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Revenues
 6 Months Ended
Mar. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer Revenues
The following table presents revenues by segment and major source:
Quarter Ended March 30, 2024
EntertainmentSportsExperiencesEliminationsTotal
Subscription fees$4,805$417$— $— $5,222 
Affiliate fees1,7592,678— (299)4,138 
Advertising1,771950— — 2,721 
Theme park admissions——2,806 — 2,806 
Resort and vacations——2,101 — 2,101 
Retail and wholesale sales of merchandise, food and beverage——2,266    —    2,266    
Merchandise licensing136—652 — 788 
TV/VOD distribution licensing
48070— — 550 
Theatrical distribution licensing123—— — 123 
Home entertainment189—— — 189 
Other533197568 (119)1,179 
$9,796$4,312$8,393 $(418)$22,083 
Quarter Ended April 1, 2023
EntertainmentSportsExperiencesEliminationsTotal
Subscription fees$4,225$380$— $— $4,605 
Affiliate fees1,9252,766— (277)4,414 
Advertising1,7827811 — 2,564 
Theme park admissions——2,428 — 2,428 
Resort and vacations——1,949 — 1,949 
Retail and wholesale sales of merchandise, food and beverage——2,142    —    2,142 
Merchandise licensing130—642 — 772 
TV/VOD distribution licensing
803102— — 905 
Theatrical distribution licensing767—— — 767 
Home entertainment202—— — 202 
Other475197484 (89)1,067 
$10,309 $4,226 $7,646 $(366)$21,815 
Six Months Ended March 30, 2024
EntertainmentSportsExperiencesEliminationsTotal
Subscription fees$9,312$832$— $— $10,144 
Affiliate fees3,5255,347— (592)8,280 
Advertising3,7682,301— — 6,069 
Theme park admissions——5,788 — 5,788 
Resort and vacations——4,219 — 4,219 
Retail and wholesale sales of merchandise, food and beverage——4,743    —    4,743 
Merchandise licensing328—1,619 — 1,947 
TV/VOD distribution licensing
1,016127— — 1,143 
Theatrical distribution licensing374—— — 374 
Home entertainment398—— — 398 
Other1,0565401,156 (225)2,527 
$19,777 $9,147 $17,525 $(817)$45,632 
Six Months Ended April 1, 2023
EntertainmentSportsExperiencesEliminationsTotal
Subscription fees$8,086$759$— $— $8,845 
Affiliate fees3,7985,419— (543)8,674 
Advertising3,9622,0432 — 6,007 
Theme park admissions——5,069 — 5,069 
Resort and vacations——3,929 — 3,929 
Retail and wholesale sales of merchandise, food and beverage——4,524    —    4,524 
Merchandise licensing321—1,594 — 1,915 
TV/VOD distribution licensing
1,527178— — 1,705 
Theatrical distribution licensing1,907—— — 1,907 
Home entertainment387—— — 387 
Other9964671,073 (171)2,365 
$20,984 $8,866 $16,191 $(714)$45,327 
The following table presents revenues by segment and primary geographical markets:
Quarter Ended March 30, 2024
EntertainmentSportsExperiencesEliminationsTotal
Americas$7,640 $4,115 $6,304 $(418)$17,641 
Europe1,383    75    823    —    2,281    
Asia Pacific773 122 1,266 — 2,161 
Total revenues$9,796 $4,312 $8,393 $(418)$22,083 
Quarter Ended April 1, 2023
EntertainmentSportsExperiencesEliminationsTotal
Americas$7,941 $4,008 $6,047 $(366)$17,630 
Europe1,405    78    708    —    2,191    
Asia Pacific963 140 891 — 1,994 
Total revenues$10,309 $4,226 $7,646 $(366)$21,815 
Six Months Ended March 30, 2024
EntertainmentSportsExperiencesEliminationsTotal
Americas$15,228 $8,473 $13,341 $(817)$36,225 
Europe2,792    254    1,845    —    4,891    
Asia Pacific1,757 420 2,339 — 4,516 
Total revenues$19,777 $9,147 $17,525 $(817)$45,632 
Six Months Ended April 1, 2023
EntertainmentSportsExperiencesEliminationsTotal
Americas$16,091 $8,323 $12,901 $(714)$36,601 
Europe2,904    204    1,723    —    4,831    
Asia Pacific1,989 339 1,567 — 3,895 
Total revenues$20,984 $8,866 $16,191 $(714)$45,327 
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/VOD licenses for titles made available to the licensee in previous reporting periods. For the quarter ended March 30, 2024, $0.3 billion was recognized related to performance obligations satisfied as of December 30, 2023. For the six months ended March 30, 2024, $0.6 billion was recognized related to performance obligations satisfied as of September 30, 2023. For the quarter ended April 1, 2023, $0.7 billion was recognized related to performance obligations satisfied as of December 31, 2022. For the six months ended April 1, 2023, $0.5 billion was recognized related to performance obligations satisfied as of October 1, 2022.
As of March 30, 2024, revenue for unsatisfied performance obligations expected to be recognized in the future is $14 billion, primarily for IP or advertising time to be made available in the future under existing agreements with merchandise and co-branding licensees and sponsors, television station affiliates, DTC wholesalers, advertisers and sports sublicensees. Of this amount, we expect to recognize approximately $4 billion in the remainder of fiscal 2024, $5 billion in fiscal 2025, $3 billion in fiscal 2026 and $2 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. The Company’s contract assets and activity for the current and prior-year periods were not material.
Accounts receivable and deferred revenues from contracts with customers are as follows:
March 30,
2024		September 30,
2023
Accounts receivable
Current$9,975 $10,279   
Non-current1,128 1,212 
Allowance for credit losses(135)(154)
Deferred revenues
Current6,156 5,568 
Non-current910 977 
For the quarter and six months ended March 30, 2024, the Company recognized revenue of $0.9 billion and $4.4 billion, respectively, that was included in the September 30, 2023 deferred revenue balance. For the quarter and six months ended April 1, 2023, the Company recognized revenue of $0.9 billion and $4.3 billion, respectively, that was included in the October 1, 2022 deferred revenue balance. Amounts deferred generally relate to theme park admissions and vacation packages, DTC subscriptions and advances related to merchandise and TV/VOD licenses.
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, 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 (TV/VOD licensing) 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 TV/VOD licensing receivables recorded in other non-current assets was $0.4 billion at March 30, 2024 and $0.6 billion at September 30, 2023. The balance of vacation club receivables recorded in other non-current assets was $0.7 billion at both March 30, 2024 and September 30, 2023. The allowance for credit losses for TV/VOD licensing and vacation club receivables and related activity for the periods ended March 30, 2024 and September 30, 2023 were not material.