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Revenues
 3 Months Ended
Dec. 28, 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 December 28, 2024
EntertainmentSportsExperiencesEliminationsTotal
Subscription fees$5,065$427$— $— $5,492 
Affiliate fees1,6552,630— (321)3,964 
Advertising1,8981,342— — 3,240 
Theme park admissions——3,087 — 3,087 
Resorts and vacations
——2,221 — 2,221 
Retail and wholesale sales of merchandise, food and beverage——2,572    —    2,572    
Merchandise licensing165—927 — 1,092 
TV/VOD and home entertainment distribution
94378— — 1,021 
Theatrical distribution licensing642—— — 642 
Other504373608 (126)1,359 
$10,872$4,850$9,415 $(447)$24,690 
Quarter Ended December 30, 2023
EntertainmentSportsExperiencesEliminationsTotal
Subscription fees$4,507$415$— $— $4,922 
Affiliate fees1,7662,669— (293)4,142 
Advertising1,9971,351— — 3,348 
Theme park admissions——2,982 — 2,982 
Resorts and vacations
——2,118 — 2,118 
Retail and wholesale sales of merchandise, food and beverage——2,477    —    2,477 
Merchandise licensing192—967 — 1,159 
TV/VOD and home entertainment distribution
74557— — 802 
Theatrical distribution licensing251—— — 251 
Other523343588 (106)1,348 
$9,981 $4,835 $9,132 $(399)$23,549 
The following table presents revenues by segment and primary geographical markets:
Quarter Ended December 28, 2024
EntertainmentSportsExperiencesEliminationsTotal
Americas$8,492 $4,716 $7,121 $(447)$19,882 
Europe1,651    77    1,127    —    2,855    
Asia Pacific729 57 1,167 — 1,953 
Total revenues$10,872 $4,850 $9,415 $(447)$24,690 
Quarter Ended December 30, 2023
EntertainmentSportsExperiencesEliminationsTotal
Americas$7,588 $4,358 $7,037 $(399)$18,584 
Europe1,409    179    1,022    —    2,610    
Asia Pacific984 298 1,073 — 2,355 
Total revenues$9,981 $4,835 $9,132 $(399)$23,549 
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 December 28, 2024, $0.3 billion was recognized related to performance obligations satisfied as of September 28, 2024. For the quarter ended December 30, 2023, $0.3 billion was recognized related to performance obligations satisfied as of September 30, 2023.
As of December 28, 2024, revenue for unsatisfied performance obligations expected to be recognized in the future is $15 billion, primarily for IP to be made available in the future under existing agreements with merchandise and co-branding licensees and sponsors, television station affiliates, DTC wholesalers and sports sublicensees. Of this amount, we expect to
recognize approximately $5 billion in the remainder of fiscal 2025, $4 billion in fiscal 2026, $3 billion in fiscal 2027 and $3 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 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:
December 28,
2024		September 28,
2024
Accounts receivable
Current$11,783 $10,463   
Non-current1,040 1,040 
Allowance for credit losses(114)(118)
Deferred revenues
Current6,050 5,587 
Non-current884 858 
For the quarter ended December 28, 2024, the Company recognized revenue of $3.6 billion that was included in the September 28, 2024 deferred revenue balance. For the quarter ended December 30, 2023, the Company recognized revenue of $3.4 billion that was included in the September 30, 2023 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 vacation club properties and film and television program rights (TV/VOD licensing). The balance of vacation club receivables recorded in other non-current assets was $0.7 billion at both December 28, 2024 and September 28, 2024. The balance of TV/VOD licensing receivables recorded in other non-current assets was $0.3 billion at both December 28, 2024 and September 28, 2024. The allowance for credit losses for vacation club and TV/VOD licensing receivables and related activity for the periods ended December 28, 2024 and September 28, 2024 were not material.