Investments

12 Months Ended

Sep. 28, 2019

Investments [Abstract]

Investments

Investments

Investments consist of the following: 

	September 28, 2019		September 29, 2018
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, 2019		September 29, 2018		September 30, 2017
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.