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Revenues | 9 Months Ended
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Jun. 29, 2024
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer | Revenues The following table presents revenues by segment and major source:
| Quarter Ended June 29, 2024
| Entertainment |  | Sports |  | Experiences |  | Eliminations |  | Total
Subscription fees | $ | 4,729 |  | $ | 414 |  | $ | — |  |  | $ | — |  |  | $ | 5,143 |
Affiliate fees | 1,726 |  | 2,571 |  | — |  |  | (291) |  |  | 4,006 |
Advertising | 1,941 |  | 1,339 |  | — |  |  | — |  |  | 3,280 |
Theme park admissions | — |  | — |  | 2,780 |  |  | — |  |  | 2,780 |
Resort and vacations | — |  | — |  | 2,115 |  |  | — |  |  | 2,115 |
Retail and wholesale sales of merchandise, food and beverage | — |  | — |  | 2,246 |  |  | — |  |  | 2,246 |
Merchandise licensing | 143 |  | — |  | 702 |  |  | — |  |  | 845 |
TV/VOD distribution licensing | 670 |  | 108 |  | — |  |  | — |  |  | 778 |
Theatrical distribution licensing | 724 |  | — |  | — |  |  | — |  |  | 724 |
Home entertainment | 142 |  | — |  | — |  |  | — |  |  | 142 |
Other | 505 |  | 126 |  | 543 |  |  | (78) |  |  | 1,096 |
| $ | 10,580 |  | $ | 4,558 |  | $ | 8,386 |  |  | $ | (369) |  |  | $ | 23,155 |
| Quarter Ended July 1, 2023
| Entertainment |  | Sports |  | Experiences |  | Eliminations |  | Total
Subscription fees | $ | 4,157 |  | $ | 380 |  | $ | — |  |  | $ | — |  |  | $ | 4,537 |
Affiliate fees | 1,833 |  | 2,633 |  | — |  |  | (270) |  |  | 4,196 |
Advertising | 1,889 |  | 1,153 |  | 1 |  |  | — |  |  | 3,043 |
Theme park admissions | — |  | — |  | 2,731 |  |  | — |  |  | 2,731 |
Resort and vacations | — |  | — |  | 1,990 |  |  | — |  |  | 1,990 |
Retail and wholesale sales of merchandise, food and beverage | — |  | — |  | 2,226 |  |  | — |  |  | 2,226 |
Merchandise licensing | 128 |  | — |  | 748 |  |  | — |  |  | 876 |
TV/VOD distribution licensing | 572 |  | 64 |  | — |  |  | — |  |  | 636 |
Theatrical distribution licensing | 838 |  | — |  | — |  |  | — |  |  | 838 |
Home entertainment | 252 |  | — |  | — |  |  | — |  |  | 252 |
Other | 458 |  | 105 |  | 502 |  |  | (60) |  |  | 1,005 |
| $ | 10,127 |  |  | $ | 4,335 |  |  | $ | 8,198 |  |  | $ | (330) |  |  | $ | 22,330 |
| Nine Months Ended June 29, 2024
| Entertainment |  | Sports |  | Experiences |  | Eliminations |  | Total
Subscription fees | $ | 14,041 |  | $ | 1,246 |  | $ | — |  |  | $ | — |  |  | $ | 15,287 |
Affiliate fees | 5,251 |  | 7,918 |  | — |  |  | (883) |  |  | 12,286 |
Advertising | 5,709 |  | 3,640 |  | — |  |  | — |  |  | 9,349 |
Theme park admissions | — |  | — |  | 8,568 |  |  | — |  |  | 8,568 |
Resort and vacations | — |  | — |  | 6,334 |  |  | — |  |  | 6,334 |
Retail and wholesale sales of merchandise, food and beverage | — |  | — |  | 6,989 |  |  | — |  |  | 6,989 |
Merchandise licensing | 471 |  | — |  | 2,321 |  |  | — |  |  | 2,792 |
TV/VOD distribution licensing | 1,686 |  | 235 |  | — |  |  | — |  |  | 1,921 |
Theatrical distribution licensing | 1,098 |  | — |  | — |  |  | — |  |  | 1,098 |
Home entertainment | 540 |  | — |  | — |  |  | — |  |  | 540 |
Other | 1,561 |  | 666 |  | 1,699 |  |  | (303) |  |  | 3,623 |
| $ | 30,357 |  |  | $ | 13,705 |  |  | $ | 25,911 |  |  | $ | (1,186) |  |  | $ | 68,787 |
| Nine Months Ended July 1, 2023
| Entertainment |  | Sports |  | Experiences |  | Eliminations |  | Total
Subscription fees | $ | 12,243 |  | $ | 1,139 |  | $ | — |  |  | $ | — |  |  | $ | 13,382 |
Affiliate fees | 5,631 |  | 8,052 |  | — |  |  | (813) |  |  | 12,870 |
Advertising | 5,851 |  | 3,196 |  | 3 |  |  | — |  |  | 9,050 |
Theme park admissions | — |  | — |  | 7,800 |  |  | — |  |  | 7,800 |
Resort and vacations | — |  | — |  | 5,919 |  |  | — |  |  | 5,919 |
Retail and wholesale sales of merchandise, food and beverage | — |  | — |  | 6,750 |  |  | — |  |  | 6,750 |
Merchandise licensing | 449 |  | — |  | 2,342 |  |  | — |  |  | 2,791 |
TV/VOD distribution licensing | 2,099 |  | 242 |  | — |  |  | — |  |  | 2,341 |
Theatrical distribution licensing | 2,745 |  | — |  | — |  |  | — |  |  | 2,745 |
Home entertainment | 639 |  | — |  | — |  |  | — |  |  | 639 |
Other | 1,454 |  | 572 |  | 1,575 |  |  | (231) |  |  | 3,370 |
| $ | 31,111 |  |  | $ | 13,201 |  |  | $ | 24,389 |  |  | $ | (1,044) |  |  | $ | 67,657 |
The following table presents revenues by segment and primary geographical markets:
| Quarter Ended June 29, 2024
| Entertainment |  | Sports |  | Experiences |  | Eliminations |  | Total
Americas | $ | 8,222 |  |  | $ | 4,190 |  |  | $ | 6,250 |  |  | $ | (369) |  |  | $ | 18,293 |
Europe | 1,427 |  |  | 75 |  |  | 1,070 |  |  | — |  |  | 2,572 |
Asia Pacific | 931 |  |  | 293 |  |  | 1,066 |  |  | — |  |  | 2,290 |
Total revenues | $ | 10,580 |  |  | $ | 4,558 |  |  | $ | 8,386 |  |  | $ | (369) |  |  | $ | 23,155 |
| Quarter Ended July 1, 2023
| Entertainment |  | Sports |  | Experiences |  | Eliminations |  | Total
Americas | $ | 7,885 |  |  | $ | 3,965 |  |  | $ | 6,245 |  |  | $ | (330) |  |  | $ | 17,765 |
Europe | 1,316 |  |  | 75 |  |  | 945 |  |  | — |  |  | 2,336 |
Asia Pacific | 926 |  |  | 295 |  |  | 1,008 |  |  | — |  |  | 2,229 |
Total revenues | $ | 10,127 |  |  | $ | 4,335 |  |  | $ | 8,198 |  |  | $ | (330) |  |  | $ | 22,330 |
| Nine Months Ended June 29, 2024
| Entertainment |  | Sports |  | Experiences |  | Eliminations |  | Total
Americas | $ | 23,450 |  |  | $ | 12,663 |  |  | $ | 19,591 |  |  | $ | (1,186) |  |  | $ | 54,518 |
Europe | 4,219 |  |  | 329 |  |  | 2,915 |  |  | — |  |  | 7,463 |
Asia Pacific | 2,688 |  |  | 713 |  |  | 3,405 |  |  | — |  |  | 6,806 |
Total revenues | $ | 30,357 |  |  | $ | 13,705 |  |  | $ | 25,911 |  |  | $ | (1,186) |  |  | $ | 68,787 |
| Nine Months Ended July 1, 2023
| Entertainment |  | Sports |  | Experiences |  | Eliminations |  | Total
Americas | $ | 23,976 |  |  | $ | 12,288 |  |  | $ | 19,146 |  |  | $ | (1,044) |  |  | $ | 54,366 |
Europe | 4,220 |  |  | 279 |  |  | 2,668 |  |  | — |  |  | 7,167 |
Asia Pacific | 2,915 |  |  | 634 |  |  | 2,575 |  |  | — |  |  | 6,124 |
Total revenues | $ | 31,111 |  |  | $ | 13,201 |  |  | $ | 24,389 |  |  | $ | (1,044) |  |  | $ | 67,657 |
Revenues recognized in the current and prior-year periods from performance obligations satisfied (or partially satisfied) in previous reporting periods primarily relate to revenues earned on TV/VOD licenses for titles made available to the licensee in previous reporting periods. For the quarter ended June 29, 2024, $0.3 billion was recognized related to performance obligations satisfied as of March 30, 2024. For the nine months ended June 29, 2024, $0.8 billion was recognized related to performance obligations satisfied as of September 30, 2023. For the quarter ended July 1, 2023, $0.3 billion was recognized related to performance obligations satisfied as of April 1, 2023. For the nine months ended July 1, 2023, $0.7 billion was recognized related to performance obligations satisfied as of October 1, 2022. As of June 29, 2024, revenue for unsatisfied performance obligations expected to be recognized in the future is $15 billion, primarily for IP or advertising time to be made available in the future under existing agreements with merchandise and co-branding licensees and sponsors, television station affiliates, DTC wholesalers, sports sublicensees and advertisers. Of this amount, we expect to recognize approximately $2 billion in the remainder of fiscal 2024, $6 billion in fiscal 2025, $3 billion in fiscal 2026 and $4 billion thereafter. These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less (such as most advertising contracts) or (ii) licenses of IP that are solely based on the sales of the licensee. When the timing of the Company’s revenue recognition is different from the timing of customer payments, the Company recognizes either a contract asset (customer payment is subsequent to revenue recognition and subject to the Company satisfying additional performance obligations) or deferred revenue (customer payment precedes the Company satisfying the performance obligations). Consideration due under contracts with payment in arrears is recognized as accounts receivable. Deferred revenues are recognized as (or when) the Company performs under the contract. The Company’s contract assets and activity for the current and prior-year periods were not material. Accounts receivable and deferred revenues from contracts with customers are as follows:
| June 29, 2024 |  | September 30, 2023
Accounts receivable |  |  |
Current | $ | 10,932 |  |  | $ | 10,279 |
Non-current | 1,058 |  |  | 1,212 |
Allowance for credit losses | (134) |  |  | (154) |
Deferred revenues |  |  |
Current | 5,806 |  |  | 5,568 |
Non-current | 888 |  |  | 977 |
For the quarter and nine months ended June 29, 2024, the Company recognized revenue of $0.5 billion and $4.8 billion, respectively, that was included in the September 30, 2023 deferred revenue balance. For the quarter and nine months ended July 1, 2023, the Company recognized revenue of $0.5 billion and $4.7 billion, respectively, that was included in the October 1, 2022 deferred revenue balance. Amounts deferred generally relate to theme park admissions and vacation packages, DTC subscriptions and advances related to merchandise and TV/VOD licenses. We evaluate our allowance for credit losses and estimate collectability of current and non-current accounts receivable based on historical bad debt experience, our assessment of the financial condition of individual companies with which we do business, current market conditions and reasonable and supportable forecasts of future economic conditions. In times of economic turmoil, our estimates and judgments with respect to the collectability of our receivables are subject to greater uncertainty than in more stable periods. The Company has accounts receivable with original maturities greater than one year related to the sale of film and television program rights (TV/VOD licensing) and vacation club properties. These receivables are discounted to present value at contract inception and the related revenues are recognized at the discounted amount. The balance of TV/VOD licensing receivables recorded in other non-current assets was $0.4 billion at June 29, 2024 and $0.6 billion at September 30, 2023. The balance of vacation club receivables recorded in other non-current assets was $0.7 billion at both June 29, 2024 and September 30, 2023. The allowance for credit losses for TV/VOD licensing and vacation club receivables and related activity for the periods ended June 29, 2024 and September 30, 2023 were not material.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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