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Revenues
 9 Months Ended
Jun. 29, 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 June 29, 2024
EntertainmentSportsExperiencesEliminationsTotal
Subscription fees$4,729$414$— $— $5,143 
Affiliate fees1,7262,571— (291)4,006 
Advertising1,9411,339— — 3,280 
Theme park admissions——2,780 — 2,780 
Resort and vacations——2,115 — 2,115 
Retail and wholesale sales of merchandise, food and beverage——2,246    —    2,246    
Merchandise licensing143—702 — 845 
TV/VOD distribution licensing
670108— — 778 
Theatrical distribution licensing724—— — 724 
Home entertainment142—— — 142 
Other505126543 (78)1,096 
$10,580$4,558$8,386 $(369)$23,155 
Quarter Ended July 1, 2023
EntertainmentSportsExperiencesEliminationsTotal
Subscription fees$4,157$380$— $— $4,537 
Affiliate fees1,8332,633— (270)4,196 
Advertising1,8891,1531 — 3,043 
Theme park admissions——2,731 — 2,731 
Resort and vacations——1,990 — 1,990 
Retail and wholesale sales of merchandise, food and beverage——2,226    —    2,226 
Merchandise licensing128—748 — 876 
TV/VOD distribution licensing
57264— — 636 
Theatrical distribution licensing838—— — 838 
Home entertainment252—— — 252 
Other458105502 (60)1,005 
$10,127 $4,335 $8,198 $(330)$22,330 
Nine Months Ended June 29, 2024
EntertainmentSportsExperiencesEliminationsTotal
Subscription fees$14,041$1,246$— $— $15,287 
Affiliate fees5,2517,918— (883)12,286 
Advertising5,7093,640— — 9,349 
Theme park admissions——8,568 — 8,568 
Resort and vacations——6,334 — 6,334 
Retail and wholesale sales of merchandise, food and beverage——6,989    —    6,989 
Merchandise licensing471—2,321 — 2,792 
TV/VOD distribution licensing
1,686235— — 1,921 
Theatrical distribution licensing1,098—— — 1,098 
Home entertainment540—— — 540 
Other1,5616661,699 (303)3,623 
$30,357 $13,705 $25,911 $(1,186)$68,787 
Nine Months Ended July 1, 2023
EntertainmentSportsExperiencesEliminationsTotal
Subscription fees$12,243$1,139$— $— $13,382 
Affiliate fees5,6318,052— (813)12,870 
Advertising5,8513,1963 — 9,050 
Theme park admissions——7,800 — 7,800 
Resort and vacations——5,919 — 5,919 
Retail and wholesale sales of merchandise, food and beverage——6,750    —    6,750 
Merchandise licensing449—2,342 — 2,791 
TV/VOD distribution licensing
2,099242— — 2,341 
Theatrical distribution licensing2,745—— — 2,745 
Home entertainment639—— — 639 
Other1,4545721,575 (231)3,370 
$31,111 $13,201 $24,389 $(1,044)$67,657 
The following table presents revenues by segment and primary geographical markets:
Quarter Ended June 29, 2024
EntertainmentSportsExperiencesEliminationsTotal
Americas$8,222 $4,190 $6,250 $(369)$18,293 
Europe1,427    75    1,070    —    2,572    
Asia Pacific931 293 1,066 — 2,290 
Total revenues$10,580 $4,558 $8,386 $(369)$23,155 
Quarter Ended July 1, 2023
EntertainmentSportsExperiencesEliminationsTotal
Americas$7,885 $3,965 $6,245 $(330)$17,765 
Europe1,316    75    945    —    2,336    
Asia Pacific926 295 1,008 — 2,229 
Total revenues$10,127 $4,335 $8,198 $(330)$22,330 
Nine Months Ended June 29, 2024
EntertainmentSportsExperiencesEliminationsTotal
Americas$23,450 $12,663 $19,591 $(1,186)$54,518 
Europe4,219    329    2,915    —    7,463    
Asia Pacific2,688 713 3,405 — 6,806 
Total revenues$30,357 $13,705 $25,911 $(1,186)$68,787 
Nine Months Ended July 1, 2023
EntertainmentSportsExperiencesEliminationsTotal
Americas$23,976 $12,288 $19,146 $(1,044)$54,366 
Europe4,220    279    2,668    —    7,167    
Asia Pacific2,915 634 2,575 — 6,124 
Total revenues$31,111 $13,201 $24,389 $(1,044)$67,657 
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 June 29, 2024, $0.3 billion was recognized related to performance obligations satisfied as of March 30, 2024. For the nine months ended June 29, 2024, $0.8 billion was recognized related to performance obligations satisfied as of September 30, 2023. For the quarter ended July 1, 2023, $0.3 billion was recognized related to performance obligations satisfied as of April 1, 2023. For the nine months ended July 1, 2023, $0.7 billion was recognized related to performance obligations satisfied as of October 1, 2022.
As of June 29, 2024, revenue for unsatisfied performance obligations expected to be recognized in the future is $15 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, sports sublicensees and advertisers. Of this amount, we expect to recognize approximately $2 billion in the remainder of fiscal 2024, $6 billion in fiscal 2025, $3 billion in fiscal 2026 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. 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:
June 29,
2024		September 30,
2023
Accounts receivable
Current$10,932   $10,279   
Non-current1,058 1,212 
Allowance for credit losses(134)(154)
Deferred revenues
Current5,806 5,568 
Non-current888 977 
For the quarter and nine months ended June 29, 2024, the Company recognized revenue of $0.5 billion and $4.8 billion, respectively, that was included in the September 30, 2023 deferred revenue balance. For the quarter and nine months ended July 1, 2023, the Company recognized revenue of $0.5 billion and $4.7 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 June 29, 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 June 29, 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 June 29, 2024 and September 30, 2023 were not material.