Restructuring and Impairment Charges

3 Months Ended

Dec. 28, 2019

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

Restructuring and Impairment ChargesIn fiscal 2019, the Company implemented a restructuring and integration plan as a part of its initiative to realize cost synergies from the acquisition of TFCF. We expect to substantially complete the restructuring plan by the end of fiscal 2021. In connection with this plan, during the quarter ended December 28, 2019, the Company recorded $150 million of restructuring and impairment charges, which included $138 million of severance and vendor contract termination costs. To date, we have recorded restructuring charges of $1.3 billion, including $1.0 billion related to severance (including employee contract terminations) in connection with the plan and $0.3 billion of equity based compensation costs, primarily for TFCF awards that were accelerated to vest upon the closing of the TFCF acquisition. Integration efforts are still underway and we anticipate that the total severance costs will be on the order of $1.5 billion. The Company currently expects other remaining restructuring costs will not be material.

The changes in restructuring reserves related to TFCF integration plan for fiscal 2019 and the quarter ended December 28, 2019 are as follows:

Balance at September 29, 2018	$	—
Additions for fiscal 2019:
Media Networks	90
Parks, Experiences and Products	11
Studio Entertainment	197
Direct-to-Consumer & International	426
Corporate	182
Total additions for fiscal 2019	906
Payments in fiscal 2019	(230)
Balance at September 28, 2019	$	676
Additions for the quarter ended December 28, 2019:
Media Networks	3
Parks, Experiences and Products	6
Studio Entertainment	19
Direct-to-Consumer & International	93
Corporate	17
Total addition for the quarter ended December 28, 2019	138
Payments in the quarter ended December 28, 2019	(214)
Balance at December 28, 2019:	$	600