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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 27, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File Number 001-38842
dis-20200627_g1.jpg

Delaware 83-0940635
State or Other Jurisdiction of I.R.S. Employer Identification
Incorporation or Organization
500 South Buena Vista Street
Burbank, California 91521
Address of Principal Executive Offices and Zip Code
(818) 560-1000
Registrant’s Telephone Number, Including Area Code
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueDISNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  ☒
There were 1,807,063,365 shares of common stock outstanding as of July 29, 2020.



PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited; in millions, except per share data)
 Quarter EndedNine Months Ended
 June 27,
2020
June 29,
2019
June 27,
2020
June 29,
2019
Revenues:
Services$11,235  $18,039  $45,519  $43,918  
Products544  2,223  5,162  6,571  
Total revenues11,779  20,262  50,681  50,489  
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)
(7,209) (11,463) (29,287) (26,197) 
Cost of products (exclusive of depreciation and amortization)
(687) (1,374) (3,580) (4,020) 
Selling, general, administrative and other(2,455) (3,368) (9,557) (7,850) 
Depreciation and amortization(1,377) (1,306) (4,010) (2,866) 
Total costs and expenses(11,728) (17,511) (46,434) (40,933) 
Restructuring and impairment charges(5,047) (207) (5,342) (869) 
Other income (expense), net382  (123) 382  4,840  
Interest expense, net(412) (411) (995) (617) 
Equity in the income (loss) of investees186  (1) 545    (234) 
Income (loss) from continuing operations before income taxes
(4,840) 2,009  (1,163) 12,676    
Income taxes on continuing operations331  (393) (650) (2,685) 
Net income (loss) from continuing operations(4,509) 1,616  (1,813) 9,991  
Income (loss) from discontinued operations, net of income tax benefit (expense) of $1, ($102), $11 and ($107), respectively
(3) 366    (32) 388  
Net income (loss)
(4,512) 1,982  (1,845) 10,379  
Net income from continuing operations attributable to noncontrolling interests
(209) (186) (309) (343) 
Net income from discontinued operations attributable to noncontrolling interests
  (36)   (36) 
Net income (loss) attributable to The Walt Disney Company (Disney)
$(4,721)   $1,760  $(2,154) $10,000  
Earnings (loss) per share attributable to Disney(1):
Diluted
Continuing operations$(2.61) $0.79  $(1.17) $5.97  
Discontinued operations  0.18  (0.02) 0.22  
$(2.61) $0.97  $(1.19) $6.19  
Basic
Continuing operations$(2.61) $0.79  $(1.17) $6.00  
Discontinued operations  0.18  (0.02) 0.22  
$(2.61) $0.98  $(1.19) $6.22  
Weighted average number of common and common equivalent shares outstanding:
Diluted1,809  1,814  1,807  1,616  
Basic1,809  1,802  1,807  1,607  
(1)Total may not equal the sum of the column due to rounding.
See Notes to Condensed Consolidated Financial Statements
2


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited; in millions)
 

 Quarter EndedNine Months Ended
 June 27,
2020
June 29,
2019
June 27,
2020
June 29,
2019
Net income (loss)$(4,512) $1,982  $(1,845) $10,379  
Other comprehensive income (loss), net of tax:
Market value adjustments, primarily for hedges
(128) (12) (106) (105) 
Pension and postretirement medical plan adjustments
97  24    277  145  
Foreign currency translation and other
51  20  (145) 45  
Other comprehensive income (loss)20  32  26  85  
Comprehensive income (loss)(4,492) 2,014  (1,819) 10,464  
Net income from continuing operations attributable to noncontrolling interests
(209) (222) (309) (379) 
Other comprehensive income (loss) attributable to noncontrolling interests
  33  (26) (3) 
Comprehensive income (loss) attributable to Disney$(4,701)   $1,825  $(2,154)   $10,082    
See Notes to Condensed Consolidated Financial Statements




3


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except per share data)
June 27,
2020
September 28, 2019
ASSETS
Current assets
Cash and cash equivalents$23,115  $5,418  
Receivables12,622  15,481  
Inventories1,559  1,649  
Licensed content costs and advances3,135  4,597  
Other current assets899  979  
Total current assets41,330  28,124  
Produced and licensed content costs25,560  22,810  
Investments3,611  3,224  
Parks, resorts and other property
Attractions, buildings and equipment61,130    58,589    
Accumulated depreciation(34,639) (32,415) 
26,491  26,174  
Projects in progress4,380  4,264  
Land1,020  1,165  
31,891  31,603  
Intangible assets, net19,589  23,215  
Goodwill77,233  80,293  
Other assets8,435  4,715  
Total assets$207,649  $193,984  
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities$16,986  $17,762  
Current portion of borrowings10,224  8,857  
Deferred revenue and other3,707  4,722  
Total current liabilities30,917  31,341  
Borrowings54,197  38,129  
Deferred income taxes7,055  7,902  
Other long-term liabilities15,855  13,760  
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests9,162  8,963  
Equity
Preferred stock
    
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares
54,386  53,907  
Retained earnings39,004  42,494  
Accumulated other comprehensive loss(6,617) (6,617) 
Treasury stock, at cost, 19 million shares
(907) (907) 
Total Disney Shareholders’ equity85,866  88,877  
Noncontrolling interests4,597  5,012  
Total equity90,463  93,889  
Total liabilities and equity$207,649  $193,984  
See Notes to Condensed Consolidated Financial Statements
4


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
 Nine Months Ended
June 27,
2020
June 29,
2019
OPERATING ACTIVITIES
Net income (loss) from continuing operations$(1,813) $9,991  
Depreciation and amortization4,010    2,866  
Goodwill and intangible asset impairments4,953    
Net gain on acquisition and investments(370) (4,719) 
Deferred income taxes(548)   1,716  
Equity in the (income) loss of investees(545) 234  
Cash distributions received from equity investees567  548    
Net change in produced and licensed content costs and advances(1,483) 59  
Net change in operating lease right of use assets / liabilities16    
Equity-based compensation388  591  
Other471  83  
Changes in operating assets and liabilities, net of business acquisitions:
Receivables2,100  (1,428) 
Inventories86  (96) 
Other assets8  450  
Accounts payable and other liabilities(1,986) 219  
Income taxes95  (6,248) 
Cash provided by operations - continuing operations5,949  4,266  
INVESTING ACTIVITIES
Investments in parks, resorts and other property(3,293) (3,567) 
Acquisitions  (9,901) 
Other(27) (317) 
Cash used in investing activities - continuing operations(3,320) (13,785) 
FINANCING ACTIVITIES
Commercial paper borrowings, net1,373  2,973  
Borrowings18,030  31,348  
Reduction of borrowings(2,297) (19,039) 
Dividends(1,587) (1,310) 
Proceeds from exercise of stock options238  278  
Contributions from / sales of noncontrolling interests  544  
Acquisition of noncontrolling and redeemable noncontrolling interests  (1,430) 
Other(838) (831) 
Cash provided by financing activities - continuing operations14,919  12,533  
CASH FLOWS FROM DISCONTINUED OPERATIONS
Cash provided by operations - discontinued operations2  320  
Cash provided by investing activities - discontinued operations198    
Cash used in financing activities - discontinued operations  (179) 
Cash provided by discontinued operations200  141  
Impact of exchange rates on cash, cash equivalents and restricted cash(49) 47  
Change in cash, cash equivalents and restricted cash17,699  3,202  
Cash, cash equivalents and restricted cash, beginning of period5,455  4,155  
Cash, cash equivalents and restricted cash, end of period$23,154  $7,357  
See Notes to Condensed Consolidated Financial Statements
5


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in millions)

 Quarter Ended
Equity Attributable to Disney
 SharesCommon Stock
Retained Earnings
Accumulated
Other
Comprehensive
Income
(Loss)
Treasury Stock
Total Disney Equity
Non-controlling
   Interests (1)
Total
Equity
Balance at March 28, 20201,806  $54,230  $43,721  $(6,637) $(907) $90,407  $4,470  $94,877  
Comprehensive income (loss)—  —  (4,721) 20  —  (4,701) 141  (4,560) 
Equity compensation activity1