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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 3, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File Number 001-38842

Delaware 83-0940635
State or Other Jurisdiction of I.R.S. Employer Identification
Incorporation or Organization
500 South Buena Vista Street
Burbank, California 91521
Address of Principal Executive Offices and Zip Code
(818) 560-1000
Registrant’s Telephone Number, Including Area Code
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueDISNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  ☒
There were 1,816,932,058 shares of common stock outstanding as of May 5, 2021.



PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited; in millions, except per share data)
 Quarter EndedSix Months Ended
 April 3,
2021
March 28,
2020
April 3,
2021
March 28,
2020
Revenues:
Services$14,522 $16,190 $29,393 $34,284 
Products1,091 1,835 2,469 4,618 
Total revenues15,613 18,025 31,862 38,902 
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)
(8,932)(10,683)(19,670)(22,078)
Cost of products (exclusive of depreciation and amortization)
(850)(1,254)(1,887)(2,893)
Selling, general, administrative and other(3,113)(3,393)(6,030)(7,102)
Depreciation and amortization(1,272)(1,334)(2,570)(2,633)
Total costs and expenses(14,167)(16,664)(30,157)(34,706)
Restructuring and impairment charges(414)(145)(527)(295)
Other income, net305  305  
Interest expense, net(320)(300)(644)(583)
Equity in the income of investees213 135 437    359 
Income from continuing operations before income taxes1,230 1,051 1,276 3,677    
Income taxes on continuing operations(108)(523)(124)(981)
Net income from continuing operations1,122 528 1,152 2,696 
Loss from discontinued operations, net of income tax benefit of $3, $3, $7 and $10, respectively)(11)(8)   (23)(29)
Net income1,111 520 1,129 2,667 
Net income from continuing operations attributable to noncontrolling interests
(210)(60)(211)(100)
Net income attributable to The Walt Disney Company (Disney)$901    $460 $918 $2,567 
Earnings (loss) per share attributable to Disney(1):
Diluted
Continuing operations$0.50 $0.26 $0.52 $1.43 
Discontinued operations(0.01) (0.01)(0.02)
$0.49 $0.25 $0.50 $1.41 
Basic
Continuing operations$0.50 $0.26 $0.52 $1.44 
Discontinued operations(0.01) (0.01)(0.02)
$0.50 $0.25 $0.51 $1.42 
Weighted average number of common and common equivalent shares outstanding:
Diluted1,829 1,816 1,826 1,816 
Basic1,817 1,808 1,814 1,806 
(1)Total may not equal the sum of the column due to rounding.
See Notes to Condensed Consolidated Financial Statements
2


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited; in millions)
 

 Quarter EndedSix Months Ended
 April 3,
2021
March 28,
2020
April 3,
2021
March 28,
2020
Net income$1,111 $520 $1,129 $2,667 
Other comprehensive income (loss), net of tax:
Market value adjustments, primarily for hedges
110 129 (63)22 
Pension and postretirement medical plan adjustments
191 73    341 180 
Foreign currency translation and other
(93)(323)184 (196)
Other comprehensive income208 (121)462 6 
Comprehensive income1,319 399 1,591 2,673 
Net income from continuing operations attributable to noncontrolling interests
(210)(60)(211)(100)
Other comprehensive income (loss) attributable to noncontrolling interests15 17 (58)(26)
Comprehensive income attributable to Disney$1,124    $356 $1,322    $2,547    
See Notes to Condensed Consolidated Financial Statements




3


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except per share data)
April 3,
2021
October 3,
2020
ASSETS
Current assets
Cash and cash equivalents$15,890 $17,914 
Receivables, net12,533 12,708 
Inventories1,406 1,583 
Content advances2,204 2,171 
Other current assets844 875 
Total current assets32,877 35,251 
Produced and licensed content costs26,858 25,022 
Investments4,309 3,903 
Parks, resorts and other property
Attractions, buildings and equipment63,037    62,111    
Accumulated depreciation(36,866)(35,517)
26,171 26,594 
Projects in progress4,891 4,449 
Land1,075 1,035 
32,137 32,078 
Intangible assets, net18,123 19,173 
Goodwill77,861 77,689 
Other assets8,085 8,433 
Total assets$200,250 $201,549 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities$17,062 $16,801 
Current portion of borrowings5,243 5,711 
Deferred revenue and other4,337 4,116 
Total current liabilities26,642 26,628 
Borrowings50,903 52,917 
Deferred income taxes6,894 7,288 
Other long-term liabilities16,615 17,204 
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests9,410 9,249 
Equity
Preferred stock
  
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares
55,000 54,497 
Retained earnings39,365 38,315 
Accumulated other comprehensive loss(7,918)(8,322)
Treasury stock, at cost, 19 million shares
(907)(907)
Total Disney Shareholders’ equity85,540 83,583 
Noncontrolling interests4,246 4,680 
Total equity89,786 88,263 
Total liabilities and equity$200,250 $201,549 
See Notes to Condensed Consolidated Financial Statements
4


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
 Six Months Ended
April 3,
2021
March 28,
2020
OPERATING ACTIVITIES
Net income from continuing operations$1,152 $2,696 
Depreciation and amortization2,570    2,633 
Net (gain)/loss on investments(481)5 
Deferred income taxes(556)   297 
Equity in the income of investees(437)(359)
Cash distributions received from equity investees372 405    
Net change in produced and licensed content costs and advances(1,685)(925)
Net change in operating lease right of use assets / liabilities146 (96)
Equity-based compensation270 246 
Other, net490 161 
Changes in operating assets and liabilities, net of business acquisitions:
Receivables(37)828 
Inventories175 70 
Other assets(131)(174)
Accounts payable and other liabilities(780)(888)
Income taxes400 (112)
Cash provided by operations - continuing operations1,468 4,787 
INVESTING ACTIVITIES
Investments in parks, resorts and other property(1,530)(2,585)
Other203 (21)
Cash used in investing activities - continuing operations(1,327)(2,606)
FINANCING ACTIVITIES
Commercial paper borrowings (payments), net(87)3,138 
Borrowings37 6,071 
Reduction of borrowings(1,816)(1,048)
Dividends (1,587)
Proceeds from exercise of stock options394 207 
Other(769)(165)
Cash provided by (used in) financing activities - continuing operations(2,241)6,616 
CASH FLOWS FROM DISCONTINUED OPERATIONS
Cash provided by operations - discontinued operations4 4 
Cash provided by investing activities - discontinued operations4 198 
Cash provided by discontinued operations8 202 
Impact of exchange rates on cash, cash equivalents and restricted cash70 (76)
Change in cash, cash equivalents and restricted cash(2,022)8,923 
Cash, cash equivalents and restricted cash, beginning of period17,954 5,455 
Cash, cash equivalents and restricted cash, end of period$15,932 $14,378 
See Notes to Condensed Consolidated Financial Statements
5


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in millions)

 Quarter Ended
Equity Attributable to Disney
 SharesCommon Stock
Retained Earnings
Accumulated
Other
Comprehensive
Income
(Loss)
Treasury Stock
Total Disney Equity
Non-controlling
   Interests(1)
Total
Equity
Balance at January 2, 20211,814 $54,663 $38,456 $(8,141)$(907)$84,071 $4,657 $88,728 
Comprehensive income— — 901 223 — 1,124 115 1,239 
Equity compensation activity3 337 — — — 337 — 337 
Cumulative effect of accounting change— — (5)— — (5)— (5)
Distributions and other— — 13 — — 13 (526)(513)
Balance at April 3, 20211,817 $55,000 $39,365 $(7,918)$(907)$85,540 $4,246 $89,786 
Balance at December 28, 20191,805 $53,995 $43,202 $(6,533)$(907)$89,757 $5,016 $94,773 
Comprehensive income (loss)— — 460    (104)— 356 (23)333 
Equity compensation activity1 226 — — — 226 — 226 
Dividends— 9 (9)— — — — — 
Contributions— — — — — — 33 33 
Distributions and other— — 68 — — 68 (556)(488)
Balance at March 28, 20201,806 $54,230 $43,721 $(6,637)$(907)$90,407 $4,470 $94,877 
(1)Excludes redeemable noncontrolling interests.
See Notes to Condensed Consolidated Financial Statements


6


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in millions)
 
 Six Months Ended
Equity Attributable to Disney
 SharesCommon Stock
Retained Earnings
Accumulated
Other
Comprehensive
Income
(Loss)
Treasury Stock
Total Disney Equity
Non-controlling
   Interests (1)
Total
Equity
Balance at October 3, 20201,810 $54,497 $38,315 $(8,322)$(907)$83,583 $4,680 $88,263 
Comprehensive income— — 918 404 — 1,322 109 1,431 
Equity compensation activity7 502 — — — 502 — 502 
Contributions— — — — — — 5 5 
Cumulative effect of accounting change— — 105 — — 105 — 105 
Distributions and other— 1 27 — — 28 (548)(520)
Balance at April 3, 20211,817 $55,000 $39,365 $(7,918)$(907)$85,540 $4,246 $89,786 
Balance at September 28, 20191,802 $53,907 $42,494 $(6,617)$(907)$88,877 $5,012 $93,889 
Comprehensive income (loss)— — 2,567 (20)— 2,547 (6)2,541 
Equity compensation activity4 314 — — — 314 — 314 
Dividends— 9 (1,596)— — (1,587)— (1,587)
Contributions— — — — — — 53 53 
Adoption of new lease accounting guidance— — 197 — — 197 — 197 
Distributions and other— — 59 — — 59 (589)(530)
Balance at March 28, 20201,806 $54,230 $43,721 $(6,637)$(907)$90,407 $4,470 $94,877 
(1)Excludes redeemable noncontrolling interests.
See Notes to Condensed Consolidated Financial Statements


7


THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share data)
 
1.Principles of Consolidation
These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the six months ended April 3, 2021 are not necessarily indicative of the results that may be expected for the year ending October 2, 2021.
The terms “Company,” “we,” “us,” and “our” are used in this report to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted. The term “TWDC” is used to refer to the parent company.
These financial statements should be read in conjunction with the Company’s 2020 Annual Report on Form 10-K.
The Fox sports media business in Mexico, along with another Fox business divested in fiscal 2020, are presented as discontinued operations in the Condensed Consolidated Statements of Income. At April 3, 2021 and October 3, 2020, the assets and liabilities of the sports media operation in Mexico are not material and are included in other assets and other liabilities in the Condensed Consolidated Balance Sheet.
Variable Interest Entities
The Company enters into relationships with or makes investments in other entities that may be variable interest entities (VIE). A VIE is consolidated in the financial statements if the Company has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (as defined by ASC 810-10-25-38) to the VIE. Hong Kong Disneyland Resort and Shanghai Disney Resort (together the Asia Theme Parks) are VIEs in which the Company has less than 50% equity ownership. Company subsidiaries (the Management Companies) have management agreements with the Asia Theme Parks, which provide the Management Companies, subject to certain protective rights of joint venture partners, with the ability to direct the day-to-day operating activities and the development of business strategies that we believe most significantly impact the economic performance of the Asia Theme Parks. In addition, the Management Companies receive management fees under these arrangements that we believe could be significant to the Asia Theme Parks. Therefore, the Company has consolidated the Asia Theme Parks in its financial statements.
Redeemable Noncontrolling Interests
The Company consolidates the results of certain subsidiaries that are less than 100% owned and for which the noncontrolling interest shareholders have the rights to require the Company to purchase their interests in these subsidiaries. The most significant of these are Hulu LLC (Hulu) and BAMTech LLC (BAMTech).
Hulu provides direct-to-consumer (DTC) streaming services and is owned 67% by the Company and 33% by NBC Universal (NBCU). In May 2019, the Company entered into a put/call agreement with NBCU that provided the Company with full operational control of Hulu. Under the agreement, beginning in January 2024, NBCU has the option to require the Company to purchase NBCU’s interest in Hulu and the Company has the option to require NBCU to sell its interest in Hulu to the Company, based on NBCU’s equity ownership percentage of the greater of Hulu’s then fair value or $27.5 billion.
NBCU’s interest will generally not be allocated its portion of Hulu’s losses as the redeemable noncontrolling interest is required to be carried at a minimum value. The minimum value is equal to the fair value as of the May 2019 agreement date accreted to the January 2024 estimated redemption value. At April 3, 2021, NBCU’s interest in Hulu is recorded in the Company’s financial statements at $8.3 billion.
BAMTech provides streaming technology services to third parties and is owned 75% by the Company, 15% by Major League Baseball (MLB) and 10% by the National Hockey League (NHL), both of which have the right to sell their interests to the Company in the future.
MLB has the right to sell its interest to the Company and the Company has the right to buy MLB’s interest starting five years from and ending ten years after the Company’s September 25, 2017 acquisition date of BAMTech at the greater of fair value or a guaranteed floor value ($563 million accreting at 8% annually for eight years from the date of acquisition). The NHL
8

THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share data)
can sell its interest to the Company in 2021 for $350 million. The Company has the right to acquire the NHL interest in 2021 for $500 million.
The MLB and NHL interests are required to be recorded at a minimum value equal to the greater of (i) their acquisition date fair value adjusted for their share (if any) of earnings, losses, or dividends (“adjusted value”) or (ii) an accreted value from the date of the acquisition to the applicable redemption date (“accreted value”). As the accreted value is typically always higher than the adjusted value, the MLB and NHL interests are not allocated their portion of BAMTech losses. Therefore, the MLB and NHL interests are accreted to the estimated redemption value as of the earliest redemption date. As of April 3, 2021, the guaranteed floor value for the MLB interest, accreted from the date of acquisition, was $738 million. As of April 3, 2021, the accreted value of the NHL interest was $338 million.
Adjustments to the carrying amount of redeemable noncontrolling interests increase or decrease income available to Company shareholders and are recorded in “Net income from continuing operations attributable to noncontrolling interests” on the Condensed Consolidated Statements of Income.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates.
Reclassifications
Certain reclassifications have been made in the fiscal 2020 financial statements and notes to conform to the fiscal 2021 presentation.
2.Description of Business and Segment Information
Our operating segments report separate financial information, which is evaluated regularly by the Chief Executive Officer in order to decide how to allocate resources and to assess performance.
As of the first quarter of fiscal 2021, we changed the presentation of segment operating results as discussed below and have recast our fiscal 2020 segment operating results to align with the fiscal 2021 presentation.
Media and Entertainment Reorganization
In October 2020, the Company reorganized its media and entertainment operations, which have been previously reported in three segments: Media Networks, Studio Entertainment and Direct-to-Consumer & International. With this reorganization, a single group is responsible for distributing all of the Company’s media and entertainment content across all platforms globally. This distribution organization will have full accountability for the financial results of the media and entertainment businesses, and content will generally be created by three production groups: Studios, General Entertainment and Sports.
As a result of the reorganization, effective at the beginning of the first quarter of fiscal 2021, we are reporting the financial results of the media and entertainment businesses as one segment, Disney Media and Entertainment Distribution (DMED) across three significant lines of business/distribution platforms: Linear Networks, Direct-to-Consumer and Content Sales/Licensing (primarily comprising theatrical, home entertainment and third-party television and subscription video-on-demand “TV/SVOD” distribution globally).
Intersegment Transfer Pricing
Under our previous segment structure, in certain instances production and distribution activities were in different segments. In these situations, for segment financial accounting purposes, the producer segment would recognize revenue based on an intersegment transfer price that included a “mark-up”. These transactions were reported “gross” (i.e. the segment producing the content reported revenue and the mark-up from intersegment transactions, and the required eliminations were reported on a separate “Eliminations” line when presenting a summary of our segment results). Under our new segment structure, the operating results of the production and distribution activities are reported in the same segment, and the fully loaded production cost is allocated across the distribution platforms which are utilizing the content.
Elimination of Consumer Products Revenue Share
Under our legacy segment financial reporting, the Studio Entertainment segment received a revenue share related to the consumer products business, which is included in the Disney Parks, Experiences and Products (DPEP) segment. Under the new reporting structure, DMED does not receive a revenue share from DPEP related to the consumer products business.
9

THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share data)

DESCRIPTION OF BUSINESS
Disney Media and Entertainment Distribution
The DMED segment encompasses the Company’s global film and episodic television content production and distribution activities. Content is distributed by a single organization across three significant lines of business: Linear Networks, Direct-to-Consumer and Content Sales/Licensing and is generally created by three production/content licensing groups: Studios, General Entertainment and Sports. The distribution organization has full accountability for the financial results of the entire media and entertainment business.
The operations in our significant lines of business are as follows:
Linear Networks
Domestic Channels: ABC Television Network (ABC) and eight owned ABC television stations (Broadcasting), and Disney, ESPN, Freeform, FX and National Geographic branded domestic television networks (Cable)
International Channels: Disney, ESPN, Fox, National Geographic and Star branded television networks outside the U.S.
A 50% equity investment in A+E Television Networks (A+E), which operates a variety of cable channels including A&E, HISTORY and Lifetime
Direct-to-Consumer
Disney+, Disney+ Hotstar, ESPN+, Hulu and Star+ DTC streaming services
Content Sales/Licensing
Sales/licensing of film and television content to third-party television and subscription video-on-demand (TV/SVOD) services
Theatrical distribution
Home entertainment distribution (DVD, Blu-ray and electronic home video licenses)
Music distribution
Staging and licensing of live entertainment events on Broadway and around the world (Stage Plays)
DMED also includes the following activities that are reported with Content Sales/Licensing:
Post-production services through Industrial Light & Magic and Skywalker Sound
A 30% ownership interest in Tata Sky Limited, which operates a direct-to-home satellite distribution platform in India
The significant revenues of DMED are as follows:
Affiliate fees - Fees charged by our linear networks to multi-channel video programming distributors (i.e. cable, satellite, telecommunications and digital over-the-top (e.g. YouTube TV) service providers) (MVPDs) and television stations affiliated with the ABC Network for the right to deliver our programming to their customers
Advertising - Sales of advertising time/space on our Linear Networks and Direct-to-Consumer
Subscription fees - Fees charged to customers/subscribers for our DTC services
TV/SVOD distribution - Licensing fees and other revenue for the right to use our film and television productions and revenue from fees charged to customers to view our sports programming (“pay-per-view”) and Premier Access content. TV/SVOD distribution revenue is primarily reported in Content Sales/Licensing, except for pay-per-view and Premier Access revenue, which is reported in Direct-to-Consumer
Theatrical distribution - Rentals from licensing our film productions to theaters
Home entertainment - Sale of our film and television content to retailers and distributors in home video formats
Other content sales/licensing revenue - Revenues from licensing our music, ticket sales from stage play performances and fees from licensing our intellectual properties for use in stage plays
Other revenue - Fees from sub-licensing of sports programming rights (reported in Linear Networks) and post-production services (reported with Content Sales/Licensing)
The significant expenses of DMED are as follows:
Operating expenses consist primarily of programming and production costs, technical support costs, operating labor, distribution costs and costs of sales. Operating expenses also includes fees paid to Linear Networks from other DMED business for the right to air the linear networks feed and other services. Programming and production costs include amortization of acquired licensed programming rights (including sports rights), amortization of capitalized production
10

THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share data)

costs (including participations and residuals) and production costs related to live programming such as news and sports. Programming and production costs are largely incurred across three content creation groups, as follows:
Studios - Primarily capitalized production costs related to feature films produced under the Walt Disney Pictures, Twentieth Century Studios, Marvel, Lucasfilm, Pixar and Searchlight Pictures banners
General Entertainment - Primarily acquisition of rights to and internal production of episodic television programs and news content. Internal content is generally produced by the following television studios: ABC Signature; 20th Television; Disney Television Animation, FX Productions and various studios for which we commission productions for our branded channels and DTC services
Sports - Primarily acquisition of professional and college sports programming rights and related production costs
Selling, general and administrative costs
Depreciation and amortization
Disney Parks, Experiences and Products
Significant operations:
Parks & Experiences:
Theme parks and resorts, which include: Walt Disney World Resort in Florida; Disneyland Resort in California; Disneyland Paris; Hong Kong Disneyland Resort; Shanghai Disney Resort. Additionally, the Company licenses our intellectual property to a third party to operate Tokyo Disney Resort
Disney Cruise Line, Disney Vacation Club and Aulani, a Disney Resort & Spa in Hawaii
Consumer Products:
Licensing of our trade names, characters, visual, literary and other intellectual properties to various manufacturers, game developers, publishers and retailers throughout the world, for use on merchandise, published materials and games
Sale of branded merchandise through retail, online and wholesale businesses, and development and publishing of books, comic books and magazines
Significant revenues:
Theme park admissions - Sales of tickets for admission to our theme parks
Parks & Experiences merchandise, food and beverage - Sales of merchandise, food and beverages at our theme parks and resorts and cruise ships
Resorts and vacations - Sales of room nights at hotels, sales of cruise and other vacations and sales and rentals of vacation club properties
Merchandise licensing and retail:
Merchandise licensing - Royalties from licensing our intellectual properties for use on consumer goods
Retail - Sales of merchandise at The Disney Stores and through branded internet shopping sites, as well as to wholesalers (including books, comic books and magazines)
Parks licensing and other - Revenues from sponsorships and co-branding opportunities and real estate rent and sales. In addition, we earn royalties on Tokyo Disney Resort revenues
Significant expenses:
Operating expenses consist primarily of operating labor, costs of goods sold, infrastructure costs, supplies, commissions and entertainment offerings. Infrastructure costs include information systems expense, repairs and maintenance, property taxes, utilities and fuel, retail occupancy costs, insurance and transportation
Selling, general and administrative costs
Depreciation and amortization
SEGMENT INFORMATION
Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, net other income, net interest expense, income taxes and noncontrolling interests. Segment operating income includes equity in the income of investees and excludes impairments of certain equity investments and acquisition accounting amortization of TFCF Corporation (TFCF) and Hulu assets (i.e. intangible assets and the fair value step-up for film and television costs) recognized in connection with the TFCF acquisition in fiscal 2019 (TFCF and Hulu acquisition amortization).
11

THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share data)

Corporate and unallocated shared expenses principally consist of corporate functions, executive management and certain unallocated administrative support functions.
Segment operating results include allocations of certain costs, including information technology, pension, legal and other shared services costs, which are allocated based on metrics designed to correlate with consumption.
Impact of COVID-19
Since early 2020, the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) pandemic. COVID-19 and measures to prevent its spread are impacting our segments in a number of ways, most significantly at DPEP where our theme parks have been closed or operating at significantly reduced capacity and cruise ship sailings and guided tours have been suspended. We have delayed, or in some cases, shortened or canceled, theatrical releases, and stage play performances have been suspended since March 2020 with a limited number of performances returning in the first quarter of fiscal 2021. We have experienced significant disruptions in the production and availability of content, including the shift of key live sports programming from the third quarter of fiscal 2020 to the fourth quarter of fiscal 2020 and into the first quarter of fiscal 2021 as well as the suspension of most film and television content late in the second quarter of fiscal 2020. Although most film and television production activities resumed beginning in the fourth quarter of fiscal 2020, we continue to see disruption in production activities depending on local circumstances.
The impact of these disruptions and the extent of their adverse impact on our financial and operating results will be dictated by the length of time that such disruptions continue, which will, in turn, depend on the currently unknowable duration and severity of the impacts of COVID-19, and among other things, the impact of governmental actions imposed in response to COVID-19 and individuals’ and companies’ risk tolerance regarding health matters going forward. As some of our businesses have reopened, we have incurred additional costs to address government regulations and the safety of our employees, talent and guests.
Segment revenues and segment operating income are as follows:
 Quarter EndedSix Months Ended
 April 3,
2021
March 28,
2020
April 3,
2021
March 28,
2020
Revenues:
Disney Media and Entertainment Distribution$12,440 $12,365 $25,101   $25,662   
Disney Parks, Experiences and Products3,173 5,660 6,761 13,240 
$15,613 $18,025 $31,862 $38,902 
Segment operating income (loss):
Disney Media and Entertainment Distribution$2,871 $1,651 $4,322 $3,125 
Disney Parks, Experiences and Products(406)756 (525)3,278 
$2,465 $2,407 $3,797 $6,403 

Equity in the income of investees is included in segment operating income as follows: 
 Quarter EndedSix Months Ended
 April 3,
2021
March 28,
2020
April 3,
2021
March 28,
2020
Disney Media and Entertainment Distribution$226   $149 $461   $