
	Quarter Ended June 27, 2020
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
Affiliate fees	$	3,647	$	—	$	—	$	848	$	(191)	$	4,304
Advertising	1,115		1		—		786		—		1,902
Theme park admissions	—		34		—		—		—		34
Resort and vacations	—		80		—		—		—		80
Retail and wholesale sales of merchandise, food and beverage	—		264		—		—		—		264
TV/SVOD distribution licensing	1,675		—		1,058		116		(1,282)		1,567
Theatrical distribution licensing	—		—		51		—		—		51
Merchandise licensing	—		438		82		8		—		528
Subscription fees	—		—		—		2,129		—		2,129
Home entertainment	—		—		395		21		—		416
Other	125		166		152		61		—		504
Total revenues	$	6,562	$	983	$	1,738	$	3,969	$	(1,473)	$	11,779


	Quarter Ended June 29, 2019
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
Affiliate fees	$	3,564	$	—	$	—	$	1,006	$	(108)	$	4,462
Advertising	1,874		—		—		1,492		—		3,366
Theme park admissions	—		1,956		—		—		—		1,956
Resort and vacations	—		1,610		—		—		—		1,610
Retail and wholesale sales of merchandise, food and beverage	—		1,877		—		—		—		1,877
TV/SVOD distribution licensing	1,150		—		746		219		(629)		1,486
Theatrical distribution licensing	—		—		2,240		—		—		2,240
Merchandise licensing	—		631		126		12		—		769
Subscription fees	—		—		—		950		—		950
Home entertainment	—		—		432		24		—		456
Other	125		501		292		172		—		1,090
Total revenues	$	6,713	$	6,575	$	3,836	$	3,875	$	(737)	$	20,262


	Nine Months Ended June 27, 2020
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
Affiliate fees	$	11,041	$	—	$	—	$	2,783	$	(551)	$	13,273
Advertising	4,841		4		—		3,244		—		8,089
Theme park admissions	—		3,655		—		—		—		3,655
Resort and vacations	—		3,088		—		—		—		3,088
Retail and wholesale sales of merchandise, food and beverage	—		4,161		—		—		—		4,161
TV/SVOD distribution licensing	4,913		—		3,532		482		(4,025)		4,902
Theatrical distribution licensing	—		—		2,062		—		—		2,062
Merchandise licensing	—		1,893		383		24		—		2,300
Subscription fees	—		—		—		5,251		—		5,251
Home entertainment	—		—		1,333		67		—		1,400
Other	385		1,121		731		263		—		2,500
Total revenues	$	21,180	$	13,922	$	8,041	$	12,114	$	(4,576)	$	50,681


	Nine Months Ended June 29, 2019
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
Affiliate fees	$	9,873	$	—	$	—	$	1,742	$	(120)	$	11,495
Advertising	5,521		3		—		2,364		—		7,888
Theme park admissions	—		5,657		—		—		—		5,657
Resort and vacations	—		4,644		—		—		—		4,644
Retail and wholesale sales of merchandise, food and beverage	—		5,767		—		—		—		5,767
TV/SVOD distribution licensing	2,617		—		2,069		276		(1,035)		3,927
Theatrical distribution licensing	—		—		3,365		—		—		3,365
Merchandise licensing	—		2,009		406		40		—		2,455
Subscription fees	—		—		—		1,136		—		1,136
Home entertainment	—		—		1,127		73		—		1,200
Other	306		1,490		850		309		—		2,955
Total revenues	$	18,317	$	19,570	$	7,817	$	5,940	$	(1,155)	$	50,489


	Quarter Ended June 27, 2020
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
United States and Canada	$	6,208	$	523	$	904	$	2,494	$	(1,156)	$	8,973
Europe	248		154		516		585		(201)		1,302
Asia Pacific	85		290		279		459		(21)		1,092
Latin America	21		16		39		431		(95)		412
Total revenues	$	6,562	$	983	$	1,738	$	3,969	$	(1,473)	$	11,779


	Quarter Ended June 29, 2019
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
United States and Canada	$	6,338	$	4,911	$	1,728	$	1,533	$	(601)	$	13,909
Europe	295		776		889		473		(80)		2,353
Asia Pacific	63		837		874		1,187		(56)		2,905
Latin America	17		51		345		682		—		1,095
Total revenues	$	6,713	$	6,575	$	3,836	$	3,875	$	(737)	$	20,262


	Nine Months Ended June 27, 2020
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
United States and Canada	$	19,954	$	10,798	$	4,149	$	7,062	$	(3,827)	$	38,136
Europe	838		1,569		2,203		1,507		(435)		5,682
Asia Pacific	280		1,427		1,303		1,823		(157)		4,676
Latin America	108		128		386		1,722		(157)		2,187
Total revenues	$	21,180	$	13,922	$	8,041	$	12,114	$	(4,576)	$	50,681


	Nine Months Ended June 29, 2019
	Media Networks		Parks, Experiences and Products		Studio Entertainment		Direct-to-Consumer & International		Eliminations		Consolidated
United States and Canada	$	17,464	$	14,742	$	3,840	$	2,078	$	(970)	$	37,154
Europe	585		2,261		1,878		846		(118)		5,452
Asia Pacific	195		2,399		1,548		1,566		(67)		5,641
Latin America	73		168		551		1,450		—		2,242
Total revenues	$	18,317	$	19,570	$	7,817	$	5,940	$	(1,155)	$	50,489

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 June 27, 2020, $425 million was recognized related to performance obligations satisfied as of March 28, 2020. For the nine months ended June 27, 2020, $1,096 million was recognized related to performance obligations satisfied as of September 28, 2019. For the quarter ended June 29, 2019, $551 million was recognized related to performance obligations satisfied as of March 30, 2019. For the nine months ended June 29, 2019, $773 million was recognized related to performance obligations satisfied as of September 29, 2018.

As of June 27, 2020, revenue for unsatisfied performance obligations expected to be recognized in the future is $16 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 $2 billion in the remainder of fiscal 2020, $6 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:

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 $574 million at June 27, 2020 due to additional provisions in the period.

For the quarter ended June 27, 2020, the Company recognized revenues of $0.3 billion, primarily related to licensing and publishing advances and content sales included in the deferred revenue balance at September 28, 2019. For the nine-months ended June 27, 2020, the Company recognized revenues of $3.1 billion, 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 nine-months ended June 29, 2019, the Company recognized revenues of $0.3 billion and $2.5 billion, respectively, primarily related to theme park admissions, vacation packages and licensing advances included in the deferred revenue balance at September 30, 2018. As a result of COVID-19, the Company has allowed refunds of certain non-refundable deposits that were previously reported as deferred revenue, the most significant of which related to park admission tickets and deposits for vacation packages. Remaining deferred amounts related to these deposits are now classified in “Accounts payable and other accrued liabilities” in the Condensed Consolidated Balance Sheet.

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.

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 $0.9 billion as of June 27, 2020. The activity in the allowance for credit loss for the quarter and nine-month period ended June 27, 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 June 27, 2020. The activity in the allowance for credit loss for the quarter and nine-month period ended June 27, 2020 was not material.