
	Quarter Ended March 28, 2020
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
Affiliate fees	$	3,746	$	—	$	—	$	957	$	(186)	$	4,517
Advertising	1,703		1		—		1,081		—		2,785
Theme park admissions	—		1,554		—		—		—		1,554
Resort and vacations	—		1,377		—		—		—		1,377
Retail and wholesale sales of merchandise, food and beverage	—		1,584		—		—		—		1,584
TV/SVOD distribution licensing	1,700		—		1,112		163		(1,267)		1,708
Theatrical distribution licensing	—		—		603		—		—		603
Merchandise licensing	—		591		117		8		—		716
Subscription fees	—		—		—		1,796		—		1,796
Home entertainment	—		—		427		19		—		446
Other	108		436		280		99		—		923
Total revenues	$	7,257	$	5,543	$	2,539	$	4,123	$	(1,453)	$	18,009


	Quarter Ended March 30, 2019
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
Affiliate fees	$	3,234	$	—	$	—	$	412	$	(12)	$	3,634
Advertising	1,624		1		—		454		—		2,079
Theme park admissions	—		1,768		—		—		—		1,768
Resort and vacations	—		1,503		—		—		—		1,503
Retail and wholesale sales of merchandise, food and beverage	—		1,768		—		—		—		1,768
TV/SVOD distribution licensing	745		—		718		23		(222)		1,264
Theatrical distribution licensing	—		—		752		—		—		752
Merchandise licensing	—		637		126		13		—		776
Subscription fees	—		—		—		153		—		153
Home entertainment	—		—		270		21		—		291
Other	80		494		291		69		—		934
Total revenues	$	5,683	$	6,171	$	2,157	$	1,145	$	(234)	$	14,922


	Six Months Ended March 28, 2020
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
Affiliate fees	$	7,394	$	—	$	—	$	1,910	$	(360)	$	8,944
Advertising	3,726		3		—		2,448		—		6,177
Theme park admissions	—		3,621		—		—		—		3,621
Resort and vacations	—		3,008		—		—		—		3,008
Retail and wholesale sales of merchandise, food and beverage	—		3,897		—		—		—		3,897
TV/SVOD distribution licensing	3,238		—		2,474		366		(2,743)		3,335
Theatrical distribution licensing	—		—		2,011		—		—		2,011
Merchandise licensing	—		1,455		301		16		—		1,772
Subscription fees	—		—		—		3,122		—		3,122
Home entertainment	—		—		938		46		—		984
Other	260		955		579		202		—		1,996
Total revenues	$	14,618	$	12,939	$	6,303	$	8,110	$	(3,103)	$	38,867


	Six Months Ended March 30, 2019
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
Affiliate fees	$	6,309	$	—	$	—	$	735	$	(12)	$	7,032
Advertising	3,647		3		—		871		—		4,521
Theme park admissions	—		3,701		—		—		—		3,701
Resort and vacations	—		3,034		—		—		—		3,034
Retail and wholesale sales of merchandise, food and beverage	—		3,890		—		—		—		3,890
TV/SVOD distribution licensing	1,467		—		1,323		57		(406)		2,441
Theatrical distribution licensing	—		—		1,125		—		—		1,125
Merchandise licensing	—		1,378		280		28		—		1,686
Subscription fees	—		—		—		186		—		186
Home entertainment	—		—		695		49		—		744
Other	181		989		558		137		—		1,865
Total revenues	$	11,604	$	12,995	$	3,981	$	2,063	$	(418)	$	30,225


	Quarter Ended March 28, 2020
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
United States and Canada	$	6,805	$	4,567	$	1,264	$	2,408	$	(1,207)	$	13,837
Europe	383		523		714		436		(172)		1,884
Asia Pacific	49		405		399		657		(12)		1,498
Latin America	20		48		162		622		(62)		790
Total revenues	$	7,257	$	5,543	$	2,539	$	4,123	$	(1,453)	$	18,009


	Quarter Ended March 30, 2019
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
United States and Canada	$	5,438	$	4,689	$	1,074	$	320	$	(205)	$	11,316
Europe	148		631		576		184		(23)		1,516
Asia Pacific	69		800		388		245		(6)		1,496
Latin America	28		51		119		396		—		594
Total revenues	$	5,683	$	6,171	$	2,157	$	1,145	$	(234)	$	14,922


	Six Months Ended March 28, 2020
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
United States and Canada	$	13,746	$	10,275	$	3,245	$	4,568	$	(2,671)	$	29,163
Europe	590		1,415		1,687		922		(234)		4,380
Asia Pacific	195		1,137		1,024		1,364		(136)		3,584
Latin America	87		112		347		1,256		(62)		1,740
Total revenues	$	14,618	$	12,939	$	6,303	$	8,110	$	(3,103)	$	38,867


	Six Months Ended March 30, 2019
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
United States and Canada	$	11,126	$	9,831	$	2,112	$	545	$	(369)	$	23,245
Europe	290		1,485		989		373		(38)		3,099
Asia Pacific	132		1,562		674		379		(11)		2,736
Latin America	56		117		206		766		—		1,145
Total revenues	$	11,604	$	12,995	$	3,981	$	2,063	$	(418)	$	30,225

Revenues recognized in the current and prior-year periods 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 March 28, 2020, $733 million was recognized related to performance obligations satisfied as of December 28, 2019. For the six months ended March 28, 2020, $771 million was recognized related to performance obligations satisfied as of September 28, 2019. For the quarter ended March 30, 2019, $363 million was recognized related to performance obligations satisfied as of December 29, 2018. For the six months ended March 30, 2019, $408 million was recognized related to performance obligations satisfied as of September 29, 2018.

As of March 28, 2020, revenue for unsatisfied performance obligations expected to be recognized in the future is $17 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 $4 billion in the remainder of fiscal 2020, $5 billion in fiscal 2021, $4 billion in fiscal 2022 and $4 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:


	March 28, 2020		September 28, 2019
Contract assets	$	112	$	150


Accounts Receivable
Current	12,322		12,755
Non-current	1,737		1,962
Allowance for credit losses	(535)		(375)
Deferred revenues
Current	4,276		4,050
Non-current	636		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 was not material. The allowance for credit losses increased from $375 million at September 28, 2019 to $535 million at March 28, 2020 due to additional provisions in the period.

For the quarter and six months ended March 28, 2020, the Company recognized revenues of $0.8 billion and $2.9 billion, respectively, primarily related to theme park admissions, vacation packages and licensing advances included in the deferred revenue balance at September 28, 2019. For the quarter and six months ended March 30, 2019, the Company recognized revenues of $0.7 billion and $2.3 billion, respectively, primarily related to theme park admissions and vacation packages included in the deferred revenue balance at September 30, 2018.

The Company estimates the allowance for credit losses related to receivables from the sale of film and television programs based upon a number of factors, including historical experience and the financial condition of individual companies with which we do business. The balance of film and television program sales receivables recorded in other non-current assets, net of an immaterial allowance for credit losses, was $1.1 billion as of March 28, 2020. The activity in the allowance for credit loss for the quarter and six-month period ended March 28, 2020 was not material.

The Company estimates the allowance for credit losses related to receivables from sales of its vacation club properties based primarily on historical collection experience. Estimates of uncollectible amounts also consider the economic environment and the age of receivables. The balance of mortgage receivables recorded in other non-current assets, net of an immaterial allowance for credit losses, was $0.8 billion as of March 28, 2020. The activity in the allowance for credit loss for the quarter and six-month period ended March 28, 2020 was not material.

The Company has $14.1 billion in trade accounts receivable outstanding at March 28, 2020, with an allowance for credit losses of $0.5 billion. We evaluate our allowance for credit losses and estimate collectability of accounts receivable based on our analysis of historical bad debt experience in conjunction with our assessment of the financial condition of individual companies with which we do business. In times of domestic or global economic turmoil, including COVID-19, our estimates and judgments with respect to the collectability of our receivables are subject to greater uncertainty than in more stable periods.