax Assets and Liabilities September 28, 2019 September 29, 2018 Deferred tax assets Net operating losses and tax credit carryforwards $ (2,181 ) $ (1,437 ) Accrued liabilities (2,598 ) (1,214 ) Other (540 ) (328 ) Total deferred tax assets (5,319 ) (2,979 ) Deferred tax liabilities Depreciable, amortizable and other property 7,647 3,678 Investment in U.S. entities 2,258 189 Licensing revenues 573 265 Investment in foreign entities 146 351 Other 212 88 Total deferred tax liabilities 10,836 4,571 Net deferred tax liability before valuation allowance 5,517 1,592 Valuation allowance 1,975 1,383 Net deferred tax liability $ 7,492 $ 2,975 |
Reconciliation of Effective Income Tax Rate to Federal Rate | A reconciliation of the effective income tax rate to the federal rate for continuing operations is as follows: 2019 2018 2017 Federal income tax rate 21.0 % 24.5 % 35.0 % State taxes, net of federal benefit 2.2 1.9 1.7 Foreign derived income (1.1 ) — — Domestic production activity deduction — (1.4 ) (2.1 ) Earnings in jurisdictions taxed at rates different from the statutory U.S. federal rate 0.1 (1.1 ) (1.6 ) Tax Act (1) (0.3 ) (11.5 ) — Other, including tax reserves and related interest (0.2 ) (1.1 ) (0.9 ) 21.7 % 11.3 % 32.1 % (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: 2019 2018 2017 Balance at the beginning of the year $ 648 $ 832 $ 844 Increases due to business acquisitions 2,728 — — Increases for current year tax positions 84 64 61 Increases for prior year tax positions 143 48 13 Decreases in prior year tax positions (61 ) (135 ) (55 ) Settlements with taxing authorities (590 ) (161 ) (31 ) Balance at the end of the year $ 2,952 $ 648 $ 832 |
Pension and Other Benefit Pro_2
Pension and Other Benefit Programs (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
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 28, 2019 September 29, 2018 September 28, 2019 September 29, Projected benefit obligations Beginning obligations $ (14,500 ) $ (14,532 ) $ (1,609 ) $ (1,746 ) Acquisition of TFCF (759 ) — (65 ) — Service cost (345 ) (350 ) (8 ) (10 ) Interest cost (592 ) (489 ) (67 ) (60 ) Actuarial (loss)/gain (1) (2,923 ) 416 (234 ) 166 Plan amendments and other 32 (12 ) (11 ) (10 ) Benefits paid 534 467 48 51 Curtailments 22 — — — Ending obligations $ (18,531 ) $ (14,500 ) $ (1,946 ) $ (1,609 ) Fair value of plans’ assets Beginning fair value $ 12,728 $ 12,325 $ 731 $ 696 Acquisition of TFCF 587 — — — Actual return on plan assets 690 579 33 34 Contributions 1,461 335 37 45 Benefits paid (534 ) (467 ) (48 ) (51 ) Expenses and other (54 ) (44 ) 9 7 Ending fair value $ 14,878 $ 12,728 $ 762 $ 731 Underfunded status of the plans $ (3,653 ) $ (1,772 ) $ (1,184 ) $ (878 ) Amounts recognized in the balance sheet Non-current assets $ 5 $ 113 $ — $ — Current liabilities (54 ) (51 ) (5 ) — Non-current liabilities (3,604 ) (1,834 ) (1,179 ) (878 ) $ (3,653 ) $ (1,772 ) $ (1,184 ) $ (878 ) (1) The actuarial loss for fiscal 2019 and the actuarial gain for fiscal 2018 were due to the change in the discount rate from the rate that was used in the preceding fiscal year. |
Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows: Pension Plans Postretirement Medical Plans 2019 2018 2017 2019 2018 2017 Service cost $ 345 $ 350 $ 368 $ 8 $ 10 $ 11 Other costs (benefits): Interest cost 592 489 447 67 60 56 Expected return on plan assets (978 ) (901 ) (874 ) (56 ) (53 ) (49 ) Amortization of prior-year service costs 13 13 12 — — — Recognized net actuarial loss 260 348 405 — 14 17 Total other costs (benefits) (113 ) (51 ) (10 ) 11 21 24 Net periodic benefit cost $ 232 $ 299 $ 358 $ 19 $ 31 $ 35 |
Key Assumptions | Key assumptions are as follows: Pension Plans Postretirement Medical Plans 2019 2018 2017 2019 2018 2017 Discount rate used to determine the fiscal year‑end benefit obligation 3.22 % 4.31 % 3.88 % 3.22 % 4.31 % 3.88 % Discount rate used to determine the interest cost component of net periodic benefit cost 4.09 % 3.46 % 3.18 % 4.10 % 3.49 % 3.18 % Rate of return on plan assets 7.25 % 7.50 % 7.50 % 7.25 % 7.50 % 7.50 % Weighted average rate of compensation increase to determine the fiscal year‑end benefit obligation 3.20 % 3.20 % 2.90 % 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 2033 2032 2031 |
Accumulated Other Comprehensive Loss, Before Tax, Not yet Recognized in Net Periodic Benefit Cost | AOCI, before tax, as of September 28, 2019 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 $ (41 ) $ — $ (41 ) Net actuarial loss (7,156 ) (294 ) (7,450 ) Total amounts included in AOCI (7,197 ) (294 ) (7,491 ) Prepaid / (accrued) pension cost 3,544 (890 ) 2,654 Net balance sheet liability $ (3,653 ) $ (1,184 ) $ (4,837 ) |
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 28, 2019 Description Level 1 Level 2 Total Plan Asset Mix Cash $ 197 $ — $ 197 1 % Common and preferred stocks (1) 3,468 — 3,468 22 % Mutual funds 1,140 — 1,140 7 % Government and federal agency bonds, notes and MBS 2,042 404 2,446 16 % Corporate bonds — 580 580 4 % Other mortgage- and asset-backed securities — 127 127 1 % Derivatives and other, net (6 ) (21 ) (27 ) — % Total investments in the fair value hierarchy $ 6,841 $ 1,090 $ 7,931 Assets valued at NAV as a practical expedient: Common collective funds 3,691 24 % Alternative investments 2,725 17 % Money market funds and other 1,293 8 % Total investments at fair value $ 15,640 100 % 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 % (1) Includes 2.9 million shares of Company common stock valued at $373 million ( 2% of total plan assets) and 2.8 million shares valued at $332 million ( 2% of total plan assets) at September 28, 2019 and September 29, 2018 , 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) 2020 $ 626 $ 58 2021 609 61 2022 647 67 2023 687 71 2024 727 75 2025 – 2029 4,223 433 (1) Estimated future benefit payments are net of expected Medicare subsidy receipts of $84 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 discount rate and expected long-term rate of return on plan assets would have the following effects on the projected benefit obligations for pension and postretirement medical plans as of September 28, 2019 and on cost for fiscal 2020 : Discount Rate Expected Long-Term Rate of Return On Assets Increase/(decrease) Benefit Expense Projected Benefit Obligations Benefit Expense 1 ppt decrease $ 313 $ 3,566 $ 157 1 ppt increase (273 ) (3,001 ) (157 ) |
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: 2019 2018 2017 Pension plans $ 189 $ 144 $ 127 Health & welfare plans 218 172 160 Total contributions $ 407 $ 316 $ 287 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Equity [Abstract] | |
Dividends Declared | The Company paid the following dividends in fiscal 2019 , 2018 and 2017 : Per Share Total Paid Payment Timing Related to Fiscal Period $0.88 $1.6 billion Fourth Quarter of Fiscal 2019 First Half 2019 $0.88 $1.3 billion Second Quarter of Fiscal 2019 Second Half 2018 $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 |
Repurchases of Common Stock | The Company repurchased its common stock as follows: Fiscal Year Shares acquired Total paid 2018 35 million $3.6 billion 2017 89 million $9.4 billion |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | 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 1, 2016 $ 44 $ (38 ) $ (5,859 ) $ (521 ) $ (6,374 ) Unrealized gains (losses) arising during the period (2 ) 124 521 (2 ) 641 Reclassifications of realized 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 ) Unrealized gains (losses) arising during the period — 136 (3,457 ) (359 ) (3,680 ) Reclassifications of net (gains) losses to net income — (185 ) 278 — 93 Reclassifications to retained earnings (24 ) 1 — — (23 ) Balance at September 28, 2019 $ — $ 129 $ (7,502 ) $ (1,086 ) $ (8,459 ) Unrecognized Foreign AOCI Market Value Adjustments Investments Cash Flow Hedges Tax on AOCI 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 realized 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 Unrealized gains (losses) arising during the period (2 ) (29 ) 797 28 794 Reclassifications of net (gains) losses to net income — 43 (64 ) — (21 ) Reclassifications to retained earnings 9 (9 ) (667 ) (16 ) (683 ) Balance at September 28, 2019 $ (2 ) $ (27 ) $ 1,756 $ 115 $ 1,842 Unrecognized Foreign AOCI Market Value Adjustments Investments Cash Flow Hedges AOCI, after tax 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 realized 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 ) Unrealized gains (losses) arising during the period (2 ) 107 (2,660 ) (331 ) (2,886 ) Reclassifications of net (gains) losses to net income — (142 ) 214 — 72 Reclassifications to retained earnings (1) (15 ) (8 ) (667 ) (16 ) (706 ) Balance at September 28, 2019 $ (2 ) $ 102 $ (5,746 ) $ (971 ) $ (6,617 ) (1) At the beginning of fiscal 2019, the Company adopted new FASB accounting guidance, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, and reclassified $691 million from AOCI to retained earnings. In addition, at the beginning of fiscal 2019, the Company adopted new FASB accounting guidance, 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 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 Consolidated Statements of Income: 2019 2018 2017 Investments, net Interest expense, net $ — $ — $ 27 Estimated tax Income taxes — — (10 ) — — 17 Cash flow hedges Primarily revenue 185 (35 ) 194 Estimated tax Income taxes (43 ) 12 (72 ) 142 (23 ) 122 Pension and postretirement medical expense Cost and expenses — (380 ) (432 ) Interest expense, net (278 ) — — Estimated tax Income taxes 64 102 160 (214 ) (278 ) (272 ) Total reclassifications for the period $ (72 ) $ (301 ) $ (133 ) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted Average Assumptions used in Option-Valuation Model | The weighted average assumptions used in the option-valuation model were as follows: 2019 2018 2017 Risk-free interest rate 2.8 % 2.4 % 2.6 % Expected volatility 23 % 23 % 22 % Dividend yield 1.61 % 1.57 % 1.58 % Termination rate 4.8 % 4.8 % 4.0 % Exercise multiple 1.75 1.75 1.62 |
Impact of Stock Options and Restricted Stock Units on Income | as follows: 2019 2018 2017 Stock option $ 84 $ 87 $ 90 RSUs (1) 627 306 274 Total equity-based compensation expense (2) 711 393 364 Tax impact (161 ) (99 ) (123 ) Reduction in net income $ 550 $ 294 $ 241 Equity-based compensation expense capitalized during the period $ 81 $ 70 $ 78 (1) Includes TFCF Performance RSUs converted to Company RSUs in connection with the TFCF acquisition (see Note 4). In fiscal 2019, the Company recognized $307 million of equity based compensation in connection with the TFCF acquisition. (2) Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs. |
Information about Stock Option Transactions | The following table summarizes information about stock option transactions (shares in millions): 2019 Shares Weighted Average Exercise Price Outstanding at beginning of year 24 $ 84.14 Awards forfeited (1 ) 109.59 Awards granted 4 111.15 Awards exercised (4 ) 74.13 Outstanding at end of year 23 $ 90.05 Exercisable at end of year 14 $ 76.59 |
Information about Stock Options Vested and Expected to Vest | The following tables summarize information about stock options vested and expected to vest at September 28, 2019 (shares in millions): Vested Range of Exercise Prices Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life $ 0 — $ 50 3 $ 39.71 2.0 $ 51 — $ 75 4 61.34 3.7 $ 76 — $ 100 3 91.87 5.2 $ 101 — $ 125 4 109.71 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 $ 105 — $ 110 2 $ 105.34 7.3 $ 111 — $ 115 7 111.25 8.5 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): 2019 Units Weighted Average Grant-Date Fair Value Unvested at beginning of year 9 $ 108.74 Granted (1) 4 112.73 Vested (3 ) 105.98 Forfeited (1 ) 107.24 Other (2) 3 110.00 Unvested at end of year (3)(4) 12 $ 110.84 (1) Includes 0.4 million Performance RSUs. (2) Reflects TFCF Performance RSUs replaced with Company RSUs in connection with the TFCF acquisition that generally vest in three years. (3) Includes 1.5 million Performance RSUs. (4) Excludes Performance RSUs issued in September 2018, for which vesting is subject to service conditions and the number of units vesting is subject to the discretion of the CEO. At September 28, 2019, the maximum number of these Performance RSUs that could be issued upon vesting is 0.2 million . |
Detail of Certain Balance She_2
Detail of Certain Balance Sheet Accounts (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Current Receivables | Current receivables September 28, September 29, Accounts receivable $ 12,882 $ 8,268 Other 2,894 1,258 Allowance for doubtful accounts (295 ) (192 ) $ 15,481 $ 9,334 |
Parks, Resorts and Other Property, at Cost | Parks, resorts and other property Attractions, buildings and improvements $ 29,509 $ 28,995 Furniture, fixtures and equipment 21,265 19,400 Land improvements 6,649 5,911 Leasehold improvements 1,166 932 58,589 55,238 Accumulated depreciation (32,415 ) (30,764 ) Projects in progress 4,264 3,942 Land 1,165 1,124 $ 31,603 $ 29,540 |
Intangible Assets | Intangible assets Character/franchise intangibles, copyrights and trademarks $ 10,577 $ 5,829 MVPD agreements 9,900 — Other amortizable intangible assets 4,291 1,213 Accumulated amortization (3,393 ) (2,070 ) Net amortizable intangible assets 21,375 4,972 Indefinite lived intangible assets 1,840 1,840 $ 23,215 $ 6,812 |
Accounts Payable and Other Accrued Liabilities | Accounts payable and other accrued liabilities Accounts payable $ 13,778 $ 6,503 Payroll and employee benefits 3,010 2,189 Other 974 787 $ 17,762 $ 9,479 |
Other Long-term Liabilities | Other long-term liabilities Pension and postretirement medical plan liabilities $ 4,783 $ 2,712 Other 8,977 3,878 $ 13,760 $ 6,590 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
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 $69.3 billion at September 28, 2019 , payable as follows: Broadcast Programming Operating Leases Other Total 2020 $ 11,477 $ 982 $ 3,210 $ 15,669 2021 10,080 849 1,593 12,522 2022 7,810 670 1,699 10,179 2023 5,624 532 1,285 7,441 2024 4,637 407 933 5,977 Thereafter 10,786 2,491 4,198 17,475 $ 50,414 $ 5,931 $ 12,918 $ 69,263 |
Future Payments under Non-Cancelable Capital Leases | Future payments under these leases as of September 28, 2019 are as follows: 2020 $ 19 2021 20 2022 19 2023 17 2024 16 Thereafter 458 Total minimum obligations 549 Less amount representing interest (398 ) Present value of net minimum obligations 151 Less current portion (5 ) Long-term portion $ 146 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
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. See Note 11 for definitions of fair value measures and the Levels within the fair value hierarchy. Fair Value Measurement at September 28, 2019 Description Level 1 Level 2 Level 3 Total Assets Investments $ 13 $ — $ — $ 13 Derivatives Interest rate — 89 — 89 Foreign exchange — 771 — 771 Other — 1 — 1 Liabilities Derivatives Interest rate — (93 ) — (93 ) Foreign exchange — (544 ) — (544 ) Other — (4 ) — (4 ) Total recorded at fair value $ 13 $ 220 $ — $ 233 Fair value of borrowings $ — $ 48,709 $ 1,249 $ 49,958 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 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
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 September 28, 2019 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 302 $ 241 $ (67 ) $ (244 ) Interest rate — 89 (82 ) — Other 1 — (3 ) (1 ) Derivatives not designated as hedges Foreign exchange 65 163 (107 ) (126 ) Interest Rate — — — (11 ) Gross fair value of derivatives 368 493 (259 ) (382 ) Counterparty netting (231 ) (345 ) 258 318 Cash collateral (received)/paid (55 ) (6 ) — 7 Net derivative positions $ 82 $ 142 $ (1 ) $ (57 ) 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 ) |
Carrying Amount and Cumulative Basis Adjustments for Fair Value Hedges Recorded on the Balance Sheet | The following table summarizes fair value hedge adjustments to hedged borrowings: Carrying Amount of Hedged Borrowings (1) Fair Value Adjustments Included in Hedged Borrowings (1) September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Borrowings: Current $ 1,121 $ 1,585 $ (3 ) $ (14 ) Long-term 9,562 6,425 34 (290 ) $ 10,683 $ 8,010 $ 31 $ (304 ) (1) Includes $37 million and $41 million of gains on terminated interest rate swaps as of September 28, 2019 and September 29, 2018 , respectively. |
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 Consolidated Statements of Income: 2019 2018 2017 Gain (loss) on: Pay-floating swaps $ 337 $ (230 ) $ (211 ) Borrowings hedged with pay-floating swaps (337 ) 230 211 Benefit (expense) associated with interest accruals on pay-floating swaps (58 ) (15 ) 35 |
Effect of foreign Exchange Cash Flow Hedges on AOCI | The following table summarizes the effect of foreign exchange cash flow hedges on AOCI for fiscal year 2019 : Gain/(loss) recognized in Other Comprehensive Income $ 156 Gain/(loss) reclassified from AOCI into the Statement of Income (1) 183 (1) Primarily recorded in revenue. |
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 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 2019 2018 2017 2019 2018 2017 2019 2018 2017 Net gains (losses) on foreign currency denominated assets and liabilities $ (188 ) $ (146 ) $ 105 $ 16 $ 39 $ (13 ) $ 50 $ 29 $ 3 Net gains (losses) on foreign exchange risk management contracts not designated as hedges 123 104 (120 ) (19 ) (46 ) 11 (51 ) (19 ) 24 Net gains (losses) $ (65 ) $ (42 ) $ (15 ) $ (3 ) $ (7 ) $ (2 ) $ (1 ) $ 10 $ 27 |
Restructuring and Impairment _2
Restructuring and Impairment Charges Restructuring and Impairment Charges (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the changes in restructuring reserves related to the TFCF integration plan for fiscal 2019: One-time Termination Benefits Contract Termination Total Beginning Balance: $ — $ — $ — Additions: Media Networks 57 33 90 Parks, Experiences and Products 8 3 11 Studio Entertainment 123 74 197 Direct-to-Consumer & International 349 77 426 Corporate 133 49 182 Total Additions 670 236 906 Payments (193 ) (37 ) (230 ) Ending Balance: $ 477 $ 199 $ 676 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Statement of Income | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Year Ended September 28, 2019 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total Revenues $ — $ — $ 69,342 $ 228 $ 69,570 Costs and expenses Operating expenses — (42,018 ) — (42,018 ) Selling, general, administrative and other — (672 ) (10,869 ) — (11,541 ) Depreciation and amortization — (1 ) (4,159 ) — (4,160 ) Total costs and expenses — (673 ) (57,046 ) — (57,719 ) Restructuring and impairment charges — — (1,183 ) — (1,183 ) Allocations to non-guarantor subsidiaries — 652 (652 ) — — Other income/(expense), net (236 ) 94 4,727 (228 ) 4,357 Interest income/(expense), net (636 ) (699 ) 357 — (978 ) Equity in the income (loss) of investees, net — — (103 ) — (103 ) Income from continuing operations before income taxes (872 ) (626 ) 15,442 — 13,944 Income taxes from continuing operations 190 136 (3,357 ) — (3,031 ) Earnings from subsidiary entities 3,026 12,802 — (15,828 ) — Net income from continuing operations 2,344 12,312 12,085 (15,828 ) 10,913 Income (loss) from discontinued operations 671 291 671 (962 ) 671 Net Income 3,015 12,603 12,756 (16,790 ) 11,584 Less: Net income from continuing operations attributable to noncontrolling interests — — (472 ) — (472 ) Less: Net income from discontinued operations attributable to noncontrolling interests — — (58 ) — (58 ) Net income excluding noncontrolling interests 3,015 12,603 12,226 (16,790 ) 11,054 Comprehensive income excluding noncontrolling interests $ 185 $ 9,669 $ 11,786 $ (13,400 ) $ 8,240 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 income 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 |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET As of September 28, 2019 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total ASSETS Current assets Cash and cash equivalents $ 554 $ — $ 4,864 $ — $ 5,418 Receivables, net 499 1 14,981 — 15,481 Inventories — 4 1,645 — 1,649 Television costs and advances — — 4,597 — 4,597 Other current assets 83 4 898 (6 ) 979 Total current assets 1,136 9 26,985 (6 ) 28,124 Film and television costs — — 22,810 — 22,810 Investments in subsidiaries 125,999 281,041 — (407,040 ) — Other investments — — 3,224 — 3,224 Parks, resorts and other property, net — 8 31,595 — 31,603 Intangible assets, net — — 23,215 — 23,215 Goodwill — — 80,293 — 80,293 Intercompany receivables — — 143,574 (143,574 ) — Other assets 314 1,076 4,541 (1,216 ) 4,715 Total assets $ 127,449 $ 282,134 $ 336,237 $ (551,836 ) $ 193,984 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities $ 371 $ 279 $ 17,112 $ — $ 17,762 Current portion of borrowings 5,721 3,007 129 — 8,857 Deferred revenues and other 27 4,701 (6 ) 4,722 Total current liabilities 6,092 3,313 21,942 (6 ) 31,341 Non-current liabilities Borrowings 23,182 13,061 1,886 — 38,129 Deferred income taxes — — 9,118 (1,216 ) 7,902 Other long-term liabilities 859 4,626 8,275 — 13,760 Intercompany payables 8,439 135,135 — (143,574 ) — Total non-current liabilities 32,480 152,822 19,279 (144,790 ) 59,791 Redeemable noncontrolling interests — — 8,963 — 8,963 Total Disney Shareholders’ equity 88,877 125,999 281,041 (407,040 ) 88,877 Noncontrolling interests — — 5,012 — 5,012 Total equity 88,877 125,999 286,053 (407,040 ) 93,889 Total liabilities and equity $ 127,449 $ 282,134 $ 336,237 $ (551,836 ) $ 193,984 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 Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended September 28, 2019 (in millions) TWDC Legacy Disney Non-Guarantor Subsidiaries Reclassifications & Eliminations Total OPERATING ACTIVITIES Cash provided by operations - continuing operations $ 340 $ (1,800 ) $ 7,764 $ (320 ) $ 5,984 INVESTING ACTIVITIES Investments in parks, resorts and other property — — (4,876 ) — (4,876 ) Acquisitions (35,702 ) — 25,801 — (9,901 ) Intercompany investing activities, net 20,396 (1 ) (7,507 ) (12,888 ) — Other — — (319 ) — (319 ) Cash used in investing activities - continuing operations (15,306 ) (1 ) 13,099 (12,888 ) (15,096 ) FINANCING ACTIVITIES Commercial paper, net 5,328 (1,010 ) — — 4,318 Borrowings 37,999 — 241 — 38,240 Reduction of borrowings (35,100 ) (2,750 ) (1,031 ) — (38,881 ) Dividends (1,585 ) (1,470 ) (160 ) 320 (2,895 ) Proceeds from exercise of stock options 234 84 — — 318 Intercompany financing, net 8,712 5,837 (27,437 ) 12,888 — Contributions from / sales of noncontrolling interest holders — — 737 — 737 Acquisitions of noncontrolling and redeemable noncontrolling interests — — (1,430 ) — (1,430 ) Other (68 ) (257 ) (546 ) — (871 ) Cash used in financing activities - continuing operations 15,520 434 (29,626 ) 13,208 (464 ) Discontinued operations — — 10,974 — 10,974 Impact of exchange rates on cash, cash equivalents and restricted cash — — (98 ) — (98 ) Change in cash, cash equivalents and restricted cash 554 (1,367 ) 2,113 — 1,300 Cash, cash equivalents and restricted cash, beginning of year — 1,367 2,788 — 4,155 Cash, cash equivalents and restricted cash, end of year $ 554 $ — $ 4,901 $ — $ 5,455 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 |
QUARTERLY FINANCIAL SUMMARY (Ta
QUARTERLY FINANCIAL SUMMARY (Tables) | 12 Months Ended |
Sep. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Summary | QUARTERLY FINANCIAL SUMMARY (in millions, except per share data) (unaudited) Q1 Q2 Q3 Q4 2019 Revenues $ 15,303 $ 14,922 $ 20,245 (8) $ 19,100 (8) Income from continuing operations before income taxes 3,431 7,237 2,018 1,258 Segment operating income (9) 3,655 3,816 3,961 3,436 Net income from continuing operations 2,786 5,590 1,623 914 Net income attributable to Disney 2,788 5,452 1,760 1,054 Income from discontinued operations, net of tax — 21 359 291 Earnings per share: Diluted - continuing operations $ 1.86 $ 3.53 (2) $ 0.79 (4) $ 0.43 (6) Diluted - total 1.86 3.55 0.97 0.58 Basic - continuing operations 1.87 3.55 0.80 0.44 Basic - total 1.87 3.56 0.98 0.58 2018 Revenues $ 15,351 $ 14,548 $ 15,229 $ 14,306 Segment operating income (9) 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 (3) $ 1.95 (5) $ 1.55 (7) Basic 2.93 1.95 1.96 1.56 (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. (2) Results for the second quarter of fiscal 2019 included a non-cash gain in connection with the acquisition of Hulu (Hulu Gain), which had a favorable impact of $2.46 on diluted earnings per share. This favorable impact was partially offset by restructuring and impairment charges, which had an adverse impact of $0.33 on diluted earnings per share, an impairment in our investment in Vice, which had an adverse impact of $0.18 on diluted earnings per share, and amortization related to TFCF and Hulu intangible assets and fair value step-up on film and television costs, which had an adverse impact of $0.05 on diluted earnings per share. (3) Results for the second quarter of fiscal 2018 included a net benefit from updating the Tax Act Estimate, which had a favorable impact of $0.09 on diluted earnings per share. (4) Results for the third quarter of fiscal 2019 included amortization related to TFCF and Hulu intangible assets and fair value step-up on film and television costs, which had an adverse impact of $0.34 on diluted earnings per share, restructuring and impairment charges, which had a net adverse impact of $0.09 on diluted earnings per share, equity investment impairments, which had an adverse impact of $0.08 on diluted earnings per share, and an adjustment to the Hulu Gain, which had an adverse impact of $0.05 on diluted earnings per share. (5) Results for the third quarter of fiscal 2018 included a net benefit from updating the Tax Act Estimate, which had a favorable impact of $0.07 on diluted earnings per share. (6) Results for the fourth quarter of fiscal 2019 included amortization related to TFCF and Hulu intangible assets and fair value step-up on film and television costs, which had an adverse impact of $0.30 on diluted earnings per share, a charge for the settlement of a portion of the debt originally assumed in the TFCF acquisition, which had an adverse impact of $0.22 on diluted earnings per share, and restructuring and impairment charges, which had an adverse impact of $0.13 on diluted earnings per share. (7) 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 on diluted earnings per share, and the impact of updating the Tax Act Estimate, which had an adverse impact of $0.06 on diluted earnings per share. (8) On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. (9) Segment operating results reflect earnings before the corporate and unallocated shared expenses, restructuring and impairment charges, other income, net, interest expense, net, income taxes and noncontrolling interests. |
Description of the Business a_3
Description of the Business and Segment Information - Financial Information by Operating Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | $ 19,100 | [1] | $ 20,245 | [1] | $ 14,922 | $ 15,303 | $ 14,306 | $ 15,229 | $ 14,548 | $ 15,351 | $ 69,570 | $ 59,434 | $ 55,137 | ||||||||||
Segment operating income | 3,436 | [2] | 3,961 | [2] | 3,816 | [2] | 3,655 | [2] | 3,277 | [2] | $ 4,189 | [2] | $ 4,237 | [2] | $ 3,986 | [2] | 14,868 | [3] | 15,689 | [3] | 14,775 | [3] | |
Corporate and unallocated shared expenses | (987) | (744) | (582) | ||||||||||||||||||||
Restructuring and impairment charges | (1,183) | (33) | (98) | ||||||||||||||||||||
Other income, net | 4,357 | 601 | 78 | ||||||||||||||||||||
Interest expense, net | (978) | (574) | (385) | ||||||||||||||||||||
Amortization of Intangible Assets and Fair Value Step-up on Film and Television Costs | [4] | 1,595 | |||||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | [5] | (538) | (210) | 0 | |||||||||||||||||||
Income from continuing operations before income taxes | 1,258 | $ 2,018 | $ 7,237 | $ 3,431 | 13,944 | 14,729 | 13,788 | ||||||||||||||||
Capital expenditures | 4,876 | 4,465 | 3,623 | ||||||||||||||||||||
Depreciation expense | 2,837 | 2,758 | 2,586 | ||||||||||||||||||||
Amortization of Intangible Assets | 1,323 | 253 | 196 | ||||||||||||||||||||
Identifiable assets | [6] | 193,984 | 98,598 | 193,984 | 98,598 | ||||||||||||||||||
Long-lived assets | [7] | 162,170 | 79,426 | 162,170 | 79,426 | ||||||||||||||||||
United States and Canada | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 50,555 | 45,038 | 41,881 | ||||||||||||||||||||
Segment operating income | 10,031 | 11,396 | 10,962 | ||||||||||||||||||||
Long-lived assets | [7] | 134,869 | 65,245 | 134,869 | 65,245 | ||||||||||||||||||
Europe | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 8,006 | 7,026 | 6,541 | ||||||||||||||||||||
Segment operating income | 2,433 | 1,922 | 1,812 | ||||||||||||||||||||
Long-lived assets | [7] | 10,793 | 6,275 | 10,793 | 6,275 | ||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 7,796 | 5,531 | 5,075 | ||||||||||||||||||||
Segment operating income | 2,167 | 1,869 | 1,626 | ||||||||||||||||||||
Long-lived assets | [7] | 12,703 | 7,775 | 12,703 | 7,775 | ||||||||||||||||||
Latin America and Other | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 3,213 | 1,839 | 1,640 | ||||||||||||||||||||
Segment operating income | 237 | 502 | 375 | ||||||||||||||||||||
Long-lived assets | [7] | 3,805 | 131 | 3,805 | 131 | ||||||||||||||||||
Media Networks | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 24,827 | 21,922 | 21,299 | ||||||||||||||||||||
Segment operating income | 7,479 | 7,338 | 7,196 | ||||||||||||||||||||
Depreciation expense | 191 | 199 | 206 | ||||||||||||||||||||
Amortization of Intangible Assets | 0 | 0 | 0 | ||||||||||||||||||||
Identifiable assets | [6] | 63,519 | 30,205 | 63,519 | 30,205 | ||||||||||||||||||
Media Networks | United States and Canada | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 23,623 | ||||||||||||||||||||||
Media Networks | Europe | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 785 | ||||||||||||||||||||||
Media Networks | Asia Pacific | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 275 | ||||||||||||||||||||||
Media Networks | Latin America and Other | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 144 | ||||||||||||||||||||||
Media Networks | Cable | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Capital expenditures | 93 | 96 | 64 | ||||||||||||||||||||
Media Networks | Broadcasting | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Capital expenditures | 81 | 107 | 67 | ||||||||||||||||||||
Parks, Experiences and Products | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 26,225 | 24,701 | 23,024 | ||||||||||||||||||||
Segment operating income | 6,758 | 6,095 | 5,487 | ||||||||||||||||||||
Amortization of Intangible Assets | 108 | 110 | 111 | ||||||||||||||||||||
Identifiable assets | [6] | 41,923 | 39,171 | 41,923 | 39,171 | ||||||||||||||||||
Parks, Experiences and Products | Domestic | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Capital expenditures | 3,294 | 3,223 | 2,392 | ||||||||||||||||||||
Depreciation expense | 1,474 | 1,449 | 1,371 | ||||||||||||||||||||
Parks, Experiences and Products | International | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Capital expenditures | 852 | 677 | 827 | ||||||||||||||||||||
Depreciation expense | 724 | 768 | 679 | ||||||||||||||||||||
Parks, Experiences and Products | United States and Canada | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 19,631 | ||||||||||||||||||||||
Parks, Experiences and Products | Europe | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 3,135 | ||||||||||||||||||||||
Parks, Experiences and Products | Asia Pacific | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 3,222 | ||||||||||||||||||||||
Parks, Experiences and Products | Latin America and Other | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 237 | ||||||||||||||||||||||
Parks, Experiences and Products | Intersegment | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | (561) | (556) | (492) | ||||||||||||||||||||
Parks, Experiences and Products | Third Parties | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 26,786 | 25,257 | 23,516 | ||||||||||||||||||||
Studio Entertainment | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 11,127 | 10,065 | 8,352 | ||||||||||||||||||||
Segment operating income | 2,686 | 3,004 | 2,363 | ||||||||||||||||||||
Capital expenditures | 88 | 96 | 85 | ||||||||||||||||||||
Depreciation expense | 74 | 55 | 50 | ||||||||||||||||||||
Amortization of Intangible Assets | 61 | 64 | 65 | ||||||||||||||||||||
Identifiable assets | [6] | 34,268 | 17,291 | 34,268 | 17,291 | ||||||||||||||||||
Studio Entertainment | United States and Canada | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 5,269 | ||||||||||||||||||||||
Studio Entertainment | Europe | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 2,956 | ||||||||||||||||||||||
Studio Entertainment | Asia Pacific | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 2,121 | ||||||||||||||||||||||
Studio Entertainment | Latin America and Other | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 781 | ||||||||||||||||||||||
Studio Entertainment | Intersegment | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 561 | 556 | 492 | ||||||||||||||||||||
Studio Entertainment | Third Parties | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 10,566 | 9,509 | 7,860 | ||||||||||||||||||||
Direct-to-Consumer & International | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 9,349 | 3,414 | 3,075 | ||||||||||||||||||||
Segment operating income | (1,814) | (738) | (284) | ||||||||||||||||||||
Capital expenditures | 258 | 107 | 30 | ||||||||||||||||||||
Depreciation expense | 207 | 106 | 74 | ||||||||||||||||||||
Amortization of Intangible Assets | 111 | 79 | 20 | ||||||||||||||||||||
Identifiable assets | [6] | 48,606 | 7,257 | 48,606 | 7,257 | ||||||||||||||||||
Direct-to-Consumer & International | United States and Canada | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 3,671 | ||||||||||||||||||||||
Direct-to-Consumer & International | Europe | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 1,260 | ||||||||||||||||||||||
Direct-to-Consumer & International | Asia Pacific | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 2,367 | ||||||||||||||||||||||
Direct-to-Consumer & International | Latin America and Other | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 2,051 | ||||||||||||||||||||||
TFCF and Hulu | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Amortization of Intangible Assets and Fair Value Step-up on Film and Television Costs | [4] | 0 | 0 | ||||||||||||||||||||
Amortization of Intangible Assets | 1,043 | 0 | 0 | ||||||||||||||||||||
Total Segments | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Depreciation expense | 2,670 | 2,577 | 2,380 | ||||||||||||||||||||
Amortization of Intangible Assets | 280 | 253 | 196 | ||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Capital expenditures | 210 | 159 | 158 | ||||||||||||||||||||
Depreciation expense | 167 | 181 | 206 | ||||||||||||||||||||
Identifiable assets | [6],[8] | 6,135 | 4,977 | 6,135 | 4,977 | ||||||||||||||||||
Eliminations | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | [9] | (1,958) | (668) | (613) | |||||||||||||||||||
Segment operating income | [9] | (241) | (10) | $ 13 | |||||||||||||||||||
Identifiable assets | [6] | $ (467) | $ (303) | (467) | $ (303) | ||||||||||||||||||
Eliminations | United States and Canada | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | (1,639) | ||||||||||||||||||||||
Eliminations | Europe | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | (130) | ||||||||||||||||||||||
Eliminations | Asia Pacific | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | (189) | ||||||||||||||||||||||
Eliminations | Latin America and Other | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | $ 0 | ||||||||||||||||||||||
[1] | On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. | ||||||||||||||||||||||
[2] | 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. | ||||||||||||||||||||||
[3] | Equity in the income/(loss) of investees included in segment operating income is as follows: 2019 2018 2017 Media Networks $ 703 $ 711 $ 766 Parks, Experiences and Products (13 ) (23 ) (25 ) Direct-to-Consumer & International (240 ) (580 ) (421 ) Equity in the income of investees included in segment operating income 450 108 320 Impairment of equity investments (538 ) (210 ) — Amortization of TFCF intangible assets related to equity investees (15 ) — — Equity in the income (loss) of investees, net $ (103 ) $ (102 ) $ 320 | ||||||||||||||||||||||
[4] | For fiscal 2019 , amortization of intangible assets and fair value step-up on film and television costs were $1,043 million and $552 million , respectively. | ||||||||||||||||||||||
[5] | Impairment of equity investments for fiscal 2019 primarily reflects the impairments of Vice Group Holding, Inc. and of an investment in a cable channel at A+E Television Networks ( $353 million and $170 million , respectively). Impairment of equity investments for fiscal 2018 reflects impairments of Vice Group Holding, Inc. and Villages Nature ( $157 million and $53 million , respectively). | ||||||||||||||||||||||
[6] | Equity method investments included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 2,018 $ 2,430 Parks, Experiences and Products 3 1 Studio Entertainment 8 1 Direct-to-Consumer & International 821 320 Corporate 72 16 $ 2,922 $ 2,768 Intangible assets included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 7,861 $ 1,546 Parks, Experiences and Products 3,122 3,167 Studio Entertainment 2,085 1,479 Direct-to-Consumer & International 9,962 490 Corporate 185 130 $ 23,215 $ 6,812 | ||||||||||||||||||||||
[7] | Long-lived assets are total assets less: current assets, long-term receivables, deferred taxes, financial investments and the fair value of derivative instruments. | ||||||||||||||||||||||
[8] | Primarily fixed assets and cash and cash equivalents. | ||||||||||||||||||||||
[9] | (1) Intersegment content transaction are as follows: 2019 2018 2017 Revenues: Studio Entertainment: Content transactions with Media Networks $ (106 ) $ (169 ) $ (137 ) Content transactions with Direct-to-Consumer & International (272 ) (28 ) (22 ) Media Networks: Content transactions with Direct-to-Consumer & International (1,580 ) (471 ) (454 ) Total $ (1,958 ) $ (668 ) $ (613 ) Operating Income: Studio Entertainment: Content transactions with Media Networks $ (19 ) $ (8 ) $ 15 Content transactions with Direct-to-Consumer & International (80 ) — — Media Networks: Content transactions with Direct-to-Consumer & International (142 ) (2 ) (2 ) Total $ (241 ) $ (10 ) $ 13 |
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 | |||||||||||||||||||||
Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | $ 19,100 | [1] | $ 20,245 | [1] | $ 14,922 | $ 15,303 | $ 14,306 | $ 15,229 | $ 14,548 | $ 15,351 | $ 69,570 | $ 59,434 | $ 55,137 | ||||||||||
Segment operating income | 3,436 | [2] | $ 3,961 | [2] | $ 3,816 | [2] | $ 3,655 | [2] | 3,277 | [2] | $ 4,189 | [2] | $ 4,237 | [2] | $ 3,986 | [2] | 14,868 | [3] | 15,689 | [3] | 14,775 | [3] | |
Equity in the income (loss) of investees, net | (103) | (102) | 320 | ||||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | [4] | 538 | 210 | 0 | |||||||||||||||||||
Amortization of Intangible Assets Held by Equity Investees | (15) | 0 | 0 | ||||||||||||||||||||
Amortization of Intangible Assets | 1,323 | 253 | 196 | ||||||||||||||||||||
Equity Method Investments | 2,922 | 2,768 | 2,922 | 2,768 | |||||||||||||||||||
Goodwill and intangible assets | 23,215 | 6,812 | 23,215 | 6,812 | |||||||||||||||||||
21CF and Hulu | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Amortization of Intangible Assets | 1,043 | ||||||||||||||||||||||
TFCF | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | [5] | 6,950 | |||||||||||||||||||||
TFCF | Film and Television Production Cost | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Amortization | 552 | ||||||||||||||||||||||
Intersegment transactions | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | (1,958) | (668) | (613) | ||||||||||||||||||||
Segment operating income | (241) | (10) | 13 | ||||||||||||||||||||
Media Networks | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 24,827 | 21,922 | 21,299 | ||||||||||||||||||||
Segment operating income | 7,479 | 7,338 | 7,196 | ||||||||||||||||||||
Equity in the income (loss) of investees, net | 703 | 711 | 766 | ||||||||||||||||||||
Amortization of Intangible Assets | 0 | 0 | 0 | ||||||||||||||||||||
Equity Method Investments | 2,018 | 2,430 | 2,018 | 2,430 | |||||||||||||||||||
Goodwill and intangible assets | 7,861 | 1,546 | 7,861 | 1,546 | |||||||||||||||||||
Media Networks | Studio Entertainment intersegment content transactions | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | (106) | (169) | (137) | ||||||||||||||||||||
Segment operating income | (19) | (8) | 15 | ||||||||||||||||||||
Parks, Experiences and Products | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 26,225 | 24,701 | 23,024 | ||||||||||||||||||||
Segment operating income | 6,758 | 6,095 | 5,487 | ||||||||||||||||||||
Equity in the income (loss) of investees, net | (13) | (23) | (25) | ||||||||||||||||||||
Amortization of Intangible Assets | 108 | 110 | 111 | ||||||||||||||||||||
Equity Method Investments | 3 | 1 | 3 | 1 | |||||||||||||||||||
Goodwill and intangible assets | 3,122 | 3,167 | 3,122 | 3,167 | |||||||||||||||||||
Studio Entertainment | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 11,127 | 10,065 | 8,352 | ||||||||||||||||||||
Segment operating income | 2,686 | 3,004 | 2,363 | ||||||||||||||||||||
Amortization of Intangible Assets | 61 | 64 | 65 | ||||||||||||||||||||
Equity Method Investments | 8 | 1 | 8 | 1 | |||||||||||||||||||
Goodwill and intangible assets | 2,085 | 1,479 | 2,085 | 1,479 | |||||||||||||||||||
Direct-to-Consumer & International | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | 9,349 | 3,414 | 3,075 | ||||||||||||||||||||
Segment operating income | (1,814) | (738) | (284) | ||||||||||||||||||||
Equity in the income (loss) of investees, net | (240) | (580) | (421) | ||||||||||||||||||||
Amortization of Intangible Assets | 111 | 79 | 20 | ||||||||||||||||||||
Equity Method Investments | 821 | 320 | 821 | 320 | |||||||||||||||||||
Goodwill and intangible assets | 9,962 | 490 | 9,962 | 490 | |||||||||||||||||||
Direct-to-Consumer & International | Studio Entertainment intersegment content transactions | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | (272) | (28) | (22) | ||||||||||||||||||||
Segment operating income | (80) | 0 | 0 | ||||||||||||||||||||
Direct-to-Consumer & International | Media Networks intersegment content transactions | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Revenues | (1,580) | (471) | (454) | ||||||||||||||||||||
Segment operating income | (142) | (2) | (2) | ||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Equity Method Investments | 72 | 16 | 72 | 16 | |||||||||||||||||||
Goodwill and intangible assets | $ 185 | $ 130 | 185 | 130 | |||||||||||||||||||
Total Segments | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Equity in the income (loss) of investees, net | 450 | 108 | 320 | ||||||||||||||||||||
Amortization of Intangible Assets | 280 | 253 | $ 196 | ||||||||||||||||||||
Vice Media | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | 353 | 157 | |||||||||||||||||||||
Villages Nature | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 53 | ||||||||||||||||||||||
A&E | Viceland | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 170 | ||||||||||||||||||||||
[1] | On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. | ||||||||||||||||||||||
[2] | 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. | ||||||||||||||||||||||
[3] | Equity in the income/(loss) of investees included in segment operating income is as follows: 2019 2018 2017 Media Networks $ 703 $ 711 $ 766 Parks, Experiences and Products (13 ) (23 ) (25 ) Direct-to-Consumer & International (240 ) (580 ) (421 ) Equity in the income of investees included in segment operating income 450 108 320 Impairment of equity investments (538 ) (210 ) — Amortization of TFCF intangible assets related to equity investees (15 ) — — Equity in the income (loss) of investees, net $ (103 ) $ (102 ) $ 320 | ||||||||||||||||||||||
[4] | Impairment of equity investments for fiscal 2019 primarily reflects the impairments of Vice Group Holding, Inc. and of an investment in a cable channel at A+E Television Networks ( $353 million and $170 million , respectively). Impairment of equity investments for fiscal 2018 reflects impairments of Vice Group Holding, Inc. and Villages Nature ( $157 million and $53 million , respectively). | ||||||||||||||||||||||
[5] | The impact of eliminations on revenues and net income as a result of consolidating TFCF was not material. |
Description of Business and Seg
Description of Business and Segment Information - Additional Information (Detail) | Sep. 28, 2019 | May 31, 2019 | Mar. 20, 2019 |
Hong Kong Disneyland Resort | |||
Segment Reporting Information [Line Items] | |||
Effective ownership interest | 47.00% | ||
Shanghai Disney Resort | |||
Segment Reporting Information [Line Items] | |||
Effective ownership interest | 43.00% | ||
National Geographic | |||
Segment Reporting Information [Line Items] | |||
Effective ownership interest | 73.00% | ||
Hulu LLC | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 67.00% | 60.00% | |
A&E | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 50.00% | ||
Endemol Shine Group | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 50.00% | ||
Seven TV | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 20.00% | ||
Equity Method Investment, Economic Ownership Percentage | 49.00% | ||
Tata Sky Limited | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 30.00% | ||
Vice Media | Direct-to-Consumer & International | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 20.00% | ||
Equity Interest Held by TFCF | Hulu LLC | |||
Segment Reporting Information [Line Items] | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 30.00% | ||
A&E | Viceland | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 50.00% | ||
Vice Media | Viceland | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 50.00% | ||
Equity Interest Held by NBC Universal | Hulu LLC | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Interest | 33.00% | 33.00% |
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 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | Oct. 01, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 5,418 | $ 4,150 | $ 4,017 | |
Restricted Cash and Investments, Current | 26 | 1 | 26 | |
Restricted Cash and Investments, Noncurrent | 11 | 4 | 21 | |
Cash, cash equivalents and restricted cash | $ 5,455 | $ 4,155 | $ 4,064 | $ 4,760 |
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. 28, 2019 | |
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. 28, 2019USD ($) |
Accounting Policies [Abstract] | |
2020 | $ 2,283 |
2021 | 2,219 |
2022 | 2,164 |
2023 | 1,993 |
2024 | $ 1,756 |
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 | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |||
Weighted average number of common and common equivalent shares outstanding (basic) | 1,656 | 1,499 | 1,568 |
Weighted average dilutive impact of Awards | 10 | 8 | 10 |
Weighted average number of common and common equivalent shares outstanding (diluted) | 1,666 | 1,507 | 1,578 |
Awards excluded from diluted earnings per share | 7 | 12 | 10 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019USD ($) | Sep. 29, 2018USD ($)derivatives | Sep. 30, 2017USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |||
Advertising expense | $ 4,300 | $ 2,800 | $ 2,600 |
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 | $ 927 | 659 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 538 | $ 210 | $ 22 |
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 | Maximum | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years |
Revenues Cumulative Effect of A
Revenues Cumulative Effect of Adoption on the Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 30, 2018 | Sep. 29, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Receivables - current/non-current | $ 18,277 | $ 11,021 | |
Film and television costs and advances - current/non-current | 27,407 | 9,250 | |
Accounts payable and other accrued liabilities | 17,762 | 10,518 | $ 9,479 |
Deferred revenue and other | 4,722 | 3,509 | |
Deferred Tax Liabilities, Net, Noncurrent | 7,902 | 3,075 | 3,109 |
Equity | 93,889 | 52,716 | 52,832 |
Calculated under Revenue Guidance in Effect before Topic 606 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Receivables - current/non-current | 18,343 | 11,262 | |
Film and television costs and advances - current/non-current | 27,384 | 9,202 | |
Accounts payable and other accrued liabilities | 16,514 | 9,479 | |
Deferred revenue and other | 5,950 | 4,591 | |
Deferred Tax Liabilities, Net, Noncurrent | 7,919 | 3,109 | |
Equity | 93,935 | $ 52,832 | |
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Receivables - current/non-current | (66) | (241) | |
Film and television costs and advances - current/non-current | 23 | 48 | |
Accounts payable and other accrued liabilities | 1,248 | 1,039 | |
Deferred revenue and other | (1,228) | (1,082) | |
Deferred Tax Liabilities, Net, Noncurrent | (17) | (34) | |
Equity | $ (46) | $ (116) |
Revenues Impact of Adoption on
Revenues Impact of Adoption on the Consolidated Statement of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Revenues | $ 19,100 | $ 20,245 | $ 14,922 | $ 15,303 | $ 14,306 | $ 15,229 | $ 14,548 | $ 15,351 | $ 69,570 | $ 59,434 | $ 55,137 | ||
Costs and Expenses | (57,719) | (44,597) | (41,264) | ||||||||||
Income taxes from continuing operations | (3,031) | (1,663) | (4,422) | ||||||||||
Net income | 11,584 | $ 13,066 | $ 9,366 | ||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Revenues | 69,225 | ||||||||||||
Costs and Expenses | (57,465) | ||||||||||||
Income taxes from continuing operations | (3,010) | ||||||||||||
Net income | 11,514 | ||||||||||||
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 | 345 | ||||||||||||
Costs and Expenses | (254) | ||||||||||||
Income taxes from continuing operations | (21) | ||||||||||||
Net income | $ 70 | ||||||||||||
[1] | On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenue by Major Source (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | ||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | $ 19,100 | $ 20,245 | $ 14,922 | $ 15,303 | $ 14,306 | $ 15,229 | $ 14,548 | $ 15,351 | $ 69,570 | $ 59,434 | $ 55,137 | |||
Affiliate fees | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 15,920 | 13,279 | ||||||||||||
Advertising | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 10,505 | 7,904 | ||||||||||||
Theme park admissions | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 7,540 | 7,183 | ||||||||||||
Resort and vacations | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 6,266 | 5,938 | ||||||||||||
Retail and wholesale sales of merchandise, food and beverage | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 7,716 | 7,365 | ||||||||||||
TV/SVOD distribution licensing | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 5,665 | 4,897 | ||||||||||||
Theatrical distribution licensing | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 4,726 | 4,303 | ||||||||||||
Merchandise licensing | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 3,380 | 3,192 | ||||||||||||
Subscription fees | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 2,244 | 168 | ||||||||||||
Home entertainment | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 1,831 | 1,750 | ||||||||||||
Other | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 3,777 | 3,455 | ||||||||||||
Media Networks | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 24,827 | 21,922 | 21,299 | |||||||||||
Media Networks | Affiliate fees | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 13,433 | 11,907 | ||||||||||||
Media Networks | Advertising | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 6,965 | 6,586 | ||||||||||||
Media Networks | TV/SVOD distribution licensing | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 4,046 | 3,120 | ||||||||||||
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 | Subscription fees | ||||||||||||||
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 | 383 | 309 | ||||||||||||
Parks, Experiences and Products | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 26,225 | 24,701 | 23,024 | |||||||||||
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 | 6 | 7 | ||||||||||||
Parks, Experiences and Products | Theme park admissions | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 7,540 | 7,183 | ||||||||||||
Parks, Experiences and Products | Resort and vacations | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 6,266 | 5,938 | ||||||||||||
Parks, Experiences and Products | Retail and wholesale sales of merchandise, food and beverage | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 7,716 | 7,365 | ||||||||||||
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 | 2,768 | 2,566 | ||||||||||||
Parks, Experiences and Products | Subscription fees | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 0 | 0 | ||||||||||||
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 | 1,929 | 1,642 | ||||||||||||
Studio Entertainment | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 11,127 | 10,065 | 8,352 | |||||||||||
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 | TV/SVOD distribution licensing | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 2,920 | 2,340 | ||||||||||||
Studio Entertainment | Theatrical distribution licensing | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 4,726 | 4,303 | ||||||||||||
Studio Entertainment | Merchandise licensing | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 561 | 556 | ||||||||||||
Studio Entertainment | Subscription fees | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 0 | 0 | ||||||||||||
Studio Entertainment | Home entertainment | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 1,734 | 1,647 | ||||||||||||
Studio Entertainment | Other | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 1,186 | 1,219 | ||||||||||||
Direct-to-Consumer & International | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 9,349 | 3,414 | 3,075 | |||||||||||
Direct-to-Consumer & International | Affiliate fees | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 2,740 | 1,372 | ||||||||||||
Direct-to-Consumer & International | Advertising | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 3,534 | 1,311 | ||||||||||||
Direct-to-Consumer & International | TV/SVOD distribution licensing | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 404 | 105 | ||||||||||||
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 | 51 | 70 | ||||||||||||
Direct-to-Consumer & International | Subscription fees | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 2,244 | 168 | ||||||||||||
Direct-to-Consumer & International | Home entertainment | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 97 | 103 | ||||||||||||
Direct-to-Consumer & International | Other | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 279 | 285 | ||||||||||||
Eliminations | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | [2] | (1,958) | (668) | $ (613) | ||||||||||
Eliminations | Affiliate fees | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | (253) | 0 | ||||||||||||
Eliminations | Advertising | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 0 | 0 | ||||||||||||
Eliminations | TV/SVOD distribution licensing | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | (1,705) | (668) | ||||||||||||
Eliminations | Theatrical distribution licensing | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 0 | 0 | ||||||||||||
Eliminations | Merchandise licensing | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 0 | 0 | ||||||||||||
Eliminations | Subscription fees | ||||||||||||||
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 | ||||||||||||
[1] | On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. | |||||||||||||
[2] | (1) Intersegment content transaction are as follows: 2019 2018 2017 Revenues: Studio Entertainment: Content transactions with Media Networks $ (106 ) $ (169 ) $ (137 ) Content transactions with Direct-to-Consumer & International (272 ) (28 ) (22 ) Media Networks: Content transactions with Direct-to-Consumer & International (1,580 ) (471 ) (454 ) Total $ (1,958 ) $ (668 ) $ (613 ) Operating Income: Studio Entertainment: Content transactions with Media Networks $ (19 ) $ (8 ) $ 15 Content transactions with Direct-to-Consumer & International (80 ) — — Media Networks: Content transactions with Direct-to-Consumer & International (142 ) (2 ) (2 ) Total $ (241 ) $ (10 ) $ 13 |
Revenues Disaggregation of Re_2
Revenues Disaggregation of Revenue by Geographical Markets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | ||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | $ 19,100 | $ 20,245 | $ 14,922 | $ 15,303 | $ 14,306 | $ 15,229 | $ 14,548 | $ 15,351 | $ 69,570 | $ 59,434 | $ 55,137 | |||
United States and Canada | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 50,555 | 45,038 | 41,881 | |||||||||||
Europe | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 8,006 | 7,026 | 6,541 | |||||||||||
Asia Pacific | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 7,796 | 5,531 | 5,075 | |||||||||||
Latin America | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 3,213 | 1,839 | 1,640 | |||||||||||
Media Networks | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 24,827 | 21,922 | 21,299 | |||||||||||
Media Networks | United States and Canada | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 23,623 | |||||||||||||
Media Networks | Europe | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 785 | |||||||||||||
Media Networks | Asia Pacific | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 275 | |||||||||||||
Media Networks | Latin America | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 144 | |||||||||||||
Parks, Experiences and Products | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 26,225 | 24,701 | 23,024 | |||||||||||
Parks, Experiences and Products | United States and Canada | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 19,631 | |||||||||||||
Parks, Experiences and Products | Europe | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 3,135 | |||||||||||||
Parks, Experiences and Products | Asia Pacific | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 3,222 | |||||||||||||
Parks, Experiences and Products | Latin America | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 237 | |||||||||||||
Studio Entertainment | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 11,127 | 10,065 | 8,352 | |||||||||||
Studio Entertainment | United States and Canada | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 5,269 | |||||||||||||
Studio Entertainment | Europe | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 2,956 | |||||||||||||
Studio Entertainment | Asia Pacific | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 2,121 | |||||||||||||
Studio Entertainment | Latin America | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 781 | |||||||||||||
Direct-to-Consumer & International | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 9,349 | 3,414 | 3,075 | |||||||||||
Direct-to-Consumer & International | United States and Canada | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 3,671 | |||||||||||||
Direct-to-Consumer & International | Europe | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 1,260 | |||||||||||||
Direct-to-Consumer & International | Asia Pacific | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 2,367 | |||||||||||||
Direct-to-Consumer & International | Latin America | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | 2,051 | |||||||||||||
Eliminations | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | [2] | (1,958) | $ (668) | $ (613) | ||||||||||
Eliminations | United States and Canada | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | (1,639) | |||||||||||||
Eliminations | Europe | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | (130) | |||||||||||||
Eliminations | Asia Pacific | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | (189) | |||||||||||||
Eliminations | Latin America | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenues | $ 0 | |||||||||||||
[1] | On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. | |||||||||||||
[2] | (1) Intersegment content transaction are as follows: 2019 2018 2017 Revenues: Studio Entertainment: Content transactions with Media Networks $ (106 ) $ (169 ) $ (137 ) Content transactions with Direct-to-Consumer & International (272 ) (28 ) (22 ) Media Networks: Content transactions with Direct-to-Consumer & International (1,580 ) (471 ) (454 ) Total $ (1,958 ) $ (668 ) $ (613 ) Operating Income: Studio Entertainment: Content transactions with Media Networks $ (19 ) $ (8 ) $ 15 Content transactions with Direct-to-Consumer & International (80 ) — — Media Networks: Content transactions with Direct-to-Consumer & International (142 ) (2 ) (2 ) Total $ (241 ) $ (10 ) $ 13 |
Revenues Contract with Customer
Revenues Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 30, 2018 | Sep. 29, 2018 |
Contract with Customer, Asset, Gross | $ 125 | $ 89 | |
Accounts Receivable, Gross, Current | 12,882 | $ 8,268 | |
Allowance for Doubtful Accounts Receivable | (327) | (226) | |
Deferred Revenue and Credits, Current | 4,050 | 2,926 | |
Deferred Revenue and Credits, Noncurrent | 619 | 609 | |
Contract With Customer | |||
Accounts Receivable, Gross, Current | 12,755 | 8,553 | |
Accounts Receivable, Gross, Noncurrent | $ 1,987 | $ 1,640 |
Revenues Revenues - Additional
Revenues Revenues - Additional Information (Details) - USD ($) $ in Millions | Mar. 20, 2019 | Dec. 29, 2018 | Sep. 28, 2019 |
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 1,200 | ||
Revenue, Remaining Performance Obligation, Amount | 16,000 | ||
Contract with Customer, Liability, Revenue Recognized | 2,700 | ||
TFCF | |||
Increase (Decrease) in Deferred Revenue | $ 600 | ||
Contract with Customer, Liability, Revenue Recognized | 400 | ||
Scenario, Unsatisfied performance obligation recognized in fiscal 2020 | |||
Revenue, Remaining Performance Obligation, Amount | 7,000 | ||
Scenario, Unsatisfied performance obligation recognized in fiscal 2021 | |||
Revenue, Remaining Performance Obligation, Amount | 4,000 | ||
Scenario, Unsatisfied performance obligation recognized in fiscal 2022 | |||
Revenue, Remaining Performance Obligation, Amount | 3,000 | ||
Scenario, Unsatisfied performance obligation recognized thereafter | |||
Revenue, Remaining Performance Obligation, Amount | 2,000 | ||
Accounting Standards Update 2014-09 | |||
Adoption of new accounting guidance | $ 116 | ||
Contract with Customer, Asset, Accumulated Allowance for Credit Loss | 200 | ||
Customer Advances and Deposits | $ 1,000 |
Acquisitions Acquisition Fair V
Acquisitions Acquisition Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Sep. 28, 2019 | Mar. 20, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 80,293 | $ 31,269 | $ 31,426 | ||
TFCF | Initial Allocation | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | [1] | $ 25,666 | |||
Receivables | [1] | 4,746 | |||
Film and television costs | [1] | 20,120 | |||
Investments | [1] | 1,471 | |||
Intangible assets | [1] | 20,385 | |||
Net assets held for sale | [1] | 11,704 | |||
Accounts payable and other liabilities | [1] | (10,753) | |||
Borrowings | [1] | (21,723) | |||
Deferred income taxes | [1] | (6,497) | |||
Other net liabilities acquired | [1] | (3,865) | |||
Noncontrolling interests | [1] | (10,638) | |||
Goodwill | [1] | 43,751 | |||
Fair value of net assets acquired | [1] | 74,367 | |||
Parents Previously Held Equity Interest in Investee Now Consolidated | [1] | (4,860) | |||
Total purchase price | [1] | 69,507 | |||
TFCF | Valuation Adjustments | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 35 | ||||
Receivables | 484 | ||||
Film and television costs | (2,322) | ||||
Investments | (507) | ||||
Intangible assets | (2,504) | ||||
Net assets held for sale | (338) | ||||
Accounts payable and other liabilities | (1,606) | ||||
Borrowings | 0 | ||||
Deferred income taxes | 1,164 | ||||
Other net liabilities acquired | (93) | ||||
Noncontrolling interests | 230 | ||||
Goodwill | 5,334 | ||||
Fair value of net assets acquired | (123) | ||||
Parents Previously Held Equity Interest in Investee Now Consolidated | 123 | ||||
Total purchase price | 0 | ||||
TFCF | Updated Allocation | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 25,701 | ||||
Receivables | 5,230 | ||||
Film and television costs | 17,798 | ||||
Investments | 964 | ||||
Intangible assets | 17,881 | ||||
Net assets held for sale | 11,366 | ||||
Accounts payable and other liabilities | (12,359) | ||||
Borrowings | (21,723) | ||||
Deferred income taxes | (5,333) | ||||
Other net liabilities acquired | (3,958) | ||||
Noncontrolling interests | (10,408) | ||||
Goodwill | 49,085 | ||||
Fair value of net assets acquired | 74,244 | ||||
Parents Previously Held Equity Interest in Investee Now Consolidated | (4,737) | ||||
Total purchase price | $ 69,507 | ||||
[1] | As reported in our March 30, 2019 Form 10-Q. |
Acquisitions Summarized Financi
Acquisitions Summarized Financial Information of Acquiree (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | ||
Revenues | $ 19,100 | $ 20,245 | $ 14,922 | $ 15,303 | $ 14,306 | $ 15,229 | $ 14,548 | $ 15,351 | $ 69,570 | $ 59,434 | $ 55,137 | |||
TFCF | ||||||||||||||
Revenues | [2] | 6,950 | ||||||||||||
Net Income (loss) from Continuing Operations | [2] | (1,030) | ||||||||||||
Hulu LLC | ||||||||||||||
Revenues | [3] | 1,938 | ||||||||||||
Net Income (loss) from Continuing Operations | [3] | $ (774) | ||||||||||||
[1] | On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. | |||||||||||||
[2] | The impact of eliminations on revenues and net income as a result of consolidating TFCF was not material. | |||||||||||||
[3] | As a result of consolidating Hulu, the elimination of our legacy operations’ revenues for sales to Hulu was approximately $0.6 billion and the elimination of TFCF’s revenues for sales to Hulu was approximately $0.4 billion . The impact of the eliminations on net income was not material. |
Acquisitions Summarized Finan_2
Acquisitions Summarized Financial Information of Acquiree (Parenthetical) (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Revenue from Related Parties | $ 0.5 | $ 0.8 | $ 0.5 |
Legacy operation sales to Hulu | |||
Revenue from Related Parties | 0.6 | ||
TFCF sales to Hulu | |||
Revenue from Related Parties | $ 0.4 |
Acquisitions Pro Forma Financia
Acquisitions Pro Forma Financial Information (Details) - TFCF - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 78,116 | $ 76,318 |
Business Acquisition, Pro Forma Net Income (Loss) | 7,596 | 13,708 |
Business Acquisitions Pro Forma Net Income Loss Attributable to Parent | $ 7,284 | $ 13,877 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 3.72 | $ 7.64 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 3.74 | $ 7.68 |
Acquisitions Changes in Carryin
Acquisitions Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Sep. 28, 2019 | Sep. 29, 2018 | ||||
Goodwill [Roll Forward] | |||||
Beginning balance | $ 31,269 | $ 31,426 | |||
Acquisitions | 49,085 | [1] | 0 | ||
Dispositions | 0 | 0 | |||
Other, net | (61) | (157) | [2] | ||
Segment Recast | [3] | 0 | |||
Ending balance | 80,293 | 31,269 | |||
Media Networks | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 15,989 | 16,325 | |||
Acquisitions | 17,434 | [1] | 0 | ||
Dispositions | 0 | 0 | |||
Other, net | 0 | 3,063 | [2] | ||
Segment Recast | [3] | (3,399) | |||
Ending balance | 33,423 | 15,989 | |||
Parks and Resorts | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 0 | 291 | |||
Acquisitions | 0 | [1] | 0 | ||
Dispositions | 0 | 0 | |||
Other, net | 0 | 0 | [2] | ||
Segment Recast | [3] | (291) | |||
Ending balance | 0 | 0 | |||
Studio Entertainment | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 7,094 | 6,817 | |||
Acquisitions | 10,711 | [1] | 0 | ||
Dispositions | 0 | 0 | |||
Other, net | (8) | 347 | [2] | ||
Segment Recast | [3] | (70) | |||
Ending balance | 17,797 | 7,094 | |||
Consumer Products and Interactive | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 0 | 4,393 | |||
Acquisitions | 0 | [1] | 0 | ||
Dispositions | 0 | 0 | |||
Other, net | 0 | 33 | [2] | ||
Segment Recast | [3] | (4,426) | |||
Ending balance | 0 | 0 | |||
Parks, Experiences and Products | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 4,487 | 0 | |||
Acquisitions | 1,048 | [1] | 0 | ||
Dispositions | 0 | 0 | |||
Other, net | 0 | 0 | [2] | ||
Segment Recast | [3] | 4,487 | |||
Ending balance | 5,535 | 4,487 | |||
Direct-to-Consumer & International | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 3,699 | 0 | |||
Acquisitions | 19,892 | [1] | 0 | ||
Dispositions | 0 | 0 | |||
Other, net | 53 | 0 | [2] | ||
Segment Recast | [3] | 3,699 | |||
Ending balance | 23,538 | 3,699 | |||
Unallocated | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 0 | 3,600 | |||
Acquisitions | 0 | [1] | 0 | ||
Dispositions | 0 | 0 | |||
Other, net | 0 | (3,600) | [2] | ||
Segment Recast | [3] | 0 | |||
Ending balance | $ 0 | $ 0 | |||
[1] | Represents the acquisition of TFCF and consolidation of Hulu. | ||||
[2] | Primarily represents the allocation of BAMTech goodwill to the 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. | ||||
[3] | Represents the reallocation of goodwill as a result of the Company recasting its segments as a result of a strategic reorganization during fiscal 2018. |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Mar. 20, 2019 | Sep. 25, 2017 | Sep. 28, 2019 | Jun. 29, 2019 | [3] | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Jun. 29, 2019 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | Aug. 31, 2019 | May 31, 2019 | May 13, 2019 | Apr. 15, 2019 | Apr. 01, 2017 | ||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity-based compensation | $ 711 | $ 393 | $ 364 | |||||||||||||||||||
RSU compensation expense | [1] | 627 | 306 | 274 | ||||||||||||||||||
Redeemable noncontrolling interest | $ 8,963 | $ 1,123 | 8,963 | 1,123 | ||||||||||||||||||
Equity in the income (loss) of investees, net | (103) | (102) | 320 | |||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | [2] | 538 | 210 | 0 | ||||||||||||||||||
Goodwill | 80,293 | 31,269 | 80,293 | 31,269 | 31,426 | |||||||||||||||||
Revenues | $ 19,100 | [3] | $ 20,245 | $ 14,922 | $ 15,303 | $ 14,306 | $ 15,229 | $ 14,548 | $ 15,351 | 69,570 | 59,434 | 55,137 | ||||||||||
Costs and Expenses | 57,719 | 44,597 | 41,264 | |||||||||||||||||||
Equity Interest Held by TFCF | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 10,800 | |||||||||||||||||||||
Equity in the income (loss) of investees, net | 500 | |||||||||||||||||||||
Hulu LLC | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Interest | 60.00% | 67.00% | ||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 4,800 | |||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 30.00% | |||||||||||||||||||||
Hulu LLC | Equity Interest Held by TFCF | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 30.00% | |||||||||||||||||||||
Hulu LLC | Equity Interest Held by Warner Media LLC | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Interest | 10.00% | |||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 1,400 | |||||||||||||||||||||
Hulu LLC | Equity Interest Held by NBC Universal | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Interest | 33.00% | 33.00% | 33.00% | |||||||||||||||||||
Percentage of Tax Benefit Owed to Third Party Upon Option Exercise | 50.00% | |||||||||||||||||||||
Endemol Shine Group | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Interest | 50.00% | 50.00% | ||||||||||||||||||||
Tata Sky Limited | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Interest | 30.00% | 30.00% | ||||||||||||||||||||
Sky plc | Equity Interest Held by TFCF | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Other Transaction Details | 39.00% | |||||||||||||||||||||
Vice Media | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 353 | 157 | ||||||||||||||||||||
Minimum | Hulu LLC | Equity Interest Held by NBC Universal | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Interest | 21.00% | |||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 27,500 | |||||||||||||||||||||
Redeemable noncontrolling interest | $ 7,900 | $ 7,900 | ||||||||||||||||||||
Maximum | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 40 years | |||||||||||||||||||||
Maximum | Hulu LLC | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Consolidated Equity Method Investee, Financial Support Amount | $ 1,500 | |||||||||||||||||||||
Hulu Redemption, NBC Universal Participates | Hulu LLC | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Interest | 67.00% | 67.00% | ||||||||||||||||||||
Discontinued Operations, Held-for-sale | Pro Forma | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $ 800 | 600 | ||||||||||||||||||||
Discontinued Operations, Held-for-sale | Regional Sports Networks | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 11,000 | |||||||||||||||||||||
Pending sales agreement with Banijay Group | Endemol Shine Group | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Interest | 50.00% | |||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Unrecognized compensation costs | $ 599 | 599 | ||||||||||||||||||||
TFCF | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 69,500 | |||||||||||||||||||||
Payments to Acquire Businesses, Gross | 35,700 | |||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 33,800 | |||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 307 | |||||||||||||||||||||
Business Acquisition, Share Price | $ 110 | |||||||||||||||||||||
Equity-based compensation | $ 361 | |||||||||||||||||||||
RSU compensation expense | 307 | |||||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Equity Method Investments | 900 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 100 | |||||||||||||||||||||
Business Combination, Acquired Receivable, Fair Value | 5,200 | |||||||||||||||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 5,500 | |||||||||||||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 300 | |||||||||||||||||||||
Revenues | [4] | 6,950 | ||||||||||||||||||||
TFCF | Endemol Shine Group | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Interest | 50.00% | |||||||||||||||||||||
TFCF | Tata Sky Limited | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Interest | 30.00% | |||||||||||||||||||||
TFCF | Pro Forma | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 400 | |||||||||||||||||||||
Interest Expense, Debt | 400 | 500 | ||||||||||||||||||||
TFCF | Selling, General and Administrative Expenses | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 200 | |||||||||||||||||||||
TFCF | Interest expense, net | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | $ 100 | |||||||||||||||||||||
TFCF | Film and Television Production Cost | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Amortization | 552 | |||||||||||||||||||||
TFCF | Film and Television Production Cost | Pro Forma | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Amortization | 3,100 | 3,500 | ||||||||||||||||||||
TFCF | Film and Television Production Cost | Regional Sports Networks | Pro Forma | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Amortization | 400 | 800 | ||||||||||||||||||||
TFCF | Public Debt | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Long Term Debt, Principle Balance of Notes Exchanged | $ 16,800 | |||||||||||||||||||||
TFCF | Restricted Stock Units | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Unrecognized compensation costs | 219 | |||||||||||||||||||||
TFCF | Acceleration | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
RSU compensation expense | $ 164 | |||||||||||||||||||||
TFCF | Acceleration | Pro Forma | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
RSU compensation expense | $ 200 | |||||||||||||||||||||
BAMTech, LLC | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Interest | 42.00% | 75.00% | 75.00% | 33.00% | ||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 1,100 | |||||||||||||||||||||
Redeemable noncontrolling interest | 1,100 | |||||||||||||||||||||
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 | |||||||||||||||||||||
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 | $ 660 | $ 660 | ||||||||||||||||||||
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% | ||||||||||||||||||||
BAMTech, LLC | Minimum | MLB | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 563 | |||||||||||||||||||||
Preferred Stock Redemption Period | 5 years | |||||||||||||||||||||
Preferred Stock Return on NCI, Accretion Percentage | 8.00% | |||||||||||||||||||||
BAMTech, LLC | Minimum | NHL | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 300 | |||||||||||||||||||||
BAMTech, LLC | Maximum | MLB | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Preferred Stock Redemption Period | 10 years | |||||||||||||||||||||
BAMTech, LLC | Maximum | NHL | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 350 | |||||||||||||||||||||
Distribution Rights | TFCF | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | |||||||||||||||||||||
Trademarks and Trade Names | TFCF | ||||||||||||||||||||||
Business Acquisition and Equity Method Investment [Line Items] | ||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 16 years | |||||||||||||||||||||
[1] | Includes TFCF Performance RSUs converted to Company RSUs in connection with the TFCF acquisition (see Note 4). In fiscal 2019, the Company recognized $307 million of equity based compensation in connection with the TFCF acquisition. | |||||||||||||||||||||
[2] | Impairment of equity investments for fiscal 2019 primarily reflects the impairments of Vice Group Holding, Inc. and of an investment in a cable channel at A+E Television Networks ( $353 million and $170 million , respectively). Impairment of equity investments for fiscal 2018 reflects impairments of Vice Group Holding, Inc. and Villages Nature ( $157 million and $53 million , respectively). | |||||||||||||||||||||
[3] | On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. | |||||||||||||||||||||
[4] | The impact of eliminations on revenues and net income as a result of consolidating TFCF was not material. |
Dispositions and Other Income_3
Dispositions and Other Income/(Expense) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Schedule of Other Income and Expense [Line Items] | |||
Hulu Gain | $ 4,794 | $ 0 | $ 0 |
Charge for the extinguishment of a portion of the debt originally assumed in the TFCF acquisition | (511) | 0 | 0 |
Insurance recoveries (settlements) related to legal matters | 46 | 38 | (177) |
Gain on sale of real estate, property rights and other | 28 | 560 | 0 |
Gain related to the acquisition of BAMTech | 0 | 3 | 255 |
Other income, net | $ 4,357 | $ 601 | $ 78 |
Investments (Detail)
Investments (Detail) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 |
Investments [Abstract] | ||
Investments, equity basis | $ 2,922 | $ 2,768 |
Investments, other | 302 | 131 |
Investments | $ 3,224 | $ 2,899 |
Investments Combined Financial
Investments Combined Financial Information for Equity Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Results of Operations: | |||
Revenues | $ 9,405 | $ 9,085 | $ 8,122 |
Net Income | 133 | (152) | 857 |
Balance Sheet | |||
Current assets | 3,350 | 4,542 | 4,623 |
Non-current assets | 9,666 | 9,998 | 10,047 |
Equity Method Investment, Summarized Financial Information, Assets, Total | 13,016 | 14,540 | 14,670 |
Current liabilities | 2,182 | 3,197 | 2,852 |
Non-current liabilities | 5,452 | 4,840 | 5,056 |
Redeemable preferred stock | 0 | 1,362 | 1,123 |
Shareholders' equity | 5,382 | 5,141 | 5,639 |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity, Total | $ 13,016 | $ 14,540 | $ 14,670 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Excess book value of equity method investments representing intangible assets and goodwill | $ 1,200 | ||
Revenue from Related Parties | 500 | $ 800 | $ 500 |
Equity Securities without Readily Determinable Fair Value, Amount | $ 290 | ||
A&E | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Interest | 50.00% | ||
CTV Specialty Television, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Interest | 30.00% | ||
Endemol Shine Group | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Interest | 50.00% | ||
Seven TV | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Interest | 20.00% | ||
Tata Sky Limited | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Interest | 30.00% |
International Theme Parks Impac
International Theme Parks Impact of Consolidating Balance Sheets of International Theme Parks (Detail) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Schedule of Condensed Consolidating Balance Sheets [Line Items] | ||||
Cash and cash equivalents | $ 5,418 | $ 4,150 | $ 4,017 | |
Total current assets | 28,124 | 16,825 | ||
Parks, resorts and other property | 31,603 | 29,540 | ||
Total assets | [1] | 193,984 | 98,598 | |
Current liabilities | 31,341 | 17,860 | ||
Borrowings | 38,129 | 17,084 | ||
International Theme Parks | ||||
Schedule of Condensed Consolidating Balance Sheets [Line Items] | ||||
Cash and cash equivalents | 1,025 | 834 | ||
Other current assets | 346 | 400 | ||
Total current assets | 1,371 | 1,234 | ||
Parks, resorts and other property | 8,674 | 8,973 | ||
Other assets | 91 | 103 | ||
Total assets | [2] | 10,136 | 10,310 | |
Current liabilities | 683 | 921 | ||
Borrowings | 1,114 | 1,106 | ||
Other long-term liabilities | 366 | 382 | ||
Total Liabilities | [2] | $ 2,163 | $ 2,409 | |
[1] | Equity method investments included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 2,018 $ 2,430 Parks, Experiences and Products 3 1 Studio Entertainment 8 1 Direct-to-Consumer & International 821 320 Corporate 72 16 $ 2,922 $ 2,768 Intangible assets included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 7,861 $ 1,546 Parks, Experiences and Products 3,122 3,167 Studio Entertainment 2,085 1,479 Direct-to-Consumer & International 9,962 490 Corporate 185 130 $ 23,215 $ 6,812 | |||
[2] | The total assets of the Asia Theme Parks was $7 billion at September 28, 2019 and $8 billion at September 29, 2018 including parks, resorts and other property of $7 billion at both September 28, 2019 and September 29, 2018 . The total liabilities of the Asia Theme Parks were $2 billion at both September 28, 2019 and September 29, 2018 . |
International Theme Parks Imp_2
International Theme Parks Impact of Consolidating Balance Sheets of International Theme Parks - Asia International Theme Parks (Details) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 | |
Schedule of Condensed Consolidating Balance Sheets - Asia International Theme Parks [Line Items] | |||
Total assets | [1] | $ 193,984 | $ 98,598 |
Parks, resorts and other property | 31,603 | 29,540 | |
Asia International Theme Parks | |||
Schedule of Condensed Consolidating Balance Sheets - Asia International Theme Parks [Line Items] | |||
Total assets | 7,000 | 8,000 | |
Parks, resorts and other property | 7,000 | 7,000 | |
Total liabilities | $ 2,000 | $ 2,000 | |
[1] | Equity method investments included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 2,018 $ 2,430 Parks, Experiences and Products 3 1 Studio Entertainment 8 1 Direct-to-Consumer & International 821 320 Corporate 72 16 $ 2,922 $ 2,768 Intangible assets included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 7,861 $ 1,546 Parks, Experiences and Products 3,122 3,167 Studio Entertainment 2,085 1,479 Direct-to-Consumer & International 9,962 490 Corporate 185 130 $ 23,215 $ 6,812 |
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 | |||||||||||
Sep. 28, 2019 | [1] | Jun. 29, 2019 | [1] | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | |||||||||||||
Revenues | $ 19,100 | $ 20,245 | $ 14,922 | $ 15,303 | $ 14,306 | $ 15,229 | $ 14,548 | $ 15,351 | $ 69,570 | $ 59,434 | $ 55,137 | ||
Total costs and expenses | (57,719) | (44,597) | (41,264) | ||||||||||
Equity in the loss of investees | (103) | $ (102) | $ 320 | ||||||||||
International Theme Parks | |||||||||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | |||||||||||||
Revenues | 3,859 | ||||||||||||
Total costs and expenses | (3,655) | ||||||||||||
Equity in the loss of investees | $ (13) | ||||||||||||
[1] | On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. |
International Theme Parks - Add
International Theme Parks - Additional Information (Detail) shares in Thousands, $ in Millions, $ in Millions, ¥ in Billions | 12 Months Ended | ||||
Sep. 28, 2019USD ($)Property | Sep. 28, 2019CNY (¥)Property | Sep. 28, 2019HKD ($)Property | Sep. 29, 2018USD ($) | Sep. 30, 2017USD ($)shares | |
Noncontrolling Interest [Line Items] | |||||
Property, Plant and Equipment, Net | $ 31,603 | $ 29,540 | |||
Asia International Theme Parks | |||||
Noncontrolling Interest [Line Items] | |||||
Property, Plant and Equipment, Net | 7,000 | 7,000 | |||
Royalties And Management Fees | 174 | ||||
International Theme Parks | |||||
Noncontrolling Interest [Line Items] | |||||
Property, Plant and Equipment, Net | 8,674 | 8,973 | |||
Net Cash Provided by Operating Activities | 1,100 | ||||
Net Cash Used in Investing Activities | 878 | ||||
Net Cash Provided by Financing Activities | $ 26 | ||||
Hong Kong Disneyland Resort | |||||
Noncontrolling Interest [Line Items] | |||||
Effective ownership interest | 47.00% | ||||
Effective ownership interest by noncontrolling owners | 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 | 6.00% | ||||
Noncontrolling Interest, Ownership Percentage Parent Dilution Period | 13 years | 13 years | 13 years | ||
Hong Kong Disneyland Resort | Loans | |||||
Noncontrolling Interest [Line Items] | |||||
Variable Interest Entity, Financial or Other Support, Amount | $ 144 | ||||
Debt, maturity date | Sep. 30, 2025 | Sep. 30, 2025 | Sep. 30, 2025 | ||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 96 | $ 800 | |||
Hong Kong Disneyland Resort | Loans | HIBOR | |||||
Noncontrolling Interest [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 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 | |||
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% | ||
Hong Kong Disneyland Resort | Equity Securities | |||||
Noncontrolling Interest [Line Items] | |||||
Variable Interest Entity, Financial or Other Support, Amount | $ 160 | $ 144 | |||
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. 30, 2025 | Sep. 30, 2025 | Sep. 30, 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% | ||||
Effective ownership interest by noncontrolling owners | 57.00% | ||||
Shanghai Disney Resort | Unused lines of Credit | |||||
Noncontrolling Interest [Line Items] | |||||
Variable Interest Entity, Financial or Other Support, Amount | $ 157 | ||||
Borrowings, Stated Interest Rate | 8.00% | ||||
Shanghai Disney Resort | Loans | |||||
Noncontrolling Interest [Line Items] | |||||
Variable Interest Entity, Financial or Other Support, Amount | $ 830 | ||||
Debt, maturity date | Dec. 31, 2036 | Dec. 31, 2036 | Dec. 31, 2036 | ||
Shanghai Disney Resort | Loans | Maximum | |||||
Noncontrolling Interest [Line Items] | |||||
Borrowings, Stated Interest Rate | 8.00% | ||||
Shanghai Disney Resort | Line of Credit | |||||
Noncontrolling Interest [Line Items] | |||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 196 | ¥ 1.4 | |||
Borrowings, Stated Interest Rate | 8.00% | ||||
Shanghai Disney Resort | Development and pre-opening cost loan [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Variable Interest Entity, Financial or Other Support, Amount | $ 118 | ||||
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 | ¥ 7.3 | |||
Shanghai Disney Resort | Shendi Loan | Maximum | |||||
Noncontrolling Interest [Line Items] | |||||
Borrowings, Stated Interest Rate | 8.00% | ||||
Shanghai Disney Resort Management Company | |||||
Noncontrolling Interest [Line Items] | |||||
Effective ownership interest | 70.00% | ||||
Effective ownership interest by noncontrolling owners | 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 | Sep. 28, 2019 | Sep. 29, 2018 |
Theatrical film costs | ||
Released, less amortization | $ 4,447 | $ 1,911 |
Completed, not released | 863 | 397 |
In-process | 3,943 | 2,974 |
In development or pre-production | 301 | 173 |
Theatrical Film Costs, Total | 9,554 | 5,455 |
Television costs | ||
Released, less amortization | 7,717 | 1,301 |
Completed, not released | 1,085 | 462 |
In-process | 1,849 | 420 |
In development or pre-production | 99 | 2 |
Television Costs, Total | 10,750 | 2,185 |
Television programming rights and advances | 7,103 | 1,562 |
Film and Television Costs and Advances, Total | 27,407 | 9,202 |
Less current portion | 4,597 | 1,314 |
Non-current portion | $ 22,810 | $ 7,888 |
Film and Television Costs and_4
Film and Television Costs and Advances - Additional Information (Detail) $ in Billions | 12 Months Ended |
Sep. 28, 2019USD ($) | |
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 | 80.00% |
Accrued participation and residual liabilities to be paid in fiscal year 2020 | $ 2.6 |
Expected amortization of capitalized film and television production costs during fiscal 2020 | 4.3 |
Unamortized Acquired Film And Television Libraries | $ 3.6 |
Weighted Average Remaining Amortization Period | 19 years |
Borrowings including the impact
Borrowings including the impact of Interest Rate and Cross-Currency Swaps (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | ||
Debt Instrument [Line Items] | |||
Borrowings | $ 46,986 | $ 20,874 | |
Less current portion | 8,857 | 3,790 | |
Total long-term borrowings | 38,129 | 17,084 | |
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | [1] | 9,940 | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 2,500 | 121 | |
Qualifying hedges, market value adjustments for debt | 31 | 304 | |
Before International Theme Park Consolidation | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 45,872 | 19,729 | |
Borrowings, Stated Interest Rate | [2] | 3.49% | |
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | [1] | $ 9,940 | |
Borrowings, Effective Interest Rate | [3] | 3.23% | |
Commercial paper | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 5,342 | 1,005 | |
Borrowings, Stated Interest Rate | [2] | 0.00% | |
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | [1],[4] | $ 0 | |
Borrowings, Effective Interest Rate | [3] | 2.19% | |
U.S. Dollar Denominated Notes | |||
Debt Instrument [Line Items] | |||
Borrowings | [4] | $ 39,424 | 18,045 |
Borrowings, Stated Interest Rate | [2],[4] | 3.97% | |
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | [1],[4] | $ 9,000 | |
Borrowings, Effective Interest Rate | [3],[4] | 3.37% | |
U.S. Dollar Denominated Notes | Minimum | |||
Debt Instrument [Line Items] | |||
Borrowings, Stated Interest Rate | 1.65% | ||
Swap Maturity Year | Dec. 31, 2020 | ||
U.S. Dollar Denominated Notes | Maximum | |||
Debt Instrument [Line Items] | |||
Borrowings, Stated Interest Rate | 9.50% | ||
Swap Maturity Year | Dec. 31, 2029 | ||
Foreign currency denominated debt | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 1,044 | 955 | |
Borrowings, Stated Interest Rate | [2] | 3.18% | |
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | [1] | $ 940 | |
Borrowings, Effective Interest Rate | [3] | 3.23% | |
Swap Maturity Year | Dec. 31, 2025 | ||
Other | |||
Debt Instrument [Line Items] | |||
Custom Long-term Debt (contra) | [5] | $ 62 | (276) |
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | [1],[5] | 0 | |
Asia International Theme Parks | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 1,114 | $ 1,145 | |
Borrowings, Stated Interest Rate | [2] | 1.81% | |
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | [1] | $ 0 | |
Borrowings, Effective Interest Rate | [3] | 5.51% | |
Total borrowings | |||
Debt Instrument [Line Items] | |||
Borrowings, Stated Interest Rate | [2] | 3.44% | |
Borrowings, Effective Interest Rate | [3] | 3.28% | |
Long Term Debt, Current Portion | |||
Debt Instrument [Line Items] | |||
Borrowings, Stated Interest Rate | [2] | 2.62% | |
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | [1] | $ 1,125 | |
Borrowings, Effective Interest Rate | [3] | 2.59% | |
Non Current | |||
Debt Instrument [Line Items] | |||
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate | [1] | $ 8,815 | |
[1] | Amounts represent notional values of interest rate and cross-currency swaps outstanding as of September 28, 2019 . | ||
[2] | 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 28, 2019 ; these rates are not necessarily an indication of future interest rates. | ||
[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 discounts, costs and purchase accounting adjustments totaling a net premium of $2.5 billion and a net cost of $121 million at September 28, 2019 and September 29, 2018 , respectively. | ||
[5] | Includes market value adjustments for debt with qualifying hedges, which increase borrowings by $31 million and reduce borrowings by $304 million at September 28, 2019 and September 29, 2018 , respectively. |
Borrowings Bank facilities to s
Borrowings Bank facilities to support commercial paper borrowings (Details) $ in Millions | Sep. 28, 2019USD ($) |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Committed Capacity | $ 12,250 |
Line of Credit Facility, Capacity Used | 0 |
Line of Credit Facility, Unused Capacity | 12,250 |
Existing Line of Credit 3 | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Committed Capacity | 6,000 |
Line of Credit Facility, Capacity Used | 0 |
Line of Credit Facility, Unused Capacity | 6,000 |
Existing Line of Credit 1 | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Committed Capacity | 2,250 |
Line of Credit Facility, Capacity Used | 0 |
Line of Credit Facility, Unused Capacity | 2,250 |
Existing Line of Credit 2 | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Committed Capacity | 4,000 |
Line of Credit Facility, Capacity Used | 0 |
Line of Credit Facility, Unused Capacity | $ 4,000 |
Borrowings Commercial Paper Act
Borrowings Commercial Paper Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | ||
Commercial Paper Rollforward [Line Items] | |||
Beginning Balance | $ 1,005 | $ 2,772 | |
Additions | 8,770 | 8,079 | |
Payments | (4,452) | (9,847) | |
Other Activity | 19 | 1 | |
Ending Balance | 5,342 | 1,005 | |
Commercial Paper with original maturities less that three months | |||
Commercial Paper Rollforward [Line Items] | |||
Beginning Balance | [1] | 50 | 1,151 |
Additions | [1] | 1,881 | 0 |
Payments | [1] | 0 | (1,099) |
Other Activity | [1] | 3 | (2) |
Ending Balance | [1] | 1,934 | 50 |
Commercial paper with original maturities greater than three months | |||
Commercial Paper Rollforward [Line Items] | |||
Beginning Balance | 955 | 1,621 | |
Additions | 6,889 | 8,079 | |
Payments | (4,452) | (8,748) | |
Other Activity | 16 | 3 | |
Ending Balance | $ 3,408 | $ 955 | |
[1] | Borrowings and reductions of borrowings are reported net. |
Borrowings Total Borrowings Exc
Borrowings Total Borrowings Excluding Market Value Adjustments, Scheduled Maturities (Detail) $ in Millions | Sep. 28, 2019USD ($) |
Long Term Debt Maturities Repayments Of Principal [Line Items] | |
2020 | $ 8,878 |
2021 | 3,513 |
2022 | 3,868 |
2023 | 1,266 |
2024 | 2,898 |
Thereafter | 24,055 |
Total borrowings | 44,478 |
Before Asia Theme Parks Consolidation | |
Long Term Debt Maturities Repayments Of Principal [Line Items] | |
2020 | 8,878 |
2021 | 3,513 |
2022 | 3,858 |
2023 | 1,242 |
2024 | 2,870 |
Thereafter | 23,003 |
Total borrowings | 43,364 |
Asia Theme Parks and Adjustments | |
Long Term Debt Maturities Repayments Of Principal [Line Items] | |
2020 | 0 |
2021 | 0 |
2022 | 10 |
2023 | 24 |
2024 | 28 |
Thereafter | 1,052 |
Total borrowings | $ 1,114 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) ₨ in Millions, $ in Millions, $ in Millions, $ in Millions, ¥ in Billions | Mar. 21, 2019USD ($) | Sep. 28, 2019USD ($) | Sep. 28, 2019CNY (¥) | Sep. 28, 2019HKD ($) | Sep. 29, 2018USD ($) | Sep. 30, 2017USD ($) | Oct. 31, 2019USD ($) | Jun. 29, 2019 | May 31, 2019 | Mar. 20, 2019USD ($) | Mar. 20, 2019INR (₨) | Oct. 31, 2017USD ($) | Oct. 31, 2017CAD ($) | |
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 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 | |||||||||||||
Line of Credit Facility, Capacity Used | 0 | |||||||||||||
Letters of Credit, amount outstanding | 1,200 | |||||||||||||
Borrowings | 46,986 | $ 20,874 | ||||||||||||
Interest capitalized | 222 | 125 | $ 87 | |||||||||||
Interest expense, net of capitalized interest | 1,246 | 682 | 507 | |||||||||||
Gain (Loss) on Extinguishment of Debt | 511 | 0 | $ 0 | |||||||||||
Letters Of Credit under Revolving Credit Facility Expiring In 2019 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Committed Capacity | $ 500 | |||||||||||||
Foreign Currency Denominated Indian Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | |||||||||||
U.S. Dollar Denominated Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Borrowings | [1] | $ 39,424 | 18,045 | |||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $ 37,000 | |||||||||||||
Stated interest rate | [1],[2] | 3.97% | ||||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Amount | $ 2,400 | |||||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.48% | |||||||||||||
Borrowings, Effective Interest Rate | [1],[3] | 3.37% | ||||||||||||
U.S. Dollar Denominated Notes | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Term | 1 year | 1 year | 1 year | |||||||||||
Stated interest rate | 1.65% | |||||||||||||
U.S. Dollar Denominated Notes | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Term | 77 years | 77 years | 77 years | |||||||||||
Stated interest rate | 9.50% | |||||||||||||
Commercial paper | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Borrowings | $ 5,342 | $ 1,005 | ||||||||||||
Stated interest rate | [2] | 0.00% | ||||||||||||
Borrowings, Effective Interest Rate | [3] | 2.19% | ||||||||||||
Commercial paper | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Spread above LIBOR/Canadian Dealer Offered Rate | 0.00% | 0.00% | 0.00% | |||||||||||
Commercial paper | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Spread above LIBOR/Canadian Dealer Offered Rate | 0.00% | 0.00% | 0.00% | |||||||||||
Foreign Currency Denominated Canadian Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Borrowings | $ 940 | $ 1,300 | ||||||||||||
Debt Instrument, Maturity Date | Oct. 31, 2024 | Oct. 31, 2024 | Oct. 31, 2024 | |||||||||||
Stated interest rate | 2.76% | 2.76% | ||||||||||||
Hong Kong Disneyland Resort | Loans | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Maturity Date | Sep. 30, 2025 | Sep. 30, 2025 | Sep. 30, 2025 | |||||||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 96 | $ 800 | ||||||||||||
Hong Kong Disneyland Resort | Loans | HIBOR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Spread above LIBOR/Canadian Dealer Offered Rate | 2.00% | 2.00% | 2.00% | |||||||||||
Hong Kong Disneyland Resort | Line of Credit | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, 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 | ||||||||||||
Hong Kong Disneyland Resort | Line of Credit | HIBOR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Spread above LIBOR/Canadian Dealer Offered Rate | 1.25% | 1.25% | 1.25% | |||||||||||
Shanghai Disney Resort | Loans | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2036 | Dec. 31, 2036 | Dec. 31, 2036 | |||||||||||
Shanghai Disney Resort | Loans | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 8.00% | |||||||||||||
Shanghai Disney Resort | Shendi Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2036 | Dec. 31, 2036 | Dec. 31, 2036 | |||||||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 1,000 | ¥ 7.3 | ||||||||||||
Shanghai Disney Resort | Shendi Loan | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 8.00% | |||||||||||||
Shanghai Disney Resort | Line of Credit | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 8.00% | |||||||||||||
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests | $ 196 | ¥ 1.4 | ||||||||||||
Existing Line of Credit 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Expiration Date | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2020 | |||||||||||
Line of Credit Facility, Committed Capacity | $ 6,000 | |||||||||||||
Line of Credit Facility, Capacity Used | $ 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 | |||||||||||
Line of Credit Facility, Committed Capacity | $ 2,250 | |||||||||||||
Line of Credit Facility, Capacity Used | $ 0 | |||||||||||||
Existing Line of Credit 2 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Expiration Date | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | |||||||||||
Line of Credit Facility, Committed Capacity | $ 4,000 | |||||||||||||
Line of Credit Facility, Capacity Used | $ 0 | |||||||||||||
Disney Cruise Line | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan to Cost Ratio | 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 | |||||||||||||
Stated interest rate | 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% | |||||||||||||
Disney Cruise Line | Credit Facility available beginning April 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Committed Capacity | $ 1,100 | |||||||||||||
Stated interest rate | 3.74% | |||||||||||||
Hulu LLC | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Interest | 67.00% | 60.00% | 60.00% | |||||||||||
Yankees Entertainment and Sports Network | Long-term Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Borrowings | $ 1,100 | |||||||||||||
TFCF | Term loan and credit facilities | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 104 | ₨ 7,400 | ||||||||||||
Debt, Weighted Average Interest Rate | 7.00% | |||||||||||||
TFCF | Bridge Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Committed Capacity | 31,100 | |||||||||||||
Repayments of Lines of Credit | $ 16,100 | $ 15,000 | ||||||||||||
TFCF | Public Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 280 | 21,200 | ||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Long Term Debt, Principle Balance | 260 | $ 17,400 | ||||||||||||
Debt Assumed Exchanged for Parent Ratio | 96.00% | 96.00% | ||||||||||||
Debt Assumed Exchanged for Parent, Principle Balance | 2,700 | $ 16,800 | ||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Long Term Debt, Carrying Value of Notes Exchanged | 3,500 | |||||||||||||
Extinguishment of Debt, Amount | 4,300 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 511 | |||||||||||||
Subsequent Event | TFCF | Public Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Assumed Exchanged for Parent, Principle Balance | $ 14,100 | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Long Term Debt, Carrying Value of Notes Exchanged | $ 17,400 | |||||||||||||
[1] | Includes net debt issuance discounts, costs and purchase accounting adjustments totaling a net premium of $2.5 billion and a net cost of $121 million at September 28, 2019 and September 29, 2018 , respectively. | |||||||||||||
[2] | The stated interest rate represents the weighted-average coupon rate for each category of borrowings. For floating rate borrowings, interest rates are the rates in effect at September 28, 2019 ; these rates are not necessarily an indication of future interest rates. | |||||||||||||
[3] | The effective interest rate includes the impact of existing and terminated interest rate and cross-currency swaps, purchase accounting adjustments and debt issuance premiums, discounts and costs. |
Income Before Income Taxes (Det
Income Before Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Income Before Income Taxes | |||||||
Domestic (including U.S. exports) | $ 12,389 | $ 12,914 | $ 12,611 | ||||
Foreign subsidiaries | 1,555 | 1,815 | 1,177 | ||||
Income from continuing operations before income taxes | $ 1,258 | $ 2,018 | $ 7,237 | $ 3,431 | 13,944 | 14,729 | 13,788 |
Income from discontinued operations | 706 | 0 | 0 | ||||
Income (loss) before income taxes | $ 14,650 | $ 14,729 | $ 13,788 |
Income Tax Expense _ (Benefit)
Income Tax Expense / (Benefit) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | ||
Current | ||||
Federal | $ 14 | $ 2,240 | $ 3,229 | |
State | 112 | 362 | 360 | |
Foreign | [1] | 824 | 642 | 489 |
Current Income Tax Expense (Benefit), Total | 950 | 3,244 | 4,078 | |
Deferred | ||||
Federal | [2] | 1,829 | (1,577) | 370 |
State | 259 | (20) | 5 | |
Foreign | (7) | 16 | (31) | |
Deferred Income Tax Expense (Benefit), Total | 2,081 | (1,581) | 344 | |
Income taxes | 3,031 | 1,663 | 4,422 | |
Income Tax Expense (Benefit), Discontinued Operation | 35 | 0 | 0 | |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations | $ 3,066 | $ 1,663 | $ 4,422 | |
[1] | Includes foreign withholding taxes | |||
[2] | Includes the Tax Act Deferred Remeasurement in fiscal 2018 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 |
Deferred tax assets | ||
Noncontrolling interest net operating losses | $ (2,181) | $ (1,437) |
Accrued liabilities | (2,598) | (1,214) |
Other | (540) | (328) |
Total deferred tax assets | (5,319) | (2,979) |
Deferred tax liabilities | ||
Depreciable, amortizable and other property | 7,647 | 3,678 |
Investment in U.S. Entities | 2,258 | 189 |
Licensing revenues | 573 | 265 |
Investment in Foreign Entities | 146 | 351 |
Other | 212 | 88 |
Deferred Tax Liabilities, Gross | 10,836 | 4,571 |
Deferred Tax Liabilities before valuation allowance | 5,517 | 1,592 |
Valuation allowance | 1,975 | 1,383 |
Total deferred tax liabilities | $ 7,492 | $ 2,975 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate to Federal Rate (Detail) | Jan. 01, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Federal income tax rate | 35.00% | 21.00% | 24.50% | 35.00% | |
State taxes, net of federal benefit | 2.20% | 1.90% | 1.70% | ||
Effective Income Tax Rate Reconciliation, Foreign Derived Intangible Income | (1.10%) | 0.00% | 0.00% | ||
Domestic production activity deduction | 0.00% | (1.40%) | (2.10%) | ||
Earnings in jurisdictions taxed at rates different from the statutory U.S. federal rate | 0.10% | (1.10%) | (1.60%) | ||
Tax Act | [1] | (0.30%) | (11.50%) | 0.00% | |
Other, including tax reserves and related interest | (0.20%) | (1.10%) | (0.90%) | ||
Effective Income Tax Rate, Continuing Operations, Total | 21.70% | 11.30% | 32.10% | ||
[1] | Reflects the impact from the Deferred Remeasurement, net of the Deemed Repatriation Tax |
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. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at the beginning of the year | $ 648 | $ 832 | $ 844 |
Increase due to business acquisitions | 2,728 | 0 | 0 |
Increases for current year tax positions | 84 | 64 | 61 |
Increases for prior year tax positions | 143 | 48 | 13 |
Decreases in prior year tax positions | (61) | (135) | (55) |
Settlements with taxing authorities | (590) | (161) | (31) |
Balance at the end of the year | $ 2,952 | $ 648 | $ 832 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 |
Income Taxes [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 24.50% | 35.00% | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 2,200 | ||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 400 | ||||
Valuation allowance | 1,975 | $ 1,383 | |||
Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Income Tax Expense | 600 | ||||
Deferred Tax Assets, operating Loss Carryforwards, Foreign | 2,181 | 1,437 | |||
Loss from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 472 | 468 | $ 386 | ||
Gross unrecognized tax benefits that would reduce income tax expense and effective tax rate, if recognized | 2,400 | 469 | 444 | ||
Accrued interest and penalties related to unrecognized tax benefits | 965 | 181 | 234 | ||
Additional accrued interest related to unrecognized tax benefits | 802 | 47 | 43 | ||
Reductions in accrued interest as a result of audit settlements and other prior-year adjustments | 96 | 100 | 30 | ||
Unrecognized tax benefits, reasonably possible reduction due to payments for or resolution of open tax matters | 187 | ||||
Adjustments to Income Tax Expense, Income Tax Benefit from Share-based Compensation | 41 | 52 | $ 125 | ||
International Theme Parks | |||||
Income Taxes [Line Items] | |||||
Deferred Tax Assets, operating Loss Carryforwards, Foreign | $ 1,000 | $ 1,000 | |||
Tax Credit Carryforward, Description | indefinite carryforward period in France and Hong Kong and a five-year carryforward period in China | ||||
CHINA | International Theme Parks | |||||
Income Taxes [Line Items] | |||||
Tax Credit Carryforward, Period | 5 years | ||||
Accounting Standards Update 2016-16 | |||||
Income Taxes [Line Items] | |||||
Adoption of new accounting guidance | $ 200 | ||||
Scenario, Plan | |||||
Income Taxes [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 24.50% | ||||
Minimum | Scenario, Plan | |||||
Income Taxes [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 13.00% | ||||
Maximum | Scenario, Plan | |||||
Income Taxes [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 16.00% | ||||
Cash and Cash Equivalents | |||||
Income Taxes [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 15.50% | ||||
Residual Earnings | |||||
Income Taxes [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 8.00% | ||||
TFCF | |||||
Income Taxes [Line Items] | |||||
Additional accrued interest related to unrecognized tax benefits | $ 731 |
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 | 12 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | ||
Fair value of plans' assets | ||||
Beginning fair value | $ 13,459 | |||
Contributions | 1,500 | |||
Ending fair value | 15,640 | $ 13,459 | ||
Amounts recognized in the balance sheet | ||||
Non-current liabilities | (4,783) | (2,712) | ||
Net balance sheet liability | (4,837) | |||
Pension Plans | ||||
Projected benefit obligations | ||||
Beginning obligations | (14,500) | (14,532) | ||
Acquisition of TFCF | (759) | 0 | ||
Service cost | (345) | (350) | $ (368) | |
Interest cost | (592) | (489) | (447) | |
Actuarial (loss)/gain | [1] | (2,923) | 416 | |
Plan amendments and other | 32 | (12) | ||
Benefits Paid | 534 | 467 | ||
Curtailments | 22 | 0 | ||
Ending obligations | (18,531) | (14,500) | (14,532) | |
Fair value of plans' assets | ||||
Beginning fair value | 12,728 | 12,325 | ||
Acquisition of TFCF | 587 | 0 | ||
Actual return on plan assets | 690 | 579 | ||
Contributions | 1,461 | 335 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | (534) | (467) | ||
Expenses and other | (54) | (44) | ||
Ending fair value | 14,878 | 12,728 | 12,325 | |
Underfunded status of the plans | (3,653) | (1,772) | ||
Amounts recognized in the balance sheet | ||||
Non-current assets | 5 | 113 | ||
Current liabilities | (54) | (51) | ||
Non-current liabilities | (3,604) | (1,834) | ||
Net balance sheet liability | (3,653) | (1,772) | ||
Postretirement Medical Plans | ||||
Projected benefit obligations | ||||
Beginning obligations | (1,609) | (1,746) | ||
Acquisition of TFCF | (65) | 0 | ||
Service cost | (8) | (10) | (11) | |
Interest cost | (67) | (60) | (56) | |
Actuarial (loss)/gain | [1] | (234) | 166 | |
Plan amendments and other | (11) | (10) | ||
Benefits Paid | 48 | 51 | ||
Curtailments | 0 | 0 | ||
Ending obligations | (1,946) | (1,609) | (1,746) | |
Fair value of plans' assets | ||||
Beginning fair value | 731 | 696 | ||
Acquisition of TFCF | 0 | 0 | ||
Actual return on plan assets | 33 | 34 | ||
Contributions | 37 | 45 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | (48) | (51) | ||
Expenses and other | (9) | (7) | ||
Ending fair value | 762 | 731 | $ 696 | |
Underfunded status of the plans | (1,184) | (878) | ||
Amounts recognized in the balance sheet | ||||
Non-current assets | 0 | 0 | ||
Current liabilities | (5) | 0 | ||
Non-current liabilities | (1,179) | (878) | ||
Net balance sheet liability | $ (1,184) | $ (878) | ||
[1] | The actuarial loss for fiscal 2019 and the actuarial gain for fiscal 2018 were due to the change in the discount rate from the rate that was used in the preceding fiscal year. |
Pension and Other Benefit Pro_4
Pension and Other Benefit Programs - Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $ 410 | ||
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 345 | $ 350 | $ 368 |
Interest cost | 592 | 489 | 447 |
Expected return on plan assets | (978) | (901) | (874) |
Amortization of prior-year service costs | 13 | 13 | 12 |
Recognized net actuarial loss | 260 | 348 | 405 |
Total other costs (benefits) | (113) | (51) | (10) |
Net periodic benefit cost | 232 | 299 | 358 |
Postretirement Medical Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 8 | 10 | 11 |
Interest cost | 67 | 60 | 56 |
Expected return on plan assets | (56) | (53) | (49) |
Amortization of prior-year service costs | 0 | 0 | 0 |
Recognized net actuarial loss | 0 | 14 | 17 |
Total other costs (benefits) | 11 | 21 | 24 |
Net periodic benefit cost | $ 19 | $ 31 | $ 35 |
Pension and Other Benefit Pro_5
Pension and Other Benefit Programs - Key Assumptions (Detail) | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Pension Plans | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate used to determine the benefit obligation | 3.22% | 4.31% | 3.88% |
Discount rate used to determine the interest cost component of net periodic benefit cost | 4.09% | 3.46% | 3.18% |
Rate of return on plan assets | 7.25% | 7.50% | 7.50% |
Weighted average rate of compensation increase to determine the benefit obligation | 3.20% | 3.20% | 2.90% |
Postretirement Medical Plans | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate used to determine the benefit obligation | 3.22% | 4.31% | 3.88% |
Discount rate used to determine the interest cost component of net periodic benefit cost | 4.10% | 3.49% | 3.18% |
Rate of return on plan assets | 7.25% | 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% |
Year that the rate reaches the ultimate trend rate | 2033 | 2032 | 2031 |
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. 28, 2019 | Sep. 29, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | $ (41) | |
Net actuarial loss | (7,450) | |
Total amounts included in AOCI | (7,491) | |
Prepaid / (accrued) pension cost | 2,654 | |
Net balance sheet liability | (4,837) | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | (41) | |
Net actuarial loss | (7,156) | |
Total amounts included in AOCI | (7,197) | |
Prepaid / (accrued) pension cost | 3,544 | |
Net balance sheet liability | (3,653) | $ (1,772) |
Postretirement Medical Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | 0 | |
Net actuarial loss | (294) | |
Total amounts included in AOCI | (294) | |
Prepaid / (accrued) pension cost | (890) | |
Net balance sheet liability | $ (1,184) | $ (878) |
Pension and Other Benefit Pro_7
Pension and Other Benefit Programs - Plan Assets Investment Policy Ranges for Major Asset Classes (Detail) | Sep. 28, 2019 |
Minimum | Equity Investments | |
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 Investments | |
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_8
Pension and Other Benefit Programs - Defined Benefit Plan Assets Measured at Fair Value (Detail) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 | |
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 | $ 7,931 | $ 7,048 | |
Fair value asset measurements | $ 15,640 | $ 13,459 | |
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 | $ 197 | $ 57 | |
Percentage of plan assets mix | 1.00% | 0.00% | |
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 | [1] | $ 3,468 | $ 3,023 |
Percentage of plan assets mix | [1] | 22.00% | 22.00% |
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 | $ 1,140 | $ 800 | |
Percentage of plan assets mix | 7.00% | 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 | $ 2,446 | $ 2,507 | |
Percentage of plan assets mix | 16.00% | 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 | $ 580 | $ 573 | |
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 | $ 127 | $ 86 | |
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 | $ (27) | $ 2 | |
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 | $ 3,691 | $ 2,778 | |
Percentage of plan assets mix | 24.00% | 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 | $ 2,725 | $ 2,363 | |
Percentage of plan assets mix | 17.00% | 18.00% | |
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 | $ 1,293 | $ 1,270 | |
Percentage of plan assets mix | 8.00% | 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 | $ 6,841 | $ 5,902 | |
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 | 197 | 57 | |
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 | [1] | 3,468 | 3,023 |
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 | 1,140 | 800 | |
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 | 2,042 | 2,019 | |
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 | (6) | 3 | |
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 | 1,090 | 1,146 | |
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 | [1] | 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 | 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 | 404 | 488 | |
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 | 580 | 573 | |
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 | 127 | 86 | |
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 | $ (21) | $ (1) | |
[1] | Includes 2.9 million shares of Company common stock valued at $373 million ( 2% of total plan assets) and 2.8 million shares valued at $332 million ( 2% of total plan assets) at September 28, 2019 and September 29, 2018 , respectively. |
Pension and Other Benefit Pro_9
Pension and Other Benefit Programs - Defined Benefit Plan Assets Measured at Fair Value (Parenthetical) (Detail) - USD ($) shares in Millions, $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 |
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 | 2.9 | 2.8 |
Large cap domestic equities, value of company common stock | $ 373 | $ 332 |
Asset allocation ranges | 2.00% | 2.00% |
Pension and Other Benefit Pr_10
Pension and Other Benefit Programs - Estimated Future Benefit Payments (Detail) $ in Millions | Sep. 28, 2019USD ($) | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2020 | $ 626 | |
2021 | 609 | |
2022 | 647 | |
2023 | 687 | |
2024 | 727 | |
2025 - 2029 | 4,223 | |
Postretirement Medical Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2020 | 58 | [1] |
2021 | 61 | [1] |
2022 | 67 | [1] |
2023 | 71 | [1] |
2024 | 75 | [1] |
2025 - 2029 | $ 433 | [1] |
[1] | Estimated future benefit payments are net of expected Medicare subsidy receipts of $84 million . |
Pension and Other Benefit Pr_11
Pension and Other Benefit Programs - Estimated Future Benefit Payments (Parenthetical) (Detail) $ in Millions | Sep. 28, 2019USD ($) |
Postretirement Medical Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected Medicare subsidy receipts | $ 84 |
Pension and Other Benefit Pr_12
Pension and Other Benefit Programs - Long-Term Rate of Return on Plan Assets (Detail) | 12 Months Ended |
Sep. 28, 2019 | |
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_13
Pension and Other Benefit Programs - One Percentage Point (ppt) Change on Projected Benefit Obligations (Detail) $ in Millions | Sep. 28, 2019USD ($) |
Retirement Benefits [Abstract] | |
Impact of 1 ppt Discount Rate decrease on Benefit Expense | $ 313 |
Impact of 1 ppt Discount Rate increase on Benefit Expense | (273) |
Impact of 1 ppt Discount Rate decrease on Projected Benefit Obligations | 3,566 |
Impact of 1 ppt Discount Rate increase on Projected Benefit Obligations | (3,001) |
Impact of 1 ppt Expected Long-Term Rate of Return on Assets Decrease on Benefit Expense | 157 |
Impact of 1 ppt Expected Long-Term Rate of Return on Assets Increase on Benefit Expense | $ (157) |
Pension and Other Benefit Pr_14
Pension and Other Benefit Programs - Contribution into Multiemployer Pension Plans and Health and Welfare Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Multiemployer Plans [Line Items] | |||
Contribution | $ 407 | $ 316 | $ 287 |
Multi-employer Pension Plans | |||
Multiemployer Plans [Line Items] | |||
Contribution | 189 | 144 | 127 |
Multiemployer Health and Welfare Plans | |||
Multiemployer Plans [Line Items] | |||
Contribution | $ 218 | $ 172 | $ 160 |
Pension and Other Benefit Pr_15
Pension and Other Benefit Programs - Additional Information (Detail) - USD ($) $ in Millions | Mar. 20, 2019 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||||
New vesting service year requirement effective January 1, 2012 | 3 years | |||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (4,837) | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Increase (Decrease) for Plan Amendment | 159 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 410 | |||
Pension plans with accumulated benefit obligations in excess of plan assets, projected benefit obligation | 17,500 | $ 1,100 | ||
Pension plans with accumulated benefit obligations in excess of plan assets, accumulated benefit obligation | 16,100 | 1,000 | ||
Pension plans with accumulated benefit obligations in excess of plan assets, aggregate fair value of plan assets | 13,900 | 3 | ||
Total accumulated pension benefit obligations | $ 17,000 | $ 13,300 | ||
Total accumulated pension benefit obligations, vested percentage | 98.00% | 99.00% | ||
Additional Capital Contributions Commitment | $ 1,000 | |||
Pension and postretirement medical plans, employer contributions | $ 1,500 | |||
Defined contribution plan, contribution rate | 50.00% | |||
Savings and investment plans, employees contribution rate | 50.00% | |||
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plans, employer contributions | $ 208 | $ 162 | $ 143 | |
Foreign Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plans, employer contributions | 25 | 21 | 20 | |
Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 600 | |||
Defined contribution plan, contribution rate | 3.00% | |||
Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 675 | |||
Defined contribution plan, contribution rate | 9.00% | |||
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (3,653) | (1,772) | ||
Defined Benefit Plan, Benefit Obligation, Business Combination | 759 | 0 | ||
Acquisition of TFCF | 587 | 0 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 232 | 299 | 358 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 18,500 | 12,000 | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 14,800 | 10,100 | ||
Pension and postretirement medical plans, employer contributions | 1,461 | 335 | ||
Postretirement Medical Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (1,184) | (878) | ||
Defined Benefit Plan, Benefit Obligation, Business Combination | 65 | 0 | ||
Acquisition of TFCF | 0 | 0 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 19 | 31 | $ 35 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 1,900 | 1,600 | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 800 | 700 | ||
Pension and postretirement medical plans, employer contributions | $ 37 | $ 45 | ||
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% | |
TFCF | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ 237 | |||
Defined Benefit Plan, Benefit Obligation, Business Combination | 824 | |||
Acquisition of TFCF | $ 587 |
Equity Dividends Paid (Details)
Equity Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Billions | 3 Months Ended | |||||
Sep. 28, 2019 | Mar. 30, 2019 | Sep. 29, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Apr. 01, 2017 | |
Dividends, Common Stock [Abstract] | ||||||
Dividends paid, per share | $ 0.88 | $ 0.88 | $ 0.84 | $ 0.84 | $ 0.78 | $ 0.78 |
Dividends paid | $ 1.6 | $ 1.3 | $ 1.2 | $ 1.3 | $ 1.2 | $ 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 | |
Common Stock Repurchases [Abstract] | ||
Common stock repurchases (in shares) | 35 | 89 |
Common stock repurchases | $ 3.6 | $ 9.4 |
Equity Changes in Accumulated O
Equity Changes in Accumulated Other Comprehensive Loss, Before Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI before Tax, Attributable to Parent, Beginning Balance | $ (4,849) | $ (5,522) | $ (6,374) |
Unrealized gains (losses) arising during the period | (3,680) | 258 | 641 |
Reclassifications of realized net (gains) losses to net income | 93 | 415 | 211 |
AOCI reclassifications to retained earnings, before tax | (23) | ||
AOCI before Tax, Attributable to Parent, Ending Balance | (8,459) | (4,849) | (5,522) |
Market Value Adjustments, Investments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI before Tax, Attributable to Parent, Beginning Balance | 24 | 15 | 44 |
Unrealized gains (losses) arising during the period | 0 | 9 | (2) |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | (27) |
AOCI reclassifications to retained earnings, before tax | (24) | ||
AOCI before Tax, Attributable to Parent, Ending Balance | 0 | 24 | 15 |
Market Value Adjustments, Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI before Tax, Attributable to Parent, Beginning Balance | 177 | (108) | (38) |
Unrealized gains (losses) arising during the period | 136 | 250 | 124 |
Reclassifications of realized net (gains) losses to net income | (185) | 35 | (194) |
AOCI reclassifications to retained earnings, before tax | 1 | ||
AOCI before Tax, Attributable to Parent, Ending Balance | 129 | 177 | (108) |
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) | (5,859) |
Unrealized gains (losses) arising during the period | (3,457) | 203 | 521 |
Reclassifications of realized net (gains) losses to net income | 278 | 380 | 432 |
AOCI reclassifications to retained earnings, before tax | 0 | ||
AOCI before Tax, Attributable to Parent, Ending Balance | (7,502) | (4,323) | (4,906) |
Foreign Currency Translation and Other | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI before Tax, Attributable to Parent, Beginning Balance | (727) | (523) | (521) |
Unrealized gains (losses) arising during the period | (359) | (204) | (2) |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | 0 |
AOCI reclassifications to retained earnings, before tax | 0 | ||
AOCI before Tax, Attributable to Parent, Ending Balance | $ (1,086) | $ (727) | $ (523) |
Equity Changes in Accumulated_2
Equity Changes in Accumulated Other Comprehensive Loss, Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI Tax, Attributable to Parent, Beginning Balance | $ 1,752 | $ 1,994 | $ 2,395 |
Unrealized gains (losses) arising during the period | 794 | (128) | (323) |
Reclassifications of realized net (gains) losses to net income | (21) | (114) | (78) |
AOCI reclassifications to retained earnings, tax | (683) | ||
AOCI Tax, Attributable to Parent, Ending Balance | 1,842 | 1,752 | 1,994 |
Market Value Adjustments, Investments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI Tax, Attributable to Parent, Beginning Balance | (9) | (7) | (18) |
Unrealized gains (losses) arising during the period | (2) | (2) | 1 |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | 10 |
AOCI reclassifications to retained earnings, tax | 9 | ||
AOCI Tax, Attributable to Parent, Ending Balance | (2) | (9) | (7) |
Market Value Adjustments, Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI Tax, Attributable to Parent, Beginning Balance | (32) | 46 | 13 |
Unrealized gains (losses) arising during the period | (29) | (66) | (39) |
Reclassifications of realized net (gains) losses to net income | 43 | (12) | 72 |
AOCI reclassifications to retained earnings, tax | (9) | ||
AOCI Tax, Attributable to Parent, Ending Balance | (27) | (32) | 46 |
Unrecognized Pension and Postretirement Medical Expense | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI Tax, Attributable to Parent, Beginning Balance | 1,690 | 1,839 | 2,208 |
Unrealized gains (losses) arising during the period | 797 | (47) | (209) |
Reclassifications of realized net (gains) losses to net income | (64) | (102) | (160) |
AOCI reclassifications to retained earnings, tax | (667) | ||
AOCI Tax, Attributable to Parent, Ending Balance | 1,756 | 1,690 | 1,839 |
Foreign Currency Translation and Other | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI Tax, Attributable to Parent, Beginning Balance | 103 | 116 | 192 |
Unrealized gains (losses) arising during the period | 28 | (13) | (76) |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | 0 |
AOCI reclassifications to retained earnings, tax | (16) | ||
AOCI Tax, Attributable to Parent, Ending Balance | $ 115 | $ 103 | $ 116 |
Equity Changes in Accumulated_3
Equity Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (3,097) | $ (3,528) | $ (3,979) | |
Unrealized gains (losses) arising during the period | (2,886) | 130 | 318 | |
Reclassifications of realized net (gains) losses to net income | 72 | 301 | 133 | |
AOCI reclassifications to retained earnings, net of tax | [1] | (706) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,617) | (3,097) | (3,528) | |
Market Value Adjustments, Investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 15 | 8 | 26 | |
Unrealized gains (losses) arising during the period | (2) | 7 | (1) | |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | (17) | |
AOCI reclassifications to retained earnings, net of tax | [1] | (15) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2) | 15 | 8 | |
Market Value Adjustments, Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 145 | (62) | (25) | |
Unrealized gains (losses) arising during the period | 107 | 184 | 85 | |
Reclassifications of realized net (gains) losses to net income | (142) | 23 | (122) | |
AOCI reclassifications to retained earnings, net of tax | [1] | (8) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 102 | 145 | (62) | |
Unrecognized Pension and Postretirement Medical Expense | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,633) | (3,067) | (3,651) | |
Unrealized gains (losses) arising during the period | (2,660) | 156 | 312 | |
Reclassifications of realized net (gains) losses to net income | 214 | 278 | 272 | |
AOCI reclassifications to retained earnings, net of tax | [1] | (667) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (5,746) | (2,633) | (3,067) | |
Foreign Currency Translation and Other | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (624) | (407) | (329) | |
Unrealized gains (losses) arising during the period | (331) | (217) | (78) | |
Reclassifications of realized net (gains) losses to net income | 0 | 0 | 0 | |
AOCI reclassifications to retained earnings, net of tax | [1] | (16) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (971) | $ (624) | $ (407) | |
[1] | At the beginning of fiscal 2019, the Company adopted new FASB accounting guidance, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, and reclassified $691 million from AOCI to retained earnings. In addition, at the beginning of fiscal 2019, the Company adopted new FASB accounting guidance, Recognition and Measurement of Financial Assets and Liabilities, and reclassified $24 million ( $15 million after tax) of market value adjustments on investments previously recorded in AOCI to retained earnings. |
Equity Details about AOCI Compo
Equity Details about AOCI Components Reclassified to Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Interest expense, net | $ (978) | $ (574) | $ (385) | ||||||||||
Revenues | $ 19,100 | [1] | $ 20,245 | [1] | $ 14,922 | $ 15,303 | $ 14,306 | $ 15,229 | $ 14,548 | $ 15,351 | 69,570 | 59,434 | 55,137 |
Net periodic benefit cost other than service cost included in cost and expenses | (410) | ||||||||||||
Income taxes | (3,031) | (1,663) | (4,422) | ||||||||||
Net income attributable to The Walt Disney Company (Disney) | $ 1,054 | $ 1,760 | $ 5,452 | $ 2,788 | $ 2,322 | $ 2,916 | $ 2,937 | $ 4,423 | 11,054 | 12,598 | 8,980 | ||
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) | (72) | (301) | (133) | ||||||||||
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 | 0 | 27 | ||||||||||
Income taxes | 0 | 0 | 10 | ||||||||||
Net income attributable to The Walt Disney Company (Disney) | 0 | 0 | 17 | ||||||||||
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] | |||||||||||||
Revenues | 185 | (35) | 194 | ||||||||||
Income taxes | (43) | 12 | (72) | ||||||||||
Net income attributable to The Walt Disney Company (Disney) | 142 | (23) | 122 | ||||||||||
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] | |||||||||||||
Net periodic benefit cost other than service cost included in cost and expenses | 0 | (380) | (432) | ||||||||||
Net periodic benefit cost other than service cost included in interest expense, net | (278) | 0 | 0 | ||||||||||
Income taxes | 64 | 102 | 160 | ||||||||||
Net income attributable to The Walt Disney Company (Disney) | $ (214) | $ (278) | $ (272) | ||||||||||
[1] | On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Mar. 20, 2019 | Sep. 30, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Class of Stock [Line Items] | |||||
Treasury stock, shares | 19,000 | 1,400,000 | |||
Common stock, authorized | 4,600,000 | 4,600,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
AOCI reclassifications to retained earnings, tax | $ (683) | ||||
AOCI reclassifications to retained earnings, before tax | (23) | ||||
AOCI reclassifications to retained earnings, net of tax | [1] | $ (706) | |||
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Shares Authorized | 100,000 | 100,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
Retained Earnings | |||||
Class of Stock [Line Items] | |||||
Treasury Stock, Retired, Cost Method, Amount | $ (49,118) | ||||
Accounting Standards Update 2018-02 | |||||
Class of Stock [Line Items] | |||||
AOCI reclassifications to retained earnings, tax | $ 691 | ||||
Accounting Standards Update 2016-01 | |||||
Class of Stock [Line Items] | |||||
AOCI reclassifications to retained earnings, before tax | 24 | ||||
AOCI reclassifications to retained earnings, net of tax | $ 15 | ||||
Legacy Disney | |||||
Class of Stock [Line Items] | |||||
Treasury Stock, Shares, Retired | 1,400,000 | ||||
Legacy Disney | Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Shares Authorized | 40 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||
Legacy Disney | Additional Paid-in Capital | |||||
Class of Stock [Line Items] | |||||
Treasury Stock, Retired, Cost Method, Amount | $ 17,600 | ||||
Legacy Disney | Retained Earnings | |||||
Class of Stock [Line Items] | |||||
Treasury Stock, Retired, Cost Method, Amount | $ 49,100 | ||||
TFCF | |||||
Class of Stock [Line Items] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 307,000 | ||||
[1] | At the beginning of fiscal 2019, the Company adopted new FASB accounting guidance, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, and reclassified $691 million from AOCI to retained earnings. In addition, at the beginning of fiscal 2019, the Company adopted new FASB accounting guidance, Recognition and Measurement of Financial Assets and Liabilities, and reclassified $24 million ( $15 million after tax) of market value adjustments on investments previously recorded in AOCI to retained earnings. |
Equity-Based Compensation - Wei
Equity-Based Compensation - Weighted Average Assumptions used in Option-Valuation Model (Detail) - OptionPlan | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 2.80% | 2.40% | 2.60% |
Expected volatility | 23.00% | 23.00% | 22.00% |
Dividend yield | 1.61% | 1.57% | 1.58% |
Termination rate | 4.80% | 4.80% | 4.00% |
Exercise multiple | 1.75 | 1.75 | 1.62 |
Equity-Based Compensation - Imp
Equity-Based Compensation - Impact of Stock Options/Rights and Restricted Stock Units on Income and Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock option compensation expense | $ 84 | $ 87 | $ 90 | |
RSU compensation expense | [1] | 627 | 306 | 274 |
Total equity-based compensation expense | [2] | 711 | 393 | 364 |
Tax impact | (161) | (99) | (123) | |
Reduction in net income | 550 | 294 | 241 | |
Equity-based compensation expense capitalized during the period | $ 81 | $ 70 | $ 78 | |
[1] | Includes TFCF Performance RSUs converted to Company RSUs in connection with the TFCF acquisition (see Note 4). In fiscal 2019, the Company recognized $307 million of equity based compensation in connection with the TFCF acquisition. | |||
[2] | Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs. |
Equity-Based Compensation - Com
Equity-Based Compensation - Compensation Expense Related to Restricted Stock Units of TFCF (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU compensation expense | [1] | $ 627 | $ 306 | $ 274 |
TFCF | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU compensation expense | $ 307 | |||
[1] | Includes TFCF Performance RSUs converted to Company RSUs in connection with the TFCF acquisition (see Note 4). In fiscal 2019, the Company recognized $307 million of equity based compensation in connection with the TFCF acquisition. |
Equity-Based Compensation - Inf
Equity-Based Compensation - Information about Stock Option Transactions (Detail) shares in Millions | 12 Months Ended |
Sep. 28, 2019$ / 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 | (4) |
Outstanding at end of year | shares | 23 |
Exercisable at end of year | shares | 14 |
Weighted Average Exercise Price | |
Outstanding at beginning of year | $ / shares | $ 84.14 |
Awards forfeited | $ / shares | 109.59 |
Awards granted | $ / shares | 111.15 |
Awards exercised | $ / shares | 74.13 |
Outstanding at end of year | $ / shares | 90.05 |
Exercisable at end of year | $ / shares | $ 76.59 |
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. 28, 2019$ / 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 — $ 50 | ||
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 | $ 39.71 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years | |
Range of Exercise Prices, Lower Range | $ 0 | |
Range of Exercise Prices, Upper Range | $ 50 | |
Vested | $ 51 — $ 75 | ||
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 | 4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 61.34 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 8 months 12 days | |
Range of Exercise Prices, Lower Range | $ 51 | |
Range of Exercise Prices, Upper Range | $ 75 | |
Vested | $ 76 — $ 100 | ||
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 | $ 91.87 | |
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 | $ 76 | |
Range of Exercise Prices, Upper Range | $ 100 | |
Vested | $ 101 — $ 125 | ||
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 | 4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 109.71 | |
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 | $ 101 | |
Range of Exercise Prices, Upper Range | $ 125 | |
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 | [1] |
Expected to Vest | $ 105 — $ 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 | 2 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 105.34 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years 3 months 18 days | |
Range of Exercise Prices, Lower Range | $ 105 | |
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 | 7 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 111.25 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years 6 months | |
Range of Exercise Prices, Lower Range | $ 111 | |
Range of Exercise Prices, Upper Range | $ 115 | |
[1] | Number of options expected to vest is total unvested options less estimated forfeitures. |
Equity-Based Compensation - I_3
Equity-Based Compensation - Information about Restricted Stock Unit Transactions (Detail) shares in Millions | 12 Months Ended | |
Sep. 28, 2019$ / sharesshares | ||
Units | ||
Unvested at beginning of year | shares | 9 | |
Granted | shares | 4 | [1] |
Vested | shares | (3) | |
Forfeited | shares | (1) | |
Other | shares | 3 | [2] |
Unvested at end of year | shares | 12 | [3],[4] |
Weighted Average Grant-Date Fair Value | ||
Unvested at beginning of year | $ / shares | $ 108.74 | |
Granted | $ / shares | 112.73 | [1] |
Vested | $ / shares | 105.98 | |
Forfeited | $ / shares | 107.24 | |
Other | $ / shares | 110 | [2] |
Unvested at end of year | $ / shares | $ 110.84 | [3],[4] |
[1] | Includes 0.4 million Performance RSUs. | |
[2] | Reflects TFCF Performance RSUs replaced with Company RSUs in connection with the TFCF acquisition that generally vest in three years. | |
[3] | Excludes Performance RSUs issued in September 2018, for which vesting is subject to service conditions and the number of units vesting is subject to the discretion of the CEO. At September 28, 2019, the maximum number of these Performance RSUs that could be issued upon vesting is 0.2 million . | |
[4] | Includes 1.5 million Performance RSUs. |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | Mar. 20, 2019 | |||
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, unvested number of shares | 12 | [1],[2] | 9 | |||
Restricted stock units granted, number of shares | [3] | 4 | ||||
Weighted average grant-date fair values of options granted | $ 28.76 | $ 28.01 | $ 25.65 | |||
Stock options exercised and RSUs vested, total intrinsic value | $ 646 | $ 585 | $ 757 | |||
Aggregate intrinsic values of stock options vested | 728 | |||||
Proceeds from exercise of stock options | 318 | 210 | 276 | |||
Tax benefits realized from tax deductions associated with option exercises and RSU activity | 145 | $ 160 | $ 265 | |||
Expected to Vest | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate intrinsic values of stock options vested | $ 173 | |||||
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 | 72 | |||||
Unrecognized compensation costs | $ 121 | |||||
Weighted-average period to recognize compensation costs | 1 year 7 months 6 days | |||||
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 | 34 | |||||
Unrecognized compensation costs | $ 599 | |||||
Weighted-average period to recognize compensation costs | 1 year 7 months 6 days | |||||
Restricted Stock Units | TFCF | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation costs | $ 219 | |||||
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, unvested number of shares | 1.5 | |||||
Restricted stock units granted, number of shares | 0.4 | |||||
Performance Shares, Vesting Subject to CEO Discretion | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock units granted, number of shares | 0.2 | |||||
[1] | Excludes Performance RSUs issued in September 2018, for which vesting is subject to service conditions and the number of units vesting is subject to the discretion of the CEO. At September 28, 2019, the maximum number of these Performance RSUs that could be issued upon vesting is 0.2 million . | |||||
[2] | Includes 1.5 million Performance RSUs. | |||||
[3] | Includes 0.4 million Performance RSUs. |
Detail of Certain Balance She_3
Detail of Certain Balance Sheet Accounts - Current Receivables (Detail) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 |
Current receivables | ||
Accounts receivable | $ 12,882 | $ 8,268 |
Other | 2,894 | 1,258 |
Allowance for doubtful accounts | (295) | (192) |
Current receivables, Net | $ 15,481 | $ 9,334 |
Detail of Certain Balance She_4
Detail of Certain Balance Sheet Accounts - Parks, Resorts and Other Property, at Cost (Detail) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 |
Parks, resorts and other property, at cost | ||
Attractions, buildings and improvements | $ 29,509 | $ 28,995 |
Furniture, fixtures and equipment | 1,166 | 932 |
Land improvements | 21,265 | 19,400 |
Leasehold improvements | 6,649 | 5,911 |
Parks, resorts and other property, at cost | 58,589 | 55,238 |
Accumulated depreciation | (32,415) | (30,764) |
Projects in progress | 4,264 | 3,942 |
Land | 1,165 | 1,124 |
Parks, resorts and other property | $ 31,603 | $ 29,540 |
Detail of Certain Balance She_5
Detail of Certain Balance Sheet Accounts - Intangible Assets (Detail) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 |
Intangible assets | ||
Character/Franchise Intangibles and Copyrights | $ 10,577 | $ 5,829 |
Distribution Agreements | 9,900 | 0 |
Other amortizable intangible assets | 4,291 | 1,213 |
Accumulated amortization | (3,393) | (2,070) |
Net amortizable intangible assets | 21,375 | 4,972 |
Other indefinite lived intangible assets | 1,840 | 1,840 |
Intangible assets | $ 23,215 | $ 6,812 |
Detail of Certain Balance She_6
Detail of Certain Balance Sheet Accounts - Accounts Payable and Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 30, 2018 | Sep. 29, 2018 |
Accounts payable and other accrued liabilities | |||
Accounts payable | $ 13,778 | $ 6,503 | |
Payroll and employee benefits | 3,010 | 2,189 | |
Other | 974 | 787 | |
Accounts payable and other accrued liabilities | $ 17,762 | $ 10,518 | $ 9,479 |
Detail of Certain Balance She_7
Detail of Certain Balance Sheet Accounts - Other Long-Term Liabilities (Detail) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 |
Other long-term liabilities | ||
Pension and postretirement medical plan liabilities | $ 4,783 | $ 2,712 |
Other | 8,977 | 3,878 |
Other long-term liabilities | $ 13,760 | $ 6,590 |
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. 28, 2019USD ($) |
Commitments and Contingencies [Line Items] | |
2020 | $ 15,669 |
2021 | 12,522 |
2022 | 10,179 |
2023 | 7,441 |
2024 | 5,977 |
Thereafter | 17,475 |
Commitments | 69,263 |
Operating Leases, 2020 | 982 |
Operating Leases, 2021 | 849 |
Operating Leases, 2022 | 670 |
Operating Leases, 2023 | 532 |
Operating Leases, 2024 | 407 |
Operating Leases, Thereafter | 2,491 |
Operating Leases | 5,931 |
Broadcast programming | |
Commitments and Contingencies [Line Items] | |
2020 | 11,477 |
2021 | 10,080 |
2022 | 7,810 |
2023 | 5,624 |
2024 | 4,637 |
Thereafter | 10,786 |
Commitments | 50,414 |
Other Commitments | |
Commitments and Contingencies [Line Items] | |
2020 | 3,210 |
2021 | 1,593 |
2022 | 1,699 |
2023 | 1,285 |
2024 | 933 |
Thereafter | 4,198 |
Commitments | $ 12,918 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Payments under Non-Cancelable Capital Leases (Detail) $ in Millions | Sep. 28, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 19 |
2021 | 20 |
2022 | 19 |
2023 | 17 |
2024 | 16 |
Thereafter | 458 |
Total minimum obligations | 549 |
Less amount representing interest | (398) |
Present value of net minimum obligations | 151 |
Less current portion | (5) |
Long-term portion | $ 146 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments | $ 69,263 | ||
Rental expense for operating leases | 1,100 | $ 900 | $ 900 |
Non-cancelable capital leases, gross carrying value | 376 | 371 | |
Non-cancelable capital leases, accumulated amortization | 170 | $ 164 | |
Broadcast programming | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Long-Term Receivables, net of allowance for credit losses | 1,200 | ||
Mortgage Receivable | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Long-Term Receivables, net of allowance for credit losses | $ 800 | ||
Allowance for credit losses related to long-term receivables, percentage | 4.00% | ||
Guarantee Obligations | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Guaranteed obligations | $ 285 | ||
Broadcast programming | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments | 50,414 | ||
Available Programming | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments | 3,100 | ||
Sports Programming | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments | $ 43,900 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 13 | $ 38 |
Total | 233 | (162) |
Fair value of borrowings | 49,958 | 20,997 |
Interest rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 89 | 0 |
Derivative Liability | (93) | (410) |
Foreign exchange | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 771 | 469 |
Derivative Liability | (544) | (274) |
Other Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1 | 15 |
Derivative Liability | (4) | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 13 | 38 |
Total | 13 | 38 |
Fair value of borrowings | 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 |
Level 1 | Foreign exchange | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Level 1 | Other Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Total | 220 | (200) |
Fair value of borrowings | 48,709 | 19,826 |
Level 2 | Interest rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 89 | 0 |
Derivative Liability | (93) | (410) |
Level 2 | Foreign exchange | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 771 | 469 |
Derivative Liability | (544) | (274) |
Level 2 | Other Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1 | 15 |
Derivative Liability | (4) | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Total | 0 | 0 |
Fair value of borrowings | 1,249 | 1,171 |
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 |
Level 3 | Foreign exchange | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Level 3 | Other Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | $ 0 |
Derivative Liability | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Sep. 28, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Percentage of Cash and Cash Equivalent Balances With Financial Institutions | 26.00% |
Derivative Instruments - Gross
Derivative Instruments - Gross Fair Value of Derivative Positions (Detail) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 |
Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 368 | $ 217 |
Derivative Asset, Counterparty Netting Offset | (231) | (158) |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | (55) | 0 |
Net Derivative Positions | 82 | 59 |
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 | 302 | 166 |
Current Assets | Derivatives designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Current Assets | Derivatives designated as hedges | Other Contract | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1 | 13 |
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 | 65 | 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 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 493 | 267 |
Derivative Asset, Counterparty Netting Offset | (345) | (227) |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | (6) | 0 |
Net Derivative Positions | 142 | 40 |
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 | 241 | 169 |
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 | 89 | 0 |
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 |
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 | 163 | 96 |
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 |
Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (259) | (504) |
Derivative Liability, Counterparty Netting Offset | 258 | 254 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 135 |
Net Derivative Positions | (1) | (115) |
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 | (67) | (80) |
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 | (82) | (329) |
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 | (3) | 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 | (107) | (95) |
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 |
Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (382) | (180) |
Derivative Liability, Counterparty Netting Offset | 318 | 131 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 7 | 5 |
Net Derivative Positions | (57) | (44) |
Other Long-Term Liabilities | Derivatives designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (244) | (39) |
Other Long-Term Liabilities | Derivatives designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Other Long-Term Liabilities | Derivatives designated as hedges | Other Contract | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (1) | 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 | (126) | (60) |
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 | $ (11) | $ (81) |
Derivative Instruments - Carryi
Derivative Instruments - Carrying Amount and Cumulative Basis Adjustment for Fair Value Hedges (Details) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 29, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Liability, Fair Value Hedge | [1] | $ 10,683 | $ 8,010 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | [1] | 31 | (304) |
Current Portion of Borrowings | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Liability, Fair Value Hedge | 1,121 | 1,585 | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (3) | (14) | |
Borrowings | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Liability, Fair Value Hedge | 9,562 | 6,425 | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 34 | $ (290) | |
[1] | Includes $37 million and $41 million of gains on terminated interest rate swaps as of September 28, 2019 and September 29, 2018 , respectively. |
Derivative Instruments - Carr_2
Derivative Instruments - Carrying Amount and Cumulative Basis Adjustment for Fair Value Hedges - Terminated Interest Rate Swaps (Details) - USD ($) $ in Millions | Sep. 28, 2019 | 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 | $ 37 | $ 41 |
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 | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on interest rate swaps | $ 337 | $ (230) | $ (211) |
Gain (loss) on hedged borrowings | (337) | 230 | 211 |
Derivative, Gain (Loss) on Derivative, Net | $ (58) | $ (15) | $ 35 |
Derivative Instruments - Effect
Derivative Instruments - Effect of foreign Currency Cash Flow Hedges on AOCI (Details) $ in Millions | 12 Months Ended | |
Sep. 28, 2019USD ($) | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 156 | |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 183 | [1] |
[1] | Primarily recorded in revenue. |
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 | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Costs and Expenses | |||
Derivative [Line Items] | |||
Net gains (losses) on foreign currency denominated assets and liabilities | $ (188) | $ (146) | $ 105 |
Net gains (losses) on foreign exchange risk management contracts not designated as hedges | 123 | 104 | (120) |
Net gains (losses) | (65) | (42) | (15) |
Interest expense, net | |||
Derivative [Line Items] | |||
Net gains (losses) on foreign currency denominated assets and liabilities | 16 | 39 | (13) |
Net gains (losses) on foreign exchange risk management contracts not designated as hedges | (19) | (46) | 11 |
Net gains (losses) | (3) | (7) | (2) |
Income Taxes | |||
Derivative [Line Items] | |||
Net gains (losses) on foreign currency denominated assets and liabilities | 50 | 29 | 3 |
Net gains (losses) on foreign exchange risk management contracts not designated as hedges | (51) | (19) | 24 |
Net gains (losses) | $ (1) | $ 10 | $ 27 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Derivative [Line Items] | ||
Hedged Instruments Maturity Upper Limit | 4 years | |
Net deferred loss recorded in AOCI for contracts that will be reclassified to earnings in the next twelve months | $ 254 | |
Aggregate fair value of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty | 65 | $ 299 |
Derivatives designated as hedges | Interest rate | Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 9,900 | 7,600 |
Derivatives designated as hedges | Foreign exchange | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 6,300 | 6,200 |
Derivatives not designated as hedges | Interest rate | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,000 | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 11 | 81 |
Derivatives not designated as hedges | Foreign exchange | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 3,800 | $ 3,300 |
Restructuring and Impairment _3
Restructuring and Impairment Charges Restructuring Reserves (Details) - TFCF Integration $ in Millions | 12 Months Ended |
Sep. 28, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 0 |
Restructuring Charges | 906 |
Payments for Restructuring | (230) |
Ending Balance | 676 |
One-time Termination Benefits | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring Charges | 670 |
Payments for Restructuring | (193) |
Ending Balance | 477 |
Contract Termination | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 0 |
Restructuring Charges | 236 |
Payments for Restructuring | (37) |
Ending Balance | 199 |
Media Networks | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 90 |
Media Networks | One-time Termination Benefits | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 57 |
Media Networks | Contract Termination | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 33 |
Parks, Experiences and Products | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 11 |
Parks, Experiences and Products | One-time Termination Benefits | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 8 |
Parks, Experiences and Products | Contract Termination | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 3 |
Studio Entertainment | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 197 |
Studio Entertainment | One-time Termination Benefits | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 123 |
Studio Entertainment | Contract Termination | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 74 |
Direct-to-Consumer & International | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 426 |
Direct-to-Consumer & International | One-time Termination Benefits | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 349 |
Direct-to-Consumer & International | Contract Termination | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 77 |
Corporate, Non-Segment | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 182 |
Corporate, Non-Segment | One-time Termination Benefits | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 133 |
Corporate, Non-Segment | Contract Termination | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | $ 49 |
Restructuring and Impairment _4
Restructuring and Impairment Charges - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment charges | $ 1,183 | $ 33 | $ 98 | |
Restricted Stock or Unit Expense | [1] | 627 | $ 306 | $ 274 |
TFCF | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restricted Stock or Unit Expense | 307 | |||
TFCF | TFCF Integration | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment charges | 1,200 | |||
TFCF | TFCF Integration | Scenario, Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment charges | 1,500 | |||
TFCF | TFCF Integration | Vest Upon Acquisition | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restricted Stock or Unit Expense | 300 | |||
TFCF | TFCF Integration | Employee Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment charges | $ 900 | |||
[1] | Includes TFCF Performance RSUs converted to Company RSUs in connection with the TFCF acquisition (see Note 4). In fiscal 2019, the Company recognized $307 million of equity based compensation in connection with the TFCF acquisition. |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information Condensed Consolidating Statement of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |||
Condensed Income Statements, Captions [Line Items] | |||||||||||||
Revenues | $ 19,100 | [1] | $ 20,245 | [1] | $ 14,922 | $ 15,303 | $ 14,306 | $ 15,229 | $ 14,548 | $ 15,351 | $ 69,570 | $ 59,434 | $ 55,137 |
Operating Expenses | (42,018) | (32,726) | (30,306) | ||||||||||
Selling, general, administrative and other | (11,541) | (8,860) | (8,176) | ||||||||||
Depreciation and amortization | (4,160) | (3,011) | (2,782) | ||||||||||
Costs and Expenses | (57,719) | (44,597) | (41,264) | ||||||||||
Restructuring and impairment charges | (1,183) | (33) | (98) | ||||||||||
Allocations to non-guarantor subsidiaries | 0 | 0 | 0 | ||||||||||
Other income, net | 4,357 | 601 | 78 | ||||||||||
Interest expense, net | (978) | (574) | (385) | ||||||||||
Equity in the income (loss) of investees, net | (103) | (102) | 320 | ||||||||||
Income from continuing operations before income taxes | 1,258 | 2,018 | 7,237 | 3,431 | 13,944 | 14,729 | 13,788 | ||||||
Income taxes | (3,031) | (1,663) | (4,422) | ||||||||||
Earnings from subsidiary entities | 0 | 0 | 0 | ||||||||||
Net income from continuing operations | 914 | 1,623 | 5,590 | 2,786 | 2,419 | 3,059 | 3,115 | 4,473 | 10,913 | 13,066 | 9,366 | ||
Income (loss) from discontinued operations | 291 | 359 | 21 | 0 | 671 | 0 | 0 | ||||||
Net income | 11,584 | 13,066 | 9,366 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (472) | (468) | (386) | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | (58) | 0 | 0 | ||||||||||
Net income attributable to The Walt Disney Company (Disney) | $ 1,054 | $ 1,760 | $ 5,452 | $ 2,788 | $ 2,322 | $ 2,916 | $ 2,937 | $ 4,423 | 11,054 | 12,598 | 8,980 | ||
Comprehensive income excluding noncontrolling interest | 8,240 | 13,029 | 9,431 | ||||||||||
Reclassifications & Eliminations | |||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||
Revenues | 228 | (86) | 185 | ||||||||||
Operating Expenses | 0 | 0 | 0 | ||||||||||
Selling, general, administrative and other | 0 | 0 | 0 | ||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||
Costs and Expenses | 0 | 0 | 0 | ||||||||||
Restructuring and impairment charges | 0 | 0 | 0 | ||||||||||
Allocations to non-guarantor subsidiaries | 0 | 0 | 0 | ||||||||||
Other income, net | (228) | 86 | (185) | ||||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||||
Equity in the income (loss) of investees, net | 0 | 0 | 0 | ||||||||||
Income from continuing operations before income taxes | 0 | 0 | 0 | ||||||||||
Income taxes | 0 | 0 | 0 | ||||||||||
Earnings from subsidiary entities | (15,828) | (13,216) | (9,247) | ||||||||||
Net income from continuing operations | (15,828) | (13,216) | (9,247) | ||||||||||
Income (loss) from discontinued operations | (962) | ||||||||||||
Net income | (16,790) | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | ||||||||||||
Net income attributable to The Walt Disney Company (Disney) | (16,790) | (13,216) | (9,247) | ||||||||||
Comprehensive income excluding noncontrolling interest | (13,400) | (13,037) | (9,153) | ||||||||||
TWDC | |||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||
Operating Expenses | 0 | 0 | |||||||||||
Selling, general, administrative and other | 0 | 0 | 0 | ||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||
Costs and Expenses | 0 | 0 | 0 | ||||||||||
Restructuring and impairment charges | 0 | 0 | 0 | ||||||||||
Allocations to non-guarantor subsidiaries | 0 | 0 | 0 | ||||||||||
Other income, net | (236) | 0 | 0 | ||||||||||
Interest expense, net | (636) | 0 | 0 | ||||||||||
Equity in the income (loss) of investees, net | 0 | 0 | 0 | ||||||||||
Income from continuing operations before income taxes | (872) | 0 | 0 | ||||||||||
Income taxes | 190 | 0 | 0 | ||||||||||
Earnings from subsidiary entities | 3,026 | 0 | 0 | ||||||||||
Net income from continuing operations | 2,344 | 0 | 0 | ||||||||||
Income (loss) from discontinued operations | 671 | ||||||||||||
Net income | 3,015 | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | ||||||||||||
Net income attributable to The Walt Disney Company (Disney) | 3,015 | 0 | 0 | ||||||||||
Comprehensive income excluding noncontrolling interest | 185 | 0 | 0 | ||||||||||
Legacy Disney | |||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||
Operating Expenses | 0 | 0 | 0 | ||||||||||
Selling, general, administrative and other | (672) | (615) | (450) | ||||||||||
Depreciation and amortization | (1) | (1) | (1) | ||||||||||
Costs and Expenses | (673) | (616) | (451) | ||||||||||
Restructuring and impairment charges | 0 | 0 | 0 | ||||||||||
Allocations to non-guarantor subsidiaries | 652 | 576 | 405 | ||||||||||
Other income, net | 94 | 41 | 163 | ||||||||||
Interest expense, net | (699) | (698) | (510) | ||||||||||
Equity in the income (loss) of investees, net | 0 | 0 | 0 | ||||||||||
Income from continuing operations before income taxes | (626) | (697) | (393) | ||||||||||
Income taxes | 136 | 79 | 126 | ||||||||||
Earnings from subsidiary entities | 12,802 | 13,216 | 9,247 | ||||||||||
Net income from continuing operations | 12,312 | 12,598 | 8,980 | ||||||||||
Income (loss) from discontinued operations | 291 | ||||||||||||
Net income | 12,603 | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | ||||||||||||
Net income attributable to The Walt Disney Company (Disney) | 12,603 | 12,598 | 8,980 | ||||||||||
Comprehensive income excluding noncontrolling interest | 9,669 | 13,029 | 9,431 | ||||||||||
Non-Guarantor Subsidiaries | |||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||
Revenues | 69,342 | 59,520 | 54,952 | ||||||||||
Operating Expenses | (42,018) | (32,726) | (30,306) | ||||||||||
Selling, general, administrative and other | (10,869) | (8,245) | (7,726) | ||||||||||
Depreciation and amortization | (4,159) | (3,010) | (2,781) | ||||||||||
Costs and Expenses | (57,046) | (43,981) | (40,813) | ||||||||||
Restructuring and impairment charges | (1,183) | (33) | (98) | ||||||||||
Allocations to non-guarantor subsidiaries | (652) | (576) | (405) | ||||||||||
Other income, net | 4,727 | 474 | 100 | ||||||||||
Interest expense, net | 357 | 124 | 125 | ||||||||||
Equity in the income (loss) of investees, net | (103) | (102) | 320 | ||||||||||
Income from continuing operations before income taxes | 15,442 | 15,426 | 14,181 | ||||||||||
Income taxes | (3,357) | (1,742) | (4,548) | ||||||||||
Earnings from subsidiary entities | 0 | 0 | 0 | ||||||||||
Net income from continuing operations | 12,085 | 13,684 | 9,633 | ||||||||||
Income (loss) from discontinued operations | 671 | ||||||||||||
Net income | 12,756 | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (472) | (468) | (386) | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | (58) | ||||||||||||
Net income attributable to The Walt Disney Company (Disney) | 12,226 | 13,216 | 9,247 | ||||||||||
Comprehensive income excluding noncontrolling interest | $ 11,786 | $ 13,037 | $ 9,153 | ||||||||||
[1] | On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Sep. 28, 2019 | Sep. 30, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 5,418 | $ 4,150 | $ 4,017 | ||
Receivables, net | 15,481 | 9,334 | |||
Inventories | 1,649 | 1,392 | |||
Television costs and advances | 4,597 | 1,314 | |||
Other current assets | 979 | 635 | |||
Total current assets | 28,124 | 16,825 | |||
Film and television costs | 22,810 | 7,888 | |||
Investments in subsidiaries | 0 | 0 | |||
Other Long-term Investments | 3,224 | 2,899 | |||
Parks, resorts and other property | 31,603 | 29,540 | |||
Intangible assets, net | 23,215 | 6,812 | |||
Goodwill | 80,293 | 31,269 | $ 31,426 | ||
Intercompany receivables | 0 | 0 | |||
Other Noncurrent Assets | 4,715 | 3,365 | |||
Total assets | [1] | 193,984 | 98,598 | ||
Accounts payable and other accrued liabilities | 17,762 | $ 10,518 | 9,479 | ||
Current portion of borrowings | 8,857 | 3,790 | |||
Deferred revenue and other | 4,722 | 4,591 | |||
Total current liabilities | 31,341 | 17,860 | |||
Borrowings | 38,129 | 17,084 | |||
Deferred income taxes | 7,902 | 3,109 | |||
Other long-term liabilities | 13,760 | 6,590 | |||
Intercompany payables | 0 | 0 | |||
Liabilities, Noncurrent | 59,791 | 26,783 | |||
Redeemable noncontrolling interest | 8,963 | 1,123 | |||
Stockholders' Equity Attributable to Parent | 88,877 | 48,773 | |||
Noncontrolling interests | 5,012 | 4,059 | |||
Equity | 93,889 | $ 52,716 | 52,832 | ||
Total liabilities and equity | 193,984 | 98,598 | |||
Reclassifications & Eliminations | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Receivables, net | 0 | 0 | |||
Inventories | 0 | 0 | |||
Television costs and advances | 0 | 0 | |||
Other current assets | (6) | 0 | |||
Total current assets | (6) | 0 | |||
Film and television costs | 0 | 0 | |||
Investments in subsidiaries | (407,040) | (149,880) | |||
Other Long-term Investments | 0 | 0 | |||
Parks, resorts and other property | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intercompany receivables | (143,574) | (79,793) | |||
Other Noncurrent Assets | (1,216) | (724) | |||
Total assets | (551,836) | (230,397) | |||
Accounts payable and other accrued liabilities | 0 | 0 | |||
Current portion of borrowings | 0 | 0 | |||
Deferred revenue and other | (6) | 0 | |||
Total current liabilities | (6) | 0 | |||
Borrowings | 0 | 0 | |||
Deferred income taxes | (1,216) | (724) | |||
Other long-term liabilities | 0 | 0 | |||
Intercompany payables | (143,574) | (79,793) | |||
Liabilities, Noncurrent | (144,790) | (80,517) | |||
Redeemable noncontrolling interest | 0 | 0 | |||
Stockholders' Equity Attributable to Parent | (407,040) | (149,880) | |||
Noncontrolling interests | 0 | 0 | |||
Equity | (407,040) | (149,880) | |||
Total liabilities and equity | (551,836) | (230,397) | |||
TWDC | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 554 | 0 | |||
Receivables, net | 499 | 0 | |||
Inventories | 0 | 0 | |||
Television costs and advances | 0 | 0 | |||
Other current assets | 83 | 0 | |||
Total current assets | 1,136 | 0 | |||
Film and television costs | 0 | 0 | |||
Investments in subsidiaries | 125,999 | 0 | |||
Other Long-term Investments | 0 | 0 | |||
Parks, resorts and other property | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Other Noncurrent Assets | 314 | 0 | |||
Total assets | 127,449 | 0 | |||
Accounts payable and other accrued liabilities | 371 | 0 | |||
Current portion of borrowings | 5,721 | 0 | |||
Deferred revenue and other | 0 | ||||
Total current liabilities | 6,092 | 0 | |||
Borrowings | 23,182 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Other long-term liabilities | 859 | 0 | |||
Intercompany payables | 8,439 | 0 | |||
Liabilities, Noncurrent | 32,480 | 0 | |||
Redeemable noncontrolling interest | 0 | 0 | |||
Stockholders' Equity Attributable to Parent | 88,877 | 0 | |||
Noncontrolling interests | 0 | 0 | |||
Equity | 88,877 | 0 | |||
Total liabilities and equity | 127,449 | 0 | |||
Legacy Disney | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 1,367 | |||
Receivables, net | 1 | 155 | |||
Inventories | 4 | 4 | |||
Television costs and advances | 0 | 0 | |||
Other current assets | 4 | 152 | |||
Total current assets | 9 | 1,678 | |||
Film and television costs | 0 | 0 | |||
Investments in subsidiaries | 281,041 | 149,880 | |||
Other Long-term Investments | 0 | 0 | |||
Parks, resorts and other property | 8 | 12 | |||
Intangible assets, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Other Noncurrent Assets | 1,076 | 911 | |||
Total assets | 282,134 | 152,481 | |||
Accounts payable and other accrued liabilities | 279 | 688 | |||
Current portion of borrowings | 3,007 | 3,751 | |||
Deferred revenue and other | 27 | 115 | |||
Total current liabilities | 3,313 | 4,554 | |||
Borrowings | 13,061 | 15,676 | |||
Deferred income taxes | 0 | 0 | |||
Other long-term liabilities | 4,626 | 3,685 | |||
Intercompany payables | 135,135 | 79,793 | |||
Liabilities, Noncurrent | 152,822 | 99,154 | |||
Redeemable noncontrolling interest | 0 | 0 | |||
Stockholders' Equity Attributable to Parent | 125,999 | 48,773 | |||
Noncontrolling interests | 0 | 0 | |||
Equity | 125,999 | 48,773 | |||
Total liabilities and equity | 282,134 | 152,481 | |||
Non-Guarantor Subsidiaries | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 4,864 | 2,783 | |||
Receivables, net | 14,981 | 9,179 | |||
Inventories | 1,645 | 1,388 | |||
Television costs and advances | 4,597 | 1,314 | |||
Other current assets | 898 | 483 | |||
Total current assets | 26,985 | 15,147 | |||
Film and television costs | 22,810 | 7,888 | |||
Investments in subsidiaries | 0 | 0 | |||
Other Long-term Investments | 3,224 | 2,899 | |||
Parks, resorts and other property | 31,595 | 29,528 | |||
Intangible assets, net | 23,215 | 6,812 | |||
Goodwill | 80,293 | 31,269 | |||
Intercompany receivables | 143,574 | 79,793 | |||
Other Noncurrent Assets | 4,541 | 3,178 | |||
Total assets | 336,237 | 176,514 | |||
Accounts payable and other accrued liabilities | 17,112 | 8,791 | |||
Current portion of borrowings | 129 | 39 | |||
Deferred revenue and other | 4,701 | 4,476 | |||
Total current liabilities | 21,942 | 13,306 | |||
Borrowings | 1,886 | 1,408 | |||
Deferred income taxes | 9,118 | 3,833 | |||
Other long-term liabilities | 8,275 | 2,905 | |||
Intercompany payables | 0 | 0 | |||
Liabilities, Noncurrent | 19,279 | 8,146 | |||
Redeemable noncontrolling interest | 8,963 | 1,123 | |||
Stockholders' Equity Attributable to Parent | 281,041 | 149,880 | |||
Noncontrolling interests | 5,012 | 4,059 | |||
Equity | 286,053 | 153,939 | |||
Total liabilities and equity | $ 336,237 | $ 176,514 | |||
[1] | Equity method investments included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 2,018 $ 2,430 Parks, Experiences and Products 3 1 Studio Entertainment 8 1 Direct-to-Consumer & International 821 320 Corporate 72 16 $ 2,922 $ 2,768 Intangible assets included in identifiable assets by segment are as follows: September 28, 2019 September 29, 2018 Media Networks $ 7,861 $ 1,546 Parks, Experiences and Products 3,122 3,167 Studio Entertainment 2,085 1,479 Direct-to-Consumer & International 9,962 490 Corporate 185 130 $ 23,215 $ 6,812 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash provided by operations - continuing operations | $ 5,984 | $ 14,295 | $ 12,343 |
Investments in parks, resorts and other property | (4,876) | (4,465) | (3,623) |
Acquisitions | (9,901) | (1,581) | (417) |
Intercompany investing activities, net | 0 | 0 | 0 |
Other | (319) | 710 | (71) |
Cash used in investing activities - continuing operations | (15,096) | (5,336) | (4,111) |
Commercial paper borrowings, net | 4,318 | (1,768) | 1,247 |
Borrowings | 38,240 | 1,056 | 4,820 |
Reduction of borrowings | (38,881) | (1,871) | (2,364) |
Dividends | (2,895) | (2,515) | (2,445) |
Repurchases of common stock | 0 | (3,577) | (9,368) |
Proceeds from Stock Options Exercised | 318 | 210 | 276 |
Intercompany financing, net | 0 | 0 | 0 |
Contributions from/sales of noncontrolling interests | 737 | 399 | 17 |
Acquisitions of noncontrolling and redeemable noncontrolling interests | (1,430) | 0 | 0 |
Other | (871) | (777) | (1,142) |
Cash used in financing activities - continuing operations | (464) | (8,843) | (8,959) |
Cash used in discontinued operations | 10,974 | 0 | 0 |
Impact of exchange rates on cash, cash equivalents, and restricted cash and Restricted Cash Equivalents | (98) | (25) | 31 |
Change in cash, cash equivalents and restricted cash | 1,300 | 91 | (696) |
Cash, cash equivalents and restricted cash, beginning of year | 4,155 | 4,064 | 4,760 |
Cash, cash equivalents and restricted cash, end of year | 5,455 | 4,155 | 4,064 |
Reclassifications & Eliminations | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash provided by operations - continuing operations | (320) | (190) | (1,871) |
Investments in parks, resorts and other property | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
Intercompany investing activities, net | (12,888) | 1,327 | 1,856 |
Other | 0 | 0 | 0 |
Cash used in investing activities - continuing operations | (12,888) | 1,327 | 1,856 |
Commercial paper borrowings, net | 0 | 0 | 0 |
Borrowings | 0 | 0 | 0 |
Reduction of borrowings | 0 | 0 | 0 |
Dividends | 320 | 190 | 1,871 |
Repurchases of common stock | 0 | 0 | |
Proceeds from Stock Options Exercised | 0 | 0 | 0 |
Intercompany financing, net | 12,888 | (1,327) | (1,856) |
Contributions from/sales of noncontrolling interests | 0 | 0 | 0 |
Acquisitions of noncontrolling and redeemable noncontrolling interests | 0 | ||
Other | 0 | 0 | 0 |
Cash used in financing activities - continuing operations | 13,208 | (1,137) | 15 |
Cash used in discontinued operations | 0 | ||
Impact of exchange rates on cash, cash equivalents, and restricted cash and Restricted Cash Equivalents | 0 | 0 | 0 |
Change in cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of year | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash, end of year | 0 | 0 | 0 |
TWDC | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash provided by operations - continuing operations | 340 | 0 | 0 |
Investments in parks, resorts and other property | 0 | 0 | 0 |
Acquisitions | (35,702) | 0 | 0 |
Intercompany investing activities, net | 20,396 | 0 | 0 |
Other | 0 | 0 | 0 |
Cash used in investing activities - continuing operations | (15,306) | 0 | 0 |
Commercial paper borrowings, net | 5,328 | 0 | 0 |
Borrowings | 37,999 | 0 | 0 |
Reduction of borrowings | (35,100) | 0 | 0 |
Dividends | (1,585) | 0 | 0 |
Repurchases of common stock | 0 | 0 | |
Proceeds from Stock Options Exercised | 234 | 0 | 0 |
Intercompany financing, net | 8,712 | 0 | 0 |
Contributions from/sales of noncontrolling interests | 0 | 0 | 0 |
Acquisitions of noncontrolling and redeemable noncontrolling interests | 0 | ||
Other | (68) | 0 | 0 |
Cash used in financing activities - continuing operations | 15,520 | 0 | 0 |
Cash used in discontinued operations | 0 | ||
Impact of exchange rates on cash, cash equivalents, and restricted cash and Restricted Cash Equivalents | 0 | 0 | 0 |
Change in cash, cash equivalents and restricted cash | 554 | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of year | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash, end of year | 554 | 0 | 0 |
Legacy Disney | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash provided by operations - continuing operations | (1,800) | 336 | 753 |
Investments in parks, resorts and other property | 0 | (3) | (7) |
Acquisitions | 0 | 0 | 0 |
Intercompany investing activities, net | (1) | (1,327) | (1,856) |
Other | 0 | 0 | 15 |
Cash used in investing activities - continuing operations | (1) | (1,330) | (1,848) |
Commercial paper borrowings, net | (1,010) | (1,768) | 1,247 |
Borrowings | 0 | 997 | 4,741 |
Reduction of borrowings | (2,750) | (1,800) | (1,850) |
Dividends | (1,470) | (2,515) | (2,445) |
Repurchases of common stock | (3,577) | (9,368) | |
Proceeds from Stock Options Exercised | 84 | 210 | 276 |
Intercompany financing, net | 5,837 | 10,343 | 8,394 |
Contributions from/sales of noncontrolling interests | 0 | 0 | 0 |
Acquisitions of noncontrolling and redeemable noncontrolling interests | 0 | ||
Other | (257) | (222) | (266) |
Cash used in financing activities - continuing operations | 434 | 1,668 | 729 |
Cash used in discontinued operations | 0 | ||
Impact of exchange rates on cash, cash equivalents, and restricted cash and Restricted Cash Equivalents | 0 | 0 | 0 |
Change in cash, cash equivalents and restricted cash | (1,367) | 674 | (366) |
Cash, cash equivalents and restricted cash, beginning of year | 1,367 | 693 | 1,059 |
Cash, cash equivalents and restricted cash, end of year | 0 | 1,367 | 693 |
Non-Guarantor Subsidiaries | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash provided by operations - continuing operations | 7,764 | 14,149 | 13,461 |
Investments in parks, resorts and other property | (4,876) | (4,462) | (3,616) |
Acquisitions | 25,801 | (1,581) | (417) |
Intercompany investing activities, net | (7,507) | 0 | 0 |
Other | (319) | 710 | (86) |
Cash used in investing activities - continuing operations | 13,099 | (5,333) | (4,119) |
Commercial paper borrowings, net | 0 | 0 | 0 |
Borrowings | 241 | 59 | 79 |
Reduction of borrowings | (1,031) | (71) | (514) |
Dividends | (160) | (190) | (1,871) |
Repurchases of common stock | 0 | 0 | |
Proceeds from Stock Options Exercised | 0 | 0 | 0 |
Intercompany financing, net | (27,437) | (9,016) | (6,538) |
Contributions from/sales of noncontrolling interests | 737 | 399 | 17 |
Acquisitions of noncontrolling and redeemable noncontrolling interests | (1,430) | ||
Other | (546) | (555) | (876) |
Cash used in financing activities - continuing operations | (29,626) | (9,374) | (9,703) |
Cash used in discontinued operations | 10,974 | ||
Impact of exchange rates on cash, cash equivalents, and restricted cash and Restricted Cash Equivalents | (98) | (25) | 31 |
Change in cash, cash equivalents and restricted cash | 2,113 | (583) | (330) |
Cash, cash equivalents and restricted cash, beginning of year | 2,788 | 3,371 | 3,701 |
Cash, cash equivalents and restricted cash, end of year | $ 4,901 | $ 2,788 | $ 3,371 |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information Condensed Consolidating Financial Information - Additional Details (Details) | Mar. 30, 2019 |
Legacy Disney | |
Condensed Income Statements, Captions [Line Items] | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% |
New Accounting Pronouncements_2
New Accounting Pronouncements New Accounting Pronouncements - Additional Details (Details) $ in Millions | Sep. 28, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating Leases, Future Minimum Payments Due | $ 5,931 |
Accounting Standards Update 2016-02 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating Leases, Future Minimum Payments Due | 4,000 |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 350 |
Quarterly Financial Summary (De
Quarterly Financial Summary (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||||
Revenues | $ 19,100 | [1] | $ 20,245 | [1] | $ 14,922 | $ 15,303 | $ 14,306 | $ 15,229 | $ 14,548 | $ 15,351 | $ 69,570 | $ 59,434 | $ 55,137 | |||||||||
Income from continuing operations before income taxes | 1,258 | 2,018 | 7,237 | 3,431 | 13,944 | 14,729 | 13,788 | |||||||||||||||
Segment operating income | 3,436 | [2] | 3,961 | [2] | 3,816 | [2] | 3,655 | [2] | 3,277 | [2] | 4,189 | [2] | 4,237 | [2] | 3,986 | [2] | 14,868 | [3] | 15,689 | [3] | 14,775 | [3] |
Net income from continuing operations | 914 | 1,623 | 5,590 | 2,786 | 2,419 | 3,059 | 3,115 | 4,473 | 10,913 | 13,066 | 9,366 | |||||||||||
Net income attributable to Disney | 1,054 | 1,760 | 5,452 | 2,788 | $ 2,322 | $ 2,916 | $ 2,937 | $ 4,423 | 11,054 | 12,598 | 8,980 | |||||||||||
Income (loss) from discontinued operations | $ 291 | $ 359 | $ 21 | $ 0 | $ 671 | $ 0 | $ 0 | |||||||||||||||
Earnings Per Share from Continuing Operations, Diluted (usd per share) | $ 0.43 | [4] | $ 0.79 | [5] | $ 3.53 | [6] | $ 1.86 | $ 6.27 | $ 8.36 | $ 5.69 | ||||||||||||
Earnings Per Share, Diluted (usd per share) | 0.58 | 0.97 | 3.55 | 1.86 | $ 1.55 | [7] | $ 1.95 | [8] | $ 1.95 | [9] | $ 2.91 | [10] | 6.64 | [11] | 8.36 | [11] | 5.69 | [11] | ||||
Earnings Per Share from Continuing Operations, Basic (usd per share) | 0.44 | 0.80 | 3.55 | 1.87 | 6.30 | 8.40 | 5.73 | |||||||||||||||
Earnings Per Share, Basic (usd per share) | $ 0.58 | $ 0.98 | $ 3.56 | $ 1.87 | $ 1.56 | $ 1.96 | $ 1.95 | $ 2.93 | $ 6.68 | [11] | $ 8.40 | [11] | $ 5.73 | [11] | ||||||||
[1] | On March 20, 2019, the Company began consolidating the results of TFCF and Hulu (see Note 4 to the Consolidated Financial Statements). As a result, revenues and operating results in the third and fourth quarter of fiscal 2019 reflected the impact of this transaction. | |||||||||||||||||||||
[2] | 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. | |||||||||||||||||||||
[3] | Equity in the income/(loss) of investees included in segment operating income is as follows: 2019 2018 2017 Media Networks $ 703 $ 711 $ 766 Parks, Experiences and Products (13 ) (23 ) (25 ) Direct-to-Consumer & International (240 ) (580 ) (421 ) Equity in the income of investees included in segment operating income 450 108 320 Impairment of equity investments (538 ) (210 ) — Amortization of TFCF intangible assets related to equity investees (15 ) — — Equity in the income (loss) of investees, net $ (103 ) $ (102 ) $ 320 | |||||||||||||||||||||
[4] | Results for the fourth quarter of fiscal 2019 included amortization related to TFCF and Hulu intangible assets and fair value step-up on film and television costs, which had an adverse impact of $0.30 on diluted earnings per share, a charge for the settlement of a portion of the debt originally assumed in the TFCF acquisition, which had an adverse impact of $0.22 on diluted earnings per share, and restructuring and impairment charges, which had an adverse impact of $0.13 | |||||||||||||||||||||
[5] | Results for the third quarter of fiscal 2019 included amortization related to TFCF and Hulu intangible assets and fair value step-up on film and television costs, which had an adverse impact of $0.34 on diluted earnings per share, restructuring and impairment charges, which had a net adverse impact of $0.09 on diluted earnings per share, equity investment impairments, which had an adverse impact of $0.08 on diluted earnings per share, and an adjustment to the Hulu Gain, which had an adverse impact of $0.05 | |||||||||||||||||||||
[6] | Results for the second quarter of fiscal 2019 included a non-cash gain in connection with the acquisition of Hulu (Hulu Gain), which had a favorable impact of $2.46 on diluted earnings per share. This favorable impact was partially offset by restructuring and impairment charges, which had an adverse impact of $0.33 on diluted earnings per share, an impairment in our investment in Vice, which had an adverse impact of $0.18 on diluted earnings per share, and amortization related to TFCF and Hulu intangible assets and fair value step-up on film and television costs, which had an adverse impact of $0.05 | |||||||||||||||||||||
[7] | 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 on diluted earnings per share, and the impact of updating the Tax Act Estimate, which had an adverse impact of $0.06 on diluted earnings per share. | |||||||||||||||||||||
[8] | Results for the third quarter of fiscal 2018 included a net benefit from updating the Tax Act Estimate, which had a favorable impact of $0.07 on diluted earnings per share. | |||||||||||||||||||||
[9] | Results for the second quarter of fiscal 2018 included a net benefit from updating the Tax Act Estimate, which had a favorable impact of $0.09 on diluted earnings per share. | |||||||||||||||||||||
[10] | 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. | |||||||||||||||||||||
[11] | Total may not equal the sum of the column due to rounding. |
Quarterly Financial Summary - A
Quarterly Financial Summary - Additional Information (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 28, 2019 | [5] | Sep. 29, 2018 | [5] | Sep. 30, 2017 | [5] | |||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||
Earnings Per Share, Diluted (usd per share) | $ 0.58 | $ 0.97 | $ 3.55 | $ 1.86 | $ 1.55 | [1] | $ 1.95 | [2] | $ 1.95 | [3] | $ 2.91 | [4] | $ 6.64 | $ 8.36 | $ 5.69 | |||
Impact of the Tax Act | ||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||
Earnings Per Share, Diluted (usd per share) | 0.06 | $ 0.07 | $ 0.09 | 1 | ||||||||||||||
Gain from sale of property rights | ||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||
Earnings Per Share, Diluted (usd per share) | $ 0.03 | |||||||||||||||||
Hulu Gain | ||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||
Earnings Per Share, Diluted (usd per share) | 0.05 | 2.46 | ||||||||||||||||
Restructuring And Impairment Charges | ||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||
Earnings Per Share, Diluted (usd per share) | 0.13 | (0.09) | (0.33) | |||||||||||||||
Equity investment impairments | ||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||
Earnings Per Share, Diluted (usd per share) | 0.08 | 0.18 | 0.11 | |||||||||||||||
Amortization of Intangible Assets and Fair Value Step-up on Film and Television Costs | ||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||
Earnings Per Share, Diluted (usd per share) | (0.30) | $ (0.34) | $ (0.05) | |||||||||||||||
Charge for Extinguishment of Debt Assumed in the TFCF Acquisition | ||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||
Earnings Per Share, Diluted (usd per share) | $ (0.22) | |||||||||||||||||
Gain from sale of real estate | ||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||
Earnings Per Share, Diluted (usd per share) | $ 0.25 | |||||||||||||||||
[1] | 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 on diluted earnings per share, and the impact of updating the Tax Act Estimate, which had an adverse impact of $0.06 on diluted earnings per share. | |||||||||||||||||
[2] | Results for the third quarter of fiscal 2018 included a net benefit from updating the Tax Act Estimate, which had a favorable impact of $0.07 on diluted earnings per share. | |||||||||||||||||
[3] | Results for the second quarter of fiscal 2018 included a net benefit from updating the Tax Act Estimate, which had a favorable impact of $0.09 on diluted earnings per share. | |||||||||||||||||
[4] | 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. | |||||||||||||||||
[5] | Total may not equal the sum of the column due to rounding. |