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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 2, 2022
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-20220702_g1.jpg
Delaware 83-0940635
State or Other Jurisdiction of I.R.S. Employer Identification
Incorporation or Organization
500 South Buena Vista Street
Burbank, California 91521
Address of Principal Executive Offices and Zip Code
(818) 560-1000
Registrant’s Telephone Number, Including Area Code
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueDISNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  ☒
There were 1,823,057,777 shares of common stock outstanding as of August 3, 2022.



PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited; in millions, except per share data)
 Quarter EndedNine Months Ended
 July 2,
2022
July 3,
2021
July 2,
2022
July 3,
2021
Revenues:
Services$19,461 $15,585 $56,215 $44,978 
Products2,043 1,437 6,357 3,906 
Total revenues21,504 17,022 62,572 48,884 
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)
(12,404)(10,251)(36,895)(29,921)
Cost of products (exclusive of depreciation and amortization)
(1,278)(982)(3,948)(2,869)
Selling, general, administrative and other(4,100)(3,168)(11,655)(9,198)
Depreciation and amortization(1,290)(1,266)(3,846)(3,836)
Total costs and expenses(19,072)(15,667)(56,344)(45,824)
Restructuring and impairment charges(42)(35)(237)(562)
Other income (expense), net(136)(91)(730)214 
Interest expense, net(360)(445)(1,026)(1,089)
Equity in the income of investees225 211 674    648 
Income from continuing operations before income taxes2,119 995 4,909 2,271    
Income taxes on continuing operations(617)133 (1,610)9 
Net income from continuing operations1,502 1,128 3,299 2,280 
Loss from discontinued operations, net of income tax benefit of $0, $2, $14 and $9, respectively (5)   (48)(28)
Net income1,502 1,123 3,251 2,252 
Net income from continuing operations attributable to noncontrolling interests
(93)(205)(268)(416)
Net income attributable to Disney$1,409    $918 $2,983 $1,836 
Earnings (loss) per share attributable to Disney(1):
Diluted
Continuing operations$0.77 $0.50 $1.66 $1.02 
Discontinued operations  (0.03)(0.02)
$0.77 $0.50 $1.63 $1.00 
Basic
Continuing operations$0.77 $0.51 $1.66 $1.03 
Discontinued operations  (0.03)(0.02)
$0.77 $0.50 $1.64 $1.01 
Weighted average number of common and common equivalent shares outstanding:
Diluted1,825 1,830 1,827 1,827 
Basic1,823 1,818 1,821 1,816 
(1)Total may not equal the sum of the column due to rounding.
See Notes to Condensed Consolidated Financial Statements
2


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited; in millions)
 
 Quarter EndedNine Months Ended
 July 2,
2022
July 3,
2021
July 2,
2022
July 3,
2021
Net income$1,502 $1,123 $3,251 $2,252 
Other comprehensive income (loss), net of tax:
Market value adjustments for hedges428 1 506 (62)
Pension and postretirement medical plan adjustments
119 169    393 510 
Foreign currency translation and other
(446)(65)(659)119 
Other comprehensive income101 105 240 567 
Comprehensive income1,603 1,228 3,491 2,819 
Net income from continuing operations attributable to noncontrolling interests
(93)(205)(268)(416)
Other comprehensive income (loss) attributable to noncontrolling interests69 (24)58 (82)
Comprehensive income attributable to Disney$1,579    $999 $3,281    $2,321    
See Notes to Condensed Consolidated Financial Statements




3


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except per share data)
July 2,
2022
October 2,
2021
ASSETS
Current assets
Cash and cash equivalents$12,959 $15,959 
Receivables, net13,685 13,367 
Inventories1,590 1,331 
Content advances1,902 2,183 
Other current assets1,286 817 
Total current assets31,422 33,657 
Produced and licensed content costs34,077 29,549 
Investments3,236 3,935 
Parks, resorts and other property
Attractions, buildings and equipment65,599    64,892    
Accumulated depreciation(39,089)(37,920)
26,510 26,972 
Projects in progress5,956 4,521 
Land1,117 1,131 
33,583 32,624 
Intangible assets, net15,334 17,115 
Goodwill77,945 78,071 
Other assets8,477 8,658 
Total assets$204,074 $203,609 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities$20,858 $20,894 
Current portion of borrowings5,580 5,866 
Deferred revenue and other4,266 4,317 
Total current liabilities30,704 31,077 
Borrowings46,022 48,540 
Deferred income taxes8,034 7,246 
Other long-term liabilities13,456 14,522 
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests9,425 9,213 
Equity
Preferred stock
  
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares
56,087 55,471 
Retained earnings43,462 40,429 
Accumulated other comprehensive loss(6,142)(6,440)
Treasury stock, at cost, 19 million shares
(907)(907)
Total Disney Shareholders’ equity92,500 88,553 
Noncontrolling interests3,933 4,458 
Total equity96,433 93,011 
Total liabilities and equity$204,074 $203,609 
See Notes to Condensed Consolidated Financial Statements
4


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
 Nine Months Ended
July 2,
2022
July 3,
2021
OPERATING ACTIVITIES
Net income from continuing operations$3,299 $2,280 
Depreciation and amortization3,846    3,836 
Net (gain) loss on investments779 (325)
Deferred income taxes605    (749)
Equity in the income of investees(674)(648)
Cash distributions received from equity investees575 546    
Net change in produced and licensed content costs and advances(4,306)(3,192)
Equity-based compensation723 428 
Pension and postretirement medical benefit cost amortization465 582 
Other, net492 273 
Changes in operating assets and liabilities:
Receivables(506)(301)
Inventories(259)236 
Other assets(684)(113)
Accounts payable and other liabilities(892)341 
Income taxes15 (260)
Cash provided by operations - continuing operations3,478 2,934 
INVESTING ACTIVITIES
Investments in parks, resorts and other property(3,795)(2,468)
Other, net(77)383 
Cash used in investing activities - continuing operations(3,872)(2,085)
FINANCING ACTIVITIES
Commercial paper payments, net(275)(99)
Borrowings152 43 
Reduction of borrowings(1,400)(2,319)
Proceeds from exercise of stock options100 405 
Other, net(824)(801)
Cash used in financing activities - continuing operations(2,247)(2,771)
CASH FLOWS FROM DISCONTINUED OPERATIONS
Cash provided by (used in) operations - discontinued operations8 (2)
Cash provided by investing activities - discontinued operations 8 
Cash used in financing activities - discontinued operations(12) 
Cash (used in) provided by discontinued operations(4)6 
Impact of exchange rates on cash, cash equivalents and restricted cash(354)77 
Change in cash, cash equivalents and restricted cash(2,999)(1,839)
Cash, cash equivalents and restricted cash, beginning of period16,003 17,954 
Cash, cash equivalents and restricted cash, end of period$13,004 $16,115 
See Notes to Condensed Consolidated Financial Statements
5


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


 Quarter Ended
Equity Attributable to Disney
 SharesCommon Stock
Retained Earnings
Accumulated
Other
Comprehensive
Income
(Loss)
Treasury Stock
Total Disney Equity
Non-controlling
 Interests(1)
Total
Equity
Balance at April 2, 20221,822 $55,823 $42,032 $(6,312)$(907)$90,636 $4,023 $94,659 
Comprehensive income (loss)— — 1,409 170 — 1,579 (67)1,512 
Equity compensation activity1 259 — — — 259 — 259 
Contributions— — — — — — 19 19 
Distributions and other— 5 21 — — 26 (42)(16)
Balance at July 2, 20221,823 $56,087 $43,462 $(6,142)$(907)$92,500 $3,933 $96,433 
Balance at April 3, 20211,817 $55,000 $39,365 $(7,918)$(907)$85,540 $4,246 $89,786 
Comprehensive income— — 918    81— 999 147 1,146 
Equity compensation activity 185 — — — 185 — 185 
Contributions— — — — — — 7 7 
Cumulative effect of accounting change—    —    3 —    — 3    —    3    
Distributions and other— (11)25 — — 14 (19)(5)
Balance at July 3, 20211,817 $55,174 $40,311 $(7,837)$(907)$86,741 $4,381 $91,122 
(1)Excludes redeemable noncontrolling interests.
See Notes to Condensed Consolidated Financial Statements


6


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

 
 Nine Months Ended
Equity Attributable to Disney
 SharesCommon Stock
Retained Earnings
Accumulated
Other
Comprehensive
Income
(Loss)
Treasury Stock
Total Disney Equity
Non-controlling Interests(1)
Total
Equity
Balance at October 2, 20211,818 $55,471 $40,429 $(6,440)$(907)$88,553 $4,458 $93,011 
Comprehensive income (loss)— — 2,983 298 — 3,281 (22)3,259 
Equity compensation activity5 615 — — — 615 — 615 
Contributions— — — — — — 48 48 
Distributions and other— 1 50 — — 51 (551)(500)
Balance at July 2, 20221,823 $56,087 $43,462 $(6,142)$(907)$92,500 $3,933 $96,433 
Balance at October 3, 20201,810 $54,497 $38,315 $(8,322)$(907)$83,583 $4,680 $88,263 
Comprehensive income— — 1,836 485 — 2,321 256 2,577 
Equity compensation activity7 687 — — — 687 — 687 
Contributions— — — — — — 12 12 
Cumulative effect of accounting change— — 108 — — 108 — 108 
Distributions and other— (10)52 — — 42 (567)(525)
Balance at July 3, 20211,817 $55,174 $40,311 $(7,837)$(907)$86,741 $4,381 $91,122 
(1)Excludes redeemable noncontrolling interests.
See Notes to Condensed Consolidated Financial Statements


7


THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share data)
 
1.Principles of Consolidation
These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair statement of the results for the interim period. Operating results for the nine months ended July 2, 2022 are not necessarily indicative of the results that may be expected for the year ending October 1, 2022.
The terms “Company,” “Disney,” “we,” “us,” and “our” are used in this report to refer collectively to the parent company, The Walt Disney Company, as well as the subsidiaries through which its various businesses are actually conducted.
These financial statements should be read in conjunction with the Company’s 2021 Annual Report on Form 10-K.
The Fox sports media business in Mexico was sold in November 2021. The Company recognized a $58 million loss on the sale, which is presented as discontinued operations in the Condensed Consolidated Statement of Income for the nine months ended July 2, 2022. At October 2, 2021, the assets and liabilities of the Fox sports media business in Mexico were not material and were included in other assets and other liabilities in the Condensed Consolidated Balance Sheets.
Variable Interest Entities
The Company enters into relationships with or makes investments in other entities that may be variable interest entities (VIE). A VIE is consolidated in the financial statements if the Company has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (as defined by ASC 810-10-25-38) to the VIE. Hong Kong Disneyland Resort and Shanghai Disney Resort (together the Asia Theme Parks) are VIEs in which the Company has less than 50% equity ownership. Company subsidiaries (the Management Companies) have management agreements with the Asia Theme Parks, which provide the Management Companies, subject to certain protective rights of joint venture partners, with the ability to direct the day-to-day operating activities and the development of business strategies that we believe most significantly impact the economic performance of the Asia Theme Parks. In addition, the Management Companies receive management fees under these arrangements that we believe could be significant to the Asia Theme Parks. Therefore, the Company has consolidated the Asia Theme Parks in its financial statements.
Redeemable Noncontrolling Interests
The Company consolidates the results of certain subsidiaries that are less than 100% owned and for which the noncontrolling interest shareholders have the rights to require the Company to purchase their interests in these subsidiaries. The most significant of these are Hulu LLC (Hulu) and BAMTech LLC (BAMTech).
Hulu provides direct-to-consumer (DTC) streaming services and is owned 67% by the Company and 33% by NBC Universal (NBCU). In May 2019, the Company entered into a put/call agreement with NBCU that provided the Company with full operational control of Hulu. Under the agreement, beginning in January 2024, NBCU has the option to require the Company to purchase NBCU’s interest in Hulu and the Company has the option to require NBCU to sell its interest in Hulu to the Company, in either case at a redemption value based on NBCU’s equity ownership percentage of the greater of Hulu’s then equity fair value or a guaranteed floor value of $27.5 billion.
NBCU’s interest will generally not be allocated its portion of Hulu’s losses, if any, as the redeemable noncontrolling interest is required to be carried at a minimum value. The minimum value is equal to the fair value as of the May 2019 agreement date accreted to the January 2024 estimated redemption value. At July 2, 2022, NBCU’s interest in Hulu is recorded in the Company’s financial statements at $8.6 billion.
BAMTech provides streaming technology services to third parties and is owned 85% by the Company and 15% by Major League Baseball (MLB). MLB has the right to sell its interest to the Company and the Company has the right to buy MLB’s interest starting five years from and ending ten years after the Company’s September 25, 2017 acquisition date of BAMTech, in either case at a redemption value based on MLB’s equity ownership percentage of the greater of MLB’s then equity fair value or a guaranteed floor value ($563 million accreting at 8% annually for eight years from the date of acquisition).
8

THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share data)
The MLB interest is required to be carried at a minimum value equal to its acquisition date fair value accreted to its estimated redemption value through the applicable redemption date. Therefore, the MLB interest is generally not allocated its portion of BAMTech losses, if any. As of July 2, 2022, the MLB interest was recorded in the Company’s financial statements at $825 million.
Our estimate of the redemption value of noncontrolling interests requires management to make significant judgments with respect to the future value of the noncontrolling interests. We are accreting the noncontrolling interests of both BAMTech and Hulu to their guaranteed floor values. If our estimate of the future redemption value increased above either of the guaranteed floor values, we would change our rate of accretion, which would generally increase the amount recorded in “Net income from continuing operations attributable to noncontrolling interests” and thus reduce “Net income attributable to Disney” in the Condensed Consolidated Statements of Income.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates.
Reclassifications
Certain reclassifications have been made in the fiscal 2021 financial statements and notes to conform to the fiscal 2022 presentation.
2.Segment Information
The Company’s operations are conducted in the Disney Media and Entertainment Distribution (DMED) and Disney Parks, Experiences and Products (DPEP) segments. Our operating segments report separate financial information, which is evaluated regularly by the Chief Executive Officer in order to decide how to allocate resources and assess performance.
Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, net other income, net interest expense, income taxes and noncontrolling interests. Segment operating income includes equity in the income of investees and excludes impairments of certain equity investments and acquisition accounting amortization of TFCF Corporation (TFCF) and Hulu assets (i.e. intangible assets and the fair value step-up for film and television costs) recognized in connection with the TFCF acquisition in fiscal 2019 (TFCF and Hulu acquisition amortization). Corporate and unallocated shared expenses principally consist of corporate functions, executive management and certain unallocated administrative support functions.
Segment operating results include allocations of certain costs, including information technology, pension, legal and other shared services costs, which are allocated based on metrics designed to correlate with consumption.
Impact of COVID-19
Since early 2020, the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) and its variants. COVID-19 and measures to prevent its spread have impacted our segments in a number of ways, most significantly at the DPEP segment where our theme parks and resorts were closed and cruise ship sailings and guided tours were suspended. These operations resumed at various points since May 2020, initially at reduced operating capacities as a result of COVID-19 restrictions. In fiscal 2020 and 2021, we delayed, or in some cases, shortened or canceled, theatrical releases. In addition, we experienced significant disruptions in the production and availability of content, including the delay of key live sports programming during fiscal 2020 and fiscal 2021.
In fiscal 2022, our domestic parks and resorts are generally operating without significant COVID-19-related capacity restrictions, such as those that were generally in place during the prior year. In addition, our cruise ships have generally been operating without COVID-19-related capacity restrictions since April 2022. Certain of our international parks and resorts continue to be impacted by COVID-19-related closures and capacity and travel restrictions. At the DMED segment, our film and television productions have generally resumed, although we have seen disruptions of production activities depending on local circumstances. Thus far, we have generally been able to release our films theatrically in fiscal 2022, although certain markets continue to impose restrictions on theater openings and capacity.
The impact of these disruptions and the extent of their adverse impact on our financial and operating results will depend on the length of time that such disruptions continue. This will, in turn, depend on the duration and severity of the impacts of COVID-19 and its variants, 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. We have incurred and will continue to incur additional costs to address government regulations and the safety of our employees, guests and talent.
9

THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share data)

Segment revenues and segment operating income (loss) are as follows:
 Quarter EndedNine Months Ended
 July 2,
2022
July 3,
2021
July 2,
2022
July 3,
2021
Revenues:
Disney Media and Entertainment Distribution$14,110 $12,681 $42,315   $37,782   
Disney Parks, Experiences and Products7,394 4,341 21,280 11,102 
Total segment revenues$21,504 $17,022 $63,595 $48,884 
Segment operating income (loss):
Disney Media and Entertainment Distribution$1,381 $2,026 $4,133 $6,348 
Disney Parks, Experiences and Products2,186 356 6,391 (169)
Total segment operating income(1)
$3,567 $2,382 $10,524 $6,179 
(1) Equity in the income of investees is included in segment operating income as follows:
 Quarter EndedNine Months Ended
 July 2,
2022
July 3,
2021
July 2,
2022
July 3,
2021
Disney Media and Entertainment Distribution$230   $220   $693   $681   
Disney Parks, Experiences and Products(2)(5) (10) (22)
Equity in the income of investees included in segment operating income228 215 683 659 
Amortization of TFCF intangible assets related to equity investees(3)(4)(9)(11)
Equity in the income of investees, net$225 $211 $674 $648 
A reconciliation of segment revenues to total revenues is as follows:
 Quarter EndedNine Months Ended
 July 2,
2022
July 3,
2021
July 2,
2022
July 3,
2021
Segment revenues$21,504 $17,022   $63,595 $48,884   
Content License Early Termination(1)
    (1,023)   
Total revenues$21,504 $17,022 $62,572 $48,884 
(1)During the nine months ended July 2, 2022, the Company recognized a reduction in revenue for amounts to early terminate certain license agreements with a customer for film and television content, which was delivered in previous years, in order for the Company to use the content primarily on our direct-to-consumer services (Content License Early Termination). Because the content is functional intellectual property (IP), we recognized substantially all of the consideration to be paid by the customer under the licenses as revenue in prior years when the content was made available under the agreements. Consequently, we have recorded the amounts to terminate the license agreements, net of remaining amounts of deferred revenue, as a reduction of revenue in the current nine-month period.
10

THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share data)

A reconciliation of segment operating income to income from continuing operations before income taxes is as follows:
 Quarter EndedNine Months Ended
 July 2,
2022
July 3,
2021
July 2,
2022
July 3,
2021
Segment operating income$3,567 $2,382   $10,524 $