We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Walt Disney Co | NYSE:DIS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.04 | -0.04% | 112.73 | 113.0218 | 111.32 | 111.74 | 6,286,182 | 01:00:00 |
For the Quarterly Period Ended
|
|
Commission File Number 1-11605
|
July 2, 2016
|
|
|
|
|
|
|
|
Incorporated in Delaware
|
|
I.R.S. Employer Identification
|
|
|
No. 95-4545390
|
|
Large accelerated filer
|
|
x
|
|
Accelerated filer
|
|
¨
|
|
|
|
|
|
||
Non-accelerated filer (do not check if smaller reporting company)
|
|
¨
|
|
Smaller reporting company
|
|
¨
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Services
|
$
|
12,113
|
|
|
$
|
11,308
|
|
|
$
|
35,906
|
|
|
$
|
32,587
|
|
Products
|
2,164
|
|
|
1,793
|
|
|
6,584
|
|
|
6,366
|
|
||||
Total revenues
|
14,277
|
|
|
13,101
|
|
|
42,490
|
|
|
38,953
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of services (exclusive of depreciation and amortization)
|
(5,946
|
)
|
|
(5,547
|
)
|
|
(18,568
|
)
|
|
(17,224
|
)
|
||||
Cost of products (exclusive of depreciation and amortization)
|
(1,255
|
)
|
|
(1,116
|
)
|
|
(4,120
|
)
|
|
(3,785
|
)
|
||||
Selling, general, administrative and other
|
(2,305
|
)
|
|
(2,101
|
)
|
|
(6,467
|
)
|
|
(6,117
|
)
|
||||
Depreciation and amortization
|
(626
|
)
|
|
(575
|
)
|
|
(1,838
|
)
|
|
(1,751
|
)
|
||||
Total costs and expenses
|
(10,132
|
)
|
|
(9,339
|
)
|
|
(30,993
|
)
|
|
(28,877
|
)
|
||||
Restructuring and impairment charges
|
(44
|
)
|
|
—
|
|
|
(125
|
)
|
|
—
|
|
||||
Interest expense, net
|
(70
|
)
|
|
(12
|
)
|
|
(161
|
)
|
|
(62
|
)
|
||||
Equity in the income of investees
|
152
|
|
|
212
|
|
|
776
|
|
|
630
|
|
||||
Income before income taxes
|
4,183
|
|
|
3,962
|
|
|
11,987
|
|
|
10,644
|
|
||||
Income taxes
|
(1,471
|
)
|
|
(1,323
|
)
|
|
(4,089
|
)
|
|
(3,533
|
)
|
||||
Net income
|
2,712
|
|
|
2,639
|
|
|
7,898
|
|
|
7,111
|
|
||||
Less: Net income attributable to noncontrolling interests
|
(115
|
)
|
|
(156
|
)
|
|
(278
|
)
|
|
(338
|
)
|
||||
Net income attributable to The Walt Disney Company (Disney)
|
$
|
2,597
|
|
|
$
|
2,483
|
|
|
$
|
7,620
|
|
|
$
|
6,773
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to Disney:
|
|
|
|
|
|
|
|
||||||||
Diluted
|
$
|
1.59
|
|
|
$
|
1.45
|
|
|
$
|
4.63
|
|
|
$
|
3.95
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.60
|
|
|
$
|
1.46
|
|
|
$
|
4.66
|
|
|
$
|
3.99
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common and common equivalent shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Diluted
|
1,631
|
|
|
1,711
|
|
|
1,647
|
|
|
1,714
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic
|
1,621
|
|
|
1,696
|
|
|
1,636
|
|
|
1,699
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.71
|
|
|
$
|
0.66
|
|
|
$
|
1.42
|
|
|
$
|
1.81
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||
Net income
|
$
|
2,712
|
|
|
$
|
2,639
|
|
|
$
|
7,898
|
|
|
$
|
7,111
|
|
Other comprehensive income/(loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Market value adjustments for investments
|
(7
|
)
|
|
(11
|
)
|
|
(11
|
)
|
|
(81
|
)
|
||||
Market value adjustments for hedges
|
(84
|
)
|
|
(109
|
)
|
|
(313
|
)
|
|
155
|
|
||||
Pension and postretirement medical plan adjustments
|
28
|
|
|
43
|
|
|
110
|
|
|
121
|
|
||||
Foreign currency translation and other
|
(84
|
)
|
|
20
|
|
|
(143
|
)
|
|
(159
|
)
|
||||
Other comprehensive income/(loss)
|
(147
|
)
|
|
(57
|
)
|
|
(357
|
)
|
|
36
|
|
||||
Comprehensive income
|
2,565
|
|
|
2,582
|
|
|
7,541
|
|
|
7,147
|
|
||||
Less: Net income attributable to noncontrolling interests
|
(115
|
)
|
|
(156
|
)
|
|
(278
|
)
|
|
(338
|
)
|
||||
Less: Other comprehensive (income)/loss attributable to noncontrolling interests
|
47
|
|
|
(4
|
)
|
|
79
|
|
|
28
|
|
||||
Comprehensive income attributable to Disney
|
$
|
2,497
|
|
|
$
|
2,422
|
|
|
$
|
7,342
|
|
|
$
|
6,837
|
|
|
July 2,
2016 |
|
October 3,
2015 |
||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
5,227
|
|
|
$
|
4,269
|
|
Receivables
|
8,958
|
|
|
8,019
|
|
||
Inventories
|
1,354
|
|
|
1,571
|
|
||
Television costs and advances
|
1,231
|
|
|
1,170
|
|
||
Deferred income taxes
|
—
|
|
|
767
|
|
||
Other current assets
|
847
|
|
|
962
|
|
||
Total current assets
|
17,617
|
|
|
16,758
|
|
||
Film and television costs
|
6,091
|
|
|
6,183
|
|
||
Investments
|
3,228
|
|
|
2,643
|
|
||
Parks, resorts and other property
|
|
|
|
||||
Attractions, buildings and equipment
|
49,526
|
|
|
42,745
|
|
||
Accumulated depreciation
|
(26,275
|
)
|
|
(24,844
|
)
|
||
|
23,251
|
|
|
17,901
|
|
||
Projects in progress
|
2,371
|
|
|
6,028
|
|
||
Land
|
1,243
|
|
|
1,250
|
|
||
|
26,865
|
|
|
25,179
|
|
||
Intangible assets, net
|
6,995
|
|
|
7,172
|
|
||
Goodwill
|
27,802
|
|
|
27,826
|
|
||
Other assets
|
2,316
|
|
|
2,421
|
|
||
Total assets
|
$
|
90,914
|
|
|
$
|
88,182
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable and other accrued liabilities
|
$
|
8,719
|
|
|
$
|
7,844
|
|
Current portion of borrowings
|
5,312
|
|
|
4,563
|
|
||
Unearned royalties and other advances
|
4,041
|
|
|
3,927
|
|
||
Total current liabilities
|
18,072
|
|
|
16,334
|
|
||
Borrowings
|
15,129
|
|
|
12,773
|
|
||
Deferred income taxes
|
4,076
|
|
|
4,051
|
|
||
Other long-term liabilities
|
5,491
|
|
|
6,369
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
|
|
||
Equity
|
|
|
|
||||
Preferred stock, $.01 par value, Authorized – 100 million shares, Issued – none
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value, Authorized – 4.6 billion shares, Issued – 2.9 billion
shares at July 2, 2016 and 2.8 billion shares at October 3, 2015 |
35,683
|
|
|
35,122
|
|
||
Retained earnings
|
64,321
|
|
|
59,028
|
|
||
Accumulated other comprehensive loss
|
(2,699
|
)
|
|
(2,421
|
)
|
||
|
97,305
|
|
|
91,729
|
|
||
Treasury stock, at cost, 1.2 billion shares
|
(53,112
|
)
|
|
(47,204
|
)
|
||
Total Disney Shareholders’ equity
|
44,193
|
|
|
44,525
|
|
||
Noncontrolling interests
|
3,953
|
|
|
4,130
|
|
||
Total equity
|
48,146
|
|
|
48,655
|
|
||
Total liabilities and equity
|
$
|
90,914
|
|
|
$
|
88,182
|
|
|
Nine Months Ended
|
||||||
|
July 2,
2016 |
|
June 27,
2015 |
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
7,898
|
|
|
$
|
7,111
|
|
Depreciation and amortization
|
1,838
|
|
|
1,751
|
|
||
Gains on sales of investments
|
(27
|
)
|
|
(89
|
)
|
||
Deferred income taxes
|
885
|
|
|
(167
|
)
|
||
Equity in the income of investees
|
(776
|
)
|
|
(630
|
)
|
||
Cash distributions received from equity investees
|
594
|
|
|
553
|
|
||
Net change in film and television costs and advances
|
(224
|
)
|
|
(623
|
)
|
||
Equity-based compensation
|
305
|
|
|
309
|
|
||
Other
|
403
|
|
|
214
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Receivables
|
(821
|
)
|
|
(229
|
)
|
||
Inventories
|
214
|
|
|
48
|
|
||
Other assets
|
(87
|
)
|
|
(274
|
)
|
||
Accounts payable and other accrued liabilities
|
(628
|
)
|
|
(507
|
)
|
||
Income taxes
|
(188
|
)
|
|
114
|
|
||
Cash provided by operations
|
9,386
|
|
|
7,581
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES
|
|
|
|
||||
Investments in parks, resorts and other property
|
(3,691
|
)
|
|
(3,061
|
)
|
||
Sales of investments
|
44
|
|
|
143
|
|
||
Acquisitions
|
(400
|
)
|
|
—
|
|
||
Other
|
(179
|
)
|
|
(137
|
)
|
||
Cash used in investing activities
|
(4,226
|
)
|
|
(3,055
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES
|
|
|
|
||||
Commercial paper borrowings, net
|
(216
|
)
|
|
2,352
|
|
||
Borrowings
|
4,046
|
|
|
181
|
|
||
Reduction of borrowings
|
(672
|
)
|
|
(2,006
|
)
|
||
Dividends
|
(1,168
|
)
|
|
(1,948
|
)
|
||
Repurchases of common stock
|
(5,908
|
)
|
|
(2,823
|
)
|
||
Proceeds from exercise of stock options
|
216
|
|
|
292
|
|
||
Contributions from noncontrolling interest holders
|
—
|
|
|
1,012
|
|
||
Other
|
(389
|
)
|
|
(301
|
)
|
||
Cash used in financing activities
|
(4,091
|
)
|
|
(3,241
|
)
|
||
|
|
|
|
||||
Impact of exchange rates on cash and cash equivalents
|
(111
|
)
|
|
(231
|
)
|
||
|
|
|
|
||||
Change in cash and cash equivalents
|
958
|
|
|
1,054
|
|
||
Cash and cash equivalents, beginning of period
|
4,269
|
|
|
3,421
|
|
||
Cash and cash equivalents, end of period
|
$
|
5,227
|
|
|
$
|
4,475
|
|
|
Quarter Ended
|
||||||||||||||||||||||
|
July 2, 2016
|
|
June 27, 2015
|
||||||||||||||||||||
|
Disney
Shareholders
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
|
Disney
Shareholders
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
||||||||||||
Beginning balance
|
$
|
44,124
|
|
|
$
|
3,886
|
|
|
$
|
48,010
|
|
|
$
|
46,038
|
|
|
$
|
3,699
|
|
|
$
|
49,737
|
|
Comprehensive income
|
2,497
|
|
|
68
|
|
|
2,565
|
|
|
2,422
|
|
|
160
|
|
|
2,582
|
|
||||||
Equity compensation activity
|
235
|
|
|
—
|
|
|
235
|
|
|
219
|
|
|
—
|
|
|
219
|
|
||||||
Dividends
|
(1,145
|
)
|
|
—
|
|
|
(1,145
|
)
|
|
(1,115
|
)
|
|
—
|
|
|
(1,115
|
)
|
||||||
Common stock repurchases
|
(1,517
|
)
|
|
—
|
|
|
(1,517
|
)
|
|
(1,035
|
)
|
|
—
|
|
|
(1,035
|
)
|
||||||
Contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
183
|
|
|
183
|
|
||||||
Distributions and other
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(10
|
)
|
|
(54
|
)
|
|
(64
|
)
|
||||||
Ending balance
|
$
|
44,193
|
|
|
$
|
3,953
|
|
|
$
|
48,146
|
|
|
$
|
46,519
|
|
|
$
|
3,988
|
|
|
$
|
50,507
|
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
July 2, 2016
|
|
June 27, 2015
|
||||||||||||||||||||
|
Disney
Shareholders
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
|
Disney
Shareholders
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
||||||||||||
Beginning balance
|
$
|
44,525
|
|
|
$
|
4,130
|
|
|
$
|
48,655
|
|
|
$
|
44,958
|
|
|
$
|
3,220
|
|
|
$
|
48,178
|
|
Comprehensive income
|
7,342
|
|
|
199
|
|
|
7,541
|
|
|
6,837
|
|
|
310
|
|
|
7,147
|
|
||||||
Equity compensation activity
|
557
|
|
|
—
|
|
|
557
|
|
|
642
|
|
|
—
|
|
|
642
|
|
||||||
Dividends
|
(2,313
|
)
|
|
—
|
|
|
(2,313
|
)
|
|
(3,063
|
)
|
|
—
|
|
|
(3,063
|
)
|
||||||
Common stock repurchases
|
(5,908
|
)
|
|
—
|
|
|
(5,908
|
)
|
|
(2,823
|
)
|
|
—
|
|
|
(2,823
|
)
|
||||||
Contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,012
|
|
|
1,012
|
|
||||||
Distributions and other
|
(10
|
)
|
|
(376
|
)
|
|
(386
|
)
|
|
(32
|
)
|
|
(554
|
)
|
|
(586
|
)
|
||||||
Ending balance
|
$
|
44,193
|
|
|
$
|
3,953
|
|
|
$
|
48,146
|
|
|
$
|
46,519
|
|
|
$
|
3,988
|
|
|
$
|
50,507
|
|
1.
|
Principles of Consolidation
|
2.
|
Segment Information
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||
Media Networks
|
|
|
|
|
|
|
|
||||||||
Cable Networks
|
$
|
197
|
|
|
$
|
220
|
|
|
$
|
586
|
|
|
$
|
685
|
|
Broadcasting
|
(43
|
)
|
|
(8
|
)
|
|
(139
|
)
|
|
(55
|
)
|
||||
Equity in the income of investees included in segment operating income
|
154
|
|
|
212
|
|
|
$
|
447
|
|
|
$
|
630
|
|
||
Vice Gain
|
—
|
|
|
—
|
|
|
332
|
|
|
—
|
|
||||
Other
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
||||
Total equity in the income of investees
|
$
|
152
|
|
|
$
|
212
|
|
|
$
|
776
|
|
|
$
|
630
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||
Revenues
(1)
:
|
|
|
|
|
|
|
|
||||||||
Media Networks
|
$
|
5,906
|
|
|
$
|
5,768
|
|
|
$
|
18,031
|
|
|
$
|
17,438
|
|
Parks and Resorts
|
4,379
|
|
|
4,131
|
|
|
12,588
|
|
|
11,801
|
|
||||
Studio Entertainment
|
2,847
|
|
|
2,040
|
|
|
7,630
|
|
|
5,583
|
|
||||
Consumer Products & Interactive Media
|
1,145
|
|
|
1,162
|
|
|
4,241
|
|
|
4,131
|
|
||||
|
$
|
14,277
|
|
|
$
|
13,101
|
|
|
$
|
42,490
|
|
|
$
|
38,953
|
|
Segment operating income
(1)
:
|
|
|
|
|
|
|
|
||||||||
Media Networks
|
$
|
2,372
|
|
|
$
|
2,378
|
|
|
$
|
6,083
|
|
|
$
|
5,974
|
|
Parks and Resorts
|
994
|
|
|
922
|
|
|
2,599
|
|
|
2,293
|
|
||||
Studio Entertainment
|
766
|
|
|
472
|
|
|
2,322
|
|
|
1,443
|
|
||||
Consumer Products & Interactive Media
|
324
|
|
|
348
|
|
|
1,541
|
|
|
1,437
|
|
||||
|
$
|
4,456
|
|
|
$
|
4,120
|
|
|
$
|
12,545
|
|
|
$
|
11,147
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||
Segment operating income
|
$
|
4,456
|
|
|
$
|
4,120
|
|
|
$
|
12,545
|
|
|
$
|
11,147
|
|
Corporate and unallocated shared expenses
|
(159
|
)
|
|
(146
|
)
|
|
(457
|
)
|
|
(441
|
)
|
||||
Restructuring and impairment charges
|
(44
|
)
|
|
—
|
|
|
(125
|
)
|
|
—
|
|
||||
Interest expense, net
|
(70
|
)
|
|
(12
|
)
|
|
(161
|
)
|
|
(62
|
)
|
||||
Vice Gain
|
—
|
|
|
—
|
|
|
332
|
|
|
—
|
|
||||
Infinity Charge
(1)
|
—
|
|
|
—
|
|
|
(147
|
)
|
|
—
|
|
||||
Income before income taxes
|
$
|
4,183
|
|
|
$
|
3,962
|
|
|
$
|
11,987
|
|
|
$
|
10,644
|
|
(1)
|
In the second quarter of fiscal 2016, the Company decided to discontinue its Infinity console game business, which is reported in the Consumer Products & Interactive Media segment, and recorded a charge primarily to write down inventory. The charge also included severance and other asset impairments. The charge was reported in Cost of products in the Condensed Consolidated Statement of Income.
|
3.
|
Acquisitions
|
4.
|
Borrowings
|
|
October 3,
2015 |
|
Borrowings
|
|
Payments
|
|
Other
Activity
|
|
July 2,
2016 |
||||||||||
Commercial paper with original maturities less than three months
(1)
|
$
|
2,330
|
|
|
$
|
—
|
|
|
$
|
(583
|
)
|
|
$
|
4
|
|
|
$
|
1,751
|
|
Commercial paper with original maturities greater than three months
|
100
|
|
|
4,051
|
|
|
(3,684
|
)
|
|
5
|
|
|
472
|
|
|||||
U.S. medium-term notes
|
13,873
|
|
|
2,987
|
|
|
(500
|
)
|
|
13
|
|
|
16,373
|
|
|||||
International Theme Parks borrowings
(2)
|
319
|
|
|
855
|
|
|
—
|
|
|
(133
|
)
|
|
1,041
|
|
|||||
Foreign currency denominated debt and other
(3)
|
714
|
|
|
192
|
|
|
(172
|
)
|
|
70
|
|
|
804
|
|
|||||
Total
|
$
|
17,336
|
|
|
$
|
8,085
|
|
|
$
|
(4,939
|
)
|
|
$
|
(41
|
)
|
|
$
|
20,441
|
|
(1)
|
Borrowings and payments are reported net.
|
(2)
|
The other activity is primarily the conversion of HKDL debt into equity and the impact of changes in foreign currency exchange rates. See Note 5 for further discussion of the transaction.
|
(3)
|
The other activity is primarily market value adjustments for debt with qualifying hedges.
|
|
Committed
Capacity
|
|
Capacity
Used
|
|
Unused
Capacity
|
||||||
Facility expiring March 2017
|
$
|
1,500
|
|
|
$
|
—
|
|
|
$
|
1,500
|
|
Facility expiring March 2019
|
2,250
|
|
|
—
|
|
|
2,250
|
|
|||
Facility expiring March 2021
|
2,250
|
|
|
—
|
|
|
2,250
|
|
|||
Total
|
$
|
6,000
|
|
|
$
|
—
|
|
|
$
|
6,000
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||
Interest expense
|
$
|
(88
|
)
|
|
$
|
(62
|
)
|
|
$
|
(235
|
)
|
|
$
|
(197
|
)
|
Interest and investment income
|
18
|
|
|
50
|
|
|
74
|
|
|
135
|
|
||||
Interest expense, net
|
$
|
(70
|
)
|
|
$
|
(12
|
)
|
|
$
|
(161
|
)
|
|
$
|
(62
|
)
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||
Publicly traded
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
79
|
|
Non-publicly traded
|
—
|
|
|
1
|
|
|
26
|
|
|
8
|
|
||||
Realized net gains
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
26
|
|
|
$
|
87
|
|
5.
|
International Theme Park Investments
|
|
As of July 2, 2016
|
||||||||||
|
Before
International
Theme Parks
Consolidation
|
|
International
Theme Parks
and Adjustments
|
|
Total
|
||||||
Cash and cash equivalents
|
$
|
4,249
|
|
|
$
|
978
|
|
|
$
|
5,227
|
|
Other current assets
|
12,031
|
|
|
359
|
|
|
12,390
|
|
|||
Total current assets
|
16,280
|
|
|
1,337
|
|
|
17,617
|
|
|||
Investments/Advances
|
8,141
|
|
|
(4,913
|
)
|
|
3,228
|
|
|||
Parks, resorts and other property
|
17,775
|
|
|
9,090
|
|
|
26,865
|
|
|||
Other assets
|
43,118
|
|
|
86
|
|
|
43,204
|
|
|||
Total assets
|
$
|
85,314
|
|
|
$
|
5,600
|
|
|
$
|
90,914
|
|
|
|
|
|
|
|
||||||
Current portion of borrowings
|
$
|
5,312
|
|
|
$
|
—
|
|
|
$
|
5,312
|
|
Other current liabilities
|
11,373
|
|
|
1,387
|
|
|
12,760
|
|
|||
Total current liabilities
|
16,685
|
|
|
1,387
|
|
|
18,072
|
|
|||
Borrowings
|
14,088
|
|
|
1,041
|
|
|
15,129
|
|
|||
Deferred income taxes and other long-term liabilities
|
9,341
|
|
|
226
|
|
|
9,567
|
|
|||
Equity
|
45,200
|
|
|
2,946
|
|
|
48,146
|
|
|||
Total liabilities and equity
|
$
|
85,314
|
|
|
$
|
5,600
|
|
|
$
|
90,914
|
|
|
As of October 3, 2015
|
||||||||||
|
Before
International
Theme Parks
Consolidation
|
|
International
Theme Parks
and Adjustments
|
|
Total
|
||||||
Cash and cash equivalents
|
$
|
3,488
|
|
|
$
|
781
|
|
|
$
|
4,269
|
|
Other current assets
|
12,237
|
|
|
252
|
|
|
12,489
|
|
|||
Total current assets
|
15,725
|
|
|
1,033
|
|
|
16,758
|
|
|||
Investments/Advances
|
7,505
|
|
|
(4,862
|
)
|
|
2,643
|
|
|||
Parks, resorts and other property
|
17,431
|
|
|
7,748
|
|
|
25,179
|
|
|||
Other assets
|
43,540
|
|
|
62
|
|
|
43,602
|
|
|||
Total assets
|
$
|
84,201
|
|
|
$
|
3,981
|
|
|
$
|
88,182
|
|
|
|
|
|
|
|
||||||
Current portion of borrowings
|
$
|
4,562
|
|
|
$
|
1
|
|
|
$
|
4,563
|
|
Other current liabilities
|
11,331
|
|
|
440
|
|
|
11,771
|
|
|||
Total current liabilities
|
15,893
|
|
|
441
|
|
|
16,334
|
|
|||
Borrowings
|
12,454
|
|
|
319
|
|
|
12,773
|
|
|||
Deferred income taxes and other long-term liabilities
|
10,225
|
|
|
195
|
|
|
10,420
|
|
|||
Equity
|
45,629
|
|
|
3,026
|
|
|
48,655
|
|
|||
Total liabilities and equity
|
$
|
84,201
|
|
|
$
|
3,981
|
|
|
$
|
88,182
|
|
|
Before
International
Theme Parks
Consolidation
(1)
|
|
International
Theme Parks
and Adjustments
|
|
Total
|
||||||
Revenues
|
$
|
41,013
|
|
|
$
|
1,477
|
|
|
$
|
42,490
|
|
Cost and expenses
|
(29,049
|
)
|
|
(1,944
|
)
|
|
(30,993
|
)
|
|||
Restructuring and impairment charges
|
(125
|
)
|
|
—
|
|
|
(125
|
)
|
|||
Interest expense, net
|
(121
|
)
|
|
(40
|
)
|
|
(161
|
)
|
|||
Equity in the income of investees
|
443
|
|
|
333
|
|
|
776
|
|
|||
Income before income taxes
|
12,161
|
|
|
(174
|
)
|
|
11,987
|
|
|||
Income taxes
|
(4,089
|
)
|
|
—
|
|
|
(4,089
|
)
|
|||
Net income
|
$
|
8,072
|
|
|
$
|
(174
|
)
|
|
$
|
7,898
|
|
(1)
|
In the
nine months
ended
July 2, 2016
, royalty and management fees from the International Theme Parks totaling
$108 million
are included in Revenues, and our share of the net income/(loss) of the International Theme Parks is included in Equity in the income of investees.
|
|
Before
International
Theme Parks
Consolidation
|
|
International
Theme Parks
and Adjustments
|
|
Total
|
||||||
Cash provided by operations
|
$
|
9,161
|
|
|
$
|
225
|
|
|
$
|
9,386
|
|
Investments in parks, resorts and other property
|
(2,002
|
)
|
|
(1,689
|
)
|
|
(3,691
|
)
|
|||
Cash (used in)/provided by other investing activities
|
(1,353
|
)
|
|
818
|
|
|
(535
|
)
|
|||
Cash (used in)/provided by financing activities
|
(4,946
|
)
|
|
855
|
|
|
(4,091
|
)
|
|||
Impact of exchange rates on cash and cash equivalents
|
(99
|
)
|
|
(12
|
)
|
|
(111
|
)
|
|||
Change in cash and cash equivalents
|
761
|
|
|
197
|
|
|
958
|
|
|||
Cash and cash equivalents, beginning of period
|
3,488
|
|
|
781
|
|
|
4,269
|
|
|||
Cash and cash equivalents, end of period
|
$
|
4,249
|
|
|
$
|
978
|
|
|
$
|
5,227
|
|
•
|
In February 2015, Disneyland Paris completed a
€0.4 billion
equity rights offering of which the Company funded
€0.2 billion
. The Company purchased shares that were unsubscribed by other Disneyland Paris shareholders, which increased the Company’s effective ownership by approximately
four
percentage points.
|
•
|
In February 2015, the Company converted
€0.6 billion
of its loans to Disneyland Paris into equity at a conversion price of
€1.25
per share. The conversion increased the Company’s effective ownership by an additional
23
percentage points. In addition, Disneyland Paris repaid
€0.3 billion
that was outstanding under then existing lines of credit from the Company. These lines of credit have been replaced by a new
€0.4 billion
line of credit from the Company bearing interest at EURIBOR plus
2%
and maturing in
2023
. There is
€40 million
outstanding under the new line of credit at
July 2, 2016
. As of
July 2, 2016
, the total outstanding balance of loans provided by the Company to Disneyland Paris was
€1.0 billion
.
|
•
|
In September 2015, the Company completed a mandatory tender offer to the other Disneyland Paris shareholders and acquired
€0.1 billion
in shares at
€1.25
per share, which increased the Company’s effective ownership by an additional
eight
percentage points.
|
•
|
In November 2015, to offset the dilution caused by the loan conversion Disneyland Paris shareholders purchased
€0.05 billion
in shares from the Company at
€1.25
per share, which decreased the Company’s effective ownership by
four
percentage points.
|
6.
|
Pension and Other Benefit Programs
|
|
Pension Plans
|
|
Postretirement Medical Plans
|
||||||||||||||||||||||||||||
|
Quarter Ended
|
|
Nine Months Ended
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||
|
July 2, 2016
|
|
June 27, 2015
|
|
July 2, 2016
|
|
June 27, 2015
|
|
July 2, 2016
|
|
June 27, 2015
|
|
July 2, 2016
|
|
June 27, 2015
|
||||||||||||||||
Service costs
|
$
|
80
|
|
|
$
|
82
|
|
|
$
|
239
|
|
|
$
|
248
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
8
|
|
|
$
|
11
|
|
Interest costs
|
115
|
|
|
129
|
|
|
344
|
|
|
391
|
|
|
16
|
|
|
17
|
|
|
46
|
|
|
51
|
|
||||||||
Expected return on plan assets
|
(186
|
)
|
|
(178
|
)
|
|
(560
|
)
|
|
(534
|
)
|
|
(12
|
)
|
|
(10
|
)
|
|
(34
|
)
|
|
(29
|
)
|
||||||||
Amortization of prior-year service costs
|
3
|
|
|
4
|
|
|
10
|
|
|
12
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||||
Recognized net actuarial loss
|
61
|
|
|
62
|
|
|
182
|
|
|
185
|
|
|
2
|
|
|
3
|
|
|
6
|
|
|
8
|
|
||||||||
Net periodic benefit cost
|
$
|
73
|
|
|
$
|
99
|
|
|
$
|
215
|
|
|
$
|
302
|
|
|
$
|
7
|
|
|
$
|
14
|
|
|
$
|
25
|
|
|
$
|
40
|
|
7.
|
Earnings Per Share
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||
Shares (in millions):
|
|
|
|
|
|
|
|
||||
Weighted average number of common and common equivalent shares outstanding (basic)
|
1,621
|
|
|
1,696
|
|
|
1,636
|
|
|
1,699
|
|
Weighted average dilutive impact of Awards
|
10
|
|
|
15
|
|
|
11
|
|
|
15
|
|
Weighted average number of common and common equivalent shares outstanding (diluted)
|
1,631
|
|
|
1,711
|
|
|
1,647
|
|
|
1,714
|
|
Awards excluded from diluted earnings per share
|
4
|
|
|
—
|
|
|
6
|
|
|
5
|
|
8.
|
Equity
|
Per Share
|
|
Total Paid
|
|
Payment Timing
|
|
Related to Fiscal Period
|
$0.71
|
$1.1 billion
|
Fourth Quarter of Fiscal 2016
|
First Half 2016
|
|||
$0.71
|
$1.2 billion
|
Second Quarter of Fiscal 2016
|
Second Half 2015
|
|||
$0.66
|
$1.1 billion
|
Fourth Quarter of Fiscal 2015
|
First Half 2015
|
|||
$1.15
|
$1.9 billion
|
Second Quarter of Fiscal 2015
|
2014
|
|
|
|
|
|
Unrecognized
Pension and Postretirement Medical Expense |
|
Foreign
Currency Translation and Other |
|
AOCI
|
||||||||||
|
Market Value Adjustments
|
|
|||||||||||||||||
|
Investments, net
|
|
Cash Flow Hedges
|
|
|||||||||||||||
Balance at April 2, 2016
|
$
|
9
|
|
|
$
|
105
|
|
|
$
|
(2,415
|
)
|
|
$
|
(298
|
)
|
|
$
|
(2,599
|
)
|
Quarter Ended July 2, 2016:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gains (losses) arising
during the period
|
(7
|
)
|
|
(49
|
)
|
|
(13
|
)
|
|
(37
|
)
|
|
(106
|
)
|
|||||
Reclassifications of net (gains)
losses to net income
|
—
|
|
|
(35
|
)
|
|
41
|
|
|
—
|
|
|
6
|
|
|||||
Balance at July 2, 2016
|
$
|
2
|
|
|
$
|
21
|
|
|
$
|
(2,387
|
)
|
|
$
|
(335
|
)
|
|
$
|
(2,699
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at March 28, 2015
|
$
|
30
|
|
|
$
|
468
|
|
|
$
|
(2,118
|
)
|
|
$
|
(223
|
)
|
|
$
|
(1,843
|
)
|
Quarter Ended June 27, 2015:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gains (losses) arising
during the period
|
9
|
|
|
(16
|
)
|
|
—
|
|
|
16
|
|
|
9
|
|
|||||
Reclassifications of net (gains)
losses to net income
|
(20
|
)
|
|
(93
|
)
|
|
43
|
|
|
—
|
|
|
(70
|
)
|
|||||
Balance at June 27, 2015
|
$
|
19
|
|
|
$
|
359
|
|
|
$
|
(2,075
|
)
|
|
$
|
(207
|
)
|
|
$
|
(1,904
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at October 3, 2015
|
$
|
13
|
|
|
$
|
334
|
|
|
$
|
(2,497
|
)
|
|
$
|
(271
|
)
|
|
$
|
(2,421
|
)
|
Nine Months Ended July 2, 2016:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gains (losses) arising
during the period
|
(11
|
)
|
|
(170
|
)
|
|
(15
|
)
|
|
(64
|
)
|
|
(260
|
)
|
|||||
Reclassifications of net (gains)
losses to net income
|
—
|
|
|
(143
|
)
|
|
125
|
|
|
—
|
|
|
(18
|
)
|
|||||
Balance at July 2, 2016
|
$
|
2
|
|
|
$
|
21
|
|
|
$
|
(2,387
|
)
|
|
$
|
(335
|
)
|
|
$
|
(2,699
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at September 27, 2014
|
$
|
100
|
|
|
$
|
204
|
|
|
$
|
(2,196
|
)
|
|
$
|
(76
|
)
|
|
$
|
(1,968
|
)
|
Nine Months Ended June 27, 2015:
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gains (losses) arising
during the period
|
(31
|
)
|
|
343
|
|
|
(9
|
)
|
|
(131
|
)
|
|
172
|
|
|||||
Reclassifications of net (gains)
losses to net income
|
(50
|
)
|
|
(188
|
)
|
|
130
|
|
|
—
|
|
|
(108
|
)
|
|||||
Balance at June 27, 2015
|
$
|
19
|
|
|
$
|
359
|
|
|
$
|
(2,075
|
)
|
|
$
|
(207
|
)
|
|
$
|
(1,904
|
)
|
Gains/(losses) in net income:
|
|
Affected line item in the
Condensed Consolidated
Statements of Income:
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||||
Investments, net
|
|
Interest expense, net
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
79
|
|
Estimated tax
|
|
Income taxes
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(29
|
)
|
||||
|
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
50
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges
|
|
Primarily revenue
|
|
56
|
|
|
148
|
|
|
228
|
|
|
299
|
|
||||
Estimated tax
|
|
Income taxes
|
|
(21
|
)
|
|
(55
|
)
|
|
(85
|
)
|
|
(111
|
)
|
||||
|
|
|
|
35
|
|
|
93
|
|
|
143
|
|
|
188
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pension and postretirement
medical expense
|
|
Costs and expenses
|
|
(65
|
)
|
|
(68
|
)
|
|
(199
|
)
|
|
(206
|
)
|
||||
Estimated tax
|
|
Income taxes
|
|
24
|
|
|
25
|
|
|
74
|
|
|
76
|
|
||||
|
|
|
|
(41
|
)
|
|
(43
|
)
|
|
(125
|
)
|
|
(130
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total reclassifications for the period
|
|
|
|
$
|
(6
|
)
|
|
$
|
70
|
|
|
$
|
18
|
|
|
$
|
108
|
|
9.
|
Equity-Based Compensation
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||
Stock options/rights
(1)
|
$
|
26
|
|
|
$
|
25
|
|
|
$
|
72
|
|
|
$
|
77
|
|
RSUs
|
74
|
|
|
71
|
|
|
233
|
|
|
233
|
|
||||
Total equity-based compensation expense
(2)
|
$
|
100
|
|
|
$
|
96
|
|
|
$
|
305
|
|
|
$
|
310
|
|
Equity-based compensation expense capitalized during the period
|
$
|
18
|
|
|
$
|
13
|
|
|
$
|
52
|
|
|
$
|
42
|
|
(1)
|
Includes stock appreciation rights.
|
(2)
|
Equity-based compensation expense is net of capitalized equity-based compensation and excludes amortization of previously capitalized equity-based compensation costs. During the quarter and nine months ended
July 2, 2016
, amortization of previously capitalized equity-based compensation totaled
$21 million
and
$55 million
, respectively. During the quarter and nine months ended
June 27, 2015
, amortization of previously capitalized equity-based compensation totaled
$12 million
and
$30 million
, respectively.
|
10.
|
Commitments and Contingencies
|
|
Fair Value Measurement at July 2, 2016
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Investments
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17
|
|
Derivatives
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
—
|
|
|
192
|
|
|
—
|
|
|
192
|
|
||||
Foreign exchange
|
—
|
|
|
839
|
|
|
—
|
|
|
839
|
|
||||
Other
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
|
|
|
|
|
|
||||||||
Foreign exchange
|
—
|
|
|
(539
|
)
|
|
—
|
|
|
(539
|
)
|
||||
Other
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
||||
Total recorded at fair value
|
$
|
17
|
|
|
$
|
489
|
|
|
$
|
—
|
|
|
$
|
506
|
|
Fair value of borrowings
|
$
|
—
|
|
|
$
|
19,958
|
|
|
$
|
1,539
|
|
|
$
|
21,497
|
|
|
Fair Value Measurement at October 3, 2015
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Investments
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36
|
|
Derivatives
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
—
|
|
|
101
|
|
|
—
|
|
|
101
|
|
||||
Foreign exchange
|
—
|
|
|
910
|
|
|
—
|
|
|
910
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
|
|
|
|
|
|
||||||||
Foreign exchange
|
—
|
|
|
(178
|
)
|
|
—
|
|
|
(178
|
)
|
||||
Other
|
—
|
|
|
(38
|
)
|
|
—
|
|
|
(38
|
)
|
||||
Other
|
—
|
|
|
—
|
|
|
(96
|
)
|
|
(96
|
)
|
||||
Total recorded at fair value
|
$
|
36
|
|
|
$
|
795
|
|
|
$
|
(96
|
)
|
|
$
|
735
|
|
Fair value of borrowings
|
$
|
—
|
|
|
$
|
17,036
|
|
|
$
|
752
|
|
|
$
|
17,788
|
|
|
As of July 2, 2016
|
||||||||||||||
|
Current
Assets
|
|
Other Assets
|
|
Other
Accrued
Liabilities
|
|
Other Long-
Term
Liabilities
|
||||||||
Derivatives designated as hedges
|
|
|
|
|
|
|
|
||||||||
Foreign exchange
|
$
|
295
|
|
|
$
|
262
|
|
|
$
|
(201
|
)
|
|
$
|
(185
|
)
|
Interest rate
|
—
|
|
|
192
|
|
|
—
|
|
|
—
|
|
||||
Other
|
3
|
|
|
3
|
|
|
(7
|
)
|
|
(2
|
)
|
||||
Derivatives not designated as hedges
|
|
|
|
|
|
|
|
||||||||
Foreign exchange
|
186
|
|
|
96
|
|
|
(144
|
)
|
|
(9
|
)
|
||||
Gross fair value of derivatives
|
484
|
|
|
553
|
|
|
(352
|
)
|
|
(196
|
)
|
||||
Counterparty netting
|
(218
|
)
|
|
(281
|
)
|
|
336
|
|
|
163
|
|
||||
Cash collateral received
|
(190
|
)
|
|
(80
|
)
|
|
—
|
|
|
—
|
|
||||
Net derivative positions
|
$
|
76
|
|
|
$
|
192
|
|
|
$
|
(16
|
)
|
|
$
|
(33
|
)
|
|
As of October 3, 2015
|
||||||||||||||
|
Current
Assets
|
|
Other Assets
|
|
Other
Accrued
Liabilities
|
|
Other Long-
Term
Liabilities
|
||||||||
Derivatives designated as hedges
|
|
|
|
|
|
|
|
||||||||
Foreign exchange
|
$
|
406
|
|
|
$
|
271
|
|
|
$
|
(54
|
)
|
|
$
|
(17
|
)
|
Interest rate
|
—
|
|
|
101
|
|
|
—
|
|
|
—
|
|
||||
Other
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
(3
|
)
|
||||
Derivatives not designated as hedges
|
|
|
|
|
|
|
|
||||||||
Foreign exchange
|
146
|
|
|
87
|
|
|
(102
|
)
|
|
(5
|
)
|
||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
||||
Gross fair value of derivatives
|
552
|
|
|
459
|
|
|
(174
|
)
|
|
(42
|
)
|
||||
Counterparty netting
|
(136
|
)
|
|
(56
|
)
|
|
169
|
|
|
23
|
|
||||
Cash collateral received
|
(238
|
)
|
|
(191
|
)
|
|
—
|
|
|
—
|
|
||||
Net derivative positions
|
$
|
178
|
|
|
$
|
212
|
|
|
$
|
(5
|
)
|
|
$
|
(19
|
)
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||
Gain (loss) on interest rate swaps
|
$
|
30
|
|
|
$
|
(31
|
)
|
|
$
|
79
|
|
|
$
|
13
|
|
Gain (loss) on hedged borrowings
|
(30
|
)
|
|
31
|
|
|
(79
|
)
|
|
(13
|
)
|
|
Costs and Expenses
|
|
Interest expense, net
|
||||||||||||
Quarter Ended:
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||
Net gains (losses) on foreign currency denominated assets and liabilities
|
$
|
(75
|
)
|
|
$
|
52
|
|
|
$
|
(2
|
)
|
|
$
|
(4
|
)
|
Net gains (losses) on foreign exchange risk management contracts not designated as hedges
|
52
|
|
|
(41
|
)
|
|
1
|
|
|
4
|
|
||||
Net gains (losses)
|
$
|
(23
|
)
|
|
$
|
11
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Nine Months Ended:
|
|
|
|
|
|
|
|
||||||||
Net gains (losses) on foreign currency denominated assets and liabilities
|
$
|
(29
|
)
|
|
$
|
(496
|
)
|
|
$
|
(7
|
)
|
|
$
|
27
|
|
Net gains (losses) on foreign exchange risk management contracts not designated as hedges
|
(32
|
)
|
|
474
|
|
|
5
|
|
|
(25
|
)
|
||||
Net gains (losses)
|
$
|
(61
|
)
|
|
$
|
(22
|
)
|
|
$
|
(2
|
)
|
|
$
|
2
|
|
•
|
Prospectively for the recognition of excess tax benefits and deficiencies in the tax provision
|
•
|
Retrospectively or prospectively for the classification of excess tax benefits and deficiencies in the statement of cash flows
|
•
|
Retrospectively for the classification of cash paid for shares withheld to satisfy employee taxes in the statement of cash flows
|
|
Quarter Ended
|
|
% Change
|
|
Nine Months Ended
|
|
% Change
|
||||||||||||||
(in millions, except per share data)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse)
|
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse)
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Services
|
$
|
12,113
|
|
|
$
|
11,308
|
|
|
7
|
%
|
|
$
|
35,906
|
|
|
$
|
32,587
|
|
|
10
|
%
|
Products
|
2,164
|
|
|
1,793
|
|
|
21
|
%
|
|
6,584
|
|
|
6,366
|
|
|
3
|
%
|
||||
Total revenues
|
14,277
|
|
|
13,101
|
|
|
9
|
%
|
|
42,490
|
|
|
38,953
|
|
|
9
|
%
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cost of services (exclusive of depreciation and amortization)
|
(5,946
|
)
|
|
(5,547
|
)
|
|
(7)
|
%
|
|
(18,568
|
)
|
|
(17,224
|
)
|
|
(8)
|
%
|
||||
Cost of products (exclusive of depreciation and amortization)
|
(1,255
|
)
|
|
(1,116
|
)
|
|
(12)
|
%
|
|
(4,120
|
)
|
|
(3,785
|
)
|
|
(9)
|
%
|
||||
Selling, general, administrative and other
|
(2,305
|
)
|
|
(2,101
|
)
|
|
(10)
|
%
|
|
(6,467
|
)
|
|
(6,117
|
)
|
|
(6)
|
%
|
||||
Depreciation and amortization
|
(626
|
)
|
|
(575
|
)
|
|
(9)
|
%
|
|
(1,838
|
)
|
|
(1,751
|
)
|
|
(5)
|
%
|
||||
Total costs and expenses
|
(10,132
|
)
|
|
(9,339
|
)
|
|
(8)
|
%
|
|
(30,993
|
)
|
|
(28,877
|
)
|
|
(7)
|
%
|
||||
Restructuring and impairment charges
|
(44
|
)
|
|
—
|
|
|
nm
|
|
|
(125
|
)
|
|
—
|
|
|
nm
|
|
||||
Interest expense, net
|
(70
|
)
|
|
(12
|
)
|
|
>(100)
|
%
|
|
(161
|
)
|
|
(62
|
)
|
|
>(100)
|
%
|
||||
Equity in the income of investees
|
152
|
|
|
212
|
|
|
(28)
|
%
|
|
776
|
|
|
630
|
|
|
23
|
%
|
||||
Income before income taxes
|
4,183
|
|
|
3,962
|
|
|
6
|
%
|
|
11,987
|
|
|
10,644
|
|
|
13
|
%
|
||||
Income taxes
|
(1,471
|
)
|
|
(1,323
|
)
|
|
(11)
|
%
|
|
(4,089
|
)
|
|
(3,533
|
)
|
|
(16)
|
%
|
||||
Net income
|
2,712
|
|
|
2,639
|
|
|
3
|
%
|
|
7,898
|
|
|
7,111
|
|
|
11
|
%
|
||||
Less: Net income attributable to noncontrolling interests
|
(115
|
)
|
|
(156
|
)
|
|
26
|
%
|
|
(278
|
)
|
|
(338
|
)
|
|
18
|
%
|
||||
Net income attributable to Disney
|
$
|
2,597
|
|
|
$
|
2,483
|
|
|
5
|
%
|
|
$
|
7,620
|
|
|
$
|
6,773
|
|
|
13
|
%
|
Diluted earnings per share attributable to Disney
|
$
|
1.59
|
|
|
$
|
1.45
|
|
|
10
|
%
|
|
$
|
4.63
|
|
|
$
|
3.95
|
|
|
17
|
%
|
|
Quarter Ended
|
|
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
% Change
Better/(Worse)
|
|||||
Interest expense
|
$
|
(88
|
)
|
|
$
|
(62
|
)
|
|
(42
|
)%
|
Interest and investment income
|
18
|
|
|
50
|
|
|
(64
|
)%
|
||
Interest expense, net
|
$
|
(70
|
)
|
|
$
|
(12
|
)
|
|
>(100
|
)%
|
|
Quarter Ended
|
|
|
||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
Change
Better/(Worse)
|
||||
Effective income tax rate
|
35.2
|
%
|
|
33.4
|
%
|
|
(1.8
|
)
|
ppt
|
|
Quarter Ended
|
|
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
% Change
Better/(Worse)
|
|||||
Net income attributable to noncontrolling interests
|
$
|
115
|
|
|
$
|
156
|
|
|
26
|
%
|
|
Nine Months Ended
|
|
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
% Change
Better/(Worse)
|
|||||
Interest expense
|
$
|
(235
|
)
|
|
$
|
(197
|
)
|
|
(19
|
)%
|
Interest and investment income
|
74
|
|
|
135
|
|
|
(45
|
)%
|
||
Interest expense, net
|
$
|
(161
|
)
|
|
$
|
(62
|
)
|
|
>(100
|
)%
|
|
Nine Months Ended
|
|
|
||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
Change
Better/(Worse)
|
||||
Effective income tax rate
|
34.1
|
%
|
|
33.2
|
%
|
|
(0.9
|
)
|
ppt
|
|
Nine Months Ended
|
|
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
% Change
Better/(Worse)
|
|||||
Net income attributable to noncontrolling interests
|
$
|
278
|
|
|
$
|
338
|
|
|
18
|
%
|
|
Quarter Ended
|
|
% Change
|
|
Nine Months Ended
|
|
% Change
|
||||||||||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Media Networks
|
$
|
5,906
|
|
|
$
|
5,768
|
|
|
2
|
%
|
|
$
|
18,031
|
|
|
$
|
17,438
|
|
|
3
|
%
|
Parks and Resorts
|
4,379
|
|
|
4,131
|
|
|
6
|
%
|
|
12,588
|
|
|
11,801
|
|
|
7
|
%
|
||||
Studio Entertainment
|
2,847
|
|
|
2,040
|
|
|
40
|
%
|
|
7,630
|
|
|
5,583
|
|
|
37
|
%
|
||||
Consumer Products &
Interactive Media
|
1,145
|
|
|
1,162
|
|
|
(1)
|
%
|
|
4,241
|
|
|
4,131
|
|
|
3
|
%
|
||||
|
$
|
14,277
|
|
|
$
|
13,101
|
|
|
9
|
%
|
|
$
|
42,490
|
|
|
$
|
38,953
|
|
|
9
|
%
|
Segment operating income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Media Networks
|
$
|
2,372
|
|
|
$
|
2,378
|
|
|
—
|
%
|
|
$
|
6,083
|
|
|
$
|
5,974
|
|
|
2
|
%
|
Parks and Resorts
|
994
|
|
|
922
|
|
|
8
|
%
|
|
2,599
|
|
|
2,293
|
|
|
13
|
%
|
||||
Studio Entertainment
|
766
|
|
|
472
|
|
|
62
|
%
|
|
2,322
|
|
|
1,443
|
|
|
61
|
%
|
||||
Consumer Products &
Interactive Media
|
324
|
|
|
348
|
|
|
(7)
|
%
|
|
1,541
|
|
|
1,437
|
|
|
7
|
%
|
||||
|
$
|
4,456
|
|
|
$
|
4,120
|
|
|
8
|
%
|
|
$
|
12,545
|
|
|
$
|
11,147
|
|
|
13
|
%
|
|
Quarter Ended
|
|
% Change
|
|
Nine Months Ended
|
|
% Change
|
||||||||||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
||||||||||
Segment operating income
|
$
|
4,456
|
|
|
$
|
4,120
|
|
|
8
|
%
|
|
$
|
12,545
|
|
|
$
|
11,147
|
|
|
13
|
%
|
Corporate and unallocated shared expenses
|
(159
|
)
|
|
(146
|
)
|
|
(9)
|
%
|
|
(457
|
)
|
|
(441
|
)
|
|
(4)
|
%
|
||||
Restructuring and impairment charges
|
(44
|
)
|
|
—
|
|
|
nm
|
|
|
(125
|
)
|
|
—
|
|
|
nm
|
|
||||
Interest expense, net
|
(70
|
)
|
|
(12
|
)
|
>(100)
|
%
|
|
(161
|
)
|
|
(62
|
)
|
>(100)
|
%
|
||||||
Vice Gain
(1)
|
—
|
|
|
—
|
|
|
nm
|
|
|
332
|
|
|
—
|
|
|
nm
|
|
||||
Infinity Charge
(2)
|
—
|
|
|
—
|
|
|
nm
|
|
|
(147
|
)
|
|
—
|
|
|
nm
|
|
||||
Income before income taxes
|
$
|
4,183
|
|
|
$
|
3,962
|
|
|
6
|
%
|
|
$
|
11,987
|
|
|
$
|
10,644
|
|
|
13
|
%
|
(2)
|
See Note 2 to the Condensed Consolidated Financial Statements for a discussion of the Infinity Charge.
|
|
Quarter Ended
|
|
% Change
|
|
Nine Months Ended
|
|
% Change
|
||||||||||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
||||||||||
Media Networks
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cable Networks
|
$
|
37
|
|
|
$
|
39
|
|
|
5
|
%
|
|
$
|
111
|
|
|
$
|
114
|
|
|
3
|
%
|
Broadcasting
|
23
|
|
|
24
|
|
|
4
|
%
|
|
68
|
|
|
71
|
|
|
4
|
%
|
||||
Total Media Networks
|
60
|
|
|
63
|
|
|
5
|
%
|
|
179
|
|
|
185
|
|
|
3
|
%
|
||||
Parks and Resorts
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Domestic
|
313
|
|
|
279
|
|
|
(12)
|
%
|
|
949
|
|
|
865
|
|
|
(10)
|
%
|
||||
International
|
113
|
|
|
84
|
|
|
(35)
|
%
|
|
283
|
|
|
258
|
|
|
(10)
|
%
|
||||
Total Parks and Resorts
|
426
|
|
|
363
|
|
|
(17)
|
%
|
|
1,232
|
|
|
1,123
|
|
|
(10)
|
%
|
||||
Studio Entertainment
|
12
|
|
|
13
|
|
|
8
|
%
|
|
36
|
|
|
41
|
|
|
12
|
%
|
||||
Consumer Products & Interactive Media
|
16
|
|
|
18
|
|
|
11
|
%
|
|
46
|
|
|
51
|
|
|
10
|
%
|
||||
Corporate
|
61
|
|
|
63
|
|
|
3
|
%
|
|
185
|
|
|
185
|
|
|
—
|
%
|
||||
Total depreciation expense
|
$
|
575
|
|
|
$
|
520
|
|
|
(11)
|
%
|
|
$
|
1,678
|
|
|
$
|
1,585
|
|
|
(6)
|
%
|
|
Quarter Ended
|
|
% Change
|
|
Nine Months Ended
|
|
% Change
|
||||||||||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
||||||||||
Media Networks
|
$
|
4
|
|
|
$
|
5
|
|
|
20
|
%
|
|
$
|
14
|
|
|
$
|
15
|
|
|
7
|
%
|
Parks and Resorts
|
1
|
|
|
1
|
|
|
—
|
%
|
|
3
|
|
|
3
|
|
|
—
|
%
|
||||
Studio Entertainment
|
20
|
|
|
21
|
|
|
5
|
%
|
|
59
|
|
|
62
|
|
|
5
|
%
|
||||
Consumer Products & Interactive Media
|
26
|
|
|
28
|
|
|
7
|
%
|
|
84
|
|
|
86
|
|
|
2
|
%
|
||||
Total amortization of intangible assets
|
$
|
51
|
|
|
$
|
55
|
|
|
7
|
%
|
|
$
|
160
|
|
|
$
|
166
|
|
|
4
|
%
|
|
Quarter Ended
|
|
% Change
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|||||
Revenues
|
|
|
|
|
|
|||||
Affiliate Fees
|
$
|
3,112
|
|
|
$
|
2,967
|
|
|
5
|
%
|
Advertising
|
2,140
|
|
|
2,107
|
|
|
2
|
%
|
||
TV/SVOD distribution and other
|
654
|
|
|
694
|
|
|
(6)
|
%
|
||
Total revenues
|
5,906
|
|
|
5,768
|
|
|
2
|
%
|
||
Operating expenses
|
(3,002
|
)
|
|
(2,868
|
)
|
|
(5)
|
%
|
||
Selling, general, administrative and other
|
(622
|
)
|
|
(666
|
)
|
|
7
|
%
|
||
Depreciation and amortization
|
(64
|
)
|
|
(68
|
)
|
|
6
|
%
|
||
Equity in the income of investees
|
154
|
|
|
212
|
|
|
(27)
|
%
|
||
Operating Income
|
$
|
2,372
|
|
|
$
|
2,378
|
|
|
—
|
%
|
|
Quarter Ended
|
|
% Change
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|||||
Revenues
|
|
|
|
|
|
|||||
Cable Networks
|
$
|
4,200
|
|
|
$
|
4,140
|
|
|
1
|
%
|
Broadcasting
|
1,706
|
|
|
1,628
|
|
|
5
|
%
|
||
|
$
|
5,906
|
|
|
$
|
5,768
|
|
|
2
|
%
|
Segment operating income
|
|
|
|
|
|
|||||
Cable Networks
|
$
|
2,090
|
|
|
$
|
2,078
|
|
|
1
|
%
|
Broadcasting
|
282
|
|
|
300
|
|
|
(6)
|
%
|
||
|
$
|
2,372
|
|
|
$
|
2,378
|
|
|
—
|
%
|
|
Quarter Ended
|
|
% Change
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|||||
Revenues
|
|
|
|
|
|
|||||
Domestic
|
$
|
3,697
|
|
|
$
|
3,529
|
|
|
5
|
%
|
International
|
682
|
|
|
602
|
|
|
13
|
%
|
||
Total revenues
|
4,379
|
|
|
4,131
|
|
|
6
|
%
|
||
Operating expenses
|
(2,439
|
)
|
|
(2,376
|
)
|
|
(3)
|
%
|
||
Selling, general, administrative and other
|
(519
|
)
|
|
(469
|
)
|
|
(11)
|
%
|
||
Depreciation and amortization
|
(427
|
)
|
|
(364
|
)
|
|
(17)
|
%
|
||
Operating Income
|
$
|
994
|
|
|
$
|
922
|
|
|
8
|
%
|
|
Domestic
|
|
International
(2)
|
|
Total
|
||||||||||||||||||
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
||||||||||||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||||||
Parks
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Increase/(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Attendance
|
(4)
|
%
|
|
4
|
%
|
|
1
|
%
|
|
(1)
|
%
|
|
(3)
|
%
|
|
3
|
%
|
||||||
Per Capita Guest Spending
|
8
|
%
|
|
2
|
%
|
|
4
|
%
|
|
4
|
%
|
|
7
|
%
|
|
3
|
%
|
||||||
Hotels
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Occupancy
|
90
|
%
|
|
87
|
%
|
|
81
|
%
|
|
81
|
%
|
|
88
|
%
|
|
86
|
%
|
||||||
Available Room Nights (in thousands)
|
2,597
|
|
|
2,622
|
|
|
635
|
|
|
615
|
|
|
3,232
|
|
|
3,237
|
|
||||||
Per Room Guest Spending
|
|
$306
|
|
|
|
$310
|
|
|
|
$281
|
|
|
|
$294
|
|
|
|
$302
|
|
|
|
$308
|
|
(1)
|
Per room guest spending consists of the average daily hotel room rate, as well as guest spending on food, beverage and merchandise at the hotels. Hotel statistics include rentals of Disney Vacation Club units.
|
(2)
|
Per capita guest spending growth rate is stated on a constant currency basis. Per room guest spending is stated at the fiscal 2015 third quarter average foreign exchange rate. The euro to U.S. dollar weighted average foreign currency exchange rate was $1.13 and $1.10 for the quarters ended
July 2, 2016
and
June 27, 2015
, respectively.
|
|
Quarter Ended
|
|
% Change
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|||||
Revenues
|
|
|
|
|
|
|||||
Theatrical distribution
|
$
|
1,510
|
|
|
$
|
1,034
|
|
|
46
|
%
|
Home entertainment
|
610
|
|
|
282
|
|
|
>100
|
%
|
||
TV/SVOD distribution and other
|
727
|
|
|
724
|
|
|
—
|
%
|
||
Total revenues
|
2,847
|
|
|
2,040
|
|
|
40
|
%
|
||
Operating expenses
|
(1,259
|
)
|
|
(926
|
)
|
|
(36)
|
%
|
||
Selling, general, administrative and other
|
(790
|
)
|
|
(608
|
)
|
|
(30)
|
%
|
||
Depreciation and amortization
|
(32
|
)
|
|
(34
|
)
|
|
6
|
%
|
||
Operating Income
|
$
|
766
|
|
|
$
|
472
|
|
|
62
|
%
|
|
Quarter Ended
|
|
% Change
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|||||
Revenues
|
|
|
|
|
|
|||||
Licensing, publishing and games
|
$
|
776
|
|
|
$
|
791
|
|
|
(2)
|
%
|
Retail and other
|
369
|
|
|
371
|
|
|
(1)
|
%
|
||
Total revenues
|
1,145
|
|
|
1,162
|
|
|
(1)
|
%
|
||
Operating expenses
|
(501
|
)
|
|
(493
|
)
|
|
(2)
|
%
|
||
Selling, general, administrative and other
|
(278
|
)
|
|
(275
|
)
|
|
(1)
|
%
|
||
Depreciation and amortization
|
(42
|
)
|
|
(46
|
)
|
|
9
|
%
|
||
Operating Income
|
$
|
324
|
|
|
$
|
348
|
|
|
(7)
|
%
|
|
Nine Months Ended
|
|
% Change
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|||||
Revenues
|
|
|
|
|
|
|||||
Affiliate Fees
|
$
|
9,187
|
|
|
$
|
8,853
|
|
|
4
|
%
|
Advertising
|
6,706
|
|
|
6,425
|
|
|
4
|
%
|
||
TV/SVOD distribution and other
|
2,138
|
|
|
2,160
|
|
|
(1)
|
%
|
||
Total revenues
|
18,031
|
|
|
17,438
|
|
|
3
|
%
|
||
Operating expenses
|
(10,261
|
)
|
|
(9,898
|
)
|
|
(4)
|
%
|
||
Selling, general, administrative and other
|
(1,941
|
)
|
|
(1,996
|
)
|
|
3
|
%
|
||
Depreciation and amortization
|
(193
|
)
|
|
(200
|
)
|
|
4
|
%
|
||
Equity in the income of investees
|
447
|
|
|
630
|
|
|
(29)
|
%
|
||
Operating Income
|
$
|
6,083
|
|
|
$
|
5,974
|
|
|
2
|
%
|
|
Nine Months Ended
|
|
% Change
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|||||
Revenues
|
|
|
|
|
|
|||||
Cable Networks
|
$
|
12,676
|
|
|
$
|
12,336
|
|
|
3
|
%
|
Broadcasting
|
5,355
|
|
|
5,102
|
|
|
5
|
%
|
||
|
$
|
18,031
|
|
|
$
|
17,438
|
|
|
3
|
%
|
Segment operating income
|
|
|
|
|
|
|||||
Cable Networks
|
$
|
5,300
|
|
|
$
|
5,132
|
|
|
3
|
%
|
Broadcasting
|
783
|
|
|
842
|
|
|
(7)
|
%
|
||
|
$
|
6,083
|
|
|
$
|
5,974
|
|
|
2
|
%
|
|
Nine Months Ended
|
|
% Change
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|||||
Revenues
|
|
|
|
|
|
|||||
Domestic
|
$
|
10,792
|
|
|
$
|
9,998
|
|
|
8
|
%
|
International
|
1,796
|
|
|
1,803
|
|
|
—
|
%
|
||
Total revenues
|
12,588
|
|
|
11,801
|
|
|
7
|
%
|
||
Operating expenses
|
(7,341
|
)
|
|
(7,022
|
)
|
|
(5)
|
%
|
||
Selling, general, administrative and other
|
(1,413
|
)
|
|
(1,360
|
)
|
|
(4)
|
%
|
||
Depreciation and amortization
|
(1,235
|
)
|
|
(1,126
|
)
|
|
(10)
|
%
|
||
Operating Income
|
$
|
2,599
|
|
|
$
|
2,293
|
|
|
13
|
%
|
|
Domestic
|
|
International
(2)
|
|
Total
|
||||||||||||||||||
|
Nine Months Ended
|
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
|
July 2,
2016 |
|
June 27,
2015 |
||||||||||||
Parks
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Increase/(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Attendance
|
2
|
%
|
|
4
|
%
|
|
(4)
|
%
|
|
—
|
%
|
|
1
|
%
|
|
3
|
%
|
||||||
Per Capita Guest Spending
|
7
|
%
|
|
4
|
%
|
|
4
|
%
|
|
6
|
%
|
|
7
|
%
|
|
5
|
%
|
||||||
Hotels
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Occupancy
|
90
|
%
|
|
88
|
%
|
|
79
|
%
|
|
79
|
%
|
|
88
|
%
|
|
86
|
%
|
||||||
Available Room Nights (in thousands)
|
7,788
|
|
|
7,809
|
|
|
1,869
|
|
|
1,845
|
|
|
9,657
|
|
|
9,654
|
|
||||||
Per Room Guest Spending
|
|
$309
|
|
|
|
$297
|
|
|
|
$272
|
|
|
|
$283
|
|
|
|
$303
|
|
|
|
$294
|
|
(1)
|
Per room guest spending consists of the average daily hotel room rate, as well as guest spending on food, beverage and merchandise at the hotels. Hotel statistics include rentals of Disney Vacation Club units.
|
(2)
|
Per capita guest spending growth rate is stated on a constant currency basis. Per room guest spending is stated at the fiscal 2015
nine
-month average foreign exchange rate. The euro to U.S. dollar weighted average foreign currency exchange rate was $1.11 and $1.16 for the
nine
months ended
July 2, 2016
and
June 27, 2015
, respectively.
|
|
Nine Months Ended
|
|
% Change
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|||||
Revenues
|
|
|
|
|
|
|||||
Theatrical distribution
|
$
|
3,259
|
|
|
$
|
1,804
|
|
|
81
|
%
|
Home entertainment
|
1,728
|
|
|
1,417
|
|
|
22
|
%
|
||
TV/SVOD distribution and other
|
2,643
|
|
|
2,362
|
|
|
12
|
%
|
||
Total revenues
|
7,630
|
|
|
5,583
|
|
|
37
|
%
|
||
Operating expenses
|
(3,200
|
)
|
|
(2,350
|
)
|
|
(36)
|
%
|
||
Selling, general, administrative and other
|
(2,013
|
)
|
|
(1,687
|
)
|
|
(19)
|
%
|
||
Depreciation and amortization
|
(95
|
)
|
|
(103
|
)
|
|
8
|
%
|
||
Operating Income
|
$
|
2,322
|
|
|
$
|
1,443
|
|
|
61
|
%
|
|
Nine Months Ended
|
|
% Change
|
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|||||
Revenues
|
|
|
|
|
|
|||||
Licensing, publishing and games
|
$
|
2,905
|
|
|
$
|
2,734
|
|
|
6
|
%
|
Retail and other
|
1,336
|
|
|
1,397
|
|
|
(4)
|
%
|
||
Total revenues
|
4,241
|
|
|
4,131
|
|
|
3
|
%
|
||
Operating expenses
|
(1,739
|
)
|
|
(1,739
|
)
|
|
—
|
%
|
||
Selling, general, administrative and other
|
(831
|
)
|
|
(818
|
)
|
|
(2)
|
%
|
||
Depreciation and amortization
|
(130
|
)
|
|
(137
|
)
|
|
5
|
%
|
||
Operating Income
|
$
|
1,541
|
|
|
$
|
1,437
|
|
|
7
|
%
|
|
Quarter Ended
|
|
% Change
|
|
Nine Months Ended
|
|
% Change
|
||||||||||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
|
July 2,
2016 |
|
June 27,
2015 |
|
Better/
(Worse) |
||||||||||
Corporate and unallocated shared expenses
|
$
|
(159
|
)
|
|
$
|
(146
|
)
|
|
(9)
|
%
|
|
$
|
(457
|
)
|
|
$
|
(441
|
)
|
|
(4)
|
%
|
|
Nine Months Ended
|
|
% Change
Better/ (Worse) |
|||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
|
||||||
Cash provided by operations
|
$
|
9,386
|
|
|
$
|
7,581
|
|
|
24
|
%
|
Cash used in investing activities
|
(4,226
|
)
|
|
(3,055
|
)
|
|
(38)
|
%
|
||
Cash used in financing activities
|
(4,091
|
)
|
|
(3,241
|
)
|
|
(26)
|
%
|
||
Impact of exchange rates on cash and cash equivalents
|
(111
|
)
|
|
(231
|
)
|
|
52
|
%
|
||
Change in cash and cash equivalents
|
$
|
958
|
|
|
$
|
1,054
|
|
|
(9)
|
%
|
|
Nine Months Ended
|
||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
||||
Beginning balances:
|
|
|
|
||||
Production and programming assets
|
$
|
7,353
|
|
|
$
|
6,386
|
|
Programming liabilities
|
(989
|
)
|
|
(875
|
)
|
||
|
6,364
|
|
|
5,511
|
|
||
Spending:
|
|
|
|
||||
Television program licenses and rights
|
5,225
|
|
|
4,844
|
|
||
Film and television production
|
3,578
|
|
|
3,434
|
|
||
|
8,803
|
|
|
8,278
|
|
||
Amortization:
|
|
|
|
||||
Television program licenses and rights
|
(5,055
|
)
|
|
(4,912
|
)
|
||
Film and television production
|
(3,524
|
)
|
|
(2,743
|
)
|
||
|
(8,579
|
)
|
|
(7,655
|
)
|
||
|
|
|
|
||||
Change in film and television production and programming costs
|
224
|
|
|
623
|
|
||
Other non-cash activity
|
20
|
|
|
(76
|
)
|
||
Ending balances:
|
|
|
|
||||
Production and programming assets
|
7,322
|
|
|
6,781
|
|
||
Programming liabilities
|
(714
|
)
|
|
(723
|
)
|
||
|
$
|
6,608
|
|
|
$
|
6,058
|
|
|
Nine Months Ended
|
||||||
(in millions)
|
July 2,
2016 |
|
June 27,
2015 |
||||
Media Networks
|
|
|
|
||||
Cable Networks
|
$
|
55
|
|
|
$
|
51
|
|
Broadcasting
|
55
|
|
|
37
|
|
||
Total Media Networks
|
110
|
|
|
88
|
|
||
Parks and Resorts
|
|
|
|
||||
Domestic
|
1,619
|
|
|
1,002
|
|
||
International
|
1,689
|
|
|
1,644
|
|
||
Total Parks and Resorts
|
3,308
|
|
|
2,646
|
|
||
Studio Entertainment
|
67
|
|
|
84
|
|
||
Consumer Products & Interactive Media
|
33
|
|
|
46
|
|
||
Corporate
|
173
|
|
|
197
|
|
||
|
$
|
3,691
|
|
|
$
|
3,061
|
|
•
|
An increase
in common stock repurchases of
$3.1 billion
(
$5.9 billion
in the current period compared to
$2.8 billion
in the prior-year period)
|
•
|
Lower contributions from non-controlling interest holders of $1.0 billion (zero in the current period compared to $1.0 billion in the prior-year period)
|
•
|
Higher
borrowings of $2.7 billion ($3.2 billion in the current period compared to $0.5 billion in the prior-year period)
|
•
|
A decrease
in dividend payments of
$0.8 billion
as a result of moving from an annual dividend to a semi-annual dividend. In the prior year, our full year fiscal year 2014 dividend was paid in the second quarter of fiscal 2015, whereas in the current year the dividend related to the second half of fiscal 2015 was paid in the second quarter of fiscal 2016
|
Period
|
|
Total
Number of
Shares
Purchased
(1)
|
|
Weighted
Average
Price Paid
per Share
|
|
Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
|
|
Maximum
Number of
Shares that
May Yet Be
Purchased
Under the
Plans or
Programs
(2)
|
||||
April 3, 2016 – April 30, 2016
|
|
3,974,375
|
|
|
$
|
99.50
|
|
|
3,949,200
|
|
|
310 million
|
May 1, 2016 – May 31, 2016
|
|
4,835,308
|
|
|
101.51
|
|
|
4,807,000
|
|
|
305 million
|
|
June 1, 2016 – July 2, 2016
|
|
6,501,728
|
|
|
98.24
|
|
|
6,475,000
|
|
|
298 million
|
|
Total
|
|
15,311,411
|
|
|
99.60
|
|
|
15,231,200
|
|
|
298 million
|
(1)
|
80,211 shares were purchased on the open market to provide shares to participants in the Walt Disney Investment Plan (WDIP). These purchases were not made pursuant to a publicly announced repurchase plan or program.
|
(2)
|
Under a share repurchase program implemented effective June 10, 1998, the Company is authorized to repurchase shares of its common stock. On January 30, 2015, the Company’s Board of Directors increased the share repurchase authorization to a total of 400 million shares as of that date. The repurchase program does not have an expiration date.
|
|
|
|
|
|
THE WALT DISNEY COMPANY
|
|
|
(Registrant)
|
|
|
|
By:
|
|
/s/ CHRISTINE M. MCCARTHY
|
|
|
Christine M. McCarthy,
Senior Executive Vice President and Chief Financial Officer
|
|
|
|
|
|
Number and Description of Exhibit
(Numbers Coincide with Item 601 of Regulation S-K)
|
|
Document Incorporated by Reference from a Previous Filing or Filed Herewith, as Indicated below
|
||
|
|
|
||
3.2
|
|
Amended and Restated Bylaws
|
|
Exhibit 3.2 to the Current Report on Form 8-K of the Company dated June 29, 2016.
|
|
|
|
||
10.1
|
|
Description of Non-Management Director Compensation
|
|
Filed herewith
|
|
|
|
||
12.1
|
|
Ratio of Earnings to Fixed Charges
|
|
Filed herewith
|
|
|
|
||
31(a)
|
|
Rule 13a-14(a) Certification of Chief Executive Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
||
31(b)
|
|
Rule 13a-14(a) Certification of Chief Financial Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
||
32(a)
|
|
Section 1350 Certification of Chief Executive Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002*
|
|
Furnished
|
|
|
|
||
32(b)
|
|
Section 1350 Certification of Chief Financial Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002*
|
|
Furnished
|
|
|
|
||
101
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended July 2, 2016 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Equity and (vi) related notes
|
|
Filed
|
*
|
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
|
1 Year Walt Disney Chart |
1 Month Walt Disney Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions