v3.24.3
Description of the Business and Segment Information (Tables)
 12 Months Ended
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Financial Information by Operating Segments
Segment revenues and segment operating income are as follows:
202420232022
Revenues
Entertainment
Third parties
$40,775  $40,258  $39,231  
Intersegment
411  377  338  
41,186  40,635  39,569  
Sports
Third parties
16,435  16,091  16,429  
Intersegment
1,184  1,020  841  
17,619  17,111  17,270  
Experiences
34,151  32,549  28,085  
Eliminations
(1,595) (1,397) (1,179) 
Total segment revenues$91,361  $88,898  $83,745  
Segment operating income (loss)
Entertainment
$3,923  $1,444  $2,126  
Sports
2,406  2,465  2,710  
Experiences
9,272  8,954  7,285  
Total segment operating income(1)
$15,601  $12,863  $12,121  
(1)Equity in the income of investees is included in segment operating income as follows:
202420232022
Entertainment
$529  $685  $783  
Sports
58  55  55  
Experiences
—  (2) (10) 
Equity in the income of investees included in segment operating income587  738  828  
A+E Gain(1)
—  56  —  
Amortization of TFCF intangible assets related to equity investees
(12) (12) (12) 
Equity in the income of investees$575  $782  $816  
(1)Restructuring and impairment charges in fiscal 2023 include the impact of a content license agreement termination with A+E, which generated a gain at A+E. The Company’s 50% interest of this gain was $56 million (A+E gain).
Reconciliation of Revenue from Segments to Consolidated
A reconciliation of segment revenues to total revenues is as follows:
 202420232022
Segment revenues$91,361 $88,898   $83,745 
Content License Early Termination(1)
—   — (1,023)  
Total revenues$91,361 $88,898 $82,722 
(1)In fiscal 2022, the Company early terminated certain license agreements with a customer for film and episodic content, which was delivered in previous years, in order for the Company to use the content primarily on our Entertainment Direct-to-Consumer services (Content License Early Termination). Because the content is functional IP, we had recognized substantially all of the consideration to be paid by the customer under the licenses as revenue in prior years when the content was delivered. Consequently, we have recorded the amounts to terminate the license agreements, net of remaining amounts of deferred revenue, as a reduction of revenue.
Reconciliation of Segment Operating Income to Income before Income Taxes
A reconciliation of segment operating income to income from continuing operations before income taxes is as follows:
202420232022
Segment operating income$15,601  $12,863  $12,121  
Content License Early Termination— — (1,023)
Corporate and unallocated shared expenses(1,435) (1,147) (1,159) 
Restructuring and impairment charges(1)
(3,595) (3,836) (237) 
Other income (expense), net(2)
(65) 96  (667) 
Interest expense, net(1,260) (1,209) (1,397) 
TFCF and Hulu acquisition amortization(3)
(1,677) (1,998) (2,353) 
Income from continuing operations before income taxes
$7,569  $4,769  $5,285  
(1)Net of the A+E Gain in fiscal 2023.
(2)“Other income (expense), net” for fiscal 2024 and 2023 includes charges related to a legal ruling of $65 million and $101 million, respectively. Fiscal 2023 and 2022 include a gain of $169 million and a loss of $663 million, respectively, to adjust our investment in DraftKings, Inc. to fair value. The Company sold the DraftKings investment in fiscal 2023.
(3)TFCF and Hulu acquisition amortization is as follows:
202420232022
Amortization of intangible assets
$1,394  $1,547  $1,707  
Step-up of film and episodic costs
271 439 634 
Intangibles related to TFCF equity investees
12 12 12 
$1,677 $1,998 $2,353 
Capital Expenditures, Depreciation and Amortization by Segment
Capital expenditures, depreciation expense and amortization of intangible assets are as follows:
Capital expenditures202420232022
Entertainment
$977  $1,032  $802  
Sports
10  15  8  
Experiences
Domestic2,710  2,203  2,680  
International949  822  767  
Corporate766  897  686  
Total capital expenditures$5,412  $4,969  $4,943  
Depreciation expense
Entertainment
$681  $669  $560  
Sports
39  73  90 
Experiences
Domestic1,744  2,011  1,680  
International726  669  662  
Amounts included in segment operating income2,470  2,680  2,342  
Corporate244  204  191  
Total depreciation expense$3,434  $3,626  $3,183  
Amortization of intangible assets
Entertainment
$53  $87  $164  
Experiences
109  109  109  
Amounts included in segment operating income162  196  273  
TFCF and Hulu1,394  1,547  1,707  
Total amortization of intangible assets$1,556  $1,743  $1,980  
Schedule of Revenue and Operating Income by Geographic Market
The following table presents our revenues and segment operating income by geographical markets:
202420232022
Revenues
Americas$72,162  $71,205  $68,218  
Europe10,279  9,533  8,680  
Asia Pacific8,920  8,160  6,847  
$91,361  $88,898  $83,745  
Content License Early Termination(1,023) 
$82,722  
Segment operating income
Americas$12,921  $10,779  $11,099  
Europe1,369  856  586  
Asia Pacific1,311  1,228  436  
$15,601  $12,863  $12,121  
Long-lived Assets by Geographic Markets
Long-lived assets(1) by geographical markets are as follows:
September 28, 2024September 30, 2023
Americas$62,107  $60,988  
Europe10,299  9,760  
Asia Pacific6,535  7,829  
$78,941  $78,577  
(1)Long-lived assets are primarily parks, resorts and other property, produced and licensed content costs, right-of-use lease assets, equity method investments and benefit plans in a net asset position. The fiscal 2023 presentation has been adjusted to conform with the fiscal 2024 presentation.