XML 75 R28.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

3 Months Ended

Dec. 28, 2019

Financial Information by Operating Segments

Segment revenues and segment operating income are as follows:


	Quarter Ended
	December 28, 2019		December 29, 2018
Revenues:
Media Networks	$	7,361	$	5,921
Parks, Experiences and Products⁽¹⁾	7,396		6,824
Studio Entertainment⁽¹⁾	3,764		1,824
Direct-to-Consumer & International	3,987		918

Eliminations⁽²⁾	(1,650)		(184)
	$	20,858	$	15,303
Segment operating income (loss):
Media Networks	$	1,630	$	1,330
Parks, Experiences and Products⁽¹⁾	2,338		2,152
Studio Entertainment⁽¹⁾	948		309
Direct-to-Consumer & International	(693)		(136)

Eliminations⁽²⁾	(221)		—
	$	4,002	$	3,655

⁽¹⁾The allocation of Parks, Experiences and Products revenues to Studio Entertainment was $184 million and $154 million for the quarters ended December 28, 2019 and December 29, 2018, respectively.

⁽²⁾Intersegment eliminations are as follows:


	Quarter Ended
(in millions)	December 28, 2019		December 29, 2018
Revenues:

Studio Entertainment:
Content transactions with Media Networks	$	(53)	$	(21)
Content transactions with Direct-to-Consumer & International	(685)		(18)
Media Networks:
Content transactions with Direct-to-Consumer & International	(912)		(145)


	$	(1,650)	$	(184)

Operating income:

Studio Entertainment:
Content transactions with Media Networks	$	—	$	—
Content transactions with Direct-to-Consumer & International	(116)		2
Media Networks:
Content transactions with Direct-to-Consumer & International	(105)		(2)


	$	(221)	$	—

Equity In Income of Investees By Segment

Equity in the income/(loss) of investees is included in segment operating income as follows:


	Quarter Ended
	December 28, 2019		December 29, 2018
Media Networks	$	193	$	179
Parks, Experiences and Products	(3)		(12)

Direct-to-Consumer & International	42		(91)
Equity in the income of investees included in segment operating income	232		76

Amortization of TFCF intangible assets related to equity investees	(8)		—
Equity in the income (loss) of investees, net	$	224	$	76

Reconciliation of Segment Operating Income to Income before Income Taxes

A reconciliation of segment operating income to income from continuing operations before income taxes is as follows:


	Quarter Ended
	December 28, 2019		December 29, 2018
Segment operating income	$	4,002	$	3,655
Corporate and unallocated shared expenses	(237)		(161)
Restructuring and impairment charges	(150)		—

Interest expense, net	(283)		(63)
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs⁽¹⁾	(700)		—


Income from continuing operations before income taxes	$	2,632	$	3,431

⁽¹⁾For the quarter ended December 28, 2019 amortization of intangible assets, step-up of film and television costs and intangibles related to TFCF equity investees were $486 million, $206 million and $8 million, respectively.