QUARTERLY FINANCIAL SUMMARY (Tables)

12 Months Ended

Sep. 28, 2019

Quarterly Financial Information Disclosure [Abstract]

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.