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Condensed ConsolidatingFinancial Information
 3 Months Ended
Dec. 28, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidated Financial Statements Condensed Consolidating Financial Information
TWDC has provided a full and unconditional guarantee of public debt held by one of its subsidiaries, TWDC Enterprises 18 Corp. (“Legacy Disney”). In addition, Legacy Disney has provided a full and unconditional guarantee of debt held by TWDC.
Set forth below are condensed consolidating financial statements presenting the results of operations, financial position and cash flows of TWDC, Legacy Disney and non-guarantor subsidiaries on a combined basis along with eliminations necessary to arrive at the reported information on a consolidated basis. This condensed consolidating financial information has been prepared and presented pursuant to the Securities and Exchange Commission Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or being Registered.” This information is not intended to present the financial position, results of operations and cash flows of the individual companies or groups of companies in accordance with U.S. GAAP. Eliminations represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions.
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Quarter Ended December 28, 2019
(unaudited; in millions)
TWDCLegacy DisneyNon-Guarantor SubsidiariesReclassifications & EliminationsTotal
Revenues$—  $—  $20,780  $78  $20,858  
Costs and expenses
Operating expenses—  —  (13,016) —  (13,016) 
Selling, general, administrative and other—  (126) (3,577) —  (3,703) 
Depreciation and amortization—  —  (1,298) —  (1,298) 
Total costs and expenses—  (126) (17,891) —  (18,017) 
Restructuring and impairment charges—  —  (150) —  (150) 
Allocations to non-guarantor subsidiaries(2) 118  (116) —  —  
Other income (expense), net(1) (2) 81  (78) —  
Interest income (expense), net(313) (104) 134  —  (283) 
Equity in the income (loss) of investees, net—  —  224  —  224  
Income from continuing operations before income taxes
(316) (114) 3,062  —  2,632  
Income taxes from continuing operations55  20  (534) —  (459) 
Earnings from subsidiary entities2,394  2,488  —  (4,882) —  
Net income from continuing operations2,133  2,394  2,528  (4,882) 2,173  
Income (loss) from discontinued operations
(26) (26) (26) 52  (26) 
Net income2,107  2,368  2,502  (4,830) 2,147  
Less: Net income from continuing operations attributable to noncontrolling interests
—  —  (40) —  (40) 
Net income excluding noncontrolling interests
$2,107  $2,368  $2,462  $(4,830) $2,107  
Comprehensive income excluding noncontrolling interests
$2,191  $2,556  $2,549  $(5,105) $2,191  
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Quarter Ended December 29, 2018
(unaudited; in millions)
TWDCLegacy DisneyNon-Guarantor SubsidiariesReclassifications & EliminationsTotal
Revenues$—  $—  $15,248  $55  $15,303  
Costs and expenses
Operating expenses—  —  (9,001) —  (9,001) 
Selling, general, administrative and other—  (141) (2,011) —  (2,152) 
Depreciation and amortization—  —  (732) —  (732) 
Total costs and expenses—  (141) (11,744) —  (11,885) 
Allocations to non-guarantor subsidiaries—  127  (127) —  —  
Other income (expense), net—  76  (21) (55) —  
Interest income (expense), net(65) (125) 127  —  (63) 
Equity in the income (loss) of investees, net—  —  76  —  76  
Income before taxes(65) (63) 3,559  —  3,431  
Income taxes12  12  (669) —  (645) 
Earnings from subsidiary entities—  2,839  —  (2,839) —  
Net income(53) 2,788  2,890  (2,839) 2,786  
Less: Net income attributable to noncontrolling interests
—  —  2  —  2  
Net income excluding noncontrolling interests$(53) $2,788  $2,892  $(2,839) $2,788  
Comprehensive income excluding noncontrolling interests$(53) $2,809  $2,853  $(2,800) $2,809  
CONDENSED CONSOLIDATING BALANCE SHEET
As of December 28, 2019
(unaudited; in millions)
TWDCLegacy DisneyNon-Guarantor SubsidiariesReclassifications & EliminationsTotal
ASSETS
Current assets
Cash and cash equivalents$978  $—  $5,855  $—  $6,833  
Receivables, net303  —  16,797  —  17,100  
Inventories—  4  1,567  —  1,571  
Licensed content costs and advances—  —  1,334  —  1,334  
Other current assets30  1  907  —  938  
Total current assets1,311  5  26,460  —  27,776  
Produced and licensed content costs—  —  26,539  —  26,539  
Investments in subsidiaries
128,748  283,789  —  (412,537) —  
Other investments—  —  3,312  —  3,312  
Parks, resorts and other property, net—  8  31,887  —  31,895  
Intangible assets, net—  —  22,669  —  22,669  
Goodwill—  —  80,314  —  80,314  
Intercompany receivables—  —  143,037  (143,037) —  
Other assets225  1,003  8,341  (1,126) 8,443  
Total assets$130,284  $284,805  $342,559  $(556,700) $200,948  
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities$1,898  $197  $17,660  $—  $19,755  
Current portion of borrowings6,915  3,007  96  —  10,018  
Deferred revenues and other77  9  4,938  —  5,024  
Total current liabilities8,890  3,213  22,694  —  34,797  
Non-current liabilities
Borrowings23,060  13,044  1,953  —  38,057  
Deferred income taxes—  —  9,490  (1,126) 8,364  
Other long-term liabilities711  4,629  10,588  —  15,928  
Intercompany payables7,866  135,171  —  (143,037) —  
Total non-current liabilities31,637  152,844  22,031  (144,163) 62,349  
Redeemable noncontrolling interests—  —  9,029  —  9,029  
Total Disney Shareholders’ equity89,757  128,748  283,789  (412,537) 89,757  
Noncontrolling interests—  —  5,016  —  5,016  
Total equity89,757  128,748  288,805  (412,537) 94,773  
Total liabilities and equity$130,284  $284,805  $342,559  $(556,700) $200,948  
CONDENSED CONSOLIDATING BALANCE SHEET
As of September 28, 2019
(unaudited; in millions)
TWDCLegacy DisneyNon-Guarantor SubsidiariesReclassifications & EliminationsTotal
ASSETS
Current assets
Cash and cash equivalents$554  $—  $4,864  $—  $5,418  
Receivables, net499  1  14,981  —  15,481  
Inventories—  4  1,645  —  1,649  
Licensed content costs and advances—  —  4,597  —  4,597  
Other current assets83  4  898  (6) 979  
Total current assets1,136  9  26,985  (6) 28,124  
Produced and licensed content costs—  —  22,810  —  22,810  
Investments in subsidiaries125,999  281,041  —  (407,040) —  
Other investments—  —  3,224  —  3,224  
Parks, resorts and other property, net—  8  31,595  —  31,603  
Intangible assets, net—  —  23,215  —  23,215  
Goodwill—  —  80,293  —  80,293  
Intercompany receivables—  —  143,574  (143,574) —  
Other assets314  1,076  4,541  (1,216) 4,715  
Total assets$127,449  $282,134  $336,237  $(551,836) $193,984  
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities$371  $279  $17,112  $—  $17,762  
Current portion of borrowings5,721  3,007  129  —  8,857  
Deferred revenues and other—  27  4,701  (6) 4,722  
Total current liabilities6,092  3,313  21,942  (6) 31,341  
Non-current liabilities
Borrowings23,182  13,061  1,886  —  38,129  
Deferred income taxes—  —  9,118  (1,216) 7,902  
Other long-term liabilities859  4,626  8,275  —  13,760  
Intercompany payables8,439  135,135  —  (143,574) —  
Total non-current liabilities32,480  152,822  19,279  (144,790) 59,791  
Redeemable noncontrolling interests—  —  8,963  —  8,963  
Total Disney Shareholders’ equity88,877  125,999  281,041  (407,040) 88,877  
Noncontrolling interests—  —  5,012  —  5,012  
Total equity88,877  125,999  286,053  (407,040) 93,889  
Total liabilities and equity$127,449  $282,134  $336,237  $(551,836) $193,984  
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Quarter Ended December 28, 2019
(unaudited; in millions)
TWDCLegacy DisneyNon-Guarantor SubsidiariesReclassifications & EliminationsTotal
OPERATING ACTIVITIES
Cash provided by operations$(258) $(30) $1,918  $—  $1,630  
INVESTING ACTIVITIES
Investments in parks, resorts and other property
—  —  (1,338) —  (1,338) 
Other—  —  (12) —  (12) 
Cash used in investing activities—  —  (1,350) —  (1,350) 
FINANCING ACTIVITIES
Commercial paper, net
1,172  —  —  —  1,172  
Borrowings—  —  51  —  51  
Reduction of borrowings—  —  (46) —  (46) 
Proceeds from exercise of stock options126  —  —  —  126  
Intercompany financing, net(441) 30  411  —  —  
Other(175) —  (11) —  (186) 
Cash used in financing activities682  30  405  —  1,117  
Discontinued operations—  —  (19) —  (19) 
Impact of exchange rates on cash, cash equivalents and restricted cash
—  —  41  —  41  
Change in cash, cash equivalents and restricted cash
424  —  995  —  1,419  
Cash, cash equivalents and restricted cash, beginning of year
554  —  4,901  —  5,455  
Cash, cash equivalents and restricted cash, end of period
$978  $—  $5,896  $—  $6,874  
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Quarter Ended December 29, 2018
(unaudited; in millions)
TWDCLegacy DisneyNon-Guarantor SubsidiariesReclassifications & EliminationsTotal
OPERATING ACTIVITIES
Cash provided by operations$(20) $135  $1,984  $—  $2,099  
INVESTING ACTIVITIES
Investments in parks, resorts and other property
—  —  (1,195) —  (1,195) 
Intercompany investing activities, net—  (11) —  11  —  
Other—  —  (141) —  (141) 
Cash used in investing activities—  (11) (1,336) 11  (1,336) 
FINANCING ACTIVITIES
Commercial paper, net
—  (302) —  —  (302) 
Proceeds from exercise of stock options—  37  —  —  37  
Intercompany financing, net20  75  (84) (11) —  
Other—  (125) (21) —  (146) 
Cash used in financing activities20  (315) (105) (11) (411) 
Impact of exchange rates on cash, cash equivalents and restricted cash
—  —  (44) —  (44) 
Change in cash, cash equivalents and restricted cash
—  (191) 499  —  308  
Cash, cash equivalents and restricted cash, beginning of year
—  1,367  2,788  —  4,155  
Cash, cash equivalents and restricted cash, end of period
$—  $1,176  $3,287  $—  $4,463