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Revenues
 9 Months Ended
Jul. 03, 2021
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer RevenuesThe Company has revenue recognition policies for its various operating segments that are appropriate to the circumstances of each business.
The following table presents our revenues by segment and major source:
Quarter Ended July 3, 2021Quarter Ended June 27, 2020
Disney
Media and Entertainment
Distribution		Disney Parks, Experiences and ProductsConsolidatedDisney
Media and Entertainment
Distribution		Disney Parks, Experiences and ProductsConsolidated
Affiliate fees$4,431$— $4,431 $4,304 $— $4,304 
Advertising3,163— 3,163 1,901 1 1,902 
Subscription fees3,156— 3,156 2,129 — 2,129 
Theme park admissions—1,152 1,152 — 34 34 
Resort and vacations—776 776 — 80 80 
Retail and wholesale sales of merchandise, food and beverage—1,262    1,262    —    264 264 
TV/SVOD distribution licensing1,230— 1,230 1,513 —    1,513    
Theatrical distribution licensing140— 140 51 — 51 
Merchandise licensing1789 790 8 520 528 
Home entertainment236— 236 470 — 470 
Other324362 686 338 166 504 
$12,681$4,341 $17,022 $10,714 $1,065 $11,779 
x
Nine Months Ended July 3, 2021Nine Months Ended June 27, 2020
Disney
Media and Entertainment
Distribution		Disney Parks, Experiences and ProductsConsolidatedDisney
Media and Entertainment
Distribution		Disney Parks, Experiences and ProductsConsolidated
Affiliate fees$13,427$— $13,427 $13,273 $— $13,273 
Advertising9,5082 9,510 8,085 4 8,089 
Subscription fees8,702— 8,702 5,251 — 5,251 
Theme park admissions—2,298 2,298 — 3,655 3,655 
Resort and vacations—1,722 1,722 — 3,088 3,088 
Retail and wholesale sales of merchandise, food and beverage—3,336    3,336    —    4,161 4,161 
TV/SVOD distribution licensing4,023— 4,023 4,747 —    4,747    
Theatrical distribution licensing280— 280 2,062 — 2,062 
Merchandise licensing112,670 2,681 24 2,276 2,300 
Home entertainment755— 755 1,555 — 1,555 
Other1,0761,074 2,150 1,379 1,121 2,500 
$37,782$11,102 $48,884 $36,376 $14,305 $50,681 
The following table presents our revenues by segment and primary geographical markets:
Quarter Ended July 3, 2021Quarter Ended June 27, 2020
Disney
Media and Entertainment
Distribution		Disney Parks, Experiences and ProductsConsolidatedDisney
Media and Entertainment
Distribution		Disney Parks, Experiences and ProductsConsolidated
Americas$10,409 $3,295 $13,704 $8,800 $585 $9,385 
Europe1,209    308    1,517    1,134    168    1,302    
Asia Pacific1,063 738 1,801 780 312 1,092 
Total revenues$12,681 $4,341 $17,022 $10,714 $1,065 $11,779 
Nine Months Ended July 3, 2021Nine Months Ended June 27, 2020
Disney
Media and Entertainment
Distribution		Disney Parks, Experiences and ProductsConsolidatedDisney
Media and Entertainment
Distribution		Disney Parks, Experiences and ProductsConsolidated
Americas$30,993 $8,165 $39,158 $29,179 $11,144 $40,323 
Europe3,721    1,062    4,783    4,035    1,647    5,682    
Asia Pacific3,068 1,875 4,943 3,162 1,514 4,676 
Total revenues$37,782 $11,102 $48,884 $36,376 $14,305 $50,681 
Revenues recognized in the current and prior-year periods from performance obligations satisfied (or partially satisfied) in previous reporting periods primarily relate to revenues earned on TV/SVOD and theatrical distribution licensee sales on titles made available to the licensee in previous reporting periods. For the quarter ended July 3, 2021, $0.3 billion was recognized related to performance obligations satisfied as of April 3, 2021. For the nine months ended July 3, 2021, $1.0 billion was recognized related to performance obligations satisfied as of October 3, 2020. For the quarter ended June 27, 2020, $0.4 billion was recognized related to performance obligations satisfied as of March 28, 2020. For the nine months ended June 27, 2020, $1.1 billion was recognized related to performance obligations satisfied as of September 28, 2019.
As of July 3, 2021, revenue for unsatisfied performance obligations expected to be recognized in the future is $14 billion, which primarily relates to content to be delivered in the future under existing agreements with television station affiliates and TV/SVOD licensees. Of this amount, we expect to recognize approximately $2 billion in the remainder of fiscal 2021, $5 billion in fiscal 2022, $3 billion in fiscal 2023 and $4 billion thereafter. These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less (such as most advertising contracts) or (ii) licenses of IP that are solely based on the sales of the licensee.
When the timing of the Company’s revenue recognition is different from the timing of customer payments, the Company recognizes either a contract asset (customer payment is subsequent to revenue recognition and subject to the Company satisfying additional performance obligations) or deferred revenue (customer payment precedes the Company satisfying the performance obligations). Consideration due under contracts with payment in arrears is recognized as accounts receivable. Deferred revenues are recognized as (or when) the Company performs under the contract. Contract assets, accounts receivable and deferred revenues from contracts with customers are as follows:
July 3,
2021		October 3,
2020
Contract assets$139 $70 
Accounts receivable
Current11,315   11,340   
Non-current1,493 1,789 
Allowance for credit losses(243)(460)
Deferred revenues
Current4,062 3,688 
Non-current579 513 
Contract assets primarily relate to certain multi-season TV/SVOD licensing contracts. Activity for the current and prior-year quarters related to contract assets was not material. The allowance for credit losses decreased from $460 million at October 3, 2020 to $243 million at July 3, 2021 primarily due to the adoption of new accounting guidance on the measurement of credit losses (see Note 17).
For the quarter and nine months ended July 3, 2021, the Company recognized revenues of $0.4 billion and $2.5 billion, respectively, of previously deferred revenue at October 3, 2020. The deferred revenue balance recognized in the current quarter primarily related to merchandise licensing and content sales, and the deferred revenue balance recognized in the current nine-month period primarily related to DTC services and merchandise licensing. For the quarter and nine months ended June 27, 2020, the Company recognized revenues of $0.3 billion and $3.1 billion, respectively, of previously deferred revenue at September 28, 2019. The deferred revenue balance recognized in the prior-year quarter primarily related to merchandise licensing, and the deferred revenue recognized in the prior-year nine month period primarily related to theme park admissions and vacation packages.
We evaluate our allowance for credit losses and estimate collectability of current and non-current accounts receivable based on historical bad debt experience, our assessment of the financial condition of individual companies with which we do business, current market conditions, and reasonable and supportable forecasts of future economic conditions. In times of economic turmoil, including COVID-19, our estimates and judgments with respect to the collectability of our receivables are subject to greater uncertainty than in more stable periods.
The Company has accounts receivable with original maturities greater than one year related to the sale of film and television program rights and vacation club properties. These receivables are discounted to present value at contract inception and the related revenues are recognized at the discounted amount.
The balance of film and television program sales receivables recorded in other non-current assets, net of an allowance for credit losses that is not material, was $0.9 billion as of July 3, 2021. The activity in the allowance for credit losses for the quarter and nine-month period ended July 3, 2021 was not material.
The balance of mortgage receivables recorded in other non-current assets, net of an allowance for credit losses that is not material, was $0.7 billion as of July 3, 2021. The activity in the allowance for credit losses for the quarter and nine-month period ended July 3, 2021 was not material.