2020FYWALT DISNEY CO/00017444892020-10-03--10-03false1,810,485,037174.031971010390.010.014.64.61.81.819.019.0672040Life of lease or asset life if less204032510.80.52025-09-302023-12-312036-12-312036-12-31101052021-12-312031-12-312027-12-310.181.82020-03-312025-03-312021-03-312023-03-312024-10-312027-03-312025-09-302036-12-31510984.60.011000.0144350518081110111140100125126150400017444892019-09-292020-10-03iso4217:USD00017444892020-03-28xbrli:shares00017444892020-11-18xbrli:pure0001744489dis:HuluLLCMember2020-10-0300017444892018-09-302019-09-2800017444892017-10-012018-09-290001744489us-gaap:ServiceMember2019-09-292020-10-030001744489us-gaap:ServiceMember2018-09-302019-09-280001744489us-gaap:ServiceMember2017-10-012018-09-290001744489us-gaap:ProductMember2019-09-292020-10-030001744489us-gaap:ProductMember2018-09-302019-09-280001744489us-gaap:ProductMember2017-10-012018-09-29iso4217:USDxbrli:shares00017444892020-10-0300017444892019-09-2800017444892018-09-2900017444892017-09-300001744489us-gaap:CommonStockMember2017-09-300001744489us-gaap:RetainedEarningsMember2017-09-300001744489us-gaap:AccumulatedOtherComprehensiveIncomeMember2017-09-300001744489us-gaap:TreasuryStockMember2017-09-300001744489us-gaap:ParentMember2017-09-300001744489us-gaap:NoncontrollingInterestMember2017-09-300001744489dis:TotalexcludingredeemablenoncontrollinginterestMember2017-09-300001744489us-gaap:RetainedEarningsMember2017-10-012018-09-290001744489us-gaap:AccumulatedOtherComprehensiveIncomeMember2017-10-012018-09-290001744489us-gaap:ParentMember2017-10-012018-09-290001744489us-gaap:NoncontrollingInterestMember2017-10-012018-09-290001744489dis:TotalexcludingredeemablenoncontrollinginterestMember2017-10-012018-09-290001744489us-gaap:CommonStockMember2017-10-012018-09-290001744489us-gaap:TreasuryStockMember2017-10-012018-09-290001744489us-gaap:CommonStockMember2018-09-290001744489us-gaap:RetainedEarningsMember2018-09-290001744489us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-09-290001744489us-gaap:TreasuryStockMember2018-09-290001744489us-gaap:ParentMember2018-09-290001744489us-gaap:NoncontrollingInterestMember2018-09-290001744489dis:TotalexcludingredeemablenoncontrollinginterestMember2018-09-290001744489us-gaap:RetainedEarningsMember2018-09-302019-09-280001744489us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-09-302019-09-280001744489us-gaap:ParentMember2018-09-302019-09-280001744489us-gaap:NoncontrollingInterestMember2018-09-302019-09-280001744489dis:TotalexcludingredeemablenoncontrollinginterestMember2018-09-302019-09-280001744489us-gaap:CommonStockMember2018-09-302019-09-280001744489us-gaap:RetainedEarningsMemberus-gaap:AccountingStandardsUpdate201802Member2018-09-302019-09-280001744489us-gaap:AccumulatedOtherComprehensiveIncomeMemberus-gaap:AccountingStandardsUpdate201802Member2018-09-302019-09-280001744489dis:AccountingStandardUpdate201616Memberus-gaap:RetainedEarningsMember2018-09-302019-09-280001744489dis:AccountingStandardUpdate201616Memberus-gaap:ParentMember2018-09-302019-09-280001744489dis:AccountingStandardUpdate201616Memberdis:TotalexcludingredeemablenoncontrollinginterestMember2018-09-302019-09-280001744489us-gaap:AccountingStandardsUpdate201409Memberus-gaap:RetainedEarningsMember2018-09-302019-09-280001744489us-gaap:AccountingStandardsUpdate201409Memberus-gaap:ParentMember2018-09-302019-09-280001744489us-gaap:AccountingStandardsUpdate201409Memberdis:TotalexcludingredeemablenoncontrollinginterestMember2018-09-302019-09-280001744489dis:AccountingStandardsUpdateOtherMemberus-gaap:RetainedEarningsMember2018-09-302019-09-280001744489dis:AccountingStandardsUpdateOtherMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2018-09-302019-09-280001744489dis:AccountingStandardsUpdateOtherMemberus-gaap:ParentMember2018-09-302019-09-280001744489dis:AccountingStandardsUpdateOtherMemberdis:TotalexcludingredeemablenoncontrollinginterestMember2018-09-302019-09-280001744489us-gaap:TreasuryStockMember2018-09-302019-09-280001744489us-gaap:CommonStockMember2019-09-280001744489us-gaap:RetainedEarningsMember2019-09-280001744489us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-280001744489us-gaap:TreasuryStockMember2019-09-280001744489us-gaap:ParentMember2019-09-280001744489us-gaap:NoncontrollingInterestMember2019-09-280001744489dis:TotalexcludingredeemablenoncontrollinginterestMember2019-09-280001744489us-gaap:RetainedEarningsMember2019-09-292020-10-030001744489us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-292020-10-030001744489us-gaap:ParentMember2019-09-292020-10-030001744489us-gaap:NoncontrollingInterestMember2019-09-292020-10-030001744489dis:TotalexcludingredeemablenoncontrollinginterestMember2019-09-292020-10-030001744489us-gaap:CommonStockMember2019-09-292020-10-030001744489us-gaap:AccountingStandardsUpdate201602Memberus-gaap:RetainedEarningsMember2019-09-292020-10-030001744489us-gaap:AccountingStandardsUpdate201602Memberus-gaap:ParentMember2019-09-292020-10-030001744489us-gaap:AccountingStandardsUpdate201602Memberdis:TotalexcludingredeemablenoncontrollinginterestMember2019-09-292020-10-030001744489us-gaap:CommonStockMember2020-10-030001744489us-gaap:RetainedEarningsMember2020-10-030001744489us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-030001744489us-gaap:TreasuryStockMember2020-10-030001744489us-gaap:ParentMember2020-10-030001744489us-gaap:NoncontrollingInterestMember2020-10-030001744489dis:TotalexcludingredeemablenoncontrollinginterestMember2020-10-030001744489dis:InternationalChannelsMember2019-09-292020-10-030001744489dis:HuluLLCMemberdis:EquityInterestHeldbyTFCFMember2019-03-200001744489dis:HuluLLCMember2019-03-200001744489dis:RegionalSportsNetworksMember2019-08-310001744489dis:AEMember2020-10-030001744489dis:HongKongDisneylandMember2020-10-030001744489dis:ShanghaiDisneyResortMember2020-10-030001744489dis:NationalGeographicMember2020-10-030001744489dis:EndemolShineGroupMember2020-07-020001744489dis:SevenTVMember2020-10-030001744489dis:TataSkyLimitedMember2020-10-030001744489dis:DirecttoConsumerInternationalMemberdis:ViceMediaMember2020-10-030001744489dis:ViceMediaMemberdis:VicelandMember2020-10-030001744489dis:VicelandMemberdis:AEMember2020-10-030001744489dis:MediaNetworksMember2019-09-292020-10-030001744489dis:MediaNetworksMember2018-09-302019-09-280001744489dis:MediaNetworksMember2017-10-012018-09-290001744489dis:ThirdPartiesMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:ThirdPartiesMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:ThirdPartiesMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489us-gaap:IntersegmentEliminationMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489us-gaap:IntersegmentEliminationMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489us-gaap:IntersegmentEliminationMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489dis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489dis:ThirdPartiesMemberdis:StudioEntertainmentMember2019-09-292020-10-030001744489dis:ThirdPartiesMemberdis:StudioEntertainmentMember2018-09-302019-09-280001744489dis:ThirdPartiesMemberdis:StudioEntertainmentMember2017-10-012018-09-290001744489us-gaap:IntersegmentEliminationMemberdis:StudioEntertainmentMember2019-09-292020-10-030001744489us-gaap:IntersegmentEliminationMemberdis:StudioEntertainmentMember2018-09-302019-09-280001744489us-gaap:IntersegmentEliminationMemberdis:StudioEntertainmentMember2017-10-012018-09-290001744489dis:StudioEntertainmentMember2019-09-292020-10-030001744489dis:StudioEntertainmentMember2018-09-302019-09-280001744489dis:StudioEntertainmentMember2017-10-012018-09-290001744489dis:DirecttoConsumerInternationalMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMember2017-10-012018-09-290001744489dis:EliminationsMember2019-09-292020-10-030001744489dis:EliminationsMember2018-09-302019-09-280001744489dis:EliminationsMember2017-10-012018-09-290001744489dis:MediaNetworksMemberdis:CableMember2019-09-292020-10-030001744489dis:MediaNetworksMemberdis:CableMember2018-09-302019-09-280001744489dis:MediaNetworksMemberdis:CableMember2017-10-012018-09-290001744489dis:BroadcastingMemberdis:MediaNetworksMember2019-09-292020-10-030001744489dis:BroadcastingMemberdis:MediaNetworksMember2018-09-302019-09-280001744489dis:BroadcastingMemberdis:MediaNetworksMember2017-10-012018-09-290001744489dis:DomesticMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:DomesticMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:DomesticMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489dis:ForeignMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:ForeignMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:ForeignMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489us-gaap:CorporateMember2019-09-292020-10-030001744489us-gaap:CorporateMember2018-09-302019-09-280001744489us-gaap:CorporateMember2017-10-012018-09-290001744489dis:TotalSegmentsMember2019-09-292020-10-030001744489dis:TotalSegmentsMember2018-09-302019-09-280001744489dis:TotalSegmentsMember2017-10-012018-09-290001744489dis:TFCFandHuluMember2019-09-292020-10-030001744489dis:TFCFandHuluMember2018-09-302019-09-280001744489dis:TFCFandHuluMember2017-10-012018-09-290001744489dis:MediaNetworksMember2020-10-030001744489dis:MediaNetworksMember2019-09-280001744489dis:ParksExperiencesandProductsMember2020-10-030001744489dis:ParksExperiencesandProductsMember2019-09-280001744489dis:StudioEntertainmentMember2020-10-030001744489dis:StudioEntertainmentMember2019-09-280001744489dis:DirecttoConsumerInternationalMember2020-10-030001744489dis:DirecttoConsumerInternationalMember2019-09-280001744489us-gaap:CorporateMember2020-10-030001744489us-gaap:CorporateMember2019-09-280001744489dis:EliminationsMember2020-10-030001744489dis:EliminationsMember2019-09-280001744489dis:UnitedStatesandCanadaMember2019-09-292020-10-030001744489dis:UnitedStatesandCanadaMember2018-09-302019-09-280001744489dis:UnitedStatesandCanadaMember2017-10-012018-09-290001744489srt:EuropeMember2019-09-292020-10-030001744489srt:EuropeMember2018-09-302019-09-280001744489srt:EuropeMember2017-10-012018-09-290001744489srt:AsiaPacificMember2019-09-292020-10-030001744489srt:AsiaPacificMember2018-09-302019-09-280001744489srt:AsiaPacificMember2017-10-012018-09-290001744489dis:UnitedStatesandCanadaMember2020-10-030001744489dis:UnitedStatesandCanadaMember2019-09-280001744489srt:EuropeMember2020-10-030001744489srt:EuropeMember2019-09-280001744489srt:AsiaPacificMember2020-10-030001744489srt:AsiaPacificMember2019-09-280001744489dis:MediaNetworksMemberdis:StudioEntertainmentintersegmentcontenttransactionsMember2019-09-292020-10-030001744489dis:MediaNetworksMemberdis:StudioEntertainmentintersegmentcontenttransactionsMember2018-09-302019-09-280001744489dis:MediaNetworksMemberdis:StudioEntertainmentintersegmentcontenttransactionsMember2017-10-012018-09-290001744489dis:DirecttoConsumerInternationalMemberdis:StudioEntertainmentintersegmentcontenttransactionsMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMemberdis:StudioEntertainmentintersegmentcontenttransactionsMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMemberdis:StudioEntertainmentintersegmentcontenttransactionsMember2017-10-012018-09-290001744489dis:DirecttoConsumerInternationalMemberdis:MediaNetworksintersegmentcontenttransactionsMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMemberdis:MediaNetworksintersegmentcontenttransactionsMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMemberdis:MediaNetworksintersegmentcontenttransactionsMember2017-10-012018-09-290001744489dis:IntersegmenttransactionsMember2019-09-292020-10-030001744489dis:IntersegmenttransactionsMember2018-09-302019-09-280001744489dis:IntersegmenttransactionsMember2017-10-012018-09-290001744489dis:TFCFandHuluMember2019-09-292020-10-030001744489dis:TFCFandHuluMember2018-09-302019-09-280001744489dis:ViceMediaMember2018-09-302019-09-280001744489dis:VicelandMemberdis:AEMember2018-09-302019-09-280001744489dis:ViceMediaMember2017-10-012018-09-290001744489dis:VillagesNatureMember2017-10-012018-09-290001744489dis:HuluLLCMember2019-09-280001744489us-gaap:AccountingStandardsUpdate201409Member2018-09-302018-12-290001744489us-gaap:CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member2018-09-302019-09-280001744489us-gaap:AccountingStandardsUpdate201409Memberus-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member2018-09-302019-09-280001744489us-gaap:SoftwareAndSoftwareDevelopmentCostsMembersrt:MaximumMember2019-09-292020-10-030001744489srt:MaximumMember2019-09-292020-10-030001744489dis:InternationalChannelsMemberus-gaap:DistributionRightsMember2019-09-292020-10-03dis:derivatives0001744489dis:BAMTechLLCMember2020-10-030001744489dis:MLBMemberdis:BAMTechLLCMember2020-10-030001744489dis:NHLMemberdis:BAMTechLLCMember2020-10-030001744489srt:MinimumMemberdis:MLBMemberdis:BAMTechLLCMember2017-09-250001744489srt:MaximumMemberdis:NHLMemberdis:BAMTechLLCMember2017-09-250001744489dis:NHLMemberdis:BAMTechLLCMember2017-09-250001744489dis:ExpiredRightMemberdis:NHLMemberdis:BAMTechLLCMember2017-09-250001744489dis:EquityInterestHeldbyWarnerMediaLLCMemberdis:HuluLLCMember2019-04-150001744489dis:HuluRedemptionNBCUniversalParticipatesMemberdis:HuluLLCMember2020-10-030001744489dis:EquityInterestHeldbyNBCUniversalMemberdis:HuluLLCMember2020-10-030001744489srt:MinimumMemberdis:EquityInterestHeldbyNBCUniversalMemberdis:HuluLLCMember2019-05-130001744489srt:MinimumMemberdis:EquityInterestHeldbyNBCUniversalMemberdis:HuluLLCMember2020-10-030001744489srt:MinimumMemberdis:AttractionsBuildingsandImprovementsMember2019-09-292020-10-030001744489srt:MaximumMemberdis:AttractionsBuildingsandImprovementsMember2019-09-292020-10-030001744489us-gaap:LeaseholdImprovementsMember2019-09-292020-10-030001744489srt:MinimumMemberus-gaap:LandImprovementsMember2019-09-292020-10-030001744489srt:MaximumMemberus-gaap:LandImprovementsMember2019-09-292020-10-030001744489srt:MinimumMemberdis:FurnitureFixturesAndEquipmentMember2019-09-292020-10-030001744489srt:MaximumMemberdis:FurnitureFixturesAndEquipmentMember2019-09-292020-10-030001744489dis:AffiliatefeesMemberdis:MediaNetworksMember2019-09-292020-10-030001744489dis:AffiliatefeesMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:AffiliatefeesMemberdis:StudioEntertainmentMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMemberdis:AffiliatefeesMember2019-09-292020-10-030001744489dis:AffiliatefeesMemberdis:EliminationsMember2019-09-292020-10-030001744489dis:AffiliatefeesMember2019-09-292020-10-030001744489us-gaap:AdvertisingMemberdis:MediaNetworksMember2019-09-292020-10-030001744489us-gaap:AdvertisingMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489us-gaap:AdvertisingMemberdis:StudioEntertainmentMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMemberus-gaap:AdvertisingMember2019-09-292020-10-030001744489us-gaap:AdvertisingMemberdis:EliminationsMember2019-09-292020-10-030001744489us-gaap:AdvertisingMember2019-09-292020-10-030001744489dis:MediaNetworksMemberdis:SubscriptionfeesMember2019-09-292020-10-030001744489dis:ParksExperiencesandProductsMemberdis:SubscriptionfeesMember2019-09-292020-10-030001744489dis:StudioEntertainmentMemberdis:SubscriptionfeesMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMemberdis:SubscriptionfeesMember2019-09-292020-10-030001744489dis:EliminationsMemberdis:SubscriptionfeesMember2019-09-292020-10-030001744489dis:SubscriptionfeesMember2019-09-292020-10-030001744489us-gaap:AdmissionMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489us-gaap:AdmissionMember2019-09-292020-10-030001744489dis:ResortandvacationsMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:ResortandvacationsMember2019-09-292020-10-030001744489dis:RetailandwholesalesalesofmerchandisefoodandbeverageMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:RetailandwholesalesalesofmerchandisefoodandbeverageMember2019-09-292020-10-030001744489dis:TVSVODdistributionlicensingMemberdis:MediaNetworksMember2019-09-292020-10-030001744489dis:TVSVODdistributionlicensingMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:TVSVODdistributionlicensingMemberdis:StudioEntertainmentMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMemberdis:TVSVODdistributionlicensingMember2019-09-292020-10-030001744489dis:TVSVODdistributionlicensingMemberdis:EliminationsMember2019-09-292020-10-030001744489dis:TVSVODdistributionlicensingMember2019-09-292020-10-030001744489dis:MediaNetworksMemberdis:TheatricaldistributionlicensingMember2019-09-292020-10-030001744489dis:TheatricaldistributionlicensingMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:TheatricaldistributionlicensingMemberdis:StudioEntertainmentMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMemberdis:TheatricaldistributionlicensingMember2019-09-292020-10-030001744489dis:TheatricaldistributionlicensingMemberdis:EliminationsMember2019-09-292020-10-030001744489dis:TheatricaldistributionlicensingMember2019-09-292020-10-030001744489dis:MediaNetworksMemberus-gaap:LicenseMember2019-09-292020-10-030001744489us-gaap:LicenseMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:StudioEntertainmentMemberus-gaap:LicenseMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMemberus-gaap:LicenseMember2019-09-292020-10-030001744489us-gaap:LicenseMemberdis:EliminationsMember2019-09-292020-10-030001744489us-gaap:LicenseMember2019-09-292020-10-030001744489dis:MediaNetworksMemberus-gaap:EntertainmentMember2019-09-292020-10-030001744489us-gaap:EntertainmentMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:StudioEntertainmentMemberus-gaap:EntertainmentMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMemberus-gaap:EntertainmentMember2019-09-292020-10-030001744489us-gaap:EntertainmentMemberdis:EliminationsMember2019-09-292020-10-030001744489us-gaap:EntertainmentMember2019-09-292020-10-030001744489dis:OtherRevenueMemberdis:MediaNetworksMember2019-09-292020-10-030001744489dis:OtherRevenueMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:OtherRevenueMemberdis:StudioEntertainmentMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMemberdis:OtherRevenueMember2019-09-292020-10-030001744489dis:OtherRevenueMemberdis:EliminationsMember2019-09-292020-10-030001744489dis:OtherRevenueMember2019-09-292020-10-030001744489dis:AffiliatefeesMemberdis:MediaNetworksMember2018-09-302019-09-280001744489dis:AffiliatefeesMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:AffiliatefeesMemberdis:StudioEntertainmentMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMemberdis:AffiliatefeesMember2018-09-302019-09-280001744489dis:AffiliatefeesMemberdis:EliminationsMember2018-09-302019-09-280001744489dis:AffiliatefeesMember2018-09-302019-09-280001744489us-gaap:AdvertisingMemberdis:MediaNetworksMember2018-09-302019-09-280001744489us-gaap:AdvertisingMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489us-gaap:AdvertisingMemberdis:StudioEntertainmentMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMemberus-gaap:AdvertisingMember2018-09-302019-09-280001744489us-gaap:AdvertisingMemberdis:EliminationsMember2018-09-302019-09-280001744489us-gaap:AdvertisingMember2018-09-302019-09-280001744489dis:MediaNetworksMemberdis:SubscriptionfeesMember2018-09-302019-09-280001744489dis:ParksExperiencesandProductsMemberdis:SubscriptionfeesMember2018-09-302019-09-280001744489dis:StudioEntertainmentMemberdis:SubscriptionfeesMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMemberdis:SubscriptionfeesMember2018-09-302019-09-280001744489dis:EliminationsMemberdis:SubscriptionfeesMember2018-09-302019-09-280001744489dis:SubscriptionfeesMember2018-09-302019-09-280001744489us-gaap:AdmissionMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489us-gaap:AdmissionMember2018-09-302019-09-280001744489dis:ResortandvacationsMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:ResortandvacationsMember2018-09-302019-09-280001744489dis:RetailandwholesalesalesofmerchandisefoodandbeverageMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:RetailandwholesalesalesofmerchandisefoodandbeverageMember2018-09-302019-09-280001744489dis:TVSVODdistributionlicensingMemberdis:MediaNetworksMember2018-09-302019-09-280001744489dis:TVSVODdistributionlicensingMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:TVSVODdistributionlicensingMemberdis:StudioEntertainmentMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMemberdis:TVSVODdistributionlicensingMember2018-09-302019-09-280001744489dis:TVSVODdistributionlicensingMemberdis:EliminationsMember2018-09-302019-09-280001744489dis:TVSVODdistributionlicensingMember2018-09-302019-09-280001744489dis:MediaNetworksMemberdis:TheatricaldistributionlicensingMember2018-09-302019-09-280001744489dis:TheatricaldistributionlicensingMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:TheatricaldistributionlicensingMemberdis:StudioEntertainmentMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMemberdis:TheatricaldistributionlicensingMember2018-09-302019-09-280001744489dis:TheatricaldistributionlicensingMemberdis:EliminationsMember2018-09-302019-09-280001744489dis:TheatricaldistributionlicensingMember2018-09-302019-09-280001744489dis:MediaNetworksMemberus-gaap:LicenseMember2018-09-302019-09-280001744489us-gaap:LicenseMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:StudioEntertainmentMemberus-gaap:LicenseMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMemberus-gaap:LicenseMember2018-09-302019-09-280001744489us-gaap:LicenseMemberdis:EliminationsMember2018-09-302019-09-280001744489us-gaap:LicenseMember2018-09-302019-09-280001744489dis:MediaNetworksMemberus-gaap:EntertainmentMember2018-09-302019-09-280001744489us-gaap:EntertainmentMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:StudioEntertainmentMemberus-gaap:EntertainmentMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMemberus-gaap:EntertainmentMember2018-09-302019-09-280001744489us-gaap:EntertainmentMemberdis:EliminationsMember2018-09-302019-09-280001744489us-gaap:EntertainmentMember2018-09-302019-09-280001744489dis:OtherRevenueMemberdis:MediaNetworksMember2018-09-302019-09-280001744489dis:OtherRevenueMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:OtherRevenueMemberdis:StudioEntertainmentMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMemberdis:OtherRevenueMember2018-09-302019-09-280001744489dis:OtherRevenueMemberdis:EliminationsMember2018-09-302019-09-280001744489dis:OtherRevenueMember2018-09-302019-09-280001744489dis:AffiliatefeesMemberdis:MediaNetworksMember2017-10-012018-09-290001744489dis:AffiliatefeesMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489dis:AffiliatefeesMemberdis:StudioEntertainmentMember2017-10-012018-09-290001744489dis:DirecttoConsumerInternationalMemberdis:AffiliatefeesMember2017-10-012018-09-290001744489dis:AffiliatefeesMemberdis:EliminationsMember2017-10-012018-09-290001744489dis:AffiliatefeesMember2017-10-012018-09-290001744489us-gaap:AdvertisingMemberdis:MediaNetworksMember2017-10-012018-09-290001744489us-gaap:AdvertisingMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489us-gaap:AdvertisingMemberdis:StudioEntertainmentMember2017-10-012018-09-290001744489dis:DirecttoConsumerInternationalMemberus-gaap:AdvertisingMember2017-10-012018-09-290001744489us-gaap:AdvertisingMemberdis:EliminationsMember2017-10-012018-09-290001744489us-gaap:AdvertisingMember2017-10-012018-09-290001744489dis:MediaNetworksMemberdis:SubscriptionfeesMember2017-10-012018-09-290001744489dis:ParksExperiencesandProductsMemberdis:SubscriptionfeesMember2017-10-012018-09-290001744489dis:StudioEntertainmentMemberdis:SubscriptionfeesMember2017-10-012018-09-290001744489dis:DirecttoConsumerInternationalMemberdis:SubscriptionfeesMember2017-10-012018-09-290001744489dis:EliminationsMemberdis:SubscriptionfeesMember2017-10-012018-09-290001744489dis:SubscriptionfeesMember2017-10-012018-09-290001744489us-gaap:AdmissionMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489us-gaap:AdmissionMember2017-10-012018-09-290001744489dis:ResortandvacationsMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489dis:ResortandvacationsMember2017-10-012018-09-290001744489dis:RetailandwholesalesalesofmerchandisefoodandbeverageMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489dis:RetailandwholesalesalesofmerchandisefoodandbeverageMember2017-10-012018-09-290001744489dis:TVSVODdistributionlicensingMemberdis:MediaNetworksMember2017-10-012018-09-290001744489dis:TVSVODdistributionlicensingMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489dis:TVSVODdistributionlicensingMemberdis:StudioEntertainmentMember2017-10-012018-09-290001744489dis:DirecttoConsumerInternationalMemberdis:TVSVODdistributionlicensingMember2017-10-012018-09-290001744489dis:TVSVODdistributionlicensingMemberdis:EliminationsMember2017-10-012018-09-290001744489dis:TVSVODdistributionlicensingMember2017-10-012018-09-290001744489dis:MediaNetworksMemberdis:TheatricaldistributionlicensingMember2017-10-012018-09-290001744489dis:TheatricaldistributionlicensingMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489dis:TheatricaldistributionlicensingMemberdis:StudioEntertainmentMember2017-10-012018-09-290001744489dis:DirecttoConsumerInternationalMemberdis:TheatricaldistributionlicensingMember2017-10-012018-09-290001744489dis:TheatricaldistributionlicensingMemberdis:EliminationsMember2017-10-012018-09-290001744489dis:TheatricaldistributionlicensingMember2017-10-012018-09-290001744489dis:MediaNetworksMemberus-gaap:LicenseMember2017-10-012018-09-290001744489us-gaap:LicenseMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489dis:StudioEntertainmentMemberus-gaap:LicenseMember2017-10-012018-09-290001744489dis:DirecttoConsumerInternationalMemberus-gaap:LicenseMember2017-10-012018-09-290001744489us-gaap:LicenseMemberdis:EliminationsMember2017-10-012018-09-290001744489us-gaap:LicenseMember2017-10-012018-09-290001744489dis:MediaNetworksMemberus-gaap:EntertainmentMember2017-10-012018-09-290001744489us-gaap:EntertainmentMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489dis:StudioEntertainmentMemberus-gaap:EntertainmentMember2017-10-012018-09-290001744489dis:DirecttoConsumerInternationalMemberus-gaap:EntertainmentMember2017-10-012018-09-290001744489us-gaap:EntertainmentMemberdis:EliminationsMember2017-10-012018-09-290001744489us-gaap:EntertainmentMember2017-10-012018-09-290001744489dis:OtherRevenueMemberdis:MediaNetworksMember2017-10-012018-09-290001744489dis:OtherRevenueMemberdis:ParksExperiencesandProductsMember2017-10-012018-09-290001744489dis:OtherRevenueMemberdis:StudioEntertainmentMember2017-10-012018-09-290001744489dis:DirecttoConsumerInternationalMemberdis:OtherRevenueMember2017-10-012018-09-290001744489dis:OtherRevenueMemberdis:EliminationsMember2017-10-012018-09-290001744489dis:OtherRevenueMember2017-10-012018-09-290001744489dis:UnitedStatesandCanadaMemberdis:MediaNetworksMember2019-09-292020-10-030001744489dis:UnitedStatesandCanadaMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:UnitedStatesandCanadaMemberdis:StudioEntertainmentMember2019-09-292020-10-030001744489dis:UnitedStatesandCanadaMemberdis:DirecttoConsumerInternationalMember2019-09-292020-10-030001744489dis:UnitedStatesandCanadaMemberdis:EliminationsMember2019-09-292020-10-030001744489srt:EuropeMemberdis:MediaNetworksMember2019-09-292020-10-030001744489srt:EuropeMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489srt:EuropeMemberdis:StudioEntertainmentMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMembersrt:EuropeMember2019-09-292020-10-030001744489srt:EuropeMemberdis:EliminationsMember2019-09-292020-10-030001744489dis:MediaNetworksMembersrt:AsiaPacificMember2019-09-292020-10-030001744489srt:AsiaPacificMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489srt:AsiaPacificMemberdis:StudioEntertainmentMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMembersrt:AsiaPacificMember2019-09-292020-10-030001744489srt:AsiaPacificMemberdis:EliminationsMember2019-09-292020-10-030001744489dis:UnitedStatesandCanadaMemberdis:MediaNetworksMember2018-09-302019-09-280001744489dis:UnitedStatesandCanadaMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:UnitedStatesandCanadaMemberdis:StudioEntertainmentMember2018-09-302019-09-280001744489dis:UnitedStatesandCanadaMemberdis:DirecttoConsumerInternationalMember2018-09-302019-09-280001744489dis:UnitedStatesandCanadaMemberdis:EliminationsMember2018-09-302019-09-280001744489srt:EuropeMemberdis:MediaNetworksMember2018-09-302019-09-280001744489srt:EuropeMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489srt:EuropeMemberdis:StudioEntertainmentMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMembersrt:EuropeMember2018-09-302019-09-280001744489srt:EuropeMemberdis:EliminationsMember2018-09-302019-09-280001744489dis:MediaNetworksMembersrt:AsiaPacificMember2018-09-302019-09-280001744489srt:AsiaPacificMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489srt:AsiaPacificMemberdis:StudioEntertainmentMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMembersrt:AsiaPacificMember2018-09-302019-09-280001744489srt:AsiaPacificMemberdis:EliminationsMember2018-09-302019-09-280001744489dis:ScenarioUnsatisfiedperformanceobligationrecognizedinfiscal2021Member2020-10-030001744489dis:ScenarioUnsatisfiedperformanceobligationrecognizedinfiscal2022Member2020-10-030001744489dis:ScenarioUnsatisfiedPerformanceObligationRecognizedInFiscal2023Member2020-10-030001744489dis:ScenarioUnsatisfiedperformanceobligationrecognizedthereafterMember2020-10-030001744489dis:ContractWithCustomerMember2020-10-030001744489dis:ContractWithCustomerMember2019-09-280001744489dis:ProgrammingRightsMember2020-10-030001744489us-gaap:MortgageReceivablesMember2020-10-030001744489dis:TFCFMember2019-03-202019-03-200001744489dis:TFCFMember2019-03-200001744489dis:TFCFMemberdis:AccelerationMember2019-03-202019-03-200001744489dis:TFCFMemberus-gaap:RestrictedStockUnitsRSUMember2019-03-200001744489dis:HuluLLCMember2019-03-202019-03-200001744489dis:TFCFMemberdis:PublicDebtMember2019-03-200001744489dis:TFCFMemberdis:FinalAllocationMember2019-03-200001744489dis:TFCFMemberdis:ValuationAdjustmentsMember2020-10-030001744489dis:TFCFMemberus-gaap:DistributionRightsMember2019-03-202019-03-200001744489dis:TFCFMemberus-gaap:TrademarksAndTradeNamesMember2019-03-202019-03-200001744489dis:TFCFMemberdis:TataSkyLimitedMember2019-03-200001744489dis:TFCFMemberdis:EndemolShineGroupMember2019-03-200001744489dis:EndemolShineGroupMember2020-07-312020-07-310001744489dis:TFCFMember2018-09-302019-09-280001744489dis:TFCFMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2018-09-302019-09-280001744489dis:TFCFMemberus-gaap:InterestExpenseMember2018-09-302019-09-280001744489dis:TFCFMember2019-09-292020-10-030001744489dis:HuluLLCMember2019-09-292020-10-030001744489dis:HuluLLCMember2018-09-302019-09-280001744489us-gaap:IntersegmentEliminationMember2019-09-292020-10-030001744489us-gaap:IntersegmentEliminationMember2018-09-302019-09-280001744489dis:TFCFMember2017-10-012018-09-290001744489dis:TFCFMembersrt:ProFormaMemberdis:FilmandTelevisionProductionCostMember2018-09-302019-09-280001744489dis:TFCFMembersrt:ProFormaMemberdis:FilmandTelevisionProductionCostMember2017-10-012018-09-290001744489dis:TFCFMembersrt:ProFormaMemberdis:RegionalSportsNetworksMemberdis:FilmandTelevisionProductionCostMember2018-09-302019-09-280001744489dis:TFCFMembersrt:ProFormaMemberdis:RegionalSportsNetworksMemberdis:FilmandTelevisionProductionCostMember2017-10-012018-09-290001744489dis:TFCFMembersrt:ProFormaMember2018-09-302019-09-280001744489dis:TFCFMembersrt:ProFormaMember2017-10-012018-09-290001744489srt:ProFormaMemberus-gaap:SegmentDiscontinuedOperationsMember2018-09-302019-09-280001744489srt:ProFormaMemberus-gaap:SegmentDiscontinuedOperationsMember2017-10-012018-09-290001744489dis:TFCFMembersrt:ProFormaMemberdis:AccelerationMember2017-10-012018-09-290001744489dis:SkyplcMemberdis:EquityInterestHeldbyTFCFMember2018-09-302019-09-280001744489dis:MediaNetworksMember2018-09-290001744489dis:ParksExperiencesandProductsMember2018-09-290001744489dis:StudioEntertainmentMember2018-09-290001744489dis:DirecttoConsumerInternationalMember2018-09-290001744489dis:EquityInterestHeldbyTFCFMember2017-10-012018-09-290001744489dis:CTVSpecialtyTelevisionInc.Member2020-10-030001744489us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-09-292020-10-030001744489us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2018-09-302019-09-280001744489us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2017-10-012018-09-290001744489us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-10-030001744489us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-09-280001744489us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2018-09-290001744489dis:EuroDisneyMember2019-09-292020-10-030001744489dis:BalanceSheetMember2019-09-292020-10-030001744489dis:InternationalThemeParksMember2020-10-030001744489dis:InternationalThemeParksMember2019-09-280001744489dis:IncomeStatementMember2019-09-292020-10-030001744489dis:InternationalThemeParksMember2019-09-292020-10-030001744489dis:AsiaInternationalThemeParksMember2019-09-292020-10-030001744489us-gaap:LoansMemberdis:HongKongDisneylandMember2019-09-292020-10-030001744489us-gaap:LoansMemberdis:HIBORMemberdis:HongKongDisneylandMember2019-09-292020-10-03iso4217:HKD0001744489us-gaap:LineOfCreditMemberdis:HongKongDisneylandMember2019-09-292020-10-030001744489us-gaap:LineOfCreditMemberdis:HIBORMemberdis:HongKongDisneylandMember2019-09-292020-10-030001744489us-gaap:ScenarioPlanMemberus-gaap:EquitySecuritiesMemberdis:HongKongDisneylandMember2019-09-292020-10-030001744489us-gaap:EquitySecuritiesMemberdis:HongKongDisneylandMember2019-09-292020-10-030001744489us-gaap:EquitySecuritiesMemberdis:HongKongDisneylandMember2018-09-302019-09-280001744489dis:CumulativeContributionsByAllPartiesMemberus-gaap:EquitySecuritiesMemberdis:HongKongDisneylandMember2019-09-292020-10-030001744489srt:MaximumMemberdis:HongKongDisneylandMember2020-10-030001744489srt:MaximumMemberdis:HongKongDisneylandMember2019-09-292020-10-030001744489us-gaap:ScenarioPlanMembersrt:MaximumMemberdis:HongKongDisneylandMember2020-10-030001744489dis:ShanghaiDisneyResortManagementCompanyMember2020-10-030001744489us-gaap:LoansMemberdis:ShanghaiDisneyResortMember2019-09-292020-10-030001744489us-gaap:LoansMemberdis:ShanghaiDisneyResortMembersrt:MaximumMember2020-10-030001744489dis:ShanghaiDisneyResortMemberus-gaap:LineOfCreditMember2019-09-292020-10-030001744489dis:ShanghaiDisneyResortMemberus-gaap:LineOfCreditMember2020-10-03iso4217:CNY0001744489dis:ShanghaiDisneyResortMemberdis:ShendiLoanMember2019-09-292020-10-030001744489dis:ShanghaiDisneyResortMembersrt:MaximumMemberdis:ShendiLoanMember2020-10-030001744489us-gaap:LineOfCreditMemberdis:ShanghaiDisneyResortMember2019-09-292020-10-030001744489us-gaap:LineOfCreditMemberdis:ShanghaiDisneyResortMember2020-10-030001744489us-gaap:LoansMemberus-gaap:ScenarioPlanMemberdis:HongKongDisneylandMember2019-09-292020-10-030001744489us-gaap:AccountingStandardsUpdate201902Member2019-12-280001744489dis:MonetizedIndividuallyMember2020-10-030001744489dis:MonetizedAsAGroupMember2020-10-030001744489dis:MonetizedIndividuallyMember2019-09-292020-10-030001744489dis:MonetizedAsAGroupMember2019-09-292020-10-030001744489us-gaap:CommercialPaperMember2020-10-030001744489us-gaap:CommercialPaperMember2019-09-280001744489dis:U.S.DollarDenominatedNotesMember2020-10-030001744489dis:U.S.DollarDenominatedNotesMember2019-09-280001744489dis:OtherForeignCurrencyDenominatedDebtMember2020-10-030001744489dis:OtherForeignCurrencyDenominatedDebtMember2019-09-280001744489dis:DebtOtherMember2020-10-030001744489dis:DebtOtherMember2019-09-280001744489srt:ParentCompanyMember2020-10-030001744489srt:ParentCompanyMember2019-09-280001744489dis:AsiaInternationalThemeParksMember2020-10-030001744489dis:AsiaInternationalThemeParksMember2019-09-280001744489us-gaap:DebtMember2020-10-030001744489dis:LongTermDebtCurrentPortionMember2020-10-030001744489dis:NonCurrentMember2020-10-030001744489dis:ExistingLineofCredit3Member2020-10-030001744489dis:ExistingLineofCredit1Member2020-10-030001744489dis:ExistingLineOfCredit2Member2020-10-030001744489dis:ExistingLineOfCredit4Member2020-10-030001744489us-gaap:LetterOfCreditMember2020-10-030001744489dis:CommercialPaperwithoriginalmaturitieslessthatthreemonthsMember2018-09-290001744489dis:CommercialpaperwithoriginalmaturitiesgreaterthanthreemonthsMember2018-09-290001744489dis:CommercialPaperwithoriginalmaturitieslessthatthreemonthsMember2018-09-302019-09-280001744489dis:CommercialpaperwithoriginalmaturitiesgreaterthanthreemonthsMember2018-09-302019-09-280001744489dis:CommercialPaperwithoriginalmaturitieslessthatthreemonthsMember2019-09-280001744489dis:CommercialpaperwithoriginalmaturitiesgreaterthanthreemonthsMember2019-09-280001744489dis:CommercialPaperwithoriginalmaturitieslessthatthreemonthsMember2019-09-292020-10-030001744489dis:CommercialpaperwithoriginalmaturitiesgreaterthanthreemonthsMember2019-09-292020-10-030001744489dis:CommercialPaperwithoriginalmaturitieslessthatthreemonthsMember2020-10-030001744489dis:CommercialpaperwithoriginalmaturitiesgreaterthanthreemonthsMember2020-10-030001744489srt:MinimumMemberdis:U.S.DollarDenominatedNotesMember2019-09-292020-10-030001744489srt:MaximumMemberdis:U.S.DollarDenominatedNotesMember2019-09-292020-10-030001744489srt:MinimumMemberdis:U.S.DollarDenominatedNotesMember2020-10-030001744489srt:MaximumMemberdis:U.S.DollarDenominatedNotesMember2020-10-030001744489dis:TFCFMemberdis:PublicDebtMember2019-09-280001744489dis:TFCFMemberdis:PublicDebtMember2018-09-302019-09-28iso4217:CAD0001744489dis:ForeignCurrencyDenominatedCanadianDebtMember2017-10-310001744489dis:ForeignCurrencyDenominatedCanadianDebtMember2020-03-300001744489us-gaap:LongTermDebtMemberdis:TFCFMemberdis:YankeesEntertainmentandSportsNetworkMember2019-03-200001744489dis:TFCFMemberus-gaap:BridgeLoanMember2019-03-200001744489dis:TFCFMemberus-gaap:BridgeLoanMember2019-03-212019-03-210001744489dis:TFCFMemberus-gaap:BridgeLoanMember2019-06-302019-09-280001744489dis:DisneyCruiseLineMember2019-09-292020-10-030001744489dis:DisneyCruiseLineMemberdis:CreditFacilityAvailableBeginningOctober2021Member2020-10-030001744489dis:CreditFacilityAvailableBeginningAugust2023Memberdis:DisneyCruiseLineMember2020-10-030001744489dis:DisneyCruiseLineMemberdis:CreditFacilityAvailableBeginningAugust2024Member2020-10-030001744489dis:BeforeConsolidationMember2020-10-030001744489dis:ConsolidatingAdjustmentsMember2020-10-030001744489dis:OtherForeignCurrencyDenominatedDebtMember2019-09-292020-10-030001744489srt:MinimumMemberus-gaap:CommercialPaperMember2019-09-292020-10-030001744489srt:MaximumMemberus-gaap:CommercialPaperMember2019-09-292020-10-030001744489dis:ExistingLineofCredit3Member2019-09-292020-10-030001744489dis:ExistingLineOfCredit4Member2019-09-292020-10-030001744489dis:ExistingLineofCredit1Member2019-09-292020-10-030001744489dis:ExistingLineOfCredit2Member2019-09-292020-10-030001744489dis:ForeignCurrencyDenominatedCanadianDebtMember2019-09-292020-10-030001744489dis:ForeignCurrencyDenominatedCanadianDebtMember2020-03-302020-03-3000017444892018-01-012018-01-010001744489us-gaap:ScenarioPlanMember2019-09-292020-10-030001744489us-gaap:CashAndCashEquivalentsMember2017-10-012018-09-290001744489dis:ResidualEarningsMember2017-10-012018-09-290001744489srt:MinimumMember2018-09-302019-09-280001744489srt:MaximumMember2018-09-302019-09-280001744489dis:InternationalThemeParksMember2020-10-030001744489dis:InternationalThemeParksMember2019-09-280001744489dis:AccountingStandardUpdate201616Member2019-06-302019-09-280001744489dis:InternationalThemeParksMembercountry:CN2019-09-292020-10-030001744489dis:InternationalThemeParksMembercountry:US2019-09-292020-10-030001744489us-gaap:PensionPlansDefinedBenefitMember2019-09-280001744489us-gaap:PensionPlansDefinedBenefitMember2018-09-290001744489us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-09-280001744489us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-09-290001744489us-gaap:PensionPlansDefinedBenefitMember2019-09-292020-10-030001744489us-gaap:PensionPlansDefinedBenefitMember2018-09-302019-09-280001744489us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-09-292020-10-030001744489us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-09-302019-09-280001744489us-gaap:PensionPlansDefinedBenefitMember2020-10-030001744489us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-10-030001744489us-gaap:PensionPlansDefinedBenefitMember2017-10-012018-09-290001744489us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2017-10-012018-09-290001744489srt:MinimumMemberus-gaap:EquitySecuritiesMember2020-10-030001744489srt:MaximumMemberus-gaap:EquitySecuritiesMember2020-10-030001744489srt:MinimumMemberus-gaap:FixedIncomeFundsMember2020-10-030001744489srt:MaximumMemberus-gaap:FixedIncomeFundsMember2020-10-030001744489dis:AlternativeInvestmentsFundsMembersrt:MinimumMember2020-10-030001744489dis:AlternativeInvestmentsFundsMembersrt:MaximumMember2020-10-030001744489srt:MinimumMemberus-gaap:CashAndCashEquivalentsMember2020-10-030001744489srt:MaximumMemberus-gaap:CashAndCashEquivalentsMember2020-10-030001744489us-gaap:FairValueInputsLevel1Memberus-gaap:CashMember2020-10-030001744489us-gaap:CashMemberus-gaap:FairValueInputsLevel2Member2020-10-030001744489us-gaap:CashMember2020-10-030001744489us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2020-10-030001744489us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-10-030001744489us-gaap:EquitySecuritiesMember2020-10-030001744489us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMember2020-10-030001744489us-gaap:MutualFundMemberus-gaap:FairValueInputsLevel2Member2020-10-030001744489us-gaap:MutualFundMember2020-10-030001744489us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-10-030001744489us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-10-030001744489us-gaap:USGovernmentDebtSecuritiesMember2020-10-030001744489us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMember2020-10-030001744489us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-10-030001744489us-gaap:CorporateBondSecuritiesMember2020-10-030001744489us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2020-10-030001744489us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesMember2020-10-030001744489us-gaap:MortgageBackedSecuritiesMember2020-10-030001744489dis:DerivativeAndOtherContractsMemberus-gaap:FairValueInputsLevel1Member2020-10-030001744489dis:DerivativeAndOtherContractsMemberus-gaap:FairValueInputsLevel2Member2020-10-030001744489dis:DerivativeAndOtherContractsMember2020-10-030001744489us-gaap:FairValueInputsLevel1Memberdis:TotalInvestmentsInFairValueHierarchyMember2020-10-030001744489us-gaap:FairValueInputsLevel2Memberdis:TotalInvestmentsInFairValueHierarchyMember2020-10-030001744489dis:TotalInvestmentsInFairValueHierarchyMember2020-10-030001744489dis:CommonCollectiveFundsMember2020-10-030001744489dis:AlternativeInvestmentsFundsMember2020-10-030001744489us-gaap:CashEquivalentsMember2020-10-030001744489us-gaap:FairValueInputsLevel1Memberus-gaap:CashMember2019-09-280001744489us-gaap:CashMemberus-gaap:FairValueInputsLevel2Member2019-09-280001744489us-gaap:CashMemberus-gaap:FairValueInputsLevel12And3Member2019-09-280001744489us-gaap:CashMember2019-09-280001744489us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2019-09-280001744489us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-09-280001744489us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2019-09-280001744489us-gaap:EquitySecuritiesMember2019-09-280001744489us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMember2019-09-280001744489us-gaap:MutualFundMemberus-gaap:FairValueInputsLevel2Member2019-09-280001744489us-gaap:MutualFundMemberus-gaap:FairValueInputsLevel12And3Member2019-09-280001744489us-gaap:MutualFundMember2019-09-280001744489us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2019-09-280001744489us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-09-280001744489us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2019-09-280001744489us-gaap:USGovernmentDebtSecuritiesMember2019-09-280001744489us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMember2019-09-280001744489us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-09-280001744489us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2019-09-280001744489us-gaap:CorporateBondSecuritiesMember2019-09-280001744489us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2019-09-280001744489us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesMember2019-09-280001744489us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2019-09-280001744489us-gaap:MortgageBackedSecuritiesMember2019-09-280001744489dis:DerivativeAndOtherContractsMemberus-gaap:FairValueInputsLevel1Member2019-09-280001744489dis:DerivativeAndOtherContractsMemberus-gaap:FairValueInputsLevel2Member2019-09-280001744489dis:DerivativeAndOtherContractsMemberus-gaap:FairValueInputsLevel12And3Member2019-09-280001744489dis:DerivativeAndOtherContractsMember2019-09-280001744489us-gaap:FairValueInputsLevel1Memberdis:TotalInvestmentsInFairValueHierarchyMember2019-09-280001744489us-gaap:FairValueInputsLevel2Memberdis:TotalInvestmentsInFairValueHierarchyMember2019-09-280001744489dis:TotalInvestmentsInFairValueHierarchyMemberus-gaap:FairValueInputsLevel12And3Member2019-09-280001744489dis:CommonCollectiveFundsMember2019-09-280001744489dis:AlternativeInvestmentsFundsMember2019-09-280001744489us-gaap:CashEquivalentsMember2019-09-280001744489dis:SharesHeldInWaltDisneyCompanyMemberdis:UnitedStatesMidLargeCapMember2020-10-030001744489dis:SharesHeldInWaltDisneyCompanyMemberdis:UnitedStatesMidLargeCapMember2019-09-280001744489srt:MinimumMember2020-10-030001744489srt:MaximumMember2020-10-030001744489srt:MinimumMemberus-gaap:EquitySecuritiesMember2019-09-292020-10-030001744489srt:MaximumMemberus-gaap:EquitySecuritiesMember2019-09-292020-10-030001744489srt:MinimumMemberus-gaap:FixedIncomeFundsMember2019-09-292020-10-030001744489srt:MaximumMemberus-gaap:FixedIncomeFundsMember2019-09-292020-10-030001744489dis:AlternativeInvestmentsFundsMembersrt:MinimumMember2019-09-292020-10-030001744489dis:AlternativeInvestmentsFundsMembersrt:MaximumMember2019-09-292020-10-030001744489srt:MinimumMember2019-09-292020-10-030001744489country:US2019-09-292020-10-030001744489country:US2018-09-302019-09-280001744489country:US2017-10-012018-09-290001744489us-gaap:ForeignPlanMember2019-09-292020-10-030001744489us-gaap:ForeignPlanMember2018-09-302019-09-280001744489us-gaap:ForeignPlanMember2017-10-012018-09-2900017444892019-12-292020-03-2800017444892019-06-302019-09-2800017444892018-12-302019-03-3000017444892018-07-012018-09-2900017444892017-12-312018-03-310001744489dis:LegacyDisneyMember2019-03-202019-03-200001744489dis:LegacyDisneyMemberus-gaap:AdditionalPaidInCapitalMember2019-03-202019-03-200001744489dis:LegacyDisneyMemberus-gaap:RetainedEarningsMember2019-03-202019-03-200001744489us-gaap:SeriesAPreferredStockMember2020-10-030001744489dis:LegacyDisneyMemberus-gaap:SeriesBPreferredStockMember2019-09-280001744489dis:AccumulatedNetGainLossFromMarketValueAdjustmentsMember2017-09-300001744489us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2017-09-300001744489us-gaap:AccumulatedTranslationAdjustmentMember2017-09-300001744489dis:AccumulatedNetGainLossFromMarketValueAdjustmentsMember2017-10-012018-09-290001744489us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2017-10-012018-09-290001744489us-gaap:AccumulatedTranslationAdjustmentMember2017-10-012018-09-290001744489dis:AccumulatedNetGainLossFromMarketValueAdjustmentsMember2018-09-290001744489us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-09-290001744489us-gaap:AccumulatedTranslationAdjustmentMember2018-09-290001744489dis:AccumulatedNetGainLossFromMarketValueAdjustmentsMember2018-09-302019-09-280001744489us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-09-302019-09-280001744489us-gaap:AccumulatedTranslationAdjustmentMember2018-09-302019-09-280001744489dis:AccumulatedNetGainLossFromMarketValueAdjustmentsMember2019-09-280001744489us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-09-280001744489us-gaap:AccumulatedTranslationAdjustmentMember2019-09-280001744489dis:AccumulatedNetGainLossFromMarketValueAdjustmentsMember2019-09-292020-10-030001744489us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-09-292020-10-030001744489us-gaap:AccumulatedTranslationAdjustmentMember2019-09-292020-10-030001744489dis:AccumulatedNetGainLossFromMarketValueAdjustmentsMember2020-10-030001744489us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-030001744489us-gaap:AccumulatedTranslationAdjustmentMember2020-10-030001744489us-gaap:AccountingStandardsUpdate201802Member2018-09-302018-09-300001744489us-gaap:AccountingStandardsUpdate201601Member2018-09-302018-09-300001744489us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-09-292020-10-030001744489us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-09-302019-09-280001744489us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2017-10-012018-09-290001744489us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-09-292020-10-030001744489us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2018-09-302019-09-280001744489us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2017-10-012018-09-290001744489us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-09-292020-10-030001744489us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2018-09-302019-09-280001744489us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2017-10-012018-09-290001744489us-gaap:SeriesAPreferredStockMember2019-09-280001744489us-gaap:EmployeeStockOptionMember2020-10-030001744489us-gaap:RestrictedStockUnitsRSUMember2020-10-03dis:OptionPlan0001744489dis:VestedMemberdis:RangeOneMember2020-10-030001744489dis:VestedMemberdis:RangeOneMember2019-09-292020-10-030001744489dis:VestedMemberdis:RangeTwoMember2020-10-030001744489dis:VestedMemberdis:RangeTwoMember2019-09-292020-10-030001744489dis:VestedMemberdis:RangeThreeMember2020-10-030001744489dis:VestedMemberdis:RangeThreeMember2019-09-292020-10-030001744489dis:VestedMemberdis:RangeFourMember2020-10-030001744489dis:VestedMemberdis:RangeFourMember2019-09-292020-10-030001744489dis:VestedMember2020-10-030001744489dis:RangeSixMemberdis:ExpectedtoVestMember2020-10-030001744489dis:RangeSixMemberdis:ExpectedtoVestMember2019-09-292020-10-030001744489dis:RangeSevenMemberdis:ExpectedtoVestMember2020-10-030001744489dis:RangeSevenMemberdis:ExpectedtoVestMember2019-09-292020-10-030001744489dis:ExpectedtoVestMember2020-10-030001744489us-gaap:PerformanceSharesMember2019-09-292020-10-030001744489us-gaap:PerformanceSharesMember2020-10-030001744489dis:PerformanceSharesVestingSubjecttoCEODiscretionMember2019-09-292020-10-030001744489us-gaap:EmployeeStockOptionMember2019-09-292020-10-030001744489us-gaap:RestrictedStockUnitsRSUMember2019-09-292020-10-030001744489dis:ProgrammingRightsMember2020-10-030001744489dis:AvailableProgrammingMember2020-10-030001744489dis:SportsProgrammingMember2020-10-030001744489dis:OtherCommitmentsMember2020-10-030001744489us-gaap:GuaranteeObligationsMember2020-10-030001744489us-gaap:AccountingStandardsUpdate201602Member2019-09-290001744489us-gaap:OtherAssetsMember2020-10-030001744489us-gaap:AccountsPayableAndAccruedLiabilitiesMember2020-10-030001744489us-gaap:OtherNoncurrentLiabilitiesMember2020-10-030001744489us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-10-030001744489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-10-030001744489us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-10-030001744489us-gaap:FairValueMeasurementsRecurringMember2020-10-030001744489us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2020-10-030001744489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2020-10-030001744489us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2020-10-030001744489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-10-030001744489us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-030001744489us-gaap:FairValueInputsLevel1Memberus-gaap:OtherContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-030001744489us-gaap:OtherContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-10-030001744489us-gaap:FairValueInputsLevel3Memberus-gaap:OtherContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-030001744489us-gaap:OtherContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-030001744489us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-09-280001744489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-09-280001744489us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-09-280001744489us-gaap:FairValueMeasurementsRecurringMember2019-09-280001744489us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2019-09-280001744489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMember2019-09-280001744489us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2019-09-280001744489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-09-280001744489us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-09-280001744489us-gaap:FairValueInputsLevel1Memberus-gaap:OtherContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-09-280001744489us-gaap:OtherContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-09-280001744489us-gaap:FairValueInputsLevel3Memberus-gaap:OtherContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-09-280001744489us-gaap:OtherContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-030001744489us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2020-10-030001744489us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherAssetsMember2020-10-030001744489us-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2020-10-030001744489us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2020-10-030001744489us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2020-10-030001744489us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2020-10-030001744489us-gaap:AccruedLiabilitiesMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-030001744489us-gaap:OtherContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2020-10-030001744489us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2020-10-030001744489us-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberus-gaap:OtherAssetsMember2020-10-030001744489us-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMemberus-gaap:InterestRateContractMember2020-10-030001744489us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2020-10-030001744489us-gaap:NondesignatedMemberus-gaap:OtherContractMemberus-gaap:OtherCurrentAssetsMember2020-10-030001744489us-gaap:NondesignatedMemberus-gaap:OtherContractMemberus-gaap:OtherAssetsMember2020-10-030001744489us-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMemberus-gaap:OtherContractMember2020-10-030001744489us-gaap:NondesignatedMemberus-gaap:OtherContractMemberus-gaap:OtherLiabilitiesMember2020-10-030001744489us-gaap:OtherCurrentAssetsMember2020-10-030001744489us-gaap:AccruedLiabilitiesMember2020-10-030001744489us-gaap:OtherLiabilitiesMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-09-280001744489us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2019-09-280001744489us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherAssetsMember2019-09-280001744489us-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2019-09-280001744489us-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2019-09-280001744489us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2019-09-280001744489us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2019-09-280001744489us-gaap:AccruedLiabilitiesMemberus-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-09-280001744489us-gaap:OtherContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2019-09-280001744489us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateContractMember2019-09-280001744489us-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberus-gaap:OtherAssetsMember2019-09-280001744489us-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMemberus-gaap:InterestRateContractMember2019-09-280001744489us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMember2019-09-280001744489us-gaap:OtherCurrentAssetsMember2019-09-280001744489us-gaap:OtherAssetsMember2019-09-280001744489us-gaap:AccruedLiabilitiesMember2019-09-280001744489us-gaap:OtherLiabilitiesMember2019-09-280001744489us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2020-10-030001744489us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember2019-09-280001744489dis:CurrentPortionofBorrowingsMember2020-10-030001744489dis:CurrentPortionofBorrowingsMember2019-09-280001744489us-gaap:BorrowingsMember2020-10-030001744489us-gaap:BorrowingsMember2019-09-280001744489us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2019-09-292020-10-030001744489us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2018-09-302019-09-280001744489us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2017-10-012018-09-290001744489us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2020-10-030001744489us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2020-07-310001744489us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2020-06-270001744489us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2019-09-280001744489us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-09-280001744489us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2020-10-030001744489us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2019-09-280001744489us-gaap:CostOfSalesMember2019-09-292020-10-030001744489us-gaap:CostOfSalesMember2018-09-302019-09-280001744489us-gaap:CostOfSalesMember2017-10-012018-09-290001744489us-gaap:InterestExpenseMember2019-09-292020-10-030001744489us-gaap:InterestExpenseMember2018-09-302019-09-280001744489us-gaap:InterestExpenseMember2017-10-012018-09-290001744489dis:IncomeTaxesMember2019-09-292020-10-030001744489dis:IncomeTaxesMember2018-09-302019-09-280001744489dis:IncomeTaxesMember2017-10-012018-09-290001744489dis:InternationalChannelsMemberus-gaap:DistributionRightsMember2020-03-292020-06-270001744489dis:InternationalChannelsMemberus-gaap:DistributionRightsMember2020-10-030001744489dis:InternationalChannelsMember2020-03-292020-06-270001744489dis:TFCFIntegrationMember2019-09-292020-10-030001744489us-gaap:EmployeeSeveranceMember2019-09-292020-10-030001744489dis:TFCFMemberdis:TFCFIntegrationMember2019-09-292020-10-030001744489us-gaap:EmployeeSeveranceMemberdis:TFCFMemberdis:TFCFIntegrationMember2019-09-292020-10-030001744489dis:TFCFMemberdis:TFCFIntegrationMemberdis:VestUponAcquisitionMember2019-09-292020-10-030001744489dis:TFCFMembersrt:ProFormaMemberdis:TFCFIntegrationMember2019-09-292020-10-030001744489dis:TFCFIntegrationMember2018-09-290001744489dis:TFCFIntegrationMemberdis:MediaNetworksMember2018-09-302019-09-280001744489dis:TFCFIntegrationMemberdis:ParksExperiencesandProductsMember2018-09-302019-09-280001744489dis:TFCFIntegrationMemberdis:StudioEntertainmentMember2018-09-302019-09-280001744489dis:DirecttoConsumerInternationalMemberdis:TFCFIntegrationMember2018-09-302019-09-280001744489dis:TFCFIntegrationMemberus-gaap:CorporateNonSegmentMember2018-09-302019-09-280001744489dis:TFCFIntegrationMember2018-09-302019-09-280001744489dis:TFCFIntegrationMember2019-09-280001744489dis:TFCFIntegrationMemberdis:MediaNetworksMember2019-09-292020-10-030001744489dis:TFCFIntegrationMemberdis:ParksExperiencesandProductsMember2019-09-292020-10-030001744489dis:TFCFIntegrationMemberdis:StudioEntertainmentMember2019-09-292020-10-030001744489dis:DirecttoConsumerInternationalMemberdis:TFCFIntegrationMember2019-09-292020-10-030001744489dis:TFCFIntegrationMemberus-gaap:CorporateNonSegmentMember2019-09-292020-10-030001744489dis:TFCFIntegrationMember2020-10-030001744489dis:COVID19RestructuringMember2020-06-282020-10-0300017444892019-09-292019-12-2800017444892020-03-292020-06-2700017444892020-06-282020-10-0300017444892018-09-302018-12-2900017444892019-03-312019-06-290001744489dis:AmortizationofIntangibleAssetsandFairValueStepuponFilmandTelevisionCostsMember2019-09-292019-12-280001744489dis:RestructuringAndImpairmentChargesMember2019-09-292019-12-280001744489dis:AmortizationofIntangibleAssetsandFairValueStepuponFilmandTelevisionCostsMember2019-12-292020-03-280001744489dis:RestructuringAndImpairmentChargesMember2019-12-292020-03-280001744489dis:HuluGainMember2018-12-302019-03-300001744489dis:RestructuringAndImpairmentChargesMember2018-12-302019-03-300001744489dis:EquityinvestmentimpairmentsMember2018-12-302019-03-300001744489dis:AmortizationofIntangibleAssetsandFairValueStepuponFilmandTelevisionCostsMember2018-12-302019-03-300001744489dis:GoodwillAndIntangibleAssetImpairmentsMember2020-03-292020-06-270001744489dis:AmortizationofIntangibleAssetsandFairValueStepuponFilmandTelevisionCostsMember2020-03-292020-06-270001744489dis:RestructuringAndImpairmentChargesMember2020-03-292020-06-270001744489dis:DraftKingsGainMember2020-03-292020-06-270001744489dis:AmortizationofIntangibleAssetsandFairValueStepuponFilmandTelevisionCostsMember2019-03-312019-06-290001744489dis:RestructuringAndImpairmentChargesMember2019-03-312019-06-290001744489dis:EquityinvestmentimpairmentsMember2019-03-312019-06-290001744489dis:HuluGainMember2019-03-312019-06-290001744489dis:AmortizationofIntangibleAssetsandFairValueStepuponFilmandTelevisionCostsMember2020-06-282020-10-030001744489dis:RestructuringAndImpairmentChargesMember2020-06-282020-10-030001744489dis:DraftKingsGainMember2020-06-282020-10-030001744489us-gaap:GainLossOnInvestmentsMember12020-06-282020-10-030001744489dis:AmortizationofIntangibleAssetsandFairValueStepuponFilmandTelevisionCostsMember2019-06-302019-09-280001744489dis:ChargeforExtinguishmentofDebtAssumedintheTFCFAcquisitionMember2019-06-302019-09-280001744489dis:RestructuringAndImpairmentChargesMember2019-06-302019-09-280001744489dis:SettlementOfPreexistingRelationshipsWithTFCFMember2019-06-302019-09-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended October 3, 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-20201003_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
Securities Registered Pursuant to Section 12(g) of the Act: None.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes   No  x
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  x No  o
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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
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 filerxAccelerated filer
Non-accelerated filerSmaller 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes   No x
The aggregate market value of common stock held by non-affiliates (based on the closing price on the last business day of the registrant’s most recently completed second fiscal quarter as reported on the New York Stock Exchange-Composite Transactions) was $174.0 billion. All executive officers and directors of the registrant and all persons filing a Schedule 13D with the Securities and Exchange Commission in respect to registrant’s common stock have been deemed, solely for the purpose of the foregoing calculation, to be “affiliates” of the registrant.
There were 1,810,485,037 shares of common stock outstanding as of November 18, 2020.
Documents Incorporated by Reference
Certain information required for Part III of this report is incorporated herein by reference to the proxy statement for the 2021 annual meeting of the Company’s shareholders.



THE WALT DISNEY COMPANY AND SUBSIDIARIES
TABLE OF CONTENTS
 
  Page
PART I
ITEM 1.
ITEM 1A.
ITEM 1B.
ITEM 2.
ITEM 3.
ITEM 4.
PART II
ITEM 5.
ITEM 6.
ITEM 7.
ITEM 7A.
ITEM 8.
ITEM 9.
ITEM 9A.
ITEM 9B.
PART III
ITEM 10.
ITEM 11.
ITEM 12.
ITEM 13.
ITEM 14.
PART IV
ITEM 15.
ITEM 16.



TABLE OF CONTENTS
PART I
ITEM 1. Business
The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company with operations in the following business segments: Media Networks; Parks, Experiences and Products; Studio Entertainment; and Direct-to-Consumer & International (DTCI). In October 2020, the Company announced a strategic reorganization of our media and entertainment businesses to accelerate the growth of our direct-to-consumer (DTC) strategy. The operations of the Media Networks, Studio Entertainment and DTCI segments were reorganized into four groups: three content groups (Studios, General Entertainment and Sports), which are focused on developing and producing content that will be used across all of our traditional and DTC platforms and a distribution group, which is focused on distribution and commercialization activities across these platforms and which has full accountability for media and entertainment operating results globally.
The terms “Company”, “we”, “our” and “us” are used in this report to refer collectively to the parent company and the subsidiaries through which businesses are conducted.
COVID-19 Pandemic
During fiscal 2020 and continuing into fiscal 2021, the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) pandemic. COVID-19 and measures to prevent its spread impacted our segments in a number of ways, most significantly at Parks, Experiences and Products where our theme parks were closed or operating at significantly reduced capacity for a significant portion of the year, cruise ship sailings and guided tours were suspended since late in the second quarter and retail stores were closed for a significant portion of the year. We also had an adverse impact on our merchandise licensing business. Our Studio Entertainment segment has delayed, or in some cases, shortened or cancelled, theatrical releases, and stage play performances have been suspended since late in the second quarter. We also had adverse impacts on advertising sales at Media Networks and Direct-to-Consumer & International. Since March 2020, we have experienced significant disruptions in the production and availability of content, including the shift of key live sports programming from our third quarter to the fourth quarter and into fiscal 2021 as well as the suspension of production of most film and television content since late in the second quarter, although some film and television production resumed in the fourth quarter.
The impact of these disruptions and the extent of their adverse impact on our financial and operating results will be dictated by the length of time that such disruptions continue, which will, in turn, depend on the currently unknowable duration and severity of the impacts of COVID-19, and among other things, the impact of governmental actions imposed in response to COVID-19 and individuals’ and companies’ risk tolerance regarding health matters going forward. As some of our businesses have reopened, we have incurred additional costs to address government regulations and the safety of our employees, talent and guests. The reopening or closure of our businesses is dependent on applicable government requirements, which vary by location, are subject to ongoing changes, which could result from increasing COVID-19 cases.
Human Capital
The Company’s key human capital management objectives are to attract, retain and develop the highest quality talent. To support these objectives, the Company’s human resources programs are designed to develop talent to prepare them for critical roles and leadership positions for the future; reward and support employees through competitive pay, benefit, and perquisite programs; enhance the Company’s culture through efforts aimed at making the workplace more engaging and inclusive; acquire talent and facilitate internal talent mobility to create a high-performing, diverse workforce; engage employees as brand ambassadors of the Company’s content, products and experiences; and evolve and invest in technology, tools, and resources to enable employees at work.
The Company employed approximately 203,000 people as of October 3, 2020. Our global workforce is comprised of approximately 80% full time and 20% part time employees, with nearly 1% of the part time population being seasonal employees. Of the total population as of October 3, 2020, approximately 155,000 of our employees worked in the Parks, Experiences and Products segment.
Some examples of key programs and initiatives that are focused to attract, develop and retain our diverse workforce include:
Diversity and inclusion (D&I). Our D&I objectives are to build teams that reflect the life experiences of our audiences, while employing and supporting a diverse array of voices in our creative and production content.
Established six pillars that serve as the foundation for our D&I commitments – transparency, accountability, representation, content, community, and culture
Created a pipeline of next-generation creative executives from underrepresented backgrounds through programs such as the Executive Incubator, Creative Talent Development and Inclusion (CTDI), and the Disney Launchpad: Shorts Incubator
1

TABLE OF CONTENTS
Championed targeted development programs for underrepresented talent
Hosted a series of culture-changing, innovation and learning opportunities to spark dialogue among employees, leaders, Disney talent and external experts
Sponsored over 70 employee-led Business Employee Resource Groups (BERGs) that represent and support the diverse communities that make up our workforce. The BERGs facilitate networking and connections with peers, outreach and mentoring, leadership and skill development and cross-cultural business innovation
Health, wellness and family resources. Disney’s benefit offerings are designed to meet the varied and evolving needs of a diverse workforce across businesses and geographies. Because we want our employees and their families to thrive, this year, we enhanced the ways we help our employees care for themselves and their families, especially in response to COVID-19
Healthcare options for employees in Florida and Southern California, aimed at reducing out-of-pocket costs
Coverage of all COVID-19 testing and treatment under all Company medical plans at no cost to the employees and dependents
Child care programs for employees, including access to onsite/community centers, enhanced back-up care choices to include personal caregivers, child care referral assistance and center discounts, homework help and a variety of parenting educational resources
Free mental and behavioral health resources, including on-demand access to the Employee Assistance Program (EAP) for employees and their dependents
Disney Aspire. We support the long-term career aspirations of our hourly employees through education and personal development. We pay tuition costs at a network of schools and aim to help our hourly employees put their career goals within reach by equipping them with degree programs, coaching and job skills designed for a rapidly changing workplace and workforce
Investment of $150 million in Aspire’s first five years to cover 100% of tuition, books and education fees
Access to a wide variety of degree, certificate, high school completion, college start, language learning and trades programs
Chosen fields of study do not have to be related to an employee’s current position, and employees do not have to stay at the Company upon completion of their studies
Talent Development. We prioritize and invest in creating opportunities to help employees grow and build their careers, through a multitude of training and development programs. These include online, instructor-led and on-the-job learning formats as well as executive talent and succession planning paired with an individualized development approach
Community & Social Impact. We are committed to providing comfort to those in need and inspiration and opportunity to those who want to improve their world. One primary way we do this is through our unique employee volunteer program - Disney VoluntEARS. Throughout the year, employees make a positive impact in their local communities and have found a multitude of special ways to continue volunteering during the pandemic
Due to the current climate, including COVID-19 impacts, and changing environment in which we are operating, the Company has generated efficiencies in its staffing, including limiting hiring to critical business roles, furloughs and reductions-in-force. As part of these actions, the employment of approximately 32,000 employees primarily at Parks, Experiences and Products will terminate in the first half of fiscal 2021. Additionally, as of October 3, 2020, approximately 37,000 employees who are not scheduled for employment termination were on furlough as a result of COVID-19’s impact on our businesses.
Direct-to-Consumer
In November 2019, the Company launched Disney+, a subscription-based DTC video streaming service with Disney, Pixar, Marvel, Star Wars and National Geographic branded content in the U.S. and four other countries and has expanded to select Western European countries in the Spring of 2020. In April, our Hotstar service in India was converted to Disney+Hotstar, and in June 2020, current subscribers of the Disney Deluxe service in Japan were converted to Disney+. In September 2020, Disney+ was launched in additional European countries and Disney+Hotstar was launched in Indonesia. In November 2020, Disney+ was launched in Latin America. Additional launches are planned for various Asia-Pacific territories in calendar 2021.
The Company also plans to launch a general entertainment DTC video streaming offering under the Star brand outside the U.S. in calendar year 2021.
TFCF Acquisition
On March 20, 2019, the Company acquired the outstanding capital stock of Twenty-First Century Fox, Inc., a diversified global media and entertainment company, which was subsequently renamed TFCF Corporation (TFCF). As a result of the
2

TABLE OF CONTENTS
acquisition, the Company’s ownership interest in Hulu, LLC (Hulu), a general entertainment DTC video streaming service, increased to 60% (67% as of October 3, 2020), and the Company started consolidating the results of Hulu as of the acquisition date. See Note 4 of the Consolidated Financial Statements for additional information on the TFCF and Hulu transactions.
MEDIA NETWORKS
Significant operations:
Disney, ESPN, Freeform, FX and National Geographic branded domestic cable networks
ABC branded broadcast television network and eight owned domestic television stations
Television production and distribution
A 50% equity investment in A+E Television Networks (A+E)
Significant revenues:
Affiliate fees - Fees charged to multi-channel video programming distributors (i.e. cable, satellite, telecommunications and digital over-the-top (OTT) (e.g. Hulu, YouTube TV) service providers) (MVPDs) and to television stations affiliated with the ABC Network for the right to deliver our programming to their customers
Advertising - Sales of advertising time/space on our domestic networks and related platforms (“ratings-based ad sales”, which excludes advertising on digital platforms that is not ratings-based), and the sale of advertising time on our domestic television stations. Ratings-based ad sales are generally determined using viewership measured with Nielsen ratings. Non-ratings-based advertising on digital platforms is reported by DTCI
TV/SVOD distribution - Licensing fees and other revenues from the right to use our television programs and productions and revenue from content transactions with other Company segments (“program sales”)
Significant expenses:
Operating expenses consisting primarily of programming and production costs, participations and residuals expense, technical support costs, operating labor and distribution costs
Selling, general and administrative costs
Depreciation and amortization
Domestic Cable Networks
Our domestic cable networks produce their own programs and also acquire programming rights from our television and film production operations and third parties. The majority of the domestic cable networks’ revenue is derived from affiliate fees and advertising sales. Generally, the Company’s cable networks provide programming under multi-year licensing agreements with MVPDs that include contractually specified rates on a per subscriber basis. The amounts that we can charge to MVPDs for our cable network programming is largely dependent on the quality and quantity of programming that we can provide and the competitive market for programming services. The ability to sell advertising time and the rates received are primarily dependent on the size and nature of the audience that the network can deliver to the advertiser as well as overall advertiser demand. We also sell programs developed by our cable networks worldwide to television broadcasters, to subscription video-on-demand (SVOD) services (such as Netflix and Amazon) and in home entertainment formats (such as DVD, Blu-ray and electronic home video license). A significant portion of our programs are sold to the DTCI segment for use on our DTC offerings. As such, we are forgoing certain licensing revenue from the sale of this content to third parties in TV/SVOD markets.
3

TABLE OF CONTENTS
The Company’s significant domestic cable channels and the number of subscribers (in millions) as estimated by Nielsen Media Research(1) as of September 2020 (except where noted) are as follows:
Estimated Subscribers(2)
Disney
Disney Channel85
Disney Junior66
Disney XD66
ESPN
ESPN84
ESPN284
ESPNU62
ESPNEWS62
SEC Network(3)
57
Freeform85
FX
FX86
FXX83
FXM57
National Geographic
National Geographic85
National Geographic Wild60
(1)As a result of COVID-19, we understand there have been disruptions in Nielsen Media Research’s ability to collect in-home data, which may have had an impact on the estimated subscriber counts at September 2020.
(2)Estimates include traditional MVPD and the majority of digital OTT subscriber counts.
(3)Because Nielsen Media Research does not measure this channel, estimated subscribers are according to SNL Kagan as of December 2019.
Disney
Branded television channels include Disney Channel, Disney Junior and Disney XD. Programming for these channels includes internally developed and acquired programming. The Disney branded channels also provide programming for video-on-demand (VOD) services and through the DisneyNOW App and website, both of which are operated by DTCI.
Disney Channel - the domestic Disney Channel airs original series and movie programming 24 hours a day targeted to kids ages 2 to 14. Disney Channel develops and produces shows for exhibition on its channel, including live-action comedy series, animated programming and preschool series, as well as original movies. Disney Channel also airs content from Disney’s theatrical film and television programming library.
Disney Junior - the domestic Disney Junior channel airs programming 24 hours a day targeted to kids ages 2 to 7 and their parents and caregivers. The channel features animated and live-action programming that blends Disney’s storytelling and characters with learning. Disney Junior also airs as a programming block on the Disney Channel.
Disney XD - the domestic Disney XD channel airs programming 24 hours a day targeted to kids ages 6 to 11. The channel features a mix of live-action and animated programming.
ESPN
ESPN is a multimedia sports entertainment company owned 80% by the Company and 20% by Hearst Corporation (Hearst). ESPN operates nine 24-hour domestic television sports channels: ESPN and ESPN2 (both of which are sports channels dedicated to professional and college sports as well as sports news and original programming), ESPNU (which is devoted to college sports), ESPNEWS (which simulcasts weekday ESPN Radio programming, re-airs select ESPN studio shows and airs a variety of other programming), SEC Network (which is dedicated to Southeastern Conference college athletics), ESPN Classic (which airs rebroadcasts of famous sporting events, sports documentaries and sports-themed movies), Longhorn Network (which is dedicated to The University of Texas athletics), ESPN Deportes (which airs professional and
4

TABLE OF CONTENTS
college sports, as well as studio shows in Spanish), and ACC Network (which is dedicated to Atlantic Coast Conference college athletics). ESPN programs the sports schedule on the ABC Television Network, which is branded ESPN on ABC.
ESPN holds rights for various professional and college sports programming including college football (including bowl games and the College Football Playoff) and basketball, the National Basketball Association (NBA), the National Football League (NFL), Major League Baseball (MLB), US Open Tennis, the Professional Golfers’ Association (PGA) Championship, the Women’s National Basketball Association (WNBA), various soccer rights, Top Rank Boxing, the Wimbledon Championships and the Masters golf tournament.
ESPN provides programming for the following, which are operated by DTCI:
ESPN.com delivers sports news, information and video on internet-connected devices, with approximately 20 editions in three languages globally. In the U.S., ESPN.com also features live video streams of ESPN channels to authenticated MVPD subscribers. Non-subscribers have limited access to certain content.
ESPN App delivers scores, news, stories, highlights, short form video, podcasts and live audio, with fourteen editions in three languages globally. In the U.S., the ESPN App also features live video streams of ESPN’s linear channels and exclusive events to authenticated MVPD subscribers. Non-subscribers have limited access to certain content. The ESPN App is available for download on various internet-connected devices.
ESPN+ is a multi-sports subscription offering available through ESPN.com and the ESPN App.
ESPN also operates the following:
ESPN Radio distributes talk and play-by-play programming in the U.S. ESPN Radio network programming is carried on approximately 400 terrestrial stations, including four ESPN owned stations in New York, Los Angeles, Chicago and Dallas, and on satellite and internet radio.
ESPN owns and operates the following events: ESPYs (annual awards show); X Games (winter and summer action sports competitions); and a portfolio of collegiate sporting events including: bowl games, basketball games, softball games and post-season award shows.
Freeform
Freeform is a channel targeted to viewers ages 18 to 34. Freeform produces original live-action programming, acquires programming rights from our television and theatrical production businesses and from third parties, and features branded holiday programming events. Freeform content is also available through VOD services and through the Freeform App and website, both of which are operated by DTCI.
FX
Branded television channels include FX, FXM and FXX. Programming for these channels includes internally developed and acquired programming. Internally produced programming for the 2020/2021 season includes two returning and one new one-hour dramas, nine returning half-hour comedies, and three new and one returning non-scripted series.
FX - is a general entertainment channel that airs original series, acquired television series and films including content from the Company’s libraries.
FXX - is a general entertainment channel targeted to young adults that airs acquired television series and films as well as content from the Company’s film and television libraries. The channel also airs original television series.
FXM - is a television channel that primarily airs films from the Company’s library or acquired from third parties.
National Geographic
National Geographic operates branded television channels (National Geographic, Nat Geo Wild and Nat Geo Mundo (collectively the National Geographic Channels)) and publishes the National Geographic magazines. The National Geographic Channels air scripted and documentary programming on such topics as natural history, adventure, science, exploration and culture. National Geographic is owned 73% by the Company and 27% by the National Geographic Society.
Broadcasting
Our broadcasting business includes a domestic broadcast network, television production and distribution operations, and eight owned domestic television stations.
Domestic Broadcast Television Network
The Company operates the ABC Television Network (ABC), which as of October 3, 2020, had affiliation agreements with approximately 240 local television stations reaching almost 100% of U.S. television households. ABC broadcasts programs in the primetime, daytime, late night, news and sports “dayparts”.
5

TABLE OF CONTENTS
ABC produces its own programs and also acquires programming rights from third parties as well as entities that are owned by or affiliated with the Company. ABC derives the majority of its revenues from advertising sales and affiliate fees. The ability to sell advertising time and the rates received are primarily dependent on the size and nature of the audience that the network can deliver to the advertiser as well as overall advertiser demand for time on broadcast networks. ABC also receives fees from affiliated television stations for the right to broadcast ABC programming.
ABC network programming is available digitally on internet-connected devices to authenticated MVPD subscribers. Non-subscribers have more limited access to on-demand episodes.
ABC provides online access to in-depth worldwide news and certain other programming through various Company operated and third party distribution platforms.
Television Production and Distribution
ABC Signature (previously ABC Studios), 20th Television (previously Twentieth Century Fox Television) and Touchstone Television (previously Fox 21 Television Studios) produce the majority of the Company’s general entertainment television programs. Program development is carried out in collaboration with writers, producers and creative teams, with a focus on one-hour dramas and half-hour comedies, primarily for primetime broadcasts.
Programming produced either for our networks or for third-party platforms for the 2020/2021 television season includes:
ABC Signature - seven returning and two new one-hour dramas and five returning and two new half-hour comedies
20th Television and Touchstone Television - fifteen returning and eight new one-hour dramas and nine returning and four new half-hour comedies
The Company also produces Jimmy Kimmel Live for late night and a variety of primetime specials, as well as syndicated, news and daytime programming.
We distribute the Company’s productions worldwide to television broadcasters and SVOD services and in home entertainment formats. The Company has a significant library of television programming spanning approximately 70 years of production history. Series with four or more seasons include approximately 55 one-hour dramas and 40 half-hour comedies.
Domestic Television Stations
The Company owns eight television stations, six of which are located in the top ten television household markets in the U.S. The television stations derive the majority of their revenues from advertising sales. The stations also receive affiliate fees from MVPDs. All of our television stations are affiliated with ABC and collectively reach approximately 20% of the nation’s television households. Generally, each owned station broadcasts three digital channels: the first consists of local, ABC and syndicated programming; the second is Localish (formerly the Live Well Network); and the third is the LAFF Network.
The stations we own are as follows:
TV StationMarket
Television Market
Ranking(1)
WABCNew York, NY1
KABCLos Angeles, CA2
WLSChicago, IL3
WPVIPhiladelphia, PA4
KGOSan Francisco, CA6
KTRKHouston, TX8
WTVDRaleigh-Durham, NC27
KFSNFresno, CA55
(1)Based on Nielsen Media Research, U.S. Television Household Estimates, January 1, 2020.
Equity Investments
The Company has investments in media businesses that are accounted for under the equity method, and the Company’s share of the financial results for these investments is reported as “Equity in the income (loss) of investees, net” in the
6

TABLE OF CONTENTS
Company’s Consolidated Statements of Operations. The Company’s significant equity investments reported in the Media Networks segment are as follows:
A+E
A+E is owned 50% by the Company and 50% by Hearst. A+E operates a variety of cable channels:
A&E – which offers entertainment programming including original reality and scripted series
HISTORY – which offers original series and event-driven specials
Lifetime and Lifetime Real Women – which offer female-focused programming
Lifetime Movie Network (LMN) – which offers female-focused movies
FYI – which offers contemporary lifestyle programming
A+E also has a 50% ownership interest in Viceland, a channel offering lifestyle-oriented documentaries and reality series aimed at millennial audiences.
A+E programming is available in approximately 200 countries and territories. A+E’s networks are distributed internationally under multi-year licensing agreements with MVPDs. A+E programming is also sold to international television broadcasters and SVOD services.
The number of domestic subscribers (in millions) for A+E channels as estimated by Nielsen Media Research(1) as of September 2020 is as follows:
Estimated Subscribers(2)
A&E84
HISTORY85
Lifetime84
LMN61
FYI50
Viceland63
(1)As a result of COVID-19, we understand there have been disruptions in Nielsen Media Research’s ability to collect in-home data, which may have had an impact on the estimated subscriber counts at September 2020.
(2)Estimates include traditional MVPD and the majority of digital OTT subscriber counts.
CTV
ESPN holds a 30% equity interest in CTV Specialty Television, Inc., which owns television channels in Canada, including The Sports Networks (TSN) 1-5, Le Réseau des Sports (RDS), RDS2, RDS Info, ESPN Classic Canada, Discovery Canada and Animal Planet Canada.
Competition and Seasonality
The Company’s Media Networks businesses compete for viewers primarily with other broadcast and cable networks, independent television stations and other media, such as DTC services and video games. With respect to the sale of advertising time, we compete with other television networks and radio stations, independent television stations, MVPDs and other advertising media such as digital content, newspapers, magazines and billboards. Our television and radio stations primarily compete for audiences and advertisers in local market areas.
The Company’s Media Networks businesses face competition from other networks for carriage by MVPDs. The Company’s contractual agreements with MVPDs are renewed or renegotiated from time to time in the ordinary course of business. Consolidation and other market conditions in the cable, satellite and telecommunication distribution industry and other factors may adversely affect the Company’s ability to obtain and maintain contractual terms for the distribution of its various programming services that are as favorable as those currently in place.
The Company’s Media Networks businesses also compete with other media and entertainment companies, independent production companies, SVOD providers and direct-to-consumer services for the acquisition of sports rights, talent, show concepts, scripted and other programming, and exhibition outlets.
The Company’s internet websites and digital products compete with other websites and entertainment products.
7

TABLE OF CONTENTS
Advertising revenues at Media Networks are subject to seasonal advertising patterns and changes in viewership levels. Revenues are typically somewhat higher during the fall and somewhat lower during the summer months. Affiliate fees are generally collected ratably throughout the year.
Federal Regulation
Television and radio broadcasting are subject to extensive regulation by the Federal Communications Commission (FCC) under federal laws and regulations, including the Communications Act of 1934, as amended. Violation of FCC regulations can result in substantial monetary fines, limited renewals of licenses and, in egregious cases, denial of license renewal or revocation of a license. FCC regulations that affect our Media Networks segment include the following:
Licensing of television and radio stations. Each of the television and radio stations we own must be licensed by the FCC. These licenses are granted for periods of up to eight years, and we must obtain renewal of licenses as they expire in order to continue operating the stations. We (and the acquiring entity in the case of a divestiture) must also obtain FCC approval whenever we seek to have a license transferred in connection with the acquisition or divestiture of a station. The FCC may decline to renew or approve the transfer of a license in certain circumstances and may delay renewals while permitting a licensee to continue operating. Although we have received such renewals and approvals in the past or have been permitted to continue operations when renewal is delayed, there can be no assurance that this will be the case in the future.
Television and radio station ownership limits. The FCC imposes limitations on the number of television stations and radio stations we can own in a specific market, on the combined number of television and radio stations we can own in a single market and on the aggregate percentage of the national audience that can be reached by television stations we own. Currently:
FCC regulations may restrict our ability to own more than one television station in a market, depending on the size and nature of the market. We do not own more than one television station in any market.
Federal statutes permit our television stations in the aggregate to reach a maximum of 39% of the national audience. Pursuant to the most recent decision by the FCC as to how to calculate compliance with this limit, our eight stations reach approximately 20% of the national audience.
FCC regulations in some cases impose restrictions on our ability to acquire additional radio or television stations in the markets in which we own radio stations. We do not believe any such limitations are material to our current operating plans.
Dual networks. FCC rules currently prohibit any of the four major broadcast television networks — ABC, CBS, Fox and NBC — from being under common ownership or control.
Regulation of programming. The FCC regulates broadcast programming by, among other things, banning “indecent” programming, regulating political advertising and imposing commercial time limits during children’s programming. Penalties for broadcasting indecent programming can be over $400 thousand per indecent utterance or image per station.
Federal legislation and FCC rules also limit the amount of commercial matter that may be shown on broadcast or cable channels during programming designed for children 12 years of age and younger. In addition, broadcast stations are generally required to provide an average of three hours per week of programming that has as a “significant purpose” meeting the educational and informational needs of children 16 years of age and younger. FCC rules also give television station owners the right to reject or refuse network programming in certain circumstances or to substitute programming that the licensee reasonably believes to be of greater local or national importance.
Cable and satellite carriage of broadcast television stations. With respect to MVPDs operating within a television station’s Designated Market Area, FCC rules require that every three years each television station elect either “must carry” status, pursuant to which MVPDs generally must carry a local television station in the station’s market, or “retransmission consent” status, pursuant to which the MVPDs must negotiate with the television station to obtain the consent of the television station prior to carrying its signal. The ABC owned television stations have historically elected retransmission consent.
Cable and satellite carriage of programming. The Communications Act and FCC rules regulate some aspects of negotiations regarding cable and satellite retransmission consent, and some cable and satellite distribution companies have sought regulation of additional aspects of the carriage of programming on cable and satellite systems. New legislation, court action or regulation in this area could have an impact on the Company’s operations.
The foregoing is a brief summary of certain provisions of the Communications Act, other legislation and specific FCC rules and policies. Reference should be made to the Communications Act, other legislation, FCC rules and public notices and rulings of the FCC for further information concerning the nature and extent of the FCC’s regulatory authority.
8

TABLE OF CONTENTS
FCC laws and regulations are subject to change, and the Company generally cannot predict whether new legislation, court action or regulations, or a change in the extent of application or enforcement of current laws and regulations, would have an adverse impact on our operations.
PARKS, EXPERIENCES AND PRODUCTS
Significant operations:
Parks & Experiences:
Theme parks and resorts, which include: Walt Disney World Resort in Florida; Disneyland Resort in California; Disneyland Paris; Hong Kong Disneyland Resort (48% ownership interest); and Shanghai Disney Resort (43% ownership interest), all of which are consolidated in our results. Additionally, the Company licenses our intellectual property to a third party to operate Tokyo Disney Resort.
Disney Cruise Line, Disney Vacation Club, National Geographic Expeditions (73% ownership interest), Adventures by Disney and Aulani, a Disney Resort & Spa in Hawaii
Consumer Products:
Licensing of our trade names, characters, visual, literary and other intellectual properties to various manufacturers, game developers, publishers and retailers throughout the world, for use on merchandise, published materials and games
Sale of branded merchandise through retail, online and wholesale businesses, and development and publishing of books, comic books and magazines (except National Geographic, which is reported in Media Networks)
Significant revenues:
Theme park admissions - Sales of tickets for admission to our theme parks
Parks & Experiences merchandise, food and beverage - Sales of merchandise, food and beverages at our theme parks and resorts and cruise ships
Resorts and vacations - Sales of room nights at hotels, sales of cruise and other vacations and sales and rentals of vacation club properties
Merchandise licensing and retail:
Merchandise licensing - Royalties from intellectual property licensing
Retail - Sales of merchandise at The Disney Stores and through branded internet shopping sites, as well as to wholesalers (including books, comic books and magazines)
Parks licensing and other - Revenues from sponsorships and co-branding opportunities and real estate rent and sales. In addition, we earn royalties on Tokyo Disney Resort revenues.
Significant expenses:
Operating expenses consisting primarily of operating labor, costs of goods sold, infrastructure costs, supplies, commissions and entertainment offerings. Infrastructure costs include information systems expense, repairs and maintenance, property taxes, utilities and fuel, retail occupancy costs, insurance and transportation
Selling, general and administrative costs
Depreciation and amortization
Significant capital investments:
In recent years, over 70% of the Company’s capital spend has been at our parks and experiences business, which is principally for theme park and resort expansion, new attractions, cruise ships, capital improvements and systems infrastructure. The various investment plans discussed in the “Parks & Experiences” section are based on management’s current expectations. Actual investment may differ
Many of our Parks, Experiences and Products businesses have been significantly impacted by COVID-19, including:
Walt Disney World Resort closed from March 16, 2020 through July 10, 2020
Disneyland Resort closed March 14, 2020 and continues to be closed, except for the Downtown Disney district which reopened on July 9, 2020
Disneyland Paris closed from March 14, 2020 through July 14, 2020 and closed again on October 30, 2020
Hong Kong Disneyland Resort closed from January 26, 2020 through June 17, 2020 and July 15, 2020 through September 24, 2020
Shanghai Disney Resort closed from January 25, 2020 through May 10, 2020
9

TABLE OF CONTENTS
Tokyo Disney Resort closed from February 29, 2020 through June 30, 2020
Disney Cruise Line sailings have been suspended since March 14, 2020
Many of our retail stores were closed for most of the second half of our fiscal year although most have since reopened
Parks & Experiences
Walt Disney World Resort
The Walt Disney World Resort is located approximately 20 miles southwest of Orlando, Florida, on approximately 25,000 acres of land. The resort includes theme parks (the Magic Kingdom, Epcot, Disney’s Hollywood Studios and Disney’s Animal Kingdom); hotels; vacation club properties; a retail, dining and entertainment complex (Disney Springs); a sports complex; conference centers; campgrounds; golf courses; water parks; and other recreational facilities designed to attract visitors for an extended stay.
The Walt Disney World Resort is marketed through a variety of international, national and local advertising and promotional activities. A number of attractions and restaurants in each of the theme parks are sponsored or operated by other corporations under multi-year agreements.
Magic Kingdom — The Magic Kingdom consists of six themed areas: Adventureland, Fantasyland, Frontierland, Liberty Square, Main Street USA and Tomorrowland. Each land provides a unique guest experience featuring themed attractions, restaurants, merchandise shops and entertainment experiences.
Epcot — Epcot consists of two major themed areas: Future World and World Showcase. Future World dramatizes certain historical developments and addresses the challenges facing the world today through pavilions devoted to showcasing science and technology innovations, communication, transportation, use of imagination, nature and food production, the ocean environment and space. World Showcase presents a community of nations focusing on the culture, traditions and accomplishments of people around the world. Countries represented with pavilions include Canada, China, France, Germany, Italy, Japan, Mexico, Morocco, Norway, the United Kingdom and the U.S. Both areas feature themed attractions, restaurants, merchandise shops and entertainment experiences. Epcot is undergoing a multi-year transformation, which will include the addition of new attractions and experiences.
Disney’s Hollywood Studios — Disney’s Hollywood Studios consists of eight themed areas: Animation Courtyard, Commissary Lane, Echo Lake, Grand Avenue, Hollywood Boulevard, Star Wars: Galaxy’s Edge, Sunset Boulevard and Toy Story Land. The areas provide behind-the-scenes glimpses of Hollywood-style action through various shows and attractions and offer themed food service, merchandise shops and entertainment experiences.
Disney’s Animal Kingdom — Disney’s Animal Kingdom consists of a 145-foot tall Tree of Life centerpiece surrounded by five themed areas: Africa, Asia, DinoLand USA, Discovery Island and Pandora - The World of Avatar. Each themed area contains attractions, restaurants, merchandise shops and entertainment experiences. The park features more than 300 species of live mammals, birds, reptiles and amphibians and 3,000 varieties of vegetation.
Hotels, Vacation Club Properties and Other Resort Facilities — As of October 3, 2020, the Company owned and operated 18 resort hotels and vacation club facilities at the Walt Disney World Resort, with approximately 24,000 rooms and 3,500 vacation club units. Resort facilities include 500,000 square feet of conference meeting space and Disney’s Fort Wilderness camping and recreational area, which offers approximately 800 campsites. The Company is constructing a new Star Wars: Galactic Starcruiser hotel at the Walt Disney World Resort.
Disney Springs is an approximately 120-acre retail, dining and entertainment complex and consists of four areas: Marketplace, The Landing, Town Center and West Side. The areas are home to more than 150 venues including the 64,000-square-foot World of Disney retail store and NBA Experience. Most of the Disney Springs facilities are operated by third parties that pay rent to the Company.
Nine independently-operated hotels with approximately 6,000 rooms are situated on property leased from the Company.
ESPN Wide World of Sports Complex is a 230-acre center that hosts professional caliber training and competitions, festival and tournament events and interactive sports activities. The complex, which welcomes both amateur and professional athletes, accommodates multiple sporting events, including baseball, basketball, football, soccer, softball, tennis and track and field. It also includes a stadium, as well as two venues designed for cheerleading, dance competitions and other indoor sports. In 2020, the complex hosted the remainder of the previously suspended NBA season, including the playoffs and finals.
Other recreational amenities and activities available at the Walt Disney World Resort include three championship golf courses, miniature golf courses, full-service spas, tennis, sailing, swimming, horseback riding and a number of other sports and leisure time activities. The resort also includes two water parks: Disney’s Blizzard Beach and Disney’s Typhoon Lagoon.
10

TABLE OF CONTENTS
Disneyland Resort
The Company owns 486 acres and has rights under a long-term lease for use of an additional 55 acres of land in Anaheim, California. The Disneyland Resort includes two theme parks (Disneyland and Disney California Adventure), three resort hotels and a retail, dining and entertainment complex (Downtown Disney).
The Disneyland Resort is marketed through a variety of international, national and local advertising and promotional activities. A number of the attractions and restaurants in the theme parks are sponsored or operated by other corporations under multi-year agreements.
Disneyland — Disneyland consists of nine themed areas: Adventureland, Critter Country, Fantasyland, Frontierland, Main Street USA, Mickey’s Toontown, New Orleans Square, Star Wars: Galaxy’s Edge, and Tomorrowland. These areas feature themed attractions, restaurants, merchandise shops and entertainment experiences.
Disney California Adventure — Disney California Adventure is adjacent to Disneyland and includes seven themed areas: Buena Vista Street, Cars Land, Grizzly Peak, Hollywood Land, Pacific Wharf, Paradise Gardens Park and Pixar Pier. These areas include themed attractions, restaurants, merchandise shops and entertainment experiences. The Company is constructing a new themed area, Avengers Campus.
Hotels, Vacation Club Units and Other Resort Facilities — Disneyland Resort includes three Company owned and operated hotels and vacation club facilities with approximately 2,400 rooms, 50 vacation club units and 180,000 square feet of conference meeting space.
Downtown Disney is a themed 15-acre retail, entertainment and dining complex with approximately 30 venues located adjacent to both Disneyland and Disney California Adventure. Most of the Downtown Disney facilities are operated by third parties that pay rent to the Company.
Aulani, a Disney Resort & Spa
Aulani, a Disney Resort & Spa, is a Company-operated family resort on a 21-acre oceanfront property on Oahu, Hawaii featuring approximately 350 hotel rooms, an 18,000-square-foot spa and 12,000 square feet of conference meeting space. The resort also has approximately 480 vacation club units.
Disneyland Paris
Disneyland Paris is located on a 5,510-acre development in Marne-la-Vallée, approximately 20 miles east of Paris, France. The land is being developed pursuant to a master agreement with French governmental authorities. Disneyland Paris includes two theme parks (Disneyland Park and Walt Disney Studios Park); seven themed resort hotels; two convention centers; a shopping, dining and entertainment complex (Disney Village); and a 27-hole golf facility. Of the 5,510 acres comprising the site, approximately half have been developed to date, including a planned community (Val d’Europe) and an eco-tourism destination (Villages Nature).
Disneyland Park — Disneyland Park consists of five themed areas: Adventureland, Discoveryland, Fantasyland, Frontierland and Main Street USA. These areas include themed attractions, restaurants, merchandise shops and entertainment experiences.
Walt Disney Studios Park — Walt Disney Studios Park includes four themed areas: Backlot, Front Lot, Production Courtyard and Toon Studio. These areas each include themed attractions, restaurants, merchandise shops and entertainment experiences. The Company has announced plans for a multi-year expansion of Walt Disney Studios Park that will add new themed areas based on Marvel and Frozen.
Hotels and Other Facilities — Disneyland Paris operates seven resort hotels, with approximately 5,800 rooms and 210,000 square feet of conference meeting space. In addition, eight on-site hotels that are owned and operated by third parties provide approximately 2,575 rooms.
Disney Village is a 500,000-square-foot retail, dining and entertainment complex located between the theme parks and the hotels. A number of the Disney Village facilities are operated by third parties that pay rent to the Company.
Val d’Europe is a planned community near Disneyland Paris that is being developed in phases. Val d’Europe currently includes a regional train station, hotels and a town center consisting of a shopping center as well as office, commercial and residential space. Third parties operate these developments on land leased or purchased from the Company.
Villages Nature is a European eco-tourism resort that consists of recreational facilities, restaurants and 900 vacation units. The resort is a 50% joint venture between the Company and Pierre & Vacances-Center Parcs, who manages the venture.
11

TABLE OF CONTENTS
Hong Kong Disneyland Resort
The Company owns a 48% interest in Hong Kong Disneyland Resort and the Government of the Hong Kong Special Administrative Region (HKSAR) owns a 52% interest. The resort is located on 310 acres on Lantau Island and is in close proximity to the Hong Kong International Airport and the Hong Kong-Zhuhai-Macau Bridge. Hong Kong Disneyland Resort includes one theme park and three themed resort hotels. A separate Hong Kong subsidiary of the Company is responsible for managing Hong Kong Disneyland Resort. The Company is entitled to receive royalties and management fees based on the operating performance of Hong Kong Disneyland Resort.
Hong Kong Disneyland — Hong Kong Disneyland consists of seven themed areas: Adventureland, Fantasyland, Grizzly Gulch, Main Street USA, Mystic Point, Tomorrowland and Toy Story Land. These areas feature themed attractions, restaurants, merchandise shops and entertainment experiences. The park is in the midst of a multi-year expansion project that will add a number of new guest offerings, including a transformed castle and a Frozen-themed area.
Hotels — Hong Kong Disneyland Resort includes three themed hotels with a total of 1,750 rooms and approximately 16,000 square feet of conference meeting space.
Shanghai Disney Resort
The Company owns a 43% interest in Shanghai Disney Resort and Shanghai Shendi (Group) Co., Ltd (Shendi) owns a 57% interest. The resort is located in the Pudong district of Shanghai on approximately 1,000 acres of land, which includes the Shanghai Disneyland theme park; two themed resort hotels; a retail, dining and entertainment complex (Disneytown); and an outdoor recreation area. A management company, in which the Company has a 70% interest and Shendi has a 30% interest, is responsible for operating the resort and receives a management fee based on the operating performance of Shanghai Disney Resort. The Company is also entitled to royalties based on the resort’s revenues.
Shanghai Disneyland — Shanghai Disneyland consists of seven themed areas: Adventure Isle, Fantasyland, Gardens of Imagination, Mickey Avenue, Tomorrowland, Toy Story Land and Treasure Cove. These areas feature themed attractions, restaurants, merchandise shops and entertainment experiences. The Company is constructing an eighth themed area based on the animated film Zootopia.
Hotels and Other Facilities — Shanghai Disneyland Resort includes two themed hotels with a total of 1,220 rooms. Disneytown is an 11-acre outdoor complex of dining, shopping and entertainment venues located adjacent to Shanghai Disneyland. Most Disneytown facilities are operated by third parties that pay rent to Shanghai Disney Resort.
Tokyo Disney Resort
Tokyo Disney Resort is located on 494 acres of land, six miles east of downtown Tokyo, Japan. The Company earns royalties on revenues generated by the Tokyo Disney Resort, which is owned and operated by Oriental Land Co., Ltd. (OLC), a third-party Japanese corporation. The resort includes two theme parks (Tokyo Disneyland and Tokyo DisneySea); four Disney-branded hotels; six other hotels (operated by third parties other than OLC); a retail, dining and entertainment complex (Ikspiari); and Bon Voyage, a Disney-themed merchandise location.
Tokyo Disneyland — Tokyo Disneyland consists of seven themed areas: Adventureland, Critter Country, Fantasyland, Tomorrowland, Toontown, Westernland and World Bazaar.
Tokyo DisneySea — Tokyo DisneySea is divided into seven “ports of call,” including American Waterfront, Arabian Coast, Lost River Delta, Mediterranean Harbor, Mermaid Lagoon, Mysterious Island and Port Discovery. OLC is expanding Tokyo DisneySea to include an eighth themed port, Fantasy Springs.
Hotels and Other Resort Facilities — Tokyo Disney Resort includes four Disney-branded hotels with a total of more than 2,400 rooms and a monorail, which links the theme parks and resort hotels with Ikspiari. OLC is currently constructing a 475-room Disney-branded hotel at Tokyo DisneySea, and a 600-room Toy Story themed hotel opening in 2021.
Disney Vacation Club (DVC)
DVC offers ownership interests in 15 resort facilities located at the Walt Disney World Resort; Disneyland Resort; Aulani; Vero Beach, Florida; and Hilton Head Island, South Carolina. Available units are offered for sale under a vacation ownership plan and are operated as hotel rooms when not occupied by vacation club members. The Company’s vacation club units range from deluxe studios to three-bedroom grand villas. Unit counts in this document are presented in terms of two-bedroom equivalents. DVC had approximately 4,300 vacation club units as of October 3, 2020. The Company also plans to build a new DVC property at Disneyland Resort with 135 units.
Disney Cruise Line
Disney Cruise Line is a four-ship vacation cruise line, which operates out of ports in North America and Europe. The Disney Magic and the Disney Wonder are approximately 85,000-ton 875-stateroom ships, and the Disney Dream and the Disney
12

TABLE OF CONTENTS
Fantasy are approximately 130,000-ton 1,250-stateroom ships. The ships cater to families, children, teenagers and adults, with distinctly-themed areas and activities for each group. Many cruise vacations include a visit to Disney’s Castaway Cay, a 1,000-acre private Bahamian island.
The Company is expanding its cruise business by adding three new ships. The first ship, the Disney Wish, is scheduled to launch in summer 2022 with the other two ships to be delivered from the shipyard in 2024 and 2025. These dates include impacts from shipyard delays due to COVID-19. Each new ship can be powered by liquefied natural gas and will be approximately 140,000 tons with 1,250 staterooms.
The Company has an agreement with the Government of The Bahamas to create and manage a destination at Lighthouse Point on the island of Eleuthera.
Adventures by Disney
Adventures by Disney offers guided tour packages predominantly at non-Disney sites around the world. Adventures by Disney offered approximately 20 different tour packages during 2020.
National Geographic Expeditions
National Geographic Expeditions offers guided tour packages around the world that explore cultures, landscapes and history. National Geographic offered approximately 190 different tour packages during 2020.
Walt Disney Imagineering
Walt Disney Imagineering provides master planning, real estate development, attraction, entertainment and show design, engineering support, production support, project management and research and development for the Company’s Parks, Experiences and Products operations.
Consumer Products
Licensing
The Company’s merchandise licensing operations cover a diverse range of product categories, the most significant of which are: toys, apparel, games, home décor and furnishings, accessories, health and beauty, books, food, stationery, footwear, consumer electronics and magazines. The Company licenses characters from its film, television and other properties for use on third-party products in these categories and earns royalties, which are usually based on a fixed percentage of the wholesale or retail selling price of the products. Some of the major properties licensed by the Company include: Mickey and Minnie, Frozen, Star Wars, Disney Princess, Avengers, Spider-Man, Toy Story, Disney Channel characters, Winnie the Pooh, Cars and Disney Classics.
Retail
The Company sells Disney-, Marvel-, Pixar- and Lucasfilm-branded products through retail stores and internet sites globally. Retail stores operate under The Disney Store name and are generally located in leading shopping malls and other retail complexes. The Company owns and operates approximately 200 stores in North America, 60 stores in Europe, 45 stores in Japan and two stores in China. Internet sites are generally branded shopDisney.
The Company creates, distributes and publishes a variety of products in multiple countries and languages based on the Company’s branded franchises. The products include children’s books, comic books, digital comics and ebooks, learning products and storytelling apps.
Competition and Seasonality
The Company’s theme parks and resorts as well as Disney Cruise Line and Disney Vacation Club compete with other forms of entertainment, lodging, tourism and recreational activities. The profitability of the leisure-time industry may be influenced by various factors that are not directly controllable, such as economic conditions including business cycle and exchange rate fluctuations, the political environment, travel industry trends, amount of available leisure time, oil and transportation prices, weather patterns and natural disasters. The licensing and retail business compete with other licensors, retailers and publishers of character, brand and celebrity names, as well as other licensors, publishers and developers of game software, online video content, internet websites, other types of home entertainment and retailers of toys and kids merchandise.
All of the theme parks and the associated resort facilities are operated on a year-round basis. Typically, theme park attendance and resort occupancy fluctuate based on the seasonal nature of vacation travel and leisure activities, the opening of new guest offerings and pricing and promotional offers. Peak attendance and resort occupancy generally occur during the summer months when school vacations occur and during early winter and spring holiday periods. The licensing, retail and wholesale businesses are influenced by seasonal consumer purchasing behavior, which generally results in higher revenues
13

TABLE OF CONTENTS
during the Company’s first and fourth fiscal quarter, and by the timing and performance of theatrical and game releases and cable programming broadcasts.
STUDIO ENTERTAINMENT
Significant operations:
Motion picture production and distribution under the Walt Disney Pictures, Twentieth Century Studios (previously Twentieth Century Fox), Marvel, Lucasfilm, Pixar, Searchlight Pictures (previously Fox Searchlight Pictures) and Blue Sky Studios banners
Development, production and licensing of live entertainment events on Broadway and around the world (stage plays)
Music production and distribution
Post-production services through Industrial Light & Magic and Skywalker Sound
Significant revenues:
Theatrical distribution - Rentals from licensing our motion pictures to theaters
Home entertainment - Sale of our motion pictures to retailers and distributors in physical (DVD and Blu-ray) and electronic formats
TV/SVOD distribution and other - Licensing fees and other revenue from the right to use our motion picture productions, revenue from content transactions with other Company segments, ticket sales from stage plays, fees from licensing our intellectual properties for use in live entertainment productions, revenue from licensing our music and revenue from post-production services
Significant expenses:
Operating expenses consisting primarily of amortization of production, participations and residuals costs, distribution costs and costs of sales
Selling, general and administrative costs
Depreciation and amortization
Prior to the Company’s acquisition of Marvel in fiscal 2010, Marvel had licensed Spider-Man rights to Sony Pictures Entertainment (Sony). With the exception of a co-production relationship for the upcoming Spider-Man 3 (2021) film, Sony incurs the costs to produce and distribute Spider-Man films. For Spider-Man 3 (2021), the Company and Sony share in the cost to produce the film and proportionately share in revenues, adjusted for distribution fees retained by Sony. Sony distributes all the Spider-man films and the Company licenses the merchandise rights to third parties. The Company pays Sony a licensing fee based on each film’s box office receipts, subject to specified limits. The Company distributes all other Marvel-produced films with the exception of The Incredible Hulk, which is distributed by Universal Pictures.
Theatrical Market
We produce and distribute full-length live-action films and animated films. In the domestic theatrical market, we generally distribute and market our filmed products directly. In most major international markets, we distribute our filmed products directly while in other markets our films are distributed by independent companies or joint ventures. During fiscal 2021, we expect to release approximately 15 to 20 of our own produced feature films, although the timing and number of feature films could be impacted by COVID-19. As a result of COVID-19, our distribution strategy may change and certain films intended for theatrical release may be licensed to DTCI for use on Disney+ in certain territories. Some of these films will be released theatrically in certain territories and released on Disney+ where not available theatrically. Cumulatively through October 3, 2020, the Company has released approximately 1,100 full-length live-action features and 100 full-length animated features.
The Company incurs significant marketing and advertising costs before and throughout the theatrical release of a film in an effort to generate public awareness of the film, to increase the public’s intent to view the film and to help generate consumer interest in the subsequent home entertainment and other ancillary markets. These costs are expensed as incurred, which may result in a loss on a film in the theatrical markets, including in periods prior to the theatrical release of the film.
Home Entertainment Market
In the domestic market, we distribute home entertainment releases directly under each of our motion picture banners. In international markets, we distribute home entertainment releases under our motion picture banners both directly and through independent distribution companies.
Domestic and international home entertainment distribution typically starts three to six months after the theatrical release in each market. Home entertainment releases are distributed in physical (DVD and Blu-ray) and electronic formats. Electronic
14

TABLE OF CONTENTS
formats may be released up to four weeks ahead of the physical release. Physical formats are generally sold to retailers, such as Walmart and Target, and electronic formats are sold through e-tailers, such as Apple and Amazon.
As of October 3, 2020, we have approximately 2,500 active produced and acquired film titles, including 2,200 live-action titles and 300 animated titles, in the domestic home entertainment marketplace and approximately 2,400 active produced and acquired titles, including 2,000 live-action titles and 400 animated titles, in the international marketplace.
Concurrently with physical home entertainment distribution, we license titles to VOD services for electronic delivery to consumers for a specified rental period.
Television Market
In the television market, we license our films to cable and broadcast networks, television stations and other video service providers, which may provide the content to viewers on television or a variety of internet-connected devices. The television market is comprised of multiple pay TV and free TV windows, which can have license periods of various lengths following the home entertainment window. Our Walt Disney Pictures, Marvel, Lucasfilm and Pixar branded films are generally licensed to DTCI for use on Disney+ after the theatrical and home entertainment windows. In response to the impact COVID-19 is having on theatrical distribution, certain films originally intended for theatrical release were licensed to DTCI for use on Disney+ in certain territories.
Disney Music Group
The Disney Music Group (DMG) commissions new music for the Company’s motion pictures and television programs and develops, produces, markets and distributes the Company’s music worldwide either directly or through license agreements. DMG also licenses the songs and recording copyrights to third parties for printed music, records, audio-visual devices, public performances and digital distribution and produces live musical concerts. DMG includes Walt Disney Records, Hollywood Records, Disney Music Publishing and Disney Concerts.
Disney Theatrical Group
Disney Theatrical Group develops, produces and licenses live entertainment events on Broadway and around the world, including The Lion King, Aladdin, Frozen, The Little Mermaid, Beauty and the Beast, The Hunchback of Notre Dame, Mary Poppins (a co-production with Cameron Mackintosh Ltd), Newsies, Aida and TARZAN®.
Disney Theatrical Group also licenses the Company’s intellectual property to Feld Entertainment, the producer of Disney On Ice and Marvel Universe Live!.
Competition and Seasonality
The Studio Entertainment businesses compete with all forms of entertainment. A significant number of companies produce and/or distribute theatrical and television films, exploit products in the home entertainment market, provide pay television and SVOD services, and produce music and live theater. We also compete to obtain creative and performing talent, story properties and advertiser support that are essential to the success of our Studio Entertainment businesses.
The success of Studio Entertainment operations is heavily dependent upon public taste and preferences. In addition, Studio Entertainment operating results fluctuate due to the timing and performance of releases in the theatrical, home entertainment and television markets. Release dates are determined by several factors, including competition and the timing of vacation and holiday periods.
DIRECT-TO-CONSUMER & INTERNATIONAL
Significant operations:
Direct-to-consumer (DTC) streaming services, which include Disney + / Disney+Hotstar, ESPN+ and Hulu
Branded international television networks and channels, which include Disney, ESPN, Fox, National Geographic and Star (International Channels)
Other digital content distribution platforms and services
Equity investments:
A 50% ownership interest in Endemol Shine Group, which was sold on July 2, 2020
A 20% ownership interest (49% economic interest) in Seven TV
A 30% effective ownership interest in Tata Sky Limited
15

TABLE OF CONTENTS
An approximate 24% effective ownership interest (14% fully diluted) in Vice Group Holding Inc. (Vice). Vice operates Viceland, which is owned 50% by Vice and 50% by A+E.
Significant revenues:
Subscription fees - Fees charged to customers/subscribers for our video streaming services
Advertising - Sales of advertising time/space on our International Channels and sales of non-ratings based advertising time/space on digital media platforms (“addressable ad sales”) across the Company. In general, addressable ad sales are delivered using technology that allows for dynamic insertion of advertisements into video content, which can be targeted to specific viewer groups
Affiliate fees - Fees charged to MVPDs for the right to deliver our International Channels to their customers
TV/SVOD distribution - Program sales, sub-licensing fees for sports programming rights and fees charged to customers to view our sports programming (“pay-per-view”) (e.g. Ultimate Fighting Championship) and Premier Access content (e.g. Mulan on Disney+)
Significant expenses:
Operating expenses consisting primarily of programming and production costs (including amortization of content obtained from other Company segments), technical support costs, operating labor and distribution costs
Selling, general and administrative costs
Depreciation and amortization
Direct-to-Consumer Services (DTC)
Our DTC businesses consist of subscription services that provide video streaming of general entertainment, family and sports programming (services are offered individually or in a bundle). The services are offered to customers directly or through third-party distributors on mobile and connected devices. Customers are generally billed a monthly or annual subscription fee.
Disney+ / Disney+Hotstar
Disney+ is a subscription based DTC video streaming service with Disney, Pixar, Marvel, Star Wars and National Geographic branded programming. It offers approximately 11,700 episodes and 700 movies from the Company’s library of television and film programming and over 30 exclusive original series and over 15 exclusive original movies and specials produced by the Company’s film and television studios. Disney+ launched in November 2019 in the U.S. and four other countries and has expanded to select Western European countries in the Spring of 2020. In April, our Hotstar service in India was converted to Disney+Hotstar, and in June 2020, subscribers of the Disney Deluxe service in Japan were converted to Disney+. In September 2020, Disney+ was launched in additional European countries and Disney+Hotstar was launched in Indonesia. In November 2020, Disney+ was launched in Latin America. Additional launches are planned for various Asia-Pacific territories in calendar 2021.
Disney+Hotstar is a subscription based DTC video streaming service with local and international television shows, movies, sports, news and original series in approximately ten languages and incorporates gaming and social features. Disney+Hotstar has exclusive streaming rights to Home Box Office, Inc.’s original programming in India and also carries content from Disney, Fox and Showtime Networks.
The majority of Disney+ / Disney+Hotstar revenue is derived from subscription fees. Disney+Hotstar also generates advertising revenue from commercial announcements in select programming.
Based on internal management reports, the estimated number of paid Disney+ / Disney+Hotstar subscribers as of October 3, 2020 was approximately 74 million.
ESPN+
ESPN+ is a subscription based DTC video streaming service offering thousands of live sporting events, on-demand sports content and original programming not available on ESPN’s other networks. ESPN+ revenue is derived from subscription fees, pay-per-view fees and, to a lesser extent, advertising sales. Live events available through the service include mixed martial arts, soccer, hockey, boxing, baseball, college sports, tennis and cricket. ESPN+ is currently the exclusive distributor for UFC pay-per-view events in the U.S. Based on internal management reports, the estimated number of paid ESPN+ subscribers as of October 3, 2020 was approximately 10 million.
Hulu
Hulu is a subscription based DTC video streaming service with acquired and original television and film content. The majority of Hulu’s revenue is derived from subscription fees and advertising sales. Hulu offers four primary subscription services/bundles, including an SVOD service with either limited commercial announcements or no commercial announcements,
16

TABLE OF CONTENTS
and a digital OTT MVPD service that also includes the SVOD service with either limited commercial announcements or no commercial announcements. The digital OTT MVPD service includes live linear streams of cable networks and the major broadcast networks. In addition, Hulu offers subscriptions to premium services such as HBOMax, Cinemax, Starz and Showtime, which can be added to the Hulu service. Based on internal management reports, the estimated number of paid Hulu subscribers as of October 3, 2020 was approximately 37 million.
The Company has a 67% ownership interest in Hulu and full operational control, with NBCU owning the remaining 33%. The Company also has a put/call agreement with NBCU, which provides NBCU the option to require the Company to purchase NBCU’s interest in Hulu and the Company the option to require NBCU to sell its interest in Hulu to the Company, in both cases, beginning in January 2024 (see Note 4 of the Consolidated Financial Statements for additional information).
Star
The Company plans to launch a DTC general entertainment video streaming offering under the Star brand outside the U.S. in calendar year 2021.
International Channels
Our International Channels produce local programs or acquire rights from our domestic studios and from third parties. Our International Channels derive the majority of their revenues from advertising sales and affiliate fees. Generally, channels provide programming under multi-year agreements with MVPDs that include contractually determined rates on a per subscriber basis. The amounts that we can charge to MVPDs for our channels are largely dependent on the quality and quantity of programming that we can provide and the competitive market for programming services. The ability to sell advertising time and the rates received are primarily dependent on the size and nature of the audience that a channel can deliver to the advertiser as well as overall advertiser demand.
The Company’s increased focus on DTC distribution in international markets is expected to negatively impact the International Channels business as we shift the primary means of monetizing our film and television content from licensing of linear channels to use on our DTC services.
The Company’s significant International Channels and the number of subscribers (in millions) based on internal management reports as of September 2020 are as follows:
Estimated Subscribers
Disney
Disney Channel196
Disney Junior166
Disney XD105
ESPN(1)
53
Fox(1)
201
National Geographic(1)
317
Star
General Entertainment(1)
134
Sports(1)
80
(1)Reflects each unique subscriber that has access to one or more of these branded channels.
Disney
DTCI operates approximately 100 Disney branded television channels outside of the U.S., which are broadcast in approximately 30 languages and 170 countries/territories. Branded channels include Disney Channel, Disney Junior, Disney XD and Disney International HD. Disney content is also available on third-party VOD services and online on our apps and websites. Programming for these channels includes Disney branded programming acquired from our domestic studios, programming acquired from third parties and internally developed local programming.
ESPN
DTCI operates approximately 25 ESPN branded television channels outside of the U.S. (primarily in Latin America and Australia), which are broadcast in three languages (English, Spanish and Portuguese) and approximately 60 countries/territories. ESPN holds non-U.S. rights for various professional sports programming including English Premier League, La Liga, multiple UEFA leagues, various other soccer rights, various tennis rights and the NFL.
17

TABLE OF CONTENTS
Fox
The DTCI segment operates approximately 190 Fox branded channels outside of the U.S., which are broadcast in approximately 40 languages and 190 countries/territories. Branded channels include Fox Channel, Fox Movies, Fox Life, Fox Crime, Fox Traveler, FX and Fox Sports. Content is also available on third-party VOD services and online on our apps and websites. Programming for these channels includes internally developed local programming and programming acquired from our domestic studios and from third parties.
Fox Sports distributes Spanish-language sports programming services in Latin America that feature local and international soccer events, motorsports programming, combat sports and U.S. sports leagues (such as NFL and MLB). Fox Sports Premium, a pay television service in Argentina, airs the matches of the professional soccer league in Argentina. In addition, Fox Sports distributes programming in Asia Pacific with regional feeds offered for Taiwan, Singapore, Philippines and South East Asia markets. The service features Bundesliga, motorsports, combat sports and international tennis programming.
In order to obtain regulatory approval for the acquisition of TFCF, the Company agreed to sell TFCF’s sports media operations in Mexico.
The Company has a 51% direct ownership interest in Eredivisie Media & Marketing CV (EMM), a media company that holds the media and sponsorship rights of the Dutch Premier League for soccer.
National Geographic
The DTCI segment operates approximately 90 National Geographic branded channels outside of the U.S., which are broadcast in approximately 40 languages and 180 countries/territories. Branded channels include National Geographic Channel, Nat Geo People, Nat Geo Wild and Nat Geo Kids. These channels air scripted and documentary programming on such topics as natural history, adventure, science, exploration and culture. Content is also available on third-party VOD services and online on our apps and websites. Programming for these channels includes programming acquired from our domestic studios, internally developed local programming and programming acquired from third parties.
Star
Star develops, produces and broadcasts approximately 60 channels, in approximately 10 languages in India and throughout Asia, the United Kingdom, Continental Europe, the Middle East and parts of Africa. Programming for these channels includes internally developed local programming and acquired programming, as well as content from Star’s extensive library of film and television programs. Star holds rights for various sports programming including cricket (for which Star has the global distribution rights to certain events) soccer, tennis and field hockey.
Other India Channels
DTCI operates UTV, Bindass and Hungama branded channels in India. UTV Action and UTV Movies offer Bollywood movies as well as Hollywood, Asian and Indian regional movies dubbed in Hindi. Bindass is a youth entertainment channel. Hungama is targeted to kids and features a mix of animated series and movies.
At October 3, 2020, we adjusted the methodology used to determine the number of branded channels and the number of countries/territories in which we operate channels. The current year includes language feeds that were previously excluded but includes only one channel (rather than two) in markets where we have both high definition and standard definition feeds. In addition, the current year includes certain Fox and National Geographic channels in Africa and Eastern Europe that were previously excluded. On a comparable basis, the number of branded channels declined by approximately 30 primarily due to shutting down Disney and Fox channels.
Other Digital Content Distribution Platforms and Services
DTCI operates branded apps and websites, the Disney Movie Club and Disney Digital Network and provides streaming technology support services.
Branded Apps and Websites
DTCI operates apps and websites under the ESPN, ABC, Disney, Freeform, FX and Nat Geo brands. DTCI sells advertising on these apps and websites, which are programmed with content licensed from the Media Networks.
Disney Movie Club
The Disney Movie Club sells DVD/Blu-ray discs directly to consumers in the U.S. and Canada.
Disney Digital Network (DDN)
DDN develops online video content, primarily for distribution on YouTube, and provides online marketing services.
18

TABLE OF CONTENTS
Streaming Technology Services
BAMTech LLC (BAMTech) provides streaming technology services to third parties. BAMTech is owned 75% by the Company, 15% by MLB and 10% by the National Hockey League (NHL), both of which have the right to sell their shares to the Company in the future (see Note 2 of the Consolidated Financial Statements for additional information).
BAMTech also operates the Company’s DTC sports business, which includes ESPN+ as well as DTC services for NHL programming. Hearst has a 20% interest in the Company’s DTC sports business.
Equity Investments
The significant equity investments reported in the Direct-to-Consumer & International segment are as follows:
Endemol Shine Group
Endemol Shine Group produces both scripted and non-scripted content for distribution across multiple platforms. On July 2, 2020, the Company sold its 50% interest in Endemol Shine Group.
Seven TV
Seven TV operates an advertising-supported, free-to-air Disney Channel in Russia. The Company has a 20% ownership interest and a 49% economic interest in the business.
Tata Sky
The Company has a 30% effective interest in Tata Sky Limited, which operates a direct-to-home satellite distribution platform in India.
Vice
The Company has an approximate 24% effective ownership (14% fully diluted) in Vice, which is a media company that targets millennial audiences. Vice operates Viceland, which is owned 50% by A+E and 50% by Vice.
Competition and Seasonality
The Company’s DTC and International Channel businesses compete for viewers primarily with other television and cable networks, television stations and other media, such as DTC services and video games. With respect to the sale of advertising time, we compete with other television networks, television stations, MVPDs and other advertising media such as digital content, newspapers, magazines and billboards.
The Company’s International Channels face competition from other networks for carriage by MVPDs. The Company’s contractual agreements with MVPDs are renewed or renegotiated from time to time in the ordinary course of business. Consolidation and other market conditions in the cable, satellite and telecommunication distribution industry and other factors may adversely affect the Company’s ability to obtain and maintain contractual terms for distribution that are as favorable as those currently in place.
The Company’s DTC and International Channels businesses also compete with other media and entertainment companies, SVOD providers and DTC services for the acquisition of sports rights, talent, show concepts and scripted and other programming.
Internet websites and digital products operated by the segment compete with other websites and entertainment products.
Revenues fluctuate based on the timing of releases and performance of our digital media content, viewership levels on our channels and digital platforms, changes in subscriber levels and the demand for sports and other content.
INTERCOMPANY ELIMINATIONS
Intersegment content transactions are presented “gross” (i.e. the segment producing the content reports revenue and profit from intersegment transactions, and the required eliminations are reported on a separate “Eliminations” line when presenting a summary of our segment results).
As it relates to film and television content that is produced by our Media Networks and Studio Entertainment segments that will be used on our DTC services, there are four broad categories of content:
Content produced for exclusive DTC use, “Originals”;
New Studio Entertainment theatrical releases following the theatrical and home entertainment windows, “Studio Pay 1”;
19

TABLE OF CONTENTS
New Media Networks episodic television series following their initial airing on our linear networks, “Media Pay 1”; and
Content in all other windows, “Library”.
The intersegment transfer price, for purposes of segment financial reporting pursuant to ASC 280 Segment Reporting, is generally cost plus a margin for Originals and Media Pay 1 content and generally based on comparable transactions for Studio Pay 1 and Library content. Imputed title by title intersegment license fees that may be necessary for other purposes are established as required by those purposes.
Intersegment revenue is recognized upon availability of the content to the DTC service except with respect to Library content for which revenue is recognized ratably over the license period.
Our DTC services generally amortize intersegment content costs for Originals and Studio Pay 1 content on an accelerated basis and for Media Pay 1 and Library content on a straight line basis.
When the DTC amortization timing is different than the timing of revenue recognition at Studio Entertainment or Media Networks, the difference results in an operating income impact in the elimination segment, which nets to zero over the DTC amortization period. Generally, timing of revenue recognition is similar to the reporting of third-party sales transactions, except that intersegment sales of library content are generally recognized over time.
INTELLECTUAL PROPERTY PROTECTION
The Company’s businesses throughout the world are affected by its ability to exploit and protect against infringement of its intellectual property, including trademarks, trade names, copyrights, patents and trade secrets. Important intellectual property includes rights in the content of motion pictures, television programs, electronic games, sound recordings, character likenesses, theme park attractions, books and magazines, and merchandise. Risks related to the protection and exploitation of intellectual property rights are set forth in Item 1A – Risk Factors.
AVAILABLE INFORMATION
Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports are available without charge on our website, www.disney.com/investors, as soon as reasonably practicable after they are filed electronically with the U.S. Securities and Exchange Commission (SEC). We are providing the address to our internet site solely for the information of investors. We do not intend the address to be an active link or to otherwise incorporate the contents of the website into this report.
ITEM 1A. Risk Factors
For an enterprise as large and complex as the Company, a wide range of factors could materially affect future developments and performance. In addition to the factors affecting specific business operations identified in connection with the description of these operations and the financial results of these operations elsewhere in this report and our other filings with the SEC, the most significant factors affecting our business include the following:
BUSINESS, ECONOMIC, MARKET and OPERATING CONDITION RISKS
The adverse impact of COVID-19 on our businesses will continue for an unknown length of time and may continue to impact certain of our key sources of revenue.
The impact of COVID-19 and measures to prevent its spread are affecting our businesses in a number of ways. Our theme parks were closed or operating at significantly reduced capacity for a significant portion of the year, cruise ship sailings, guided tours and stage play performances were suspended since late in the second quarter, and retail stores were closed for a significant portion of the year. In addition, we have delayed or, in some instances shortened or cancelled, theatrical releases and have experienced adverse impacts on advertising sales and on our merchandise licensing business. Many of our businesses have been closed or suspended consistent with government mandates or guidance. We have experienced disruptions in the production and availability of content, including the deferral or cancellation of certain sports events and suspension of production of most film and television content. We have continued to pay for certain sports rights, including for certain events that have been deferred or canceled. The impacts to our content have resulted in decreased viewership and advertising revenues, and demands for affiliate fee reductions related to certain of our television networks. These impacts are likely to be exacerbated the longer such content is not available, including if sports content should become unavailable again in the future. Other of our offerings will be exposed to additional financial impacts in the event of future significant unavailability of content. COVID-19 impacts could also hasten the erosion of our historical sources of revenue at our Media Networks businesses. We have significantly reduced numbers of reservations at our hotels and cruises. We have granted rent waivers to some of our tenants, and they have not paid rent while certain of our facilities have been closed. We have experienced increased returns and refunds and customer requests
20

TABLE OF CONTENTS
for payment deferrals. Collectively, our impacted businesses have historically been the source of the majority of our revenue. Some of our businesses remain closed and those that are open are operating subject to restrictions and increased expenses. These and other impacts of COVID-19 on our businesses will continue for an unknown length of time. COVID-19 impacts that have subsided may again impact our businesses in the future and new impacts may emerge, particularly given the rise of COVID-19 cases following the end of fiscal 2020. For example, some of our parks have closed due to government mandates or guidance following their initial reopening.
Consumers may change their behavior and consumption patterns in response to the prolonged suspension of certain of our businesses, such as subscription to pay television packages (which have experienced accelerated decline during COVID-19) or theater-going to watch movies. Certain of our customers, including individuals as well as businesses such as theatrical distributors, affiliates, licensees of rights to use our programming and intellectual property, advertisers and others, have been negatively impacted by the economic downturn caused by COVID-19, which may result in decreased purchases of our goods and services even after certain operations resume. Some industries in which our customers operate, such as theatrical distribution, retail and travel, could experience contraction, which could impact the profitability of our businesses going forward. Additionally, we have and will continue to incur incremental costs to implement health and safety measures, reopen our parks and restart our halted construction projects. As we have resumed production of film and television content, including live sporting events, we have incurred costs to implement health and safety measures and productions will generally take longer to complete.
Our mitigation efforts in response to the impacts of COVID-19 on our businesses have had, or may have, negative impacts. The Company (or our Board of Directors, as applicable) significantly increased cash balances through the issuance of senior notes in March and May 2020, and we entered into an additional $5.0 billion credit facility in April 2020, did not declare a dividend with respect to fiscal year 2020 operations; suspended certain capital projects; reduced certain discretionary expenditures (such as spending on marketing); temporarily reduced management compensation; temporarily eliminated Board of Director retainers and committee fees; furloughed over half of our employees (some of whom remain furloughed and continue to receive Company provided medical benefits); and reduced our employee population. Such mitigation measures have resulted in the delay or suspension of certain projects in which we have invested, particularly at our parks and resorts and Studio Entertainment segment. We may take additional mitigation actions in the future such as raising additional financing; not declaring future dividends; reducing, or not making, certain payments, such as some contributions to our pension and postretirement medical plans; further suspending capital spending; reducing film and television content investments; or implementing additional furloughs or reductions in force. These and other of our mitigating actions may have an adverse impact on our businesses. Additionally, there are certain limitations on our ability to mitigate the adverse financial impact of COVID-19, including the fixed costs of our theme park business and the impact COVID-19 may have on capital markets and our cost of borrowing. Further, the benefit of certain mitigation efforts will not continue to be available going forward. For example, as our employees return from furlough, the cost reductions of the related furloughs will no longer be available.
Even our operations that were not suspended or that have resumed continue to be adversely impacted by government mandated restrictions (such as density limitations and travel restrictions); measures we voluntarily implement; measures we are contractually obligated to implement; the distancing practices and health concerns of consumers, talent and production workers; and logistical limitations. Upon reopening our parks and resorts business we have seen lower demand. Geographic variation in government requirements and ongoing changes to restrictions have disrupted and could further disrupt our businesses, including our production operations. Our operations could be suspended or re-suspended by government action or otherwise in the future. For example, after Hong Kong Disneyland Resort reopened in June 2020, it closed again in July 2020 and Disneyland Paris opened July 2020 and closed again in October 2020. Some of our businesses have not yet been permitted to open, such as Disneyland Resort and our cruise business. Some of our employees who returned to work have been refurloughed. Our operations could be negatively impacted by a significant COVID-19 outbreak impacting our employees, customers or others interacting with our businesses, including our supply chain.
In fiscal year 2020, we operated at a net loss. We have impaired goodwill and intangible assets at our International Channels businesses and written down the value of certain of our retail store assets. Certain of our other assets could also become impaired, including further impairments of goodwill and intangible assets; we have increased, and may further increase, allowances for credit losses; and there may be changes in judgments in determining the fair-value of assets; and estimates related to variable consideration may change due to increased returns, reduced usage of our products or services and decreased royalties. Our leverage ratios have increased and may remain elevated in the near-term as a result of COVID-19’s impact on our financial performance, causing certain of the credit rating agencies to downgrade our ratings. Our debt ratings may be further downgraded as a result of the COVID-19 impact, which may negatively impact our cost of borrowing. Due to reduced operating cash flow, we may utilize cash balances and/or future financings to fund a portion of our operations and investments in our businesses. Financial risks may be exacerbated by the timing of customer deposit refunds; liquidity issues among our key customers, particularly advertisers, television affiliates, theatrical exhibitors and distributors and licensees, which have impacted timely payments by such customers to the Company; loss or delay of receivables as a result of contractual performance short falls; and our contractual payment obligations. The Company has $13.1 billion in trade accounts receivable
21

TABLE OF CONTENTS
outstanding at October 3, 2020, with an allowance for credit losses of $0.5 billion. Our estimates and judgments with respect to the collectability of our receivables are subject to greater uncertainty due to the impacts of COVID-19. Economic or political conditions in a country outside the U.S. as a result of COVID-19 could also reduce our ability to hedge exposure to currency fluctuations in the country or our ability to repatriate revenue from the country.
The impacts of COVID-19 to our business have generally amplified, or reduced our ability to mitigate, the other risks discussed herein. Our remediation efforts may not be successful.
COVID-19 also makes it more challenging for management to estimate future performance of our businesses. COVID-19 has already adversely impacted our businesses and net cash flow, and we expect the ultimate magnitude of these disruptions on our financial and operational results will be dictated by the length of time that such disruptions continue which will, in turn, depend on the currently unknowable duration and severity of the impacts of COVID-19, and among other things, the impact and duration of governmental actions imposed in response to COVID-19 and individuals’ and companies’ risk tolerance regarding health matters going forward. If actual performance in our international markets significantly underperforms management’s forecasts, the Company could have foreign currency hedge gains/losses which are not offset by the realization of exposures, resulting in excess hedge gains or losses. While we cannot be certain as to the duration of the impacts of COVID-19, we expect impacts of COVID-19 to affect our financial results at least through fiscal 2021.
Changes in U.S., global, and regional economic conditions are expected to have an adverse effect on the profitability of our businesses.
A decline in economic activity in the U.S. and other regions of the world in which we do business can adversely affect demand for any of our businesses, thus reducing our revenue and earnings. Global economic activity has declined as a result of COVID-19. Past declines in economic conditions reduced spending at our parks and resorts, purchases of and prices for advertising on our broadcast and cable networks and owned stations, performance of our home entertainment releases, and purchases of Company-branded consumer products, and similar impacts can be expected should such conditions recur. The current decline in economic conditions could also reduce attendance at our parks and resorts, prices that MVPDs pay for our cable programming or subscription levels for our cable programming or direct-to-consumer products. Economic conditions can also impair the ability of those with whom we do business to satisfy their obligations to us. In addition, an increase in price levels generally, or in price levels in a particular sector such as the energy sector, could result in a shift in consumer demand away from the entertainment and consumer products we offer, which could also adversely affect our revenues and, at the same time, increase our costs. A decline in economic conditions could impact implementation of our expansion plans. Changes in exchange rates for foreign currencies may reduce international demand for our products or increase our labor or supply costs in non-U.S. markets, or reduce the U.S. dollar value of revenue we receive and expect to receive from other markets. Economic or political conditions in a country could also reduce our ability to hedge exposure to currency fluctuations in the country or our ability to repatriate revenue from the country.
Changes in technology and in consumer consumption patterns may affect demand for our entertainment products, the revenue we can generate from these products or the cost of producing or distributing products.
The media entertainment and internet businesses in which we participate increasingly depend on our ability to successfully adapt to shifting patterns of content consumption through the adoption and exploitation of new technologies. New technologies affect the demand for our products, the manner in which our products are distributed to consumers, ways we charge for and receive revenue for our entertainment products and the stability of those revenue streams, the sources and nature of competing content offerings, the time and manner in which consumers acquire and view some of our entertainment products and the options available to advertisers for reaching their desired audiences. This trend has impacted the business model for certain traditional forms of distribution, as evidenced by the industry-wide decline in ratings for broadcast television, the reduction in demand for home entertainment sales of theatrical content, the development of alternative distribution channels for broadcast and cable programming and declines in subscriber levels for traditional cable channels, including for a number of our networks. COVID-19 has accelerated this trend. In order to respond to these developments, we regularly consider, and from time to time implement changes to our business models, most recently by developing, investing in and acquiring DTC products and reorganizing our media and entertainment businesses to accelerate our DTC strategies. There can be no assurance that our DTC offerings and other efforts will successfully respond to these changes. We expect to forgo revenue from traditional sources, particularly as we expand our DTC offerings. There can be no assurance that the DTC model and other business models we may develop will ultimately be as profitable as our existing or historic business models.
Misalignment with public and consumer tastes and preferences for entertainment and consumer products could negatively impact demand for our entertainment offerings and products and adversely affect the profitability of any of our businesses.
Our businesses create entertainment, travel and consumer products whose success depends substantially on consumer tastes and preferences that change in often unpredictable ways. The success of our businesses depends on our ability to consistently create filmed entertainment and television programming, which may be distributed among other ways through
22

TABLE OF CONTENTS
broadcast, cable, internet or cellular technology, theme park attractions, hotels and other resort facilities and travel experiences and consumer products that meet the changing preferences of the broad consumer market and respond to competition from an expanding array of choices facilitated by technological developments in the delivery of content. The success of our theme parks, resorts, cruise ships and experiences, as well as our theatrical releases, depends on demand for public or out-of-home entertainment experiences. COVID-19 may impact consumer tastes and preferences. Many of our businesses increasingly depend on acceptance of our offerings and products by consumers outside the U.S., and their success therefore depends on our ability to successfully predict and adapt to changing consumer tastes and preferences outside as well as inside the U.S. Moreover, we must often invest substantial amounts in film production, television programming, other content production and acquisition, acquisition of sports rights, theme park attractions, cruise ships or hotels and other resort facilities before we know the extent to which these products will earn consumer acceptance. The impacts of COVID-19 are inhibiting and delaying our ability to earn returns on these and other investments. If our entertainment offerings and products, including our content offerings, modified as a result of COVID-19, do not achieve sufficient consumer acceptance, our revenue from advertising sales (which are based in part on ratings for the programs in which advertisements air), affiliate fees, subscription fees, theatrical film receipts, the license of rights to other distributors, theme park admissions, hotel room charges and merchandise, food and beverage sales, sales of licensed consumer products or from sales of our other consumer products and services, may decline, decline further or fail to grow to the extent we anticipate when making investment decisions and thereby further adversely affect the profitability of one or more of our businesses.
The success of our businesses is highly dependent on the existence and maintenance of intellectual property rights in the entertainment products and services we create.
The value to us of our intellectual property rights is dependent on the scope and duration of our rights as defined by applicable laws in the U.S. and abroad and the manner in which those laws are construed. If those laws are drafted or interpreted in ways that limit the extent or duration of our rights, or if existing laws are changed, our ability to generate revenue from our intellectual property may decrease, or the cost of obtaining and maintaining rights may increase.
The unauthorized use of our intellectual property may increase the cost of protecting rights in our intellectual property or reduce our revenues. The convergence of computing, communication and entertainment devices, increased broadband internet speed and penetration, increased availability and speed of mobile data transmission and increasingly sophisticated attempts to obtain unauthorized access to data systems have made the unauthorized digital copying and distribution of our films, television productions and other creative works easier and faster and protection and enforcement of intellectual property rights more challenging. The unauthorized distribution and access to entertainment content generally continues to be a significant challenge for intellectual property rights holders. Inadequate laws or weak enforcement mechanisms to protect entertainment industry intellectual property in one country can adversely affect the results of the Company’s operations worldwide, despite the Company’s efforts to protect its intellectual property rights. COVID-19 may increase incentives and opportunities to access content in unauthorized ways, as negative economic conditions coupled with a shift in government priorities could lead to less enforcement. These developments require us to devote substantial resources to protecting our intellectual property against unlicensed use and present the risk of increased losses of revenue as a result of unlicensed distribution of our content.
With respect to intellectual property developed by the Company and rights acquired by the Company from others, the Company is subject to the risk of challenges to our copyright, trademark and patent rights by third parties. Successful challenges to our rights in intellectual property may result in increased costs for obtaining rights or the loss of the opportunity to earn revenue from the intellectual property that is the subject of challenged rights.
Protection of electronically stored data is costly, and if our data is compromised in spite of this protection, we may incur additional costs, lost opportunities and damage to our reputation.
We maintain information necessary to conduct our business, including confidential and proprietary information as well as personal information regarding our customers and employees, in digital form. Data maintained in digital form is subject to the risk of unauthorized access, modification and exfiltration. We develop and maintain information security systems in an effort to prevent this, but the development and maintenance of these systems is costly and requires ongoing monitoring and updating as technologies change and efforts to overcome security measures become more sophisticated. Accordingly, despite our efforts, unauthorized access, modification and exfiltration of data cannot be eliminated entirely, and the risks associated with a potentially material incident remain. In addition, we provide confidential, proprietary and personal information to third parties when it is necessary to pursue business objectives. While we obtain assurances that these third parties will protect this information and, where we believe appropriate, monitor the protections employed by these third parties, there is a risk the confidentiality of data held by third parties may be compromised. If our information security systems or data are compromised in a material way, our ability to conduct our business may be impaired, we may lose profitable opportunities or the value of those opportunities may be diminished and, as described above, we may lose revenue as a result of unlicensed use of our intellectual property. If personal information of our customers or employees is misappropriated, our reputation with our customers and employees may be damaged resulting in loss of business or morale, and we may incur costs to remediate
23

TABLE OF CONTENTS
possible harm to our customers and employees and/or to pay fines or take other action with respect to judicial or regulatory actions arising out of the incident.
A variety of uncontrollable events may reduce demand for or consumption of our products and services, impair our ability to provide our products and services or increase the cost or reduce the profitability of providing our products and services.
Demand for and consumption of our products and services, particularly our theme parks and resorts, is highly dependent on the general environment for travel and tourism. The environment for travel and tourism, as well as demand for and consumption of other entertainment products, can be significantly adversely affected in the U.S., globally or in specific regions as a result of a variety of factors beyond our control, including: adverse weather conditions arising from short-term weather patterns or long-term change, catastrophic events or natural disasters (such as excessive heat or rain, hurricanes, typhoons, floods, tsunamis and earthquakes); health concerns (including as it has been by COVID-19); international, political or military developments; and terrorist attacks. These events and others, such as fluctuations in travel and energy costs and computer virus attacks, intrusions or other widespread computing or telecommunications failures, may also damage our ability to provide our products and services or to obtain insurance coverage with respect to some of these events. An incident that affected our property directly would have a direct impact on our ability to provide goods and services and could have an extended effect of discouraging consumers from attending our facilities. Moreover, the costs of protecting against such incidents, including the costs of protecting against the spread of COVID-19, reduces the profitability of our operations.
For example, COVID-19 and measures to prevent the spread of COVID-19 are currently impairing our ability to provide our products and services and reducing consumption of those products and services. Further, prior to COVID-19, events in Hong Kong impacted profitability of our Hong Kong operations and may continue to do so, and past hurricanes have impacted the profitability of Walt Disney World Resort in Florida and future hurricanes may also do so.
The negative economic consequences of COVID-19 may be particularly challenging in markets where individuals and local businesses have limited access to government supported “safety nets”, which could lead to political instability and unrest, and further depress demand for our products and services over a longer timeframe.
In addition, we derive affiliate fees and royalties from the distribution of our programming, sales of our licensed goods and services by third parties, and the management of businesses operated under brands licensed from the Company, and we are therefore dependent on the successes of those third parties for that portion of our revenue. A wide variety of factors could influence the success of those third parties and if negative factors significantly impacted a sufficient number of those third parties, the profitability of one or more of our businesses could be adversely affected. Impacts of COVID-19 on third parties’ liquidity have impacted timely payments by such third parties to the Company.
We obtain insurance against the risk of losses relating to some of these events, generally including physical damage to our property and resulting business interruption, certain injuries occurring on our property and some liabilities for alleged breach of legal responsibilities. When insurance is obtained it is subject to deductibles, exclusions, terms, conditions and limits of liability. The types and levels of coverage we obtain vary from time to time depending on our view of the likelihood of specific types and levels of loss in relation to the cost of obtaining coverage for such types and levels of loss and we may experience material losses not covered by our insurance. For example, we expect some losses related to impacts of COVID-19 will not be covered by insurance available to us and insurers may contest coverage.
Changes in our business strategy or restructuring of our businesses may increase our costs or otherwise affect the profitability of our businesses or the value of our assets.
As changes in our business environment occur we have adjusted, and may further adjust our business strategies to meet these changes and we may otherwise decide to further restructure our operations or particular businesses or assets. For example, in October 2020 we announced a reorganization of our media and entertainment businesses to accelerate our direct-to-consumer strategies. Our new organization and strategies may not produce the anticipated benefits, such as supporting our growth strategies and enhancing shareholder value. Our new organization and strategies could be less successful than our previous organizational structure and strategies. In addition, external events including changing technology, changing consumer patterns, acceptance of our theatrical offerings and changes in macroeconomic conditions may impair the value of our assets. When these changes or events occur, we may incur costs to change our business strategy and may need to write-down the value of assets. For example, current conditions, including COVID-19 and our business decisions, have reduced the value of some of our assets. We have impaired goodwill and intangible assets at our International Channels businesses and written down the value of certain of our retail store assets. We may write-down other assets as our strategy evolves to account for the current business environment. We also make investments in existing or new businesses, including investments in international expansion of our business and in new business lines. In recent years, such investments have included expansion and renovation of certain of our theme parks, expansion of our fleet of cruise ships, the acquisition of TFCF and investments related to direct-to-consumer offerings. Some of these investments may have returns that are negative or low, the ultimate business prospects of the businesses related to these investments may be uncertain, these investments may impact the profitability of our other
24

TABLE OF CONTENTS
businesses, and these risks are exacerbated by COVID-19. In any of these events, our costs may increase, we may have significant charges associated with the write-down of assets or returns on new investments may be lower than prior to the change in strategy or restructuring.
Increased competitive pressures may reduce our revenues or increase our costs.
We face substantial competition in each of our businesses from alternative providers of the products and services we offer and from other forms of entertainment, lodging, tourism and recreational activities. This includes, among other types, competition for human resources, programming and other resources we require in operating our business. For example:
Our studio operations and media businesses compete to obtain creative, performing and business talent, sports and other programming, story properties, advertiser support and market share with other studio operations, broadcast and cable networks, SVOD providers and other new sources of broadband delivered content.
Our broadcast and cable networks and stations and direct-to-consumer offerings compete for the sale of advertising time with other broadcast, cable and satellite services, as well as with newspapers, magazines, billboards and radio stations. In addition, we increasingly face competition for advertising sales from internet and mobile delivered content, which offer advertising delivery technologies that are more targeted than can be achieved through traditional means.
Our cable networks compete for carriage of their programming with other programming providers.
Our theme parks and resorts compete for guests with all other forms of entertainment, lodging, tourism and recreation activities.
Our studio operations compete for customers with all other forms of entertainment.
Our consumer products business competes with other licensors and creators of intellectual property.
Our direct-to-consumer businesses compete for customers with competitors’ direct-to-consumer offerings, all other forms of media and all other forms of entertainment, as well as for technology, creative, performing and business talent and for content. Competition in each of these areas may increase as a result of technological developments and changes in market structure, including consolidation of suppliers of resources and distribution channels. Increased competition may divert consumers from our creative or other products, or to other products or other forms of entertainment, which could reduce our revenue or increase our marketing costs.
Competition for the acquisition of resources can increase the cost of producing our products and services or deprive us of talent necessary to produce high quality creative material. Such competition may also reduce, or limit growth in, prices for our products and services, including advertising rates and subscription fees at our media networks, parks and resorts admissions and room rates, and prices for consumer products from which we derive license revenues.
Our results may be adversely affected if long-term programming or carriage contracts are not renewed on sufficiently favorable terms.
We enter into long-term contracts for both the acquisition and the distribution of media programming and products, including contracts for the acquisition of programming rights for sporting events and other programs, and contracts for the distribution of our programming to content distributors. As these contracts expire, we must renew or renegotiate the contracts, and if we are unable to renew them on acceptable terms, we may lose programming rights or distribution rights. Even if these contracts are renewed, the cost of obtaining programming rights may increase (or increase at faster rates than our historical experience) or programming distributors, facing pressures resulting from increased subscription fees and alternative distribution challenges, may demand terms (including pricing and the breadth of distribution) that reduce our revenue from distribution of programs (or increase revenue at slower rates than our historical experience). Moreover, our ability to renew these contracts on favorable terms may be affected by consolidation in the market for program distribution, the entrance of new participants in the market for distribution of content on digital platforms and the impacts of COVID-19. With respect to the acquisition of programming rights, particularly sports programming rights, the impact of these long-term contracts on our results over the term of the contracts depends on a number of factors, including the strength of advertising markets, subscription levels and rates for programming, effectiveness of marketing efforts and the size of viewer audiences. There can be no assurance that revenues from programming based on these rights will exceed the cost of the rights plus the other costs of producing and distributing the programming.
Changes in regulations applicable to our businesses may impair the profitability of our businesses.
Our broadcast networks and television stations are highly regulated, and each of our other businesses is subject to a variety of U.S. and overseas regulations. These regulations include:
U.S. FCC regulation of our television and radio networks, our national programming networks and our owned television stations. See Item 1 — Business — Media Networks, Federal Regulation.
Federal, state and foreign privacy and data protection laws and regulations.
25

TABLE OF CONTENTS
Regulation of the safety and supply chain of consumer products and theme park operations, including potential regulation regarding the sourcing, importation and sale of goods.
Environmental protection regulations.
Imposition by foreign countries of trade restrictions, restrictions on the manner in which content is currently licensed and distributed, ownership restrictions, currency exchange controls or film or television content requirements, investment obligations or quotas.
Domestic and international labor laws, tax laws or currency controls
Changes in any of these regulations or regulatory activities in any of these areas may require us to spend additional amounts to comply with the regulations, or may restrict our ability to offer products and services in ways that are profitable. For example, in January 2019 India implemented regulation and tariffs impacting certain bundling of channels and in November 2020 potential U.S. legislation is pending prohibiting importation of goods from certain regions.
Public health and other regional, national, state and local regulations and policies are impacting our ability to operate our businesses at all or in accordance with historic practice. In addition to the government requirements that have closed or impacted most of our businesses as a result of COVID-19, government requirements may continue to be extended and new government requirements may be imposed.
Our operations outside the U.S. may be adversely affected by the operation of laws in those jurisdictions.
Our operations in non-U.S. jurisdictions are in many cases subject to the laws of the jurisdictions in which they operate rather than U.S. law. Laws in some jurisdictions differ in significant respects from those in the U.S. These differences can affect our ability to react to changes in our business, and our rights or ability to enforce rights may be different than would be expected under U.S. law. Moreover, enforcement of laws in some overseas jurisdictions can be inconsistent and unpredictable, which can affect both our ability to enforce our rights and to undertake activities that we believe are beneficial to our business. In addition, the business and political climate in some jurisdictions may encourage corruption, which could reduce our ability to compete successfully in those jurisdictions while remaining in compliance with local laws or U.S. anti-corruption laws applicable to our businesses. As a result, our ability to generate revenue and our expenses in non-U.S. jurisdictions may differ from what would be expected if U.S. law governed these operations.
Damage to our reputation or brands may negatively impact our business across segments and regions.
Our reputation and globally recognizable brands are integral to the success of our businesses. Because our brands engage consumers across our businesses, damage to our reputation or brands in one business may have an impact on our other businesses. Because some of our brands are globally recognized, brand damage may not be locally contained. Maintenance of the reputation of our Company and brands depends on many factors including the quality of our offerings, maintenance of trust with our customers and our ability to successfully innovate. Significant negative claims or publicity regarding the Company or its operations, products, management, employees, practices, business partners, business decisions, social responsibility and culture may damage our brands or reputation, even if such claims are untrue. Damage to our reputation or brands could impact our sales, business opportunities, profitability, recruiting and valuation of our securities.
Risks that impact our business as a whole may also impact the success of our direct-to-consumer (DTC) business.
We may not successfully execute on our DTC strategy. Consumers may not be willing to pay for an expanding set of DTC services, potentially exacerbated by an economic downturn. We face competition for creative talent and may not be successful in recruiting and retaining talent. Government regulation, including revised foreign content and ownership regulations, may impact the implementation of our DTC business plans. Poor quality broadband infrastructure in certain markets may impact our customers’ access to our DTC products and may diminish our customers’ experience with our DTC products. These and other risks may impact the profitability and success of our DTC businesses.
Volatility in the financial markets and our debt ratings have impacted our cost of borrowing and could impede access to, or increase the cost of, financing our operations and investments.
U.S. and global markets have experienced significant volatility. Past disruptions in the U.S. and global credit and equity markets made it more difficult for many businesses to obtain financing on acceptable terms. These conditions tended to increase the cost of borrowing and if they recur, our cost of borrowing could increase and it may be more difficult to obtain financing for our operations or investments. In addition, our borrowing costs can be affected by short- and long-term debt ratings assigned by independent rating agencies that are based, in part, on the Company’s performance as measured by credit metrics such as leverage and interest coverage ratios.
Since April 2020, Standard and Poor’s has downgraded our long-term debt ratings by two notches to BBB+, downgraded our short-term debt ratings by one notch to A-2 and placed our long-term debt ratings on Negative Outlook. In May 2020, Fitch downgraded our long- and short-term credit ratings by one notch to A- and F2, respectively, and placed our long-term ratings
26

TABLE OF CONTENTS
on Negative Outlook. On November 18, 2020, Standard and Poor’s lowered the Company’s long-term rating to BBB+ and placed the Company’s long-term ratings on Negative Outlook. These ratings actions have increased, and any potential future downgrades could further increase, our cost of borrowing and/or make it more difficult for us to obtain financing. Past disruptions in the global financial markets also impacted some of the financial institutions with which we do business. A similar decline in the financial stability of financial institutions could affect our ability to secure credit-worthy counterparties for our interest rate and foreign currency hedging programs, could affect our ability to settle existing contracts and could also affect the ability of our business customers to obtain financing and thereby to satisfy their obligations to us.
Labor disputes may disrupt our operations and adversely affect the profitability of any of our businesses.
A significant number of employees in various parts of our businesses are covered by collective bargaining agreements, including employees of our theme parks and resorts as well as writers, directors, actors, production personnel and others employed in our media networks and studio operations. In addition, the employees of licensees who manufacture and retailers who sell our consumer products, and employees of providers of programming content (such as sports leagues) may be covered by labor agreements with their employers. In general, a labor dispute involving our employees or the employees of our licensees or retailers who sell our consumer products or providers of programming content may disrupt our operations and reduce our revenues, and resolution of disputes may increase our costs.
The seasonality of certain of our businesses and timing of certain of our product offerings could exacerbate negative impacts on our operations.
Each of our businesses is normally subject to seasonal variations and variations in connection with the timing of our product offerings, including as follows:
Revenues in our Media Networks segment are subject to seasonal advertising patterns, changes in viewership levels and timing of program sales. In general, advertising revenues are somewhat higher during the fall and somewhat lower during the summer months. Affiliate fees are typically recognized ratably throughout the year.
Revenues in our Parks, Experiences and Products segment fluctuate with changes in theme park attendance and resort occupancy resulting from the seasonal nature of vacation travel and leisure activities and seasonal consumer purchasing behavior, which generally results in increased revenues during the Company’s first and fourth fiscal quarters. Peak attendance and resort occupancy generally occur during the summer months when school vacations occur and during early winter and spring holiday periods. Our parks, resorts, stores and experiences are operating at diminished capacity or closed during these periods as a result of COVID-19. In addition, licensing revenues fluctuate with the timing and performance of our theatrical releases and cable programming broadcasts, many of which have been delayed, canceled or modified.
Revenues in our Studio Entertainment segment fluctuate due to the timing and performance of releases in the theatrical, home entertainment and television markets. Release dates are determined by several factors, including competition, the timing of vacation and holiday periods and closing of theaters and impacts on attendance due to COVID-19.
Direct-to-Consumer & International revenues fluctuate based on: changes in subscriber levels; the timing and performance of releases of our digital media content; viewership levels on our cable channels and digital platforms; and the demand for sports and our content. Each of these may depend on the availability of content, which varies from time to time throughout the year based on, among other things, sports seasons, content production schedules and league shut downs.
Accordingly, negative impacts on our business occurring during a time of typical high seasonal demand could have a disproportionate effect on the results of that business for the year. Examples include the ongoing impact of COVID-19 on various high seasons or hurricane damage to our parks during the summer travel season.
Sustained increases in costs of pension and postretirement medical and other employee health and welfare benefits may reduce our profitability.
With approximately 203,000 employees, our profitability is substantially affected by costs of pension and current and postretirement medical benefits. We may experience significant increases in these costs as a result of macroeconomic factors, which are beyond our control, including increases in the cost of health care. Impacts of COVID-19 may lead to an increase in the cost of medical insurance and expenses. In addition, changes in investment returns and discount rates used to calculate pension and postretirement medical expense and related assets and liabilities can be volatile and may have an unfavorable impact on our costs in some years. Our pension and postretirement medical plans were remeasured at the end of fiscal 2020, and as a result, the underfunded status and fiscal 2021 costs increased. These macroeconomic factors as well as a decline in the fair value of pension and postretirement medical plan assets may put upward pressure on the cost of providing pension and postretirement medical benefits and may increase future funding requirements. There can be no assurance that we will succeed in limiting cost increases, and continued upward pressure could reduce the profitability of our businesses.
27

TABLE OF CONTENTS
The alteration or discontinuation of LIBOR may adversely affect our borrowing costs.
Certain of our interest rate derivatives and a portion of our indebtedness bear interest at variable interest rates, primarily based on LIBOR, which may be subject to regulatory guidance and/or reform that could cause interest rates under our current or future debt agreements to perform differently than in the past or cause other unanticipated consequences. In July 2017, the Chief Executive of the U.K. Financial Conduct Authority (the “FCA”), which regulates LIBOR, announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. Such announcement indicates that the continuation of LIBOR on the current basis cannot and will not be guaranteed after 2021. The Alternative Reference Rates Committee (ARCC), which was convened by the Federal Reserve Board and the New Your Fed, has identified the Secured Oversight Financing Rate (SOFR) as the recommended risk-free alternative rate for USD LIBOR. At this time, it is not possible to predict the effect any discontinuance, modification or other reforms to LIBOR, or the establishment of alternative reference rates such as SOFR, or any other reference rate, will have on the Company. However, if LIBOR ceases to exist or if the methods of calculating LIBOR change from their current form, the Company’s borrowing costs may be adversely affected.
TFCF ACQUISITION RISKS
Our consolidated indebtedness increased substantially following completion of the TFCF acquisition and may increase in connection with impacts of the COVID-19. This increased level of indebtedness could adversely affect us, including by decreasing our business flexibility.
Our consolidated indebtedness and cash and cash equivalents as of September 29, 2018 were approximately $20.9 billion and $4.2 billion, respectively. With the completion of the TFCF acquisition, our consolidated indebtedness and cash and cash equivalents as of September 28, 2019 were approximately $47.0 billion and $5.4 billion, respectively. As of October 3, 2020 our consolidated indebtedness and cash and cash equivalents were approximately $58.6 billion and $17.9 billion, respectively. The increased indebtedness could have the effect of, among other things, reducing our financial flexibility and reducing our flexibility to respond to changing business and economic conditions, such as those presented by COVID-19, among others. Increased levels of indebtedness could also reduce funds available for capital expenditures, share repurchases and dividends, and other activities and may create competitive disadvantages for us relative to other companies with lower debt levels. Since April 2020, Standard and Poor’s has downgraded our long-term debt ratings by two notches to BBB+, downgraded our short-term debt ratings by one notch to A-2 and placed our long-term debt ratings on Negative Outlook. In May 2020, Fitch downgraded our long- and short-term credit ratings by one notch to A- and F2, respectively, and placed our long-term ratings on Negative Outlook. Our financial flexibility may be further constrained by the issuance of shares of common stock in the TFCF acquisition, to the extent we determine to make dividend payments in the future.
We could fail to realize all of the benefits anticipated in the TFCF acquisition.
If we are not able to realize the strategic value of the TFCF assets, the anticipated benefits of the TFCF acquisition may not be realized fully or may take longer than expected to be realized, and these risks could be exacerbated by the impact of COVID-19. Further, there could be loss of key employees, loss of customers, disruption of ongoing businesses or unexpected issues, higher than expected costs and an overall post-acquisition process that takes longer than originally anticipated. Specifically, the following issues, among others, must be addressed in order to realize the anticipated benefits of the TFCF acquisition so the combined company performs as we hope:
combining the businesses of the Company and TFCF in a manner that permits us to achieve the synergies anticipated to result from the TFCF acquisition, the failure of which would result in the anticipated benefits of the TFCF acquisition not being realized in the time frame currently anticipated or at all;
maintaining existing agreements with customers, distributors, providers, talent and vendors and avoiding delays in entering into new agreements with prospective customers, distributors, providers, talent and vendors; and
developing products and technology that allow value to be unlocked in the future.
Consummation of the TFCF acquisition has increased our exposure to the risks of operating internationally.
We are a diversified entertainment company that offers entertainment, travel and consumer products worldwide. Although many of our businesses increasingly depend on acceptance of our offerings and products by consumers outside of the U.S., the combination with TFCF has increased the importance of international operations to our future operations, growth and prospects. Our risks of operating internationally have increased following the completion of the TFCF acquisition and as a result of COVID-19.
The TFCF acquisition and integration may result in additional costs and expenses.
We have incurred and expect to continue to incur significant costs, expenses and fees for professional services and other transaction costs in connection with the TFCF acquisition and integration. We may also incur accounting and other costs that were not anticipated at the time of the TFCF acquisition, including costs for which we have established reserves or which may lead to reserves in the future. Such costs could negatively impact the Company’s free cash flow.
28

TABLE OF CONTENTS
GENERAL RISKS
The Company’s amended and restated bylaws provide to the fullest extent permitted by law that the Court of Chancery of the State of Delaware will be the exclusive forum for certain legal actions between the Company and its stockholders, which could increase costs to bring a claim, discourage claims or limit the ability of the Company’s stockholders to bring a claim in a judicial forum viewed by the stockholders as more favorable for disputes with the Company or the Company’s directors, officers or other employees.
The Company’s amended and restated bylaws provide to the fullest extent permitted by law that unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for any (i) derivative action or proceeding brought on behalf of the Company, (ii) any action or proceeding asserting a claim of breach of a fiduciary duty owed by any current or former director, officer or stockholder of the Company to the Company or the Company’s stockholders, (iii) any action or proceeding asserting a claim arising pursuant to, or seeking to enforce any right, obligation or remedy under, any provision of the General Corporation Law of the State of Delaware (the “DGCL”), the Certificate of Incorporation or these Bylaws (as each may be amended from time to time), (iv) any action or proceeding as to which the General Corporation Law of the State of Delaware confers jurisdiction on the Court of Chancery of the State of Delaware, (v) or any action or proceeding asserting a claim governed by the internal affairs doctrine. The choice of forum provision may increase costs to bring a claim, discourage claims or limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company or the Company’s directors, officers or other employees, which may discourage such lawsuits against the Company or the Company’s directors, officers and other employees. Alternatively, if a court were to find the choice of forum provision contained in the Company’s amended and restated bylaws to be inapplicable or unenforceable in an action, the Company may incur additional costs associated with resolving such action in other jurisdictions. The exclusive forum provision in the Company’s amended and restated bylaws will not preclude or contract the scope of exclusive federal or concurrent jurisdiction for actions brought under the federal securities laws including the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, or the respective rules and regulations promulgated thereunder.
ITEM 1B. Unresolved Staff Comments
The Company has received no written comments regarding its periodic or current reports from the staff of the SEC that were issued 180 days or more preceding the end of fiscal 2020 and that remain unresolved.
ITEM 2. Properties
The Walt Disney World Resort, Disneyland Resort, retail store locations leased by the Company and other properties of the Company and its subsidiaries are described in Item 1 under the caption Parks, Experiences and Products. Film and television library properties are described in Item 1 under the caption Media Networks and Studio Entertainment. Television stations owned by the Company are described in Item 1 under the caption Media Networks.
29

TABLE OF CONTENTS
The Company and its subsidiaries own and lease properties throughout the world. In addition to the properties noted above, the table below provides a brief description of other significant properties and the related business segment.
LocationProperty /
Approximate Size
Use
Business Segment(1)
Burbank, CA & surrounding cities(2)
Land (201 acres) & Buildings (4,695,000 ft2)
Owned Office/Production/Warehouse (includes 239,000 ft2 sublet to third-party tenants)
Corp/Studio/Media/
PEP/DTCI
Burbank, CA & surrounding cities(2)
Buildings (1,748,000 ft2)
Leased Office/Warehouse Corp/Studio/Media/
PEP/DTCI
Los Angeles, CA
Land (22 acres) & Buildings (600,000 ft2)
Owned Office/Production/TechnicalMedia/Studio/DTCI
Los Angeles, CA
Buildings (2,724,000 ft2)
Leased Office/Production/Technical/Theater (includes 376,000 ft2 sublet to third-party tenants)
Media/Studio
New York, NY
Buildings (51,000 ft2)
Owned Office/Production/TechnicalMedia/Corp
New York, NY
Buildings (2,716,000 ft2)
Leased Office/Production/Theater/Warehouse (includes 676,000 ft2 sublet to third-party tenants)
Corp/Studio/Media/PEP/DTCI
Bristol, CT
Land (117 acres) & Buildings (1,174,000 ft2)
Owned Office/Production/TechnicalMedia/Studio
Bristol, CT
Buildings (512,000 ft2)
Leased Office/Warehouse/TechnicalMedia/Studio
Emeryville, CA
Land (20 acres) & Buildings (430,000 ft2)
Owned Office/Production/TechnicalStudio
Emeryville, CA
Buildings (80,000 ft2)
Leased Office/StorageStudio/Media
San Francisco, CA
Buildings (646,000 ft2)
Leased Office/Production/Technical/Theater (includes 57,000 ft2 sublet to third-party tenants)
Studio/Media/
PEP/DTCI
USA & CanadaLand and Buildings (Multiple sites and sizes)Owned and Leased Office/ Production/Transmitter/Theaters/WarehouseCorp/Studio/Media/
PEP/DTCI
Hammersmith, England
Building (284,000 ft2)
Leased OfficeCorp/Studio/Media/
PEP/DTCI
Europe, Asia, Australia & Latin America
Buildings (Multiple sites and sizes)Leased Office/Warehouse/Retail/ResidentialStudio/Media/
PEP/DTCI
(1)Corp – Corporate, PEP – Parks, Experiences and Products, DTCI – Direct-To-Consumer & International
(2)Surrounding cities include Glendale, CA, North Hollywood, CA and Sun Valley, CA
ITEM 3. Legal Proceedings
As disclosed in Note 15 to the Consolidated Financial Statements, the Company is engaged in certain legal matters, and the disclosure set forth in Note 15 relating to certain legal matters is incorporated herein by reference.
The Company, together with, in some instances, certain of its directors and officers, is a defendant in various other legal actions involving copyright, breach of contract and various other claims incident to the conduct of its businesses. Management does not expect the Company to suffer any material liability by reason of these actions.
ITEM 4. Mine Safety Disclosures
Not applicable.
Executive Officers of the Company
The executive officers of the Company are elected each year at the organizational meeting of the Board of Directors, which follows the annual meeting of the shareholders, and at other Board of Directors meetings, as appropriate. Each of the
30

TABLE OF CONTENTS
executive officers has been employed by the Company in the position or positions indicated in the list and pertinent notes below. Each of the executive officers has been employed by the Company for more than five years.
At October 3, 2020, the executive officers of the Company were as follows:
NameAgeTitleExecutive
Officer Since
Robert A. Iger69
Executive Chairman(1)
2000
Robert A. Chapek61
Chief Executive Officer(2)
2020
Alan N. Braverman