0001744489-19-000100.txt : 20190508 0001744489-19-000100.hdr.sgml : 20190508 20190508173144 ACCESSION NUMBER: 0001744489-19-000100 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 117 CONFORMED PERIOD OF REPORT: 20190330 FILED AS OF DATE: 20190508 DATE AS OF CHANGE: 20190508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Walt Disney Co CENTRAL INDEX KEY: 0001744489 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 830940635 STATE OF INCORPORATION: DE FISCAL YEAR END: 0928 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38842 FILM NUMBER: 19807979 BUSINESS ADDRESS: STREET 1: 500 SOUTH BUENA VISTA STREET CITY: BURBANK STATE: CA ZIP: 91521 BUSINESS PHONE: (818) 560-1000 MAIL ADDRESS: STREET 1: 500 SOUTH BUENA VISTA STREET CITY: BURBANK STATE: CA ZIP: 91521 FORMER COMPANY: FORMER CONFORMED NAME: TWDC Holdco 613 Corp. DATE OF NAME CHANGE: 20180702 FORMER COMPANY: FORMER CONFORMED NAME: TWDC Holdco 613 Corp DATE OF NAME CHANGE: 20180622 10-Q 1 fy2019q210qdoc.htm 10-Q Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 30, 2019
or
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File Number 001-38842
 
twdcimagea01a01a01a01a11.jpg
 
 
Delaware
 
83-0940635
State or Other Jurisdiction of
 
I.R.S. Employer Identification
Incorporation or Organization
 
 
 
 
 
500 South Buena Vista Street, Burbank, California
 
91521
Address of Principal Executive Offices
 
Zip Code
 
 
 
(818) 560-1000
Registrant’s Telephone Number, Including Area Code
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
x
 
Accelerated filer
 
¨
 
 
 
 
 
Non-accelerated filer
 
¨
 
Smaller reporting company
 
¨
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  x
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
DIS
 
New York Stock Exchange
There were 1,799,698,922 shares of common stock outstanding as of May 1, 2019.




PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited; in millions, except per share data)
    
 
Quarter Ended
 
Six Months Ended
 
March 30,
2019
 
March 31,
2018
 
March 30,
2019
 
March 31,
2018
Revenues:
 
 
 
 
 
 
 
Services
$
13,006

 
$
12,520

 
$
25,872

 
$
25,504

Products
1,916

 
2,028

 
4,353

 
4,395

Total revenues
14,922

 
14,548

 
30,225

 
29,899

Costs and expenses:
 
 
 
 
 
 
 
Cost of services (exclusive of depreciation and amortization)
(7,167
)
 
(6,313
)
 
(14,731
)
 
(13,637
)
Cost of products (exclusive of depreciation and amortization)
(1,209
)
 
(1,228
)
 
(2,646
)
 
(2,633
)
Selling, general, administrative and other
(2,327
)
 
(2,239
)
 
(4,479
)
 
(4,326
)
Depreciation and amortization
(828
)
 
(731
)
 
(1,560
)
 
(1,473
)
Total costs and expenses
(11,531
)
 
(10,511
)
 
(23,416
)
 
(22,069
)
Restructuring and impairment charges
(662
)
 
(13
)
 
(662
)
 
(28
)
Other income
4,963

 
41

 
4,963

 
94

Interest expense, net
(143
)
 
(143
)
 
(206
)
 
(272
)
Equity in the income / (loss) of investees, net
(312
)
 
6

 
(236
)
 
49

Income from continuing operations before income taxes
7,237

 
3,928

 
10,668

 
7,673

Income taxes from continuing operations
(1,647
)
 
(813
)
 
(2,292
)
 
(85
)
Net income from continuing operations
5,590

 
3,115

 
8,376

 
7,588

Income (loss) from discontinued operations (net of income taxes of $5, $0, $5 and $0, respectively)
21

 

 
21

 

Consolidated net income
5,611

 
3,115

 
8,397

 
7,588

Less: Net income attributable to noncontrolling interests
(159
)
 
(178
)
 
(157
)
 
(228
)
Net income attributable to The Walt Disney Company (Disney)
$
5,452

 
$
2,937

 
$
8,240

 
$
7,360

 
 
 
 
 
 
 
 
Earnings per share attributable to Disney:
 
 
 
 
 
 
 
Continuing operations
$
3.53

 
$
1.95

 
$
5.42

 
$
4.86

Discontinued operations
0.01

 

 
0.01

 

Diluted
$
3.55

 
$
1.95

 
$
5.43

 
$
4.86

 
 
 
 
 
 
 
 
Continuing operations
$
3.55

 
$
1.95

 
$
5.44

 
$
4.88

Discontinued operations
0.01

 

 
0.01

 

Basic
$
3.56

 
$
1.95

 
$
5.46

 
$
4.88

 
 
 
 
 
 
 
 
Weighted average number of common and common equivalent shares outstanding:
 
 
 
 
 
 
 
Diluted
1,537

 
1,510

 
1,517

 
1,515

 
 
 
 
 
 
 
 
Basic
1,530

 
1,503

 
1,510

 
1,507

See Notes to Condensed Consolidated Financial Statements

2



THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited; in millions)
 
 
Quarter Ended
 
Six Months Ended
 
March 30,
2019
 
March 31,
2018
 
March 30,
2019
 
March 31,
2018
Consolidated net income
$
5,611

 
$
3,115

 
$
8,397

 
$
7,588

Other comprehensive income/(loss), net of tax:
 
 
 
 
 
 
 
Market value adjustments for investments
(4
)
 
7

 
(4
)
 
6

Market value adjustments for hedges
(80
)
 
(112
)
 
(89
)
 
(94
)
Pension and postretirement medical plan adjustments
68

 
94

 
121

 
155

Foreign currency translation and other
46

 
144

 
25

 
231

Other comprehensive income
30

 
133

 
53

 
298

Comprehensive income
5,641

 
3,248

 
8,450

 
7,886

Net income attributable to noncontrolling interests, including redeemable noncontrolling interests
(159
)
 
(178
)
 
(157
)
 
(228
)
Other comprehensive income attributable to noncontrolling interests
(34
)
 
(74
)
 
(36
)
 
(115
)
Comprehensive income attributable to Disney
$
5,448

 
$
2,996

 
$
8,257

 
$
7,543


See Notes to Condensed Consolidated Financial Statements





3


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except per share data)
 
March 30,
2019
 
September 29,
2018
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
10,108

 
$
4,150

Receivables
14,593

 
9,334

Inventories
1,445

 
1,392

Television costs and advances
5,408

 
1,314

Other current assets
1,257

 
635

Assets held for sale
1,466

 

Total current assets
34,277

 
16,825

Film and television costs
24,353

 
7,888

Investments
4,080

 
2,899

Parks, resorts and other property
 
 
 
Attractions, buildings and equipment
57,991

 
55,238

Accumulated depreciation
(33,132
)
 
(30,764
)
 
24,859

 
24,474

Projects in progress
4,984

 
3,942

Land
1,174

 
1,124

 
31,017

 
29,540

Intangible assets, net
26,985

 
6,812

Goodwill
75,057

 
31,269

Noncurrent assets held for sale
13,182

 

Other assets
5,391

 
3,365

Total assets
$
214,342

 
$
98,598

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current liabilities
 
 
 
Accounts payable and other accrued liabilities
$
20,503

 
$
9,479

Current portion of borrowings
19,158

 
3,790

Deferred revenue and other
4,281

 
4,591

Liabilities held for sale
434

 

Total current liabilities
44,376

 
17,860

Borrowings
37,803

 
17,084

Deferred income taxes
11,208

 
3,109

Noncurrent liabilities held for sale
2,659

 

Other long-term liabilities
12,854

 
6,590

Commitments and contingencies (Note 13)


 


Redeemable noncontrolling interests
1,103

 
1,123

Equity
 
 
 
Preferred stock

 

Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares at
March 30, 2019 and 2.9 billion shares at September 29, 2018
53,419

 
36,779

Retained earnings
41,212

 
82,679

Accumulated other comprehensive loss
(3,786
)
 
(3,097
)
 
90,845

 
116,361

Treasury stock, at cost, 19 million shares at March 30, 2019 and 1.4 billion shares at September 29, 2018
(907
)
 
(67,588
)
Total Disney Shareholders’ equity
89,938

 
48,773

Noncontrolling interests
14,401

 
4,059

Total equity
104,339

 
52,832

Total liabilities and equity
$
214,342

 
$
98,598

See Notes to Condensed Consolidated Financial Statements

4



THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
 
Six Months Ended
 
March 30,
2019
 
March 31,
2018
OPERATING ACTIVITIES
 
 
 
Net income from continuing operations
$
8,376

 
$
7,588

Depreciation and amortization
1,560

 
1,473

Gain on acquisition
(4,917
)
 

Deferred income taxes
1,190

 
(1,623
)
Equity in the (income) / loss of investees
236


(49
)
Cash distributions received from equity investees
370

 
389

Net change in film and television costs and advances
(281
)
 
(490
)
Equity-based compensation
475

 
194

Other
121

 
155

Changes in operating assets and liabilities, net of business acquisitions:
 
 
 
Receivables
(386
)
 
(1,004
)
Inventories
(19
)
 
64

Other assets
46

 
(248
)
Accounts payable and other liabilities
(283
)
 
(92
)
Income taxes
(474
)
 
406

Cash provided by operations - continuing operations
6,014

 
6,763

 
 
 
 
INVESTING ACTIVITIES
 
 
 
Investments in parks, resorts and other property
(2,390
)
 
(2,044
)
Acquisitions
(9,901
)
 
(1,581
)
Other
(392
)
 
(180
)
Cash used in investing activities - continuing operations
(12,683
)
 
(3,805
)
 
 
 
 
FINANCING ACTIVITIES
 
 
 
Commercial paper borrowings, net
376

 
1,372

Borrowings
31,145

 
1,048

Reduction of borrowings
(17,398
)
 
(1,350
)
Dividends
(1,310
)
 
(1,266
)
Repurchases of common stock

 
(2,608
)
Proceeds from exercise of stock options
83

 
91

Other
(200
)
 
(169
)
Cash provided by / (used in) financing activities - continuing operations
12,696

 
(2,882
)
 
 
 
 
CASH FLOWS FROM DISCONTINUED OPERATIONS
 
 
 
Cash used in operations - discontinued operations
(35
)
 

 
 
 
 
Impact of exchange rates on cash, cash equivalents and restricted cash
75

 
55

 
 
 
 
Change in cash, cash equivalents and restricted cash
6,067

 
131

Cash, cash equivalents and restricted cash, beginning of period
4,155

 
4,064

Cash, cash equivalents and restricted cash, end of period
$
10,222

 
$
4,195

See Notes to Condensed Consolidated Financial Statements

5



THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in millions)
 
 
 
Quarter Ended
 
 
Equity Attributable to Disney
 
 
 
 
 
 
Shares
 
Common Stock
 
Retained Earnings
Accumulated
Other
Comprehensive
Income
(Loss)
Treasury Stock
 
Total Disney Equity
 
Non-controlling
   Interests (1)
 
Total
Equity
Balance at December 29, 2018
 
1,490

 
$
36,799

 
$
84,887

 
$
(3,782
)
 
$
(67,588
)
 
$
50,316

 
$
4,077

 
$
54,393

Comprehensive income
 

 

 
5,452

 
(4
)
 

 
5,448

 
191

 
5,639

Equity compensation activity
 
1

 
395

 

 

 

 
395

 

 
395

Dividends
 

 
8

 
(8
)
 

 

 

 

 

Contributions
 

 

 

 

 

 

 
27

 
27

Acquisition of 21CF
 
307

 
33,804

 

 

 

 
33,804

 
10,638

 
44,442

Retirement of treasury stock
 

 
(17,563
)
 
(49,118
)
 

 
66,681

 

 

 

Distributions and other
 

 
(24
)
 
(1
)
 

 

 
(25
)
 
(532
)
 
(557
)
Balance at March 30, 2019
 
1,798

 
$
53,419

 
$
41,212

 
$
(3,786
)
 
$
(907
)
 
$
89,938

 
$
14,401

 
$
104,339