Segment Information (Tables)

6 Months Ended

Mar. 28, 2020

Financial Information by Operating Segments

Segment revenues and segment operating income are as follows:

	Quarter Ended				Six Months Ended
	March 28, 2020		March 30, 2019		March 28, 2020		March 30, 2019
Revenues:
Media Networks	$	7,257	$	5,683	$	14,618	$	11,604
Parks, Experiences and Products(1)	5,543		6,171		12,939		12,995
Studio Entertainment(1)	2,539		2,157		6,303		3,981
Direct-to-Consumer & International	4,123		1,145		8,110		2,063
Eliminations(2)	(1,453)		(234)		(3,103)		(418)
	$	18,009	$	14,922	$	38,867	$	30,225
Segment operating income (loss):
Media Networks	$	2,375	$	2,230	$	4,005	$	3,560
Parks, Experiences and Products(1)	639		1,506		2,977		3,658
Studio Entertainment(1)	466		506		1,414		815
Direct-to-Consumer & International	(812)		(385)		(1,505)		(521)
Eliminations(2)	(252)		(41)		(473)		(41)
	$	2,416	$	3,816	$	6,418	$	7,471

⁽¹⁾The allocation of Parks, Experiences and Products revenues to Studio Entertainment was $117 million and $126 million for the quarters ended March 28, 2020 and March 30, 2019, respectively, and $301 million and $280 million for the six months ended March 28, 2020 and March 30, 2019, respectively.

⁽²⁾Intersegment eliminations are as follows:

	Quarter Ended				Six Months Ended
(in millions)	March 28, 2020		March 30, 2019		March 28, 2020		March 30, 2019
Revenues:
Studio Entertainment:
Content transactions with Media     Networks	$	(58)	$	(13)	$	(111)	$	(34)
Content transactions with Direct-to-Consumer & International	(461)		(82)		(1,146)		(100)
Media Networks:
Content transactions with Direct-to-Consumer & International	(934)		(139)		(1,846)		(284)
	$	(1,453)	$	(234)	$	(3,103)	$	(418)
Operating income:
Studio Entertainment:
Content transactions with Media     Networks	$	(10)	$	5	$	(10)	$	5
Content transactions with Direct-to-Consumer & International	(157)		(46)		(273)		(44)
Media Networks:
Content transactions with Direct-to-Consumer & International	(85)		—		(190)		(2)
	$	(252)	$	(41)	$	(473)	$	(41)

Equity In Income of Investees By Segment

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

	Quarter Ended				Six Months Ended
	March 28, 2020		March 30, 2019		March 28, 2020		March 30, 2019
Media Networks	$	179	$	182	$	372	$	361
Parks, Experiences and Products	(6)		—		(9)		(12)
Direct-to-Consumer & International	(30)		(138)		12		(229)
Equity in the income of investees included in segment operating income	143		44		375		120
Vice impairment (1)	—		(353)		—		(353)
Amortization of TFCF intangible assets related to equity investees	(8)		—		(16)		—
Equity in the income / (loss) of investees, net	$	135	$	(309)	$	359	$	(233)

⁽¹⁾ Reflects the impairment of Vice Group Holdings, Inc.

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				Six Months Ended
	March 28, 2020		March 30, 2019		March 28, 2020		March 30, 2019
Segment operating income	$	2,416	$	3,816	$	6,418	$	7,471
Corporate and unallocated shared expenses	(188)		(279)		(425)		(440)
Restructuring and impairment charges	(145)		(662)		(295)		(662)
Other income	—		4,963		—		4,963
Interest expense, net	(300)		(143)		(583)		(206)
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(1)	(723)		(105)		(1,423)		(105)
Vice impairment	—		(353)		—		(353)
Income from continuing operations before income taxes	$	1,060	$	7,237	$	3,692	$	10,668

⁽¹⁾For the quarter ended March 28, 2020 amortization of intangible assets, step-up of film and television costs and intangibles related to TFCF equity investees were $498 million, $217 million and $8 million, respectively. For the six months ended March 28, 2020 amortization of intangible assets, step-up of film and television costs and intangibles related to TFCF equity investees were $984 million, $423 million and $16 million, respectively. For the quarter and six months ended March 30, 2019 amortization of intangible assets and step-up of film and television costs were $73 million and $32 million, respectively.