Revenues

3 Months Ended

Dec. 28, 2019

Revenue from Contract with Customer [Abstract]

Revenues

The following table presents our revenues by segment and major source:


	Quarter Ended December 28, 2019
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
Affiliate fees	$	3,648	$	—	$	—	$	953	$	(174)	$	4,427
Advertising	2,023		2		—		1,367		—		3,392
Theme park admissions	—		2,067		—		—		—		2,067
Resort and vacations	—		1,631		—		—		—		1,631
Retail and wholesale sales of merchandise, food and beverage	—		2,313		—		—		—		2,313
TV/SVOD distribution licensing	1,538		—		1,362		203		(1,476)		1,627
Theatrical distribution licensing	—		—		1,408		—		—		1,408
Merchandise licensing	—		864		184		8		—		1,056
Subscription fees	—		—		—		1,326		—		1,326
Home entertainment	—		—		511		27		—		538
Other	152		519		299		103		—		1,073
Total revenues	$	7,361	$	7,396	$	3,764	$	3,987	$	(1,650)	$	20,858


	Quarter Ended December 29, 2018
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
Affiliate fees	$	3,075	$	—	$	—	$	323	$	—	$	3,398
Advertising	2,023		2		—		417		—		2,442
Theme park admissions	—		1,933		—		—		—		1,933
Resort and vacations	—		1,531		—		—		—		1,531
Retail and wholesale sales of merchandise, food and beverage	—		2,122		—		—		—		2,122
TV/SVOD distribution licensing	722		—		605		34		(184)		1,177
Theatrical distribution licensing	—		—		373		—		—		373
Merchandise licensing	—		741		154		15		—		910
Subscription fees	—		—		—		33		—		33
Home entertainment	—		—		425		28		—		453
Other	101		495		267		68		—		931
Total revenues	$	5,921	$	6,824	$	1,824	$	918	$	(184)	$	15,303

The following table presents our revenues by segment and primary geographical markets:


	Quarter Ended December 28, 2019
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
United States and Canada	$	6,941	$	5,708	$	1,981	$	2,160	$	(1,464)	$	15,326
Europe	207		892		973		486		(62)		2,496
Asia Pacific	146		732		625		707		(124)		2,086
Latin America	67		64		185		634		—		950
Total revenues	$	7,361	$	7,396	$	3,764	$	3,987	$	(1,650)	$	20,858


	Quarter Ended December 29, 2018
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
United States and Canada	$	5,688	$	5,142	$	1,038	$	225	$	(164)	$	11,929
Europe	142		854		413		189		(15)		1,583
Asia Pacific	63		762		286		134		(5)		1,240
Latin America	28		66		87		370		—		551
Total revenues	$	5,921	$	6,824	$	1,824	$	918	$	(184)	$	15,303

Revenues recognized in the current and prior-year quarter 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 the quarter ended December 28, 2019, $468 million was recognized related to performance obligations satisfied as of September 28, 2019. For the quarter ended December 29, 2018, $378 million was recognized related to performance obligations satisfied as of September 29, 2018.

As of December 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 $5 billion in the remainder of fiscal 2020, $5 billion in fiscal 2021, $3 billion in fiscal 2022 and $3 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.

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:


	December 28, 2019		September 28, 2019
Contract assets	$	134	$	125


Accounts Receivable
Current	14,452		12,755
Non-current	1,891		1,987
Allowance for doubtful accounts	(406)		(327)
Deferred revenues
Current	4,446		4,050
Non-current	676		619

Contract assets primarily relate to certain multi-season TV/SVOD licensing contracts. Activity for the current and prior-year quarters related to contract assets and allowance for doubtful accounts was not material.

For the quarter ended December 28, 2019, the Company recognized revenues of $2.1 billion primarily related to theme park admissions, vacation packages and licensing advances included in the deferred revenue balance at September 28, 2019. For the quarter ended December 29, 2018, the Company recognized revenues of $1.6 billion primarily related to theme park admissions and vacation packages included in the deferred revenue balance at September 30, 2018.