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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 29, 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 and Zip Code
(818) 560-1000
Registrant’s Telephone Number, Including Area Code
 
 
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
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  ☒    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  ☒    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
 
 
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  ☒
There were 1,801,379,029 shares of common stock outstanding as of July 31, 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
 
Nine Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Revenues:
 
 
 
 
 
 
 
Services
$
18,022

 
$
13,143

 
$
43,899

 
$
38,647

Products
2,223

 
2,086

 
6,571

 
6,481

Total revenues
20,245

 
15,229

 
50,470

 
45,128

Costs and expenses:
 
 
 
 
 
 
 
Cost of services (exclusive of depreciation and amortization)
(11,445
)
 
(7,124
)
 
(26,176
)
 
(20,761
)
Cost of products (exclusive of depreciation and amortization)
(1,374
)
 
(1,224
)
 
(4,020
)
 
(3,857
)
Selling, general, administrative and other
(3,362
)
 
(2,213
)
 
(7,844
)
 
(6,539
)
Depreciation and amortization
(1,304
)
 
(744
)
 
(2,864
)
 
(2,217
)
Total costs and expenses
(17,485
)
 
(11,305
)
 
(40,904
)
 
(33,374
)
Restructuring and impairment charges
(207
)
 

 
(869
)
 
(28
)
Other income/(expense), net
(123
)
 

 
4,840

 
94

Interest expense, net
(411
)
 
(143
)
 
(617
)
 
(415
)
Equity in the income / (loss) of investees, net
(1
)
 
73

 
(234
)
 
122

Income from continuing operations before income taxes
2,018

 
3,854

 
12,686

 
11,527

Income taxes from continuing operations
(395
)
 
(795
)
 
(2,687
)
 
(880
)
Net income from continuing operations
1,623

 
3,059

 
9,999

 
10,647

Income from discontinued operations (net of income taxes of $100, $0, $105 and $0, respectively)
359

 

 
380

 

Net income
1,982

 
3,059

 
10,379

 
10,647

Less: Net income from continuing operations attributable to noncontrolling and redeemable noncontrolling interests
(186
)
 
(143
)
 
(343
)
 
(371
)
Less: Net income from discontinued operations attributable to noncontrolling interests
(36
)
 

 
(36
)
 

Net income attributable to The Walt Disney Company (Disney)
$
1,760

 
$
2,916

 
$
10,000

 
$
10,276

 
 
 
 
 
 
 
 
Earnings per share attributable to Disney:
 
 
 
 
 
 
 
Continuing operations
$
0.79

 
$
1.95

 
$
5.98

 
$
6.81

Discontinued operations
0.18

 

 
0.21

 

Diluted(1)
$
0.97

 
$
1.95

 
$
6.19

 
$
6.81

 
 
 
 
 
 
 
 
Continuing operations
$
0.80

 
$
1.96

 
$
6.01

 
$
6.84

Discontinued operations
0.18

 

 
0.21

 

Basic(1)
$
0.98

 
$
1.96

 
$
6.22

 
$
6.84

 
 
 
 
 
 
 
 
Weighted average number of common and common equivalent shares outstanding:
 
 
 
 
 
 
 
Diluted
1,814

 
1,498

 
1,616

 
1,510

 
 
 
 
 
 
 
 
Basic
1,802

 
1,491

 
1,607

 
1,502

(1) 
Total may not equal the sum of the column due to rounding.
See Notes to Condensed Consolidated Financial Statements

2



THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited; in millions)
 

 
Quarter Ended
 
Nine Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Net income
$
1,982

 
$
3,059

 
$
10,379

 
$
10,647

Other comprehensive income/(loss), net of tax:
 
 
 
 
 
 
 
Market value adjustments for investments
3

 
1

 
(1
)
 
7

Market value adjustments for hedges
(15
)
 
260

 
(104
)
 
166

Pension and postretirement medical plan adjustments
24

 
70

 
145

 
225

Foreign currency translation and other
20

 
(363
)
 
45

 
(132
)
Other comprehensive income
32

 
(32
)
 
85

 
266

Comprehensive income
2,014

 
3,027

 
10,464

 
10,913

Net income attributable to noncontrolling and redeemable noncontrolling interests
(222
)
 
(143
)
 
(379
)
 
(371
)
Other comprehensive income attributable to noncontrolling and redeemable noncontrolling interests
33

 
115

 
(3
)
 

Comprehensive income attributable to Disney
$
1,825

 
$
2,999

 
$
10,082

 
$
10,542


See Notes to Condensed Consolidated Financial Statements





3


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except per share data)
 
June 29,
2019
 
September 29,
2018
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
6,728

 
$
4,150

Receivables
15,673

 
9,334

Inventories
1,516

 
1,392

Television costs and advances
4,526

 
1,314

Other current assets
1,035

 
635

Assets held for sale
1,892

 

Total current assets
31,370

 
16,825

Film and television costs
22,552

 
7,888

Investments
3,872

 
2,899

Parks, resorts and other property
 
 
 
Attractions, buildings and equipment
57,457

 
55,238

Accumulated depreciation
(32,088
)
 
(30,764
)
 
25,369

 
24,474

Projects in progress
4,853

 
3,942

Land
1,170

 
1,124

 
31,392

 
29,540

Intangible assets, net
25,114

 
6,812

Goodwill
77,801

 
31,269

Noncurrent assets held for sale
12,591

 

Other assets
4,783

 
3,365

Total assets
$
209,475

 
$
98,598

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current liabilities
 
 
 
Accounts payable and other accrued liabilities
$
17,647

 
$
9,479

Current portion of borrowings
21,923

 
3,790

Deferred revenue and other
4,730

 
4,591

Liabilities held for sale
293

 

Total current liabilities
44,593

 
17,860

Borrowings
36,311

 
17,084

Deferred income taxes
10,404

 
3,109

Noncurrent liabilities held for sale
2,353

 

Other long-term liabilities
10,561

 
6,590

Commitments and contingencies (Note 13)


 


Redeemable noncontrolling interests
8,897

 
1,123

Equity
 
 
 
Preferred stock

 

Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares at
June 29, 2019 and 2.9 billion shares at September 29, 2018
53,718

 
36,779

Retained earnings
41,382

 
82,679

Accumulated other comprehensive loss
(3,721
)
 
(3,097
)
Treasury stock, at cost, 19 million shares at June 29, 2019 and 1.4 billion shares at September 29, 2018
(907
)
 
(67,588
)
Total Disney Shareholders’ equity
90,472

 
48,773

Noncontrolling interests
5,884

 
4,059

Total equity
96,356

 
52,832

Total liabilities and equity
$
209,475

 
$
98,598

See Notes to Condensed Consolidated Financial Statements

4



THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
 
Nine Months Ended
 
June 29,
2019
 
June 30,
2018
OPERATING ACTIVITIES
 
 
 
Net income from continuing operations
$
9,999

 
$
10,647

Depreciation and amortization
2,864

 
2,217

Gain on acquisition
(4,794
)
 

Deferred income taxes
1,716

 
(1,411
)
Equity in the (income) / loss of investees
234


(122
)
Cash distributions received from equity investees
548

 
587

Net change in film and television costs and advances
59

 
(601
)
Equity-based compensation
591

 
307

Other
152

 
297

Changes in operating assets and liabilities, net of business acquisitions:
 
 
 
Receivables
(1,428
)
 
(1,178
)
Inventories
(96
)
 
53

Other assets
450

 
(472
)
Accounts payable and other liabilities
219

 
(316
)
Income taxes
(6,248
)
 
434

Cash provided by operations - continuing operations
4,266

 
10,442

 
 
 
 
INVESTING ACTIVITIES
 
 
 
Investments in parks, resorts and other property
(3,567
)
 
(3,264
)
Acquisitions
(9,901
)
 
(1,581
)
Other
(317
)
 
(298
)
Cash used in investing activities - continuing operations
(13,785
)
 
(5,143
)
 
 
 
 
FINANCING ACTIVITIES
 
 
 
Commercial paper borrowings, net
2,973

 
453

Borrowings
31,348

 
1,056

Reduction of borrowings
(19,039
)
 
(1,356
)
Dividends
(1,310
)
 
(1,266
)
Repurchases of common stock

 
(3,577
)
Proceeds from exercise of stock options
278

 
129

Contributions from / sales of noncontrolling interests
544

 
363

Acquisition of noncontrolling and redeemable noncontrolling interests
(1,430
)


Other
(831
)
 
(783
)
Cash provided by / (used in) financing activities - continuing operations
12,533

 
(4,981
)
 
 
 
 
CASH FLOWS FROM DISCONTINUED OPERATIONS
 
 
 
Cash provided by operations - discontinued operations
320

 

Cash used in financing activities - discontinued operations
(179
)
 

Cash used in discontinued operations
141

 

 
 
 
 
Impact of exchange rates on cash, cash equivalents and restricted cash
47

 
(51
)
 
 
 
 
Change in cash, cash equivalents and restricted cash
3,202

 
267

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

 
4,064

Cash, cash equivalents and restricted cash, end of period
$
7,357

 
$
4,331

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 March 30, 2019
 
1,798

 
$
53,419

 
$
41,212

 
$
(3,786
)
 
$
(907
)
 
$
89,938

 
$
14,401

 
$
104,339

Comprehensive income
 

 

 
1,760

 
65

 

 
1,825

 
128

 
1,953

Equity compensation activity
 
3

 
323

 

 

 

 
323

 

 
323

Dividends
 

 

 
(1,585
)
 

 

 
(1,585
)
 

 
(1,585
)
Contributions