WALT DISNEY CO, 10-K filed on 11/14/2024
Annual Report
v3.24.3
Audit Information
 12 Months Ended
Sep. 28, 2024
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Firm ID 238
Auditor Location Los Angeles, California
v3.24.3
Cover - USD ($)
$ in Billions
 12 Months Ended
Sep. 28, 2024
Nov. 06, 2024
Mar. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Sep. 28, 2024    
Current Fiscal Year End Date --09-28    
Document Transition Report false    
Entity File Number 001-38842    
Entity Registrant Name WALT DISNEY CO/    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 83-0940635    
Entity Address, Address Line One 500 South Buena Vista Street    
Entity Address, City or Town Burbank    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 91521    
City Area Code 818    
Local Phone Number 560-1000    
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol DIS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 223.4
Entity Common Stock, Shares Outstanding   1,810,939,306  
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001744489    
Documents Incorporated by Reference
Certain information required for Part III of this report is incorporated herein by reference to the proxy statement for the 2025 annual meeting of the Company’s shareholders.
    
v3.24.3
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Revenues $ 91,361 $ 88,898 $ 82,722
Selling, general, administrative and other (15,759) (15,336) (16,388)
Depreciation and amortization (4,990) (5,369) (5,163)
Total costs and expenses (79,447) (79,906) (75,952)
Restructuring and impairment charges (3,595) (3,892) (237)
Other income (expense), net [1] (65) 96 (667)
Interest expense, net (1,260) (1,209) (1,397)
Equity in the income of investees 575 782 816
Total income from continuing operations 7,569 4,769 5,285
Income taxes on continuing operations (1,796) (1,379) (1,732)
Net income from continuing operations 5,773 3,390 3,553
Loss from discontinued operations, net of income tax benefit of $0, $0 and $14, respectively 0 0 (48)
Net income 5,773 3,390 3,505
Net income from continuing operations attributable to noncontrolling and redeemable noncontrolling interests (801) (1,036) (360)
Net income attributable to The Walt Disney Company (Disney) $ 4,972 $ 2,354 $ 3,145
Earnings per share attributable to Disney      
Continuing Operations, Per Diluted Share $ 2.72 $ 1.29 $ 1.75
Discontinued Operation, Per Diluted Share 0 0 (0.03)
Diluted [2] 2.72 1.29 1.72
Continuing Operations, Per Basic Share 2.72 1.29 1.75
Discontinued Operation, Per Basic Share 0 0 (0.03)
Basic [2] $ 2.72 $ 1.29 $ 1.73
Weighted average number of common and common equivalent shares outstanding:      
Diluted (shares) 1,831 1,830 1,827
Basic (shares) 1,825 1,828 1,822
Service      
Revenues $ 81,841 $ 79,562 $ 74,200
Cost of Goods and Services Sold (52,509) (53,139) (48,962)
Product      
Revenues 9,520 9,336 8,522
Cost of Goods and Services Sold $ (6,189) $ (6,062) $ (5,439)
[1] “Other income (expense), net” for fiscal 2024 and 2023 includes charges related to a legal ruling of $65 million and $101 million, respectively. Fiscal 2023 and 2022 include a gain of $169 million and a loss of $663 million, respectively, to adjust our investment in DraftKings, Inc. to fair value. The Company sold the DraftKings investment in fiscal 2023.
[2] Total may not equal the sum of the column due to rounding.
v3.24.3
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Discontinued Operation, Tax Effect of Discontinued Operation $ 0 $ 0 $ (14)
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Net income $ 5,773 $ 3,390 $ 3,505
Other comprehensive income (loss), net of tax:      
Market value adjustments, primarily for hedges (443) (430) 735
Pension and postretirement medical plan adjustments (57) 1,214 2,503
Foreign currency translation and other 177 10 (1,060)
Other comprehensive income (loss) (323) 794 2,178
Comprehensive income 5,450 4,184 5,683
Net income from continuing operations attributable to noncontrolling interests (801) (1,036) (360)
Other comprehensive income (loss) attributable to noncontrolling interests (84) 33 143
Comprehensive income attributable to Disney $ 4,565 $ 3,181 $ 5,466
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Current assets    
Cash and cash equivalents $ 6,002 $ 14,182
Receivables, net 12,729 12,330
Inventories 2,022 1,963
Content advances 2,097 3,002
Other current assets 2,391 1,286
Total current assets 25,241 32,763
Produced and licensed content costs 32,312 33,591
Investments 4,459 3,080
Attractions, buildings and equipment 76,674 70,090
Accumulated depreciation (45,506) (42,610)
Parks, resorts and other property, before projects in progress and land, Total 31,168 27,480
Projects in progress 4,728 6,285
Land 1,145 1,176
Parks, resorts and other property 37,041 34,941
Intangible assets, net 10,739 13,061
Goodwill 73,326 77,067
Other assets 13,101 11,076
Total assets 196,219 205,579
Current liabilities    
Accounts payable and other accrued liabilities 21,070 20,671
Current portion of borrowings 6,845 4,330
Deferred revenue and other 6,684 6,138
Total current liabilities 34,599 31,139
Borrowings 38,970 42,101
Deferred income taxes 6,277 7,258
Other long-term liabilities 10,851 12,069
Commitments and contingencies
Redeemable noncontrolling interest 0 9,055
Equity    
Preferred stock 0 0
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.9 billion shares at September 28, 2024 and 1.8 billion shares at September 30, 2023 58,592 57,383
Retained earnings 49,722 46,093
Accumulated other comprehensive loss (3,699) (3,292)
Treasury stock, at cost, 47 million shares at September 28, 2024 and 19 million shares at September 30, 2023 (3,919) (907)
Total Disney Shareholders’ equity 100,696 99,277
Noncontrolling interests 4,826 4,680
Total equity 105,522 103,957
Total liabilities and equity $ 196,219 $ 205,579
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Sep. 28, 2024
Sep. 30, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common stock, authorized 4,600 4,600
Common stock, issued 1,900 1,800
Common Stock, Shares, Outstanding 1,900 1,800
Treasury stock, shares 47 19
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Net income from continuing operations $ 5,773 $ 3,390 $ 3,553
OPERATING ACTIVITIES      
Depreciation and amortization 4,990 5,369 5,163
Impairments of goodwill, produced and licensed content and other assets 3,511 3,128 212
Net (gain)/loss on investments 5 (166) 714
Deferred income taxes (821) (1,346) 200
Equity in the income of investees (575) (782) (816)
Cash distributions received from equity investees 437 720 779
Net change in produced and licensed content costs and advances 1,046 (1,908) (6,271)
Equity-based compensation 1,366 1,143 977
Pension and Postretirement Medical Amortization (96) 4 620
Other, net (52) 137 383
Changes in operating assets and liabilities      
Receivables (565) 358 605
Inventories (42) (183) (420)
Other assets 265 (201) (707)
Accounts payable and other liabilities 156 (1,142) 964
Income taxes (1,427) 1,345 46
Cash provided by operations - continuing operations 13,971 9,866 6,002
INVESTING ACTIVITIES      
Investments in parks, resorts and other property (5,412) (4,969) (4,943)
Proceeds from sales of investments 105 458 52
Purchase of investments (1,506) 0 0
Other, net (68) (130) (117)
Cash used in investing activities - continuing operations (6,881) (4,641) (5,008)
FINANCING ACTIVITIES      
Commercial paper borrowings (payments), net 1,532 (191) (334)
Borrowings 132 83 333
Reduction of borrowings (3,064) (1,675) (4,016)
Dividends (1,366) 0 0
Repurchases of common stock (2,992) 0 0
Contributions from noncontrolling interests 9 735 74
Acquisition of redeemable noncontrolling interests (8,610) (900) 0
Other, net (929) (776) (786)
Cash used in financing activities - continuing operations (15,288) (2,724) (4,729)
CASH FLOWS FROM DISCONTINUED OPERATIONS      
Cash provided by operations - discontinued operations 0 0 8
Cash used in financing activities - discontinued operations 0 0 (12)
Cash used in discontinued operations 0 0 (4)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations 65 73 (603)
Change in Cash, Cash Equivalents and Restricted Cash (8,133) 2,574 (4,342)
Cash, cash equivalents and restricted cash, beginning of year 14,235 11,661 16,003
Cash, cash equivalents and restricted cash, end of year 6,102 14,235 11,661
Supplemental disclosure of cash flow information:      
Interest paid 2,134 2,110 1,685
Income taxes paid $ 3,963 $ 1,193 $ 1,097
v3.24.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock, Common
Total Disney Equity
Noncontrolling Interest
 [1]
Total excluding redeemable noncontrolling interest [Member]
BEGINNING BALANCE (in shares) at Oct. 02, 2021   1,818,000            
BEGINNING BALANCE at Oct. 02, 2021   $ 55,471 $ 40,429 $ (6,440) $ (907) $ 88,553 $ 4,458 $ 93,011
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income (loss) $ 5,683   3,145 2,321   5,466 (68) 5,398
Equity compensation activity (in shares)   6,000            
Equity compensation activity   $ 925       925   925
Contributions 74           74 74
Distributions and other   $ 2 62     64 (593) (529)
ENDING BALANCE (in shares) at Oct. 01, 2022   1,824,000            
ENDING BALANCE at Oct. 01, 2022   $ 56,398 43,636 (4,119) (907) 95,008 3,871 98,879
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income (loss) 4,184   2,354 827   3,181 549 3,730
Equity compensation activity (in shares)   6,000            
Equity compensation activity   $ 1,056       1,056   1,056
Contributions $ 735           806 806
Distributions and other   $ (71) 103     32 (546) (514)
ENDING BALANCE (in shares) at Sep. 30, 2023 1,800,000 1,830,000            
ENDING BALANCE at Sep. 30, 2023 $ 103,957 $ 57,383 46,093 (3,292) (907) 99,277 4,680 103,957
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income (loss) $ 5,450   4,972 (407)   4,565 730 5,295
Equity compensation activity (in shares)   10,000            
Equity compensation activity   $ 1,195       1,195   1,195
Dividends   $ 13 (1,379)     (1,366)   (1,366)
Common stock repurchases (in shares) (28,000) (28,000)            
Common stock repurchases $ 3,000       (2,992) (2,992)   (2,992)
Contributions $ 9           9 9
Distributions and other   $ 1 36   (20) 17 (593) (576)
ENDING BALANCE (in shares) at Sep. 28, 2024 1,900,000 1,812,000            
ENDING BALANCE at Sep. 28, 2024 $ 105,522 $ 58,592 $ 49,722 $ (3,699) $ (3,919) $ 100,696 $ 4,826 $ 105,522
[1] Excludes redeemable noncontrolling interest.
v3.24.3
Description of the Business and Segment Information
 12 Months Ended
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of the Business and Segment Information Description of the Business and Segment Information
The Walt Disney Company, together with the subsidiaries through which businesses are conducted (the Company), is a diversified worldwide entertainment company with operations in three segments: Entertainment, Sports and Experiences.
The terms “Company”, “we”, “our” and “us” are used in this report to refer collectively to the parent company and the subsidiaries through which businesses are conducted.
DESCRIPTION OF THE BUSINESS
Entertainment
The Entertainment segment generally encompasses the Company’s non-sports focused global film and television content production and distribution activities.
The lines of business within Entertainment along with their significant business activities include the following:
•Linear Networks
◦Domestic: ABC Television Network (ABC Network); Disney, Freeform, FX and National Geographic (owned 73% by the Company) branded television channels; and eight owned ABC television stations
◦International: Disney, FX, National Geographic (owned 73% by the Company) and Star branded general entertainment television channels outside of the U.S.
◦A 50% equity investment in A+E Television Networks (A+E), which operates cable channels including A&E, HISTORY and Lifetime
•Direct-to-Consumer
◦Disney+: a global direct-to-consumer (DTC) service that primarily offers general entertainment and family programming
◦Disney+ Hotstar: a DTC service primarily in India that offers general entertainment, family and sports programming.
◦Hulu: a U.S. DTC service that offers general entertainment and family programming and a digital over-the-top service that includes live linear streams of various cable and broadcast networks. See Note 2 for information on Hulu LLC (Hulu) ownership.
•Content Sales/Licensing
◦Theatrical distribution
◦Sale/licensing of film and episodic content to television and video-on-demand (TV/VOD) services
◦Home entertainment distribution: electronic home video licenses, video-on-demand rentals and sales of DVD/Blu-ray discs
◦Intersegment allocation of revenues from the Experiences segment, which is meant to reflect royalties on consumer products merchandise licensing revenues generated on intellectual property (IP) created by the Entertainment segment
◦Staging and licensing of live entertainment events on Broadway and around the world (Stage Plays)
◦Music distribution
◦Post-production services by Industrial Light & Magic and Skywalker Sound
Entertainment also includes the following activities that are reported with Content Sales/Licensing:
•National Geographic magazine and online business (owned 73% by the Company)
•A 30% ownership interest in Tata Play Limited, which operates a direct-to-home satellite distribution platform in India
The significant revenues of Entertainment are as follows:
•Subscription fees - Fees charged to customers/subscribers for our DTC streaming services
•Advertising - Sales of advertising time/space
•Affiliate fees - Fees charged to multi-channel video programming distributors (i.e. cable, satellite, telecommunications and digital over-the-top service providers) (MVPDs) for the right to deliver our programming to their customers. Linear Networks also generates revenues from fees charged to television stations affiliated with ABC Network.
•Theatrical distribution - Rentals from licensing our films to theaters
•TV/VOD distribution - Licensing fees for the right to use our film and episodic content
•Home entertainment distribution - Electronic sales and rentals of film and episodic content through distributors and royalties from the licensing of physical distribution rights
•Other revenue - Revenues from licensing our music, ticket sales from stage play performances, fees from licensing our IP for use in stage plays, sales of post-production services and the allocation of consumer products merchandise licensing revenues
The significant expenses of Entertainment are as follows:
•Operating expenses, consisting primarily of programming and production costs, technology support costs, operating labor and distribution costs. Programming and production costs include the following:
◦Amortization of capitalized production costs
◦Amortization of the costs of licensed programming rights
◦Subscriber-based fees for programming our Hulu Live service, including fees paid by Hulu to the Sports segment and other Entertainment segment businesses for the right to air their linear networks on Hulu Live
◦Production costs related to live programming (primarily news)
◦Participations and residual expenses
◦Fees paid to the Sports segment to program ESPN on ABC and certain sports content on Disney+
•Selling, general and administrative costs, including marketing costs
•Depreciation and amortization
Sports
The Sports segment generally encompasses the Company’s sports-focused global television and DTC video streaming content production and distribution activities.
The lines of business within Sports include the following:
•ESPN (generally owned 80% by the Company)
◦Domestic:
▪Seven ESPN branded television channels
▪ESPN on ABC (sports programmed on the ABC Network by ESPN)
▪ESPN+ DTC service
◦International: ESPN-branded channels outside of the U.S.
◦Star: Star-branded sports channels in India
In February 2024, the Company, Fox Corporation and Warner Bros. Discovery, Inc. announced plans to create a joint venture to offer a sports-focused DTC platform (Venu Sports) that will distribute each party’s domestic sports networks, certain broadcast networks and sports streaming services. In August 2024, a motion for preliminary injunction in a matter before the District Court for the Southern District of New York was granted, enjoining the launch of Venu Sports. See Note 14 for additional information regarding this legal matter. Further, the formation and launch of Venu Sports are subject to the finalization of definitive agreements among the parties.
The significant revenues of Sports are as follows:
•Affiliate fees
•Advertising
•Subscription fees
•Other revenue - Fees from the following activities: pay-per-view events on ESPN+, sub-licensing of sports rights, programming ESPN on ABC and licensing the ESPN brand
The significant expenses of Sports are as follows:
•Operating expenses, consisting primarily of programming and production costs, technology support costs, operating labor and distribution costs. Programming and production costs include amortization of licensed sports rights and production costs related to live sports and other sports-related programming.
•Selling, general and administrative costs, including marketing costs
•Depreciation and amortization
Experiences
The lines of business within Experiences along with their significant business activities include the following:
•Parks & Experiences:
◦Domestic:
▪Theme parks and resorts:
•Walt Disney World Resort in Florida
•Disneyland Resort in California
▪Experiences
•Disney Cruise Line
•Disney Vacation Club
•National Geographic Expeditions (owned 73% by the Company) and Adventures by Disney
•Aulani, a Disney Resort & Spa in Hawaii
◦International:
▪Theme parks and resorts:
•Disneyland Paris
•Hong Kong Disneyland Resort (48% ownership interest and consolidated in our financial results)
•Shanghai Disney Resort (43% ownership interest and consolidated in our financial results)
•In addition, the Company licenses its IP to a third party that owns and operates Tokyo Disney Resort
•Consumer Products:
◦Licensing of our trade names, characters, visual, literary and other IP to various manufacturers, game developers, publishers and retailers throughout the world, for use on merchandise, published materials and games
◦Sale of branded merchandise through online, retail and wholesale businesses, and development and publishing of books, comic books and magazines (except National Geographic magazine, which is reported in Entertainment)
The significant revenues of Experiences are as follows:
•Theme park admissions - Sales of tickets for admission to our theme parks and for premium access to certain attractions (e.g. Lightning Lane)
•Resorts and vacations - Sales of room nights at hotels, sales of cruise and other vacations and sales and rentals of vacation club properties
•Parks & Experiences merchandise, food and beverage - Sales of merchandise, food and beverages at our theme parks and resorts and cruise ships
•Merchandise licensing and retail:
◦Merchandise licensing - Royalties from licensing our IP for use on consumer goods
◦Retail - Sales of merchandise through internet shopping sites, at The Disney Store and to wholesalers
•Parks licensing and other - Revenues from sponsorships and co-branding opportunities, real estate rent and sales and royalties earned on Tokyo Disney Resort revenues
The significant expenses of Experiences are as follows:
•Operating expenses, consisting primarily of operating labor, infrastructure costs, costs of goods sold and distribution costs, supplies, commissions and entertainment offerings. Infrastructure costs include technology support costs, repairs and maintenance, utilities and fuel, property taxes, retail occupancy costs, insurance and transportation
•Selling, general and administrative costs, including marketing costs
•Depreciation and amortization
STAR INDIA TRANSACTION
On or about November 14, 2024, the Company and Reliance Industries Limited (RIL) plan to finalize the formation of a joint venture that combines our Star-branded and other general entertainment and sports television channels and direct-to-consumer Disney+ Hotstar service in India (Star India) and certain media and entertainment businesses controlled by RIL (the Star India Transaction) (see Note 4 for additional information).
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. We do not present a measure of total assets for our reportable segments as this information is not used by management to allocate resources and capital.
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 generally 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 episodic costs) recognized in connection with the TFCF acquisition in fiscal 2019 (TFCF and Hulu acquisition amortization). 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.
Segment revenues and segment operating income are as follows:
202420232022
Revenues
Entertainment
Third parties
$40,775  $40,258  $39,231  
Intersegment
411  377  338  
41,186  40,635  39,569  
Sports
Third parties
16,435  16,091  16,429  
Intersegment
1,184  1,020  841  
17,619  17,111  17,270  
Experiences
34,151  32,549  28,085  
Eliminations
(1,595) (1,397) (1,179) 
Total segment revenues$91,361  $88,898  $83,745  
Segment operating income (loss)
Entertainment
$3,923  $1,444  $2,126  
Sports
2,406  2,465  2,710  
Experiences
9,272  8,954  7,285  
Total segment operating income(1)
$15,601  $12,863  $12,121  
(1)Equity in the income of investees is included in segment operating income as follows:
202420232022
Entertainment
$529  $685  $783  
Sports
58  55  55  
Experiences
—  (2) (10) 
Equity in the income of investees included in segment operating income587  738  828  
A+E Gain(1)
—  56  —  
Amortization of TFCF intangible assets related to equity investees
(12) (12) (12) 
Equity in the income of investees$575  $782  $816  
(1)Restructuring and impairment charges in fiscal 2023 include the impact of a content license agreement termination with A+E, which generated a gain at A+E. The Company’s 50% interest of this gain was $56 million (A+E gain).
A reconciliation of segment revenues to total revenues is as follows:
 202420232022
Segment revenues$91,361 $88,898   $83,745 
Content License Early Termination(1)
—   — (1,023)  
Total revenues$91,361 $88,898 $82,722 
(1)In fiscal 2022, the Company early terminated certain license agreements with a customer for film and episodic content, which was delivered in previous years, in order for the Company to use the content primarily on our Entertainment Direct-to-Consumer services (Content License Early Termination). Because the content is functional IP, we had recognized substantially all of the consideration to be paid by the customer under the licenses as revenue in prior years when the content was delivered. Consequently, we have recorded the amounts to terminate the license agreements, net of remaining amounts of deferred revenue, as a reduction of revenue.
A reconciliation of segment operating income to income from continuing operations before income taxes is as follows:
202420232022
Segment operating income$15,601  $12,863  $12,121  
Content License Early Termination— — (1,023)
Corporate and unallocated shared expenses(1,435) (1,147) (1,159) 
Restructuring and impairment charges(1)
(3,595) (3,836) (237) 
Other income (expense), net(2)
(65) 96  (667) 
Interest expense, net(1,260) (1,209) (1,397) 
TFCF and Hulu acquisition amortization(3)
(1,677) (1,998) (2,353) 
Income from continuing operations before income taxes
$7,569  $4,769  $5,285  
(1)Net of the A+E Gain in fiscal 2023.
(2)“Other income (expense), net” for fiscal 2024 and 2023 includes charges related to a legal ruling of $65 million and $101 million, respectively. Fiscal 2023 and 2022 include a gain of $169 million and a loss of $663 million, respectively, to adjust our investment in DraftKings, Inc. to fair value. The Company sold the DraftKings investment in fiscal 2023.
(3)TFCF and Hulu acquisition amortization is as follows:
202420232022
Amortization of intangible assets
$1,394  $1,547  $1,707  
Step-up of film and episodic costs
271 439 634 
Intangibles related to TFCF equity investees
12 12 12 
$1,677 $1,998 $2,353 
Capital expenditures, depreciation expense and amortization of intangible assets are as follows:
Capital expenditures202420232022
Entertainment
$977  $1,032  $802  
Sports
10  15  8  
Experiences
Domestic2,710  2,203  2,680  
International949  822  767  
Corporate766  897  686  
Total capital expenditures$5,412  $4,969  $4,943  
Depreciation expense
Entertainment
$681  $669  $560  
Sports
39  73  90 
Experiences
Domestic1,744  2,011  1,680  
International726  669  662  
Amounts included in segment operating income2,470  2,680  2,342  
Corporate244  204  191  
Total depreciation expense$3,434  $3,626  $3,183  
Amortization of intangible assets
Entertainment
$53  $87  $164  
Experiences
109  109  109  
Amounts included in segment operating income162  196  273  
TFCF and Hulu1,394  1,547  1,707  
Total amortization of intangible assets$1,556  $1,743  $1,980  
The following table presents our revenues and segment operating income by geographical markets:
202420232022
Revenues
Americas$72,162  $71,205  $68,218  
Europe10,279  9,533  8,680  
Asia Pacific8,920  8,160  6,847  
$91,361  $88,898  $83,745  
Content License Early Termination(1,023) 
$82,722  
Segment operating income
Americas$12,921  $10,779  $11,099  
Europe1,369  856  586  
Asia Pacific1,311  1,228  436  
$15,601  $12,863  $12,121  
Long-lived assets(1) by geographical markets are as follows:
September 28, 2024September 30, 2023
Americas$62,107  $60,988  
Europe10,299  9,760  
Asia Pacific6,535  7,829  
$78,941  $78,577  
(1)Long-lived assets are primarily parks, resorts and other property, produced and licensed content costs, right-of-use lease assets, equity method investments and benefit plans in a net asset position. The fiscal 2023 presentation has been adjusted to conform with the fiscal 2024 presentation.
v3.24.3
Summary of Significant Accounting Policies
 12 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements of the Company include the accounts of The Walt Disney Company and its majority-owned or controlled subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
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.
Reporting Period
The Company’s fiscal year ends on the Saturday closest to September 30 and consists of fifty-two weeks with the exception that approximately every six years, we have a fifty-three week year. When a fifty-three week year occurs, the Company reports the additional week in the fourth quarter. Fiscal 2024, 2023 and 2022 were fifty-two week years.
Reclassifications
Certain reclassifications have been made in the fiscal 2023 and fiscal 2022 financial statements and notes to conform to the fiscal 2024 presentation.
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.
Revenues and Costs from Services and Products
The Company generates revenue from the sale of both services and tangible products and revenues and operating costs are classified under these two categories in the Consolidated Statements of Income. Certain costs related to both the sale of services and tangible products are not specifically allocated between the service or tangible product revenue streams but are instead attributed to the principal revenue stream. The cost of services and tangible products exclude depreciation and amortization.
Significant service revenues include:
•Subscription fees to our DTC streaming services
•Affiliate fees
•Advertising revenues
•Admissions to our theme parks, charges for room nights at hotels and sales of cruise vacation packages
•Revenue from the licensing and distribution of film and television properties
•Royalties from licensing our IP for use on consumer goods, published materials and in multi-platform games
Significant operating costs related to the sale of services include:
•Programming and production costs
•Distribution costs
•Operating labor
•Facilities and infrastructure costs
Significant tangible product revenues include:
•The sale of food, beverage and merchandise
•The sale of books, comic books and magazines
Significant operating costs related to the sale of tangible products include:
•Costs of goods sold
•Operating labor
•Distribution costs
•Retail occupancy costs
Revenue Recognition
The Company’s revenue recognition policies are as follows:
•Subscription fees are recognized ratably over the term of the subscription.
•Affiliate fees are recognized as the programming is provided based on contractually specified per subscriber rates and the actual number of the affiliate’s customers receiving the programming. For affiliate contracts with fixed license fees, the fees are recognized ratably over the contract term. If an affiliate contract includes a minimum guaranteed license fee, the guaranteed license fee is recognized ratably over the guaranteed period and any fees earned in excess of the guarantee are recognized as earned once the minimum guarantee has been exceeded. Affiliate agreements may also include a license to use the network programming for on demand viewing. As the fees charged under these contracts are generally based on a contractually specified per subscriber rate for the number of underlying subscribers of the affiliate, revenues are recognized as earned.
•Advertising sales are recognized as revenue, net of agency commissions, when commercials are aired. For contracts that contain a guaranteed number of impressions, revenues are recognized based on impressions delivered. When the guaranteed number of impressions is not met (“ratings shortfall”), revenues are not recognized for the ratings shortfall until the additional impressions are delivered.
•Theme park admissions are recognized when the tickets are used. Sales of annual passes are recognized ratably over the period for which the pass is available for use.
•Resorts and vacations sales are recognized as revenue as the services are provided to the guest. Sales of vacation club properties are recognized as revenue upon the later of when title transfers to the customer or when construction activity is deemed complete.
•Merchandise, food and beverage sales are recognized at the time of sale. Sales from our branded internet shopping sites and to wholesalers are recognized upon delivery. We estimate returns and customer incentives based upon historical return experience, current economic trends and projections of consumer demand for our products.
•Merchandise licensing fees are recognized as revenue as earned based on the contractual royalty rate applied to the licensee’s underlying product sales. For licenses with minimum guaranteed license fees, the excess of the minimum guaranteed amount over actual royalties earned (“shortfall”) is recognized straight-line over the remaining license period once an expected shortfall is probable.
•TV/VOD distribution fixed license fees are recognized as revenue when the content is available for use by the licensee. License fees based on the underlying sales of the licensee are recognized as revenue based on the contractual royalty rate applied to the licensee sales.
For TV/VOD licenses that include multiple titles with a fixed license fee across all titles, each title is considered a separate performance obligation. The fixed license fee is allocated to each title at contract inception and the allocated license fee is recognized as revenue when the title is available for use by the licensee.
When the license contains a minimum guaranteed license fee across all titles, the license fees earned by titles in excess of their allocated amount are deferred until the minimum guaranteed license fee across all titles is exceeded. Once the minimum guaranteed license fee is exceeded, revenue is recognized as earned based on the licensee’s underlying sales.
TV/VOD distribution contracts may limit the licensee’s use of a title to certain defined periods of time during the contract term. In these instances, each period of availability is generally considered a separate performance obligation. For these contracts, the fixed license fee is allocated to each period of availability at contract inception based on
relative standalone selling price using management’s best estimate. Revenue is recognized at the start of each availability period when the content is made available for use by the licensee.
When the term of an existing agreement is renewed or extended, revenues are recognized when the licensed content becomes available under the renewal or extension.
•Theatrical distribution licensing fees are recognized as revenue based on the contractual royalty rate applied to the distributor’s underlying sales from exhibition of the film.
•Home entertainment sales in electronic formats are recognized as revenue when the content is available for use by the consumer. Royalties from the licensing of physical home entertainment distribution rights are recognized as revenue as earned based on the contractual royalty rate applied to the licensee’s underlying product sales. Sales in physical formats through distributors are recognized as revenue on the later of the delivery date or the date that the product can be sold by retailers. We reduce home entertainment physical distribution revenues for estimated future returns of merchandise and sales incentives based upon historical return experience, current economic trends and projections of consumer demand for our products.
•Taxes collected from customers and remitted to governmental authorities are excluded from revenue.
•Shipping and handling fees collected from customers are recorded as revenue and the related shipping expenses are recorded in cost of products upon delivery of the product to the consumer.
Allowance for Credit Losses
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 supportable forecasts of future economic conditions.
Advertising Expense
Advertising costs are expensed as incurred. Advertising expense for fiscal 2024, 2023 and 2022 was $6.1 billion, $6.4 billion and $7.2 billion, respectively. The decrease in advertising expense for fiscal 2024 compared to fiscal 2023 was due to a decrease in theatrical marketing costs. The decrease in advertising expense for fiscal 2023 compared to fiscal 2022 was due to lower spend for our DTC streaming services.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. Cash and cash equivalents subject to contractual restrictions and not readily available are classified as restricted cash.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts in the Consolidated Statements of Cash Flows.
September 28, 2024September 30, 2023October 1, 2022
Cash and cash equivalents$6,002$14,182$11,615
Restricted cash included in:
Other current assets——3
Other assets1005343
Total cash, cash equivalents and restricted cash in the statement of cash flows
$6,102$14,235$11,661
Investments
Investments in equity securities with a readily determinable fair value, not accounted for under the equity method, are recorded at that value with unrealized gains and losses included in earnings. For equity securities without a readily determinable fair value, the investment is recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the same or similar securities, with unrealized gains and losses included in earnings.
For equity method investments, the Company regularly reviews its investments to determine whether there is a decline in fair value below book value. If there is a decline that is other-than-temporary, the investment is written down to fair value.
Translation Policy
Generally, the U.S. dollar is the functional currency for our international film and episodic content distribution and licensing businesses and the branded international channels and DTC streaming services. Generally, the local currency is the functional currency for the Asia Theme Parks, Disneyland Paris, international sports channels and international locations of The Disney Store.
For U.S. dollar functional currency locations, foreign currency assets and liabilities are remeasured into U.S. dollars at end-of-period exchange rates, except for non-monetary balance sheet accounts, which are remeasured at historical exchange rates. Revenue and expenses are remeasured at average exchange rates in effect during each period, except for those expenses related to the non-monetary balance sheet amounts, which are remeasured at historical exchange rates. Gains or losses from foreign currency remeasurement are included in income.
For local currency functional locations, assets and liabilities are translated at end-of-period rates while revenues and expenses are translated at average rates in effect during the period. Equity is translated at historical rates and the resulting cumulative translation adjustments are included as a component of accumulated other comprehensive income (loss) (AOCI).
Inventories
Inventory primarily includes vacation timeshare units, merchandise, food, materials and supplies. Carrying amounts of vacation ownership units are recorded at the lower of cost or net realizable value. Carrying amounts of merchandise, food, materials and supplies inventories are generally determined on a moving average cost basis and are recorded at the lower of cost or net realizable value.
Film and Television Content Costs
The Company classifies its capitalized produced and acquired/licensed content costs as long-term assets (“Produced and licensed content costs” in the Consolidated Balance Sheet) and classifies advances for live programming rights made prior to the live event as short-term assets (“Content advances” in the Consolidated Balance Sheet). For produced content, we capitalize all direct costs incurred in the physical production of a film, as well as allocations of production overhead and capitalized interest. For licensed and acquired content, we capitalize the license fee or acquisition cost, respectively. For purposes of amortization and impairment, the capitalized content costs are classified based on their predominant monetization strategy as follows:
•Individual - lifetime value is predominantly derived from third-party revenues that are directly attributable to the specific film or television title (e.g. theatrical revenues or sales to third-party television programmers)
•Group - lifetime value is predominantly derived from third-party revenues that are attributable only to a bundle of titles (e.g. subscription revenue for a DTC service or affiliate fees for a cable television network)
The determination of the predominant monetization strategy is made at commencement of production on a consolidated basis and is based on the means by which we derive third-party revenues from use of the content. Imputed title by title license fees that may be necessary for other purposes are established as required for those purposes.
We generally classify content that is initially intended for use on our DTC streaming services or Linear Networks as group assets. We generally classify content initially intended for theatrical release or for sale to third-party licensees as individual assets. The classification of content as individual or group only changes if there is a significant change to the title’s monetization strategy relative to its initial assessment (e.g. content that was initially intended for license to a third party is instead used on an owned DTC service). When there is a significant change in monetization strategy, the title’s capitalized content costs are tested for impairment.
Production costs for content that is predominantly monetized individually are amortized based upon the ratio of the current period’s revenues to the estimated remaining total revenues (Ultimate Revenues). For film productions, Ultimate Revenues include revenues from all sources, which may include imputed license fees for content that is used on our DTC streaming services, that will be earned within ten years from the date of the initial release for theatrical films. For episodic series that are classified as individual, Ultimate Revenues include revenues that will be earned within ten years, including imputed license fees for content that is used on our DTC streaming services, from delivery of the first episode, or if still in production, five years from delivery of the most recent episode, if later. Participations and residuals are expensed over the applicable product life cycle based upon the ratio of the current period’s revenues to the estimated remaining total revenues for each production.
Production costs that are predominantly monetized as a group are amortized based on projected usage, generally resulting in an accelerated or straight-line amortization pattern. Adjustments to projected usage are applied prospectively in the period of the change. Participations and residuals are generally expensed in line with the pattern of usage.
Licensed rights to film and television content and other programs for broadcast on our Linear Networks, domestic ESPN television network, International Sports Channels or DTC streaming services are expensed on an accelerated or straight-line basis over their useful life or over the number of times the program is expected to be aired, as appropriate. We amortize rights costs for multi-year sports programming arrangements during the applicable seasons based on the estimated relative value of each year in the arrangement. If annual contractual payments related to each season approximate each season’s estimated relative value, we expense the related contractual payments during the applicable season.
Acquired film and television libraries are generally amortized on a straight-line basis over 20 years from the date of acquisition. Acquired film and television libraries include content that was initially released three years prior to its acquisition, except it excludes the prior seasons of episodic programming still in production at the date of its acquisition.
Amortization of capitalized costs for produced content begins in the month the content is first released, while amortization of capitalized costs for licensed content commences when the license period begins and the content is first aired or available for use on our DTC services. Amortization of content assets is primarily included in “Cost of services” in the Consolidated Statements of Income.
The costs of produced and licensed film and television content are subject to regular recoverability assessments. Production costs for content that is predominantly monetized individually are tested for impairment at the individual title level by comparing that title’s unamortized costs to the estimated present value of discounted cash flows directly attributable to the title. To the extent the title’s unamortized costs exceed the present value of discounted cash flows, an impairment charge is recorded for the excess. Cost of content that is predominantly monetized as a group is tested for impairment by comparing the present value of the discounted cash flows of the group to the aggregate unamortized costs of the group. The group is established by identifying the lowest level for which cash flows are independent of the cash flows of other produced and licensed content. If the unamortized costs exceed the present value of discounted cash flows, an impairment charge is recorded for the excess and allocated to individual titles based on the relative carrying value of each title in the group. If there are no plans to continue to use an individual film or television program that is part of a group, the unamortized cost of the individual title is written down to its estimated fair value. Licensed content is included as part of the group within which it is monetized for purposes of impairment testing.
Content Production Incentives
The Company receives tax incentives from U.S. (state and local) and foreign government agencies to encourage the production of film, episodic and streaming content. The incentives are largely received as tax credits, which are recognized as a reduction to produced and licensed content costs when there is reasonable assurance of collection (presented as “Produced and licensed content costs” in the Consolidated Balance Sheets), resulting in a reduction to programming and production costs (presented as “Costs of services” in the Consolidated Statements of Income) over the asset’s amortization period.
Internal-Use Software Costs
The Company expenses costs incurred in the preliminary project stage of developing or acquiring internal use software, such as research and feasibility studies as well as costs incurred in the post-implementation/operational stage, such as maintenance and training. Capitalization of software development costs occurs only after the preliminary-project stage is complete, management authorizes the project and it is probable that the project will be completed and the software will be used for the function intended. As of September 28, 2024 and September 30, 2023, capitalized software costs, net of accumulated amortization, totaled $1.3 billion and $1.2 billion, respectively. The capitalized costs are amortized on a straight-line basis over the estimated useful life of the software, generally up to 5 years.
Parks, Resorts and Other Property
Parks, resorts and other property are carried at historical cost. Depreciation is computed on the straight-line method, generally over the following estimated useful lives:
Attractions, buildings and improvements20 – 40 years
Furniture, fixtures and equipment3 – 25 years
Land improvements20 – 40 years
Leasehold improvementsLife of lease or asset life if less
Leases
The Company determines whether a contract is a lease at contract inception or for a modified contract at the modification date. At inception or modification, the Company calculates the present value of operating lease payments using the Company’s incremental borrowing rate applicable to the lease, which is determined by estimating what it would cost the Company to borrow a collateralized amount equal to the total lease payments over the lease term based on the contractual terms of the lease and the location of the leased asset. Our leases may require us to make fixed rental payments, variable lease payments based on usage or sales and fixed non-lease costs relating to the leased asset. Variable lease payments are generally not included in the measurement of the right-of-use asset and lease liability. Fixed non-lease costs, for example common-area maintenance costs, are included in the measurement of the right-of-use asset and lease liability as the Company does not separate lease and non-lease components.
Goodwill, Other Intangible Assets and Long-Lived Assets
The Company is required to test goodwill and other indefinite-lived intangible assets for impairment on an annual basis and if current events or circumstances require, on an interim basis. The Company performs its annual test of goodwill and indefinite-lived intangible assets for impairment in its fiscal fourth quarter.
Goodwill is allocated to various reporting units, which are an operating segment or one level below the operating segment. To test goodwill for impairment, the Company first performs a qualitative assessment to determine if it is more likely than not that the carrying amount of a reporting unit exceeds its fair value. If it is, a quantitative assessment is required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test.
The qualitative assessment requires the consideration of factors such as recent market transactions, macroeconomic conditions and changes in projected future cash flows of the reporting unit.
The quantitative assessment compares the fair value of each goodwill reporting unit to its carrying amount, and to the extent the carrying amount exceeds the fair value, an impairment of goodwill is recognized for the excess up to the amount of goodwill allocated to the reporting unit.
In fiscal 2024, the Company bypassed the qualitative test and performed a quantitative assessment of goodwill for impairment (see Note 18).
The impairment test for goodwill requires judgment related to the identification of reporting units, the assignment of assets and liabilities to reporting units including goodwill and the determination of fair value of the reporting units. To determine the fair value of our reporting units, we generally use a present value technique (discounted cash flows) corroborated by market multiples when available and as appropriate. The discounted cash flow analyses are sensitive to our estimated projected future cash flows as well as the discount rates used to calculate their present value. Our future cash flows are based on internal forecasts for each reporting unit, which consider projected inflation and other economic indicators, as well as industry growth projections. Significant judgments and assumptions in the discounted cash flow model relate to projections of future revenues and certain operating expenses, operating margins, terminal growth rates and discount rates. Discount rates for each reporting unit are determined based on the inherent risks of each reporting unit’s underlying operations. We believe our estimates are consistent with how a marketplace participant would value our reporting units. If we had established different reporting units or utilized different valuation methodologies or assumptions, the impairment test results could differ.
To test other indefinite-lived intangible assets for impairment, the Company first performs a qualitative assessment to determine if it is more likely than not that the carrying amount of each of its indefinite-lived intangible assets exceeds its fair value. If it is, a quantitative assessment is required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test.
The qualitative assessment requires the consideration of factors such as recent market transactions, macroeconomic conditions and changes in projected future cash flows.
The quantitative assessment compares the fair value of an indefinite-lived intangible asset to its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized for the excess. Fair values of indefinite-lived intangible assets are determined based on discounted cash flows or appraised values, as appropriate. The Company has determined that there are currently no legal, competitive, economic or other factors that materially limit the useful life of our trademarks and FCC licenses, which are our most significant indefinite-lived intangible assets.
Finite-lived intangible assets are generally amortized on a straight-line basis over periods of 5 to 40 years. The costs to periodically renew our intangible assets are expensed as incurred.
The Company expects its aggregate annual amortization expense for finite-lived intangible assets for fiscal 2025 through 2029 to be as follows:
2025$1,468
2026979
2027904
2028838
2029778
The Company tests long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount may not be recoverable. Once a triggering event has occurred, the impairment test employed is based on whether the Company’s intent is to hold the asset for continued use or to hold the asset for sale. The impairment test for assets held for use requires a comparison of the estimated undiscounted future
cash flows expected to be generated over the useful life of the significant assets of an asset group to the carrying amount of the asset group. An asset group is generally established by identifying the lowest level of cash flows generated by a group of assets that are largely independent of the cash flows of other assets and could include assets used across multiple businesses. If the carrying amount of an asset group exceeds the estimated undiscounted future cash flows, an impairment would be measured as the difference between the fair value of the asset group and the carrying amount of the asset group. For assets held for sale, to the extent the carrying amount is greater than the asset’s fair value less costs to sell, an impairment loss is recognized for the difference.
The Company recorded non-cash impairment charges in fiscal 2024, 2023 and 2022 that are further described in Note 18.
Financial Risk Management Contracts
In the normal course of business, the Company employs a variety of financial instruments (derivatives) including interest rate and cross-currency swap agreements and forward and option contracts to manage its exposure to fluctuations in interest rates, foreign currency exchange rates and commodity prices.
The Company formally documents all relationships between hedges and hedged items as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company primarily enters into two types of derivatives: hedges of fair value exposure and hedges of cash flow exposure. Hedges of fair value exposure are entered into in order to hedge the fair value of a recognized asset, liability, or a firm commitment. Hedges of cash flow exposure are entered into in order to hedge a forecasted transaction (e.g. forecasted revenue) or the variability of cash flows to be paid or received, related to a recognized liability or asset (e.g. floating-rate debt).
The Company designates and assigns the derivatives as hedges of forecasted transactions, specific assets or specific liabilities. When hedged assets or liabilities are sold or extinguished or the forecasted transactions being hedged impact earnings or are no longer expected to occur, the Company recognizes the gain or loss on the designated derivatives.
The Company’s hedge positions are measured at fair value on the balance sheet. Realized gains and losses from hedges are classified in the income statement consistent with the accounting treatment of the items being hedged. The Company accrues the differential for interest rate swaps to be paid or received under the agreements as interest rates change as adjustments to interest expense over the lives of the swaps. Gains and losses on the termination of effective swap agreements, prior to their original maturity, are deferred and amortized to interest expense over the remaining term of the underlying hedged transactions.
The Company enters into derivatives that are not designated as hedges and do not qualify for hedge accounting. These derivatives are intended to offset certain economic exposures of the Company and are carried at fair value with changes in value recorded in earnings. Cash flows from hedging activities are classified in the Consolidated Statements of Cash Flows under the same category as the cash flows from the related assets, liabilities or forecasted transactions (see Notes 8 and 17).
Income Taxes
Deferred income tax assets and liabilities are recorded with respect to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based on the weight of available evidence, it is more likely than not that some amount of recorded deferred tax assets will not be realized, a valuation allowance is established for the amount that, in management’s judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized.
A tax position must meet a minimum probability threshold before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement.
Redeemable Noncontrolling Interest
Hulu LLC
The Company has a 67% ownership interest in Hulu. In November 2023, NBC Universal (NBCU) exercised its right to require the Company to purchase their 33% interest in Hulu at a redemption value based on NBCU’s equity ownership percentage of the greater of Hulu’s equity fair value or a guaranteed floor value of $27.5 billion. In connection with the redemption, the Company will pay NBCU 50% of the future tax benefits from the amortization of the purchase of NBCU’s interest in Hulu as the Company’s cash tax benefits are realized, generally over a 15-year period. In December 2023, the Company paid NBCU $8.6 billion, which reflected the guaranteed floor value less NBCU’s unpaid capital call contributions. If Hulu’s equity fair value is determined pursuant to a contractual appraisal process to be higher than the guaranteed floor value, the Company is required to pay NBCU its share of the difference between the equity fair value and the guaranteed floor value.
In May 2024, the Company and NBCU entered into a confidential arbitration to resolve a dispute regarding the contractual appraisal process, in which the parties seek declaratory relief, equitable relief and unspecified damages. The Company expects a decision in that arbitration in fiscal 2025. The outcome of the arbitration is uncertain, and we cannot reasonably estimate the impact of the arbitration on the appraisal process, and thus any impact on the determination of Hulu’s equity fair value and any additional amount we may be required to pay to acquire NBCU’s interest in Hulu.
As part of the arbitration the Company disputes the validity of aspects of NBCU’s appraisal and the corresponding process. Consequently, completion of the appraisal process, including the manner of determining any such additional amount payable by the Company, awaits the resolution of the confidential arbitration.
During the initial phase of the appraisal process, the Company’s appraiser arrived at a valuation that falls below the guaranteed floor value, while NBCU’s appraiser arrived at a valuation substantially in excess of the guaranteed floor value. Once the arbitration is completed, determination of the final equity fair value will take into account the valuation of a third appraiser pursuant to the appraisal process as resolved by the arbitration. If the third appraiser’s equity fair value determination were equal to or below the guaranteed floor value, the Company would not be required to pay NBCU any additional amount. Conversely, if NBCU’s appraiser’s valuation were deemed to be valid and the third appraiser’s equity fair value determination were consistent with the NBCU’s appraiser’s valuation, the Company would be required to pay NBCU an additional amount of approximately $5 billion as its share of the difference between the equity fair value and the guaranteed floor value. If the third appraiser’s equity fair value determination were between the valuations of the Company’s and NBCU’s appraisers, the incremental amount would likewise be between zero and approximately $5 billion.
Any incremental amount determined to be payable to NBCU to acquire NBCU’s interest in Hulu would be recorded as “Net income from continuing operations attributable to noncontrolling interests” and thus reduce “Net income attributable to Disney” in the Consolidated Statements of Income in the period recorded.
BAMTech LLC
In November 2022, the Company purchased MLB’s 15% redeemable noncontrolling interest in BAMTech LLC, which holds the Company’s domestic DTC sports business, for $900 million (MLB buy-out). MLB’s interest was recorded in the Company’s financial statements at $828 million prior to the MLB buy-out. The $72 million difference was recorded as an increase in “Net income from continuing operations attributable to noncontrolling interests” in the Consolidated Statements of Income.
During the fiscal year ended 2023, Hearst Corporation (Hearst) contributed $710 million to the domestic DTC sports business, in part to fund its 20% share of the MLB buy-out and in part to fund its share of the domestic DTC sports business’s operating cash requirements, which had been funded by the Company through intercompany loans.
Earnings Per Share
The Company presents both basic and diluted earnings per share (EPS) amounts. Basic EPS is calculated by dividing net income attributable to Disney by the weighted average number of common shares outstanding during the year. Diluted EPS is based upon the weighted average number of common and common equivalent shares outstanding during the year, which is calculated using the treasury-stock method for equity-based awards (Awards). Common equivalent shares are excluded from the computation in periods for which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the calculation.
A reconciliation of the weighted average number of common and common equivalent shares outstanding and the number of Awards excluded from the diluted earnings per share calculation, as they were anti-dilutive, are as follows:
202420232022
Weighted average number of common and common equivalent shares outstanding (basic)
1,8251,8281,822
Weighted average dilutive impact of Awards
625
Weighted average number of common and common equivalent shares outstanding (diluted)
1,8311,8301,827
Awards excluded from diluted earnings per share242415
v3.24.3
Revenues
 12 Months Ended
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenues
The following table presents our revenues by segment and major source:
2024
Entertainment
Sports
Experiences
Eliminations
Total
Subscription fees$18,796$1,650$—$—$20,446
Affiliate fees6,87210,418—(1,183)16,107
Advertising7,5064,388——11,894
Theme park admissions——11,171—11,171
Retail and wholesale sales of merchandise, food and beverage—9,2049,204
Resort and vacations——8,375—8,375
Merchandise licensing642—3,142—3,784
TV/VOD distribution licensing
2,298305——2,603
Theatrical distribution licensing2,266———2,266
Home entertainment753———753
Other2,0538582,259(412)4,758
$41,186$17,619$34,151$(1,595)$91,361
2023
Entertainment
Sports
Experiences
Eliminations
Total
Subscription fees$16,420$1,517$—$—$17,937
Affiliate fees7,36910,590—(1,084)16,875
Advertising7,5943,9204—11,518
Theme park admissions——10,423—10,423
Retail and wholesale sales of merchandise, food and beverage——8,921—8,921
Resort and vacations——7,949—7,949
Merchandise licensing619—2,509—3,128
TV/VOD distribution licensing
2,645347——2,992
Theatrical distribution licensing3,174———3,174
Home entertainment931———931
Other1,8837372,743(313)5,050
$40,635$17,111$32,549$(1,397)$88,898
2022
Entertainment
Sports
Experiences
Eliminations and Other
Total
Subscription fees$14,178$1,113$—$—$15,291
Affiliate fees7,73910,796—(1,010)17,525
Advertising8,6744,3704—13,048
Theme park admissions——8,602—8,602
Retail and wholesale sales of merchandise, food and beverage——7,838—7,838
Resort and vacations——6,410—6,410
Merchandise licensing620—3,349—3,969
TV/VOD distribution licensing
3,551351—(1,023)2,879
Theatrical distribution licensing1,875———1,875
Home entertainment1,083———1,083
Other1,8496401,882(169)4,202
$39,569$17,270$28,085$(2,202)$82,722
The following table presents our revenues by segment and primary geographical markets:
2024
Entertainment
Sports
Experiences
Eliminations
Total
Americas$31,722$16,432$25,603$(1,595)$72,162
Europe5,8053964,078—10,279
Asia Pacific3,6597914,470—8,920
$41,186$17,619$34,151$(1,595)$91,361
2023
Entertainment
Sports
Experiences
Eliminations
Total
Americas$31,414$16,000$25,188$(1,397)$71,205
Europe5,4753703,688—9,533
Asia Pacific3,7467413,673—8,160
$40,635$17,111$32,549$(1,397)$88,898
2022
Entertainment
Sports
Experiences
Eliminations
Total
Americas$30,841$15,666$22,890$(1,179)$68,218
Europe5,0983963,186—8,680
Asia Pacific3,6301,2082,009—6,847
$39,569$17,270$28,085$(1,179)$83,745
Content License Early Termination
(1,023)
$82,722
Revenues recognized in the current and prior year 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 fiscal 2024, $1.0 billion was recognized related to performance obligations satisfied prior to September 30, 2023. For fiscal 2023, $0.9 billion was recognized related to performance obligations satisfied prior to October 1, 2022. For fiscal 2022, $1.1 billion was recognized related to performance obligations satisfied prior to October 2, 2021.
As of September 28, 2024, revenue for unsatisfied performance obligations expected to be recognized in the future is $16 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 $7 billion in fiscal 2025, $4 billion in fiscal 2026, $2 billion in fiscal 2027 and $3 billion thereafter. These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less (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:
September 28,
2024		September 30,
2023
Accounts Receivable
Current$10,463  $10,279  
Non-current1,040  1,212  
Allowance for credit losses(118) (154) 
Deferred revenues
Current5,587  5,568  
Non-current858  977  
For fiscal 2024, 2023 and 2022, the Company recognized revenue of $5.2 billion, $5.1 billion and $3.6 billion, respectively, that was included in the deferred revenue balance at September 30, 2023, October 1, 2022 and October 2, 2021, respectively. Amounts deferred generally relate to theme park admissions and vacation packages, DTC subscriptions and advances related to merchandise and TV/VOD licenses.
The Company has accounts receivable with original maturities greater than one year related to the sale of vacation club properties and film and television program rights (TV/VOD licensing). These receivables are discounted to present value at contract inception and the related revenues are recognized at the discounted amount. The balance of vacation club receivables recorded in other non-current assets was $0.7 billion at both September 28, 2024 and September 30, 2023. The balance of TV/VOD licensing receivables recorded in other non-current assets was $0.3 billion at September 28, 2024 and $0.6 billion at September 30, 2023. The allowance for credit losses for vacation club and TV/VOD licensing receivables and related activity for fiscal 2024 and 2023 were not material.
v3.24.3
Dispositions
 12 Months Ended
Sep. 28, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure Dispositions
The Company and RIL plan to close the Star India Transaction on or about November 14, 2024, which will form a joint venture that includes Star India and certain media and entertainment businesses controlled by RIL, primarily in India. RIL has an effective 56% controlling interest in the joint venture with 37% held by the Company, and 7% by Bodhi Tree Systems, a third party investment company.
Star India’s assets and liabilities are classified as held for sale in the Consolidated Balance Sheet as of September 28, 2024, and we recorded $1.5 billion of non-cash impairment charges in “Restructuring and impairment charges” in fiscal 2024 to reflect Star India at its fair value less costs to sell. The measurement of these impairment charges included non-cash cumulative foreign currency translation losses of approximately $0.8 billion. In addition, in the first quarter of fiscal 2025, we anticipate we will recognize a non-cash tax charge of approximately $0.3 billion in connection with the close of the transaction.
Assets and liabilities of Star India are classified as held for sale in the Consolidated Balance Sheet as of September 28, 2024 as follows:
Receivables and other current assets$749 
Content advances535 
Total current assets1,284 
Produced and licensed content costs549 
Property and equipment, net106 
Intangible assets, net757 
Goodwill1,106 
Other assets559 
Total assets(1)
$4,361 
Accounts payable and other accrued liabilities$358 
Deferred revenue and other88 
Total current liabilities446 
Other long-term liabilities379 
Total liabilities(1)
$825 
(1)Total current assets and non-current assets held for sale are included in “Other current assets” and “Other assets,” respectively, in the Consolidated Balance Sheet. Total current liabilities and non-current liabilities held for sale are included in “Deferred revenue and other” and “Other long-term liabilities” in the Consolidated Balance Sheet. These assets and liabilities are subject to change through closing.
Goodwill
The changes in the carrying amount of goodwill are as follows:
EntertainmentSportsExperiencesStar IndiaTotal
Balance at Oct. 1, 2022$55,488  $16,859  $5,550  $—  $77,897  
Impairments(1)
(425) (296) —  —  (721) 
Currency translation adjustments and other, net(32) (77) —  —  (109) 
Balance at Sep. 30, 2023$55,031  $16,486  $5,550  $—  $77,067  
Allocation to Star India(2,445) —  —  2,445  —  
Impairments(1)
(1,287) —  —  (1,335) (2,622) 
Reclassification to held for sale—  —  —  (1,106) (1,106) 
Currency translation adjustments and other, net(9) —  —  (4) (13) 
Balance at Sep. 28, 2024$51,290  $16,486  $5,550  $—  $73,326  
(1)Current year reflects impairments related to entertainment linear networks and Star India (see Note 18). Prior year reflects impairments at entertainment and international sports linear networks (see Note 18).
v3.24.3
Investments
 12 Months Ended
Sep. 28, 2024
Investments [Abstract]  
Investments Investments
Investments consist of the following:
September 28,
2024		September 30,
2023
Investments, equity basis$2,680  $2,688  
Investments, other1,779  392  
$4,459$3,080
Investments, Equity Basis
The Company’s significant equity investments include A+E (50% ownership), Tata Play Limited (30% ownership) and CTV Specialty Television, Inc. (30% ownership). As of September 28, 2024, the book value of the Company’s equity method investments exceeded our share of the book value of the investees’ underlying net assets by approximately $0.5 billion, which represents amortizable intangible assets and goodwill arising from acquisitions.
Investments, Other
As of September 28, 2024 and September 30, 2023, the Company had securities without a readily determinable fair value of $1.7 billion and $0.2 billion, respectively, the most significant of which at September 28, 2024 is an 8% interest in Epic Games, Inc. valued at $1.5 billion.
Gains, losses and impairments on securities are generally recorded in “Interest expense, net” in the Consolidated Statements of Income; these amounts were not material for fiscal 2024, 2023 and 2022. See Note 1 for realized and unrealized gains and losses on securities recorded in “Other income (expense), net” in the Consolidated Statements of Income.
v3.24.3
International Theme Parks
 12 Months Ended
Sep. 28, 2024
Equity Method Investments and Joint Ventures [Abstract]  
International Theme Parks International Theme Parks
The Company has a 48% ownership interest in the operations of Hong Kong Disneyland Resort and a 43% ownership interest in the operations of Shanghai Disney Resort (together, the Asia Theme Parks), which are both VIEs consolidated in the Company’s financial statements. See Note 2 for the Company’s policy on consolidating VIEs. In addition, the Company has 100% ownership of Disneyland Paris. The Asia Theme Parks together with Disneyland Paris are collectively referred to as the International Theme Parks.
The following table summarizes the carrying amounts of the Asia Theme Parks’ assets and liabilities included in the Company’s Consolidated Balance Sheet:
 September 28, 2024September 30, 2023
Cash and cash equivalents$510  $504  
Other current assets178  159  
Total current assets688  663  
Parks, resorts and other property6,141  6,150  
Other assets217  234  
Total assets$7,046  $7,047  
Current liabilities$695  $720  
Long-term borrowings1,292  1,308  
Other long-term liabilities409  392  
Total liabilities$2,396  $2,420  
The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s Consolidated Statements of Income for fiscal 2024:
Revenues$5,783  
Costs and expenses(4,716) 
Asia Theme Parks’ royalty and management fees of $310 million for fiscal 2024 are eliminated in consolidation, but are considered in calculating earnings attributable to noncontrolling interests.
International Theme Parks’ cash flows included in the Company’s fiscal 2024 Consolidated Statements of Cash Flows were $1.7 billion provided by operating activities, $0.9 billion used in investing activities and $0.1 billion used in financing activities.
Hong Kong Disneyland Resort
The Government of the Hong Kong Special Administrative Region (HKSAR) and the Company have a 52% and a 48% equity interest in Hong Kong Disneyland Resort, respectively.
The Company and HKSAR have provided loans to Hong Kong Disneyland Resort with outstanding balances of $101 million and $68 million, respectively. The interest rate on both loans is three month HIBOR plus 2%, and the scheduled maturity date is September 2025. The Company’s loan is eliminated in consolidation.
The Company has provided Hong Kong Disneyland Resort with a revolving credit facility of HK $2.7 billion ($347 million), which bears interest at a rate of three month HIBOR plus 1.25% and matures in December 2028. The line of credit does not have a balance outstanding.
Hong Kong Disneyland Resort is undergoing a multi-year expansion estimated to cost HK $10.9 billion ($1.4 billion). The Company and HKSAR have agreed to fund the expansion on an equal basis through equity contributions, which totaled $18 million and $57 million in fiscal 2024 and 2023, respectively. To date, the Company and HKSAR have funded a total of $791 million.
HKSAR has the right to receive additional shares over time to the extent Hong Kong Disneyland Resort exceeds certain return on asset performance targets. The amount of additional shares HKSAR can receive is capped on an annual basis and could decrease the Company’s equity interest by up to 6 percentage points over a period no shorter than 10 years.
Shanghai Disney Resort
Shanghai Shendi (Group) Co., Ltd (Shendi) and the Company have 57% and 43% equity interests in Shanghai Disney Resort, respectively. A management company, in which the Company has a 70% interest and Shendi a 30% interest, operates Shanghai Disney Resort.
The Company has provided Shanghai Disney Resort with loans totaling $961 million bearing interest at 8% and are scheduled to mature in 2036 with earlier payments required based on available cash flows. In addition, early repayment is permitted. The loan is eliminated in consolidation. The Company has also provided Shanghai Disney Resort with a 1.9 billion yuan (approximately $0.3 billion) line of credit bearing interest at 8%. The line of credit does not have a balance outstanding.
Shendi has provided Shanghai Disney Resort with loans totaling 8.6 billion yuan (approximately $1.2 billion) bearing interest at 8% and are scheduled to mature in 2036 with earlier payments required based on available cash flows. In addition, early repayment is permitted. Shendi has also provided Shanghai Disney Resort with a 2.6 billion yuan (approximately $0.4 billion) line of credit bearing interest at 8%. The line of credit does not have a balance outstanding.
v3.24.3
Produced and Acquired/Licensed Content Costs and Advances
 12 Months Ended
Sep. 28, 2024
Other Industries [Abstract]  
Produced and Acquired/Licensed Content Costs and Advances Disclosure Produced and Acquired/Licensed Content Costs and Advances
Total capitalized produced and licensed content by predominant monetization strategy is as follows:
As of September 28, 2024As of September 30, 2023
Predominantly Monetized IndividuallyPredominantly
Monetized
as a Group		TotalPredominantly Monetized IndividuallyPredominantly
Monetized
as a Group		Total
Produced content
Released, less amortization$4,568 $13,621 $18,189 $4,968 $13,555 $18,523 
Completed, not released16 2,265 2,281 70 1,786 1,856 
In-process4,352   4,067   8,419   3,331   6,120   9,451   
In development or pre-production196 73 269 279 133 412 
$9,132 $20,026 29,158 $8,648 $21,594 30,242 
Licensed content - Television Programming rights and advances5,251 6,351 
Total produced and licensed content$34,409 $36,593 
Current portion$2,097 $3,002 
Non-current portion$32,312 $33,591 
Amortization of produced and licensed content is as follows:
202420232022
Produced content
Predominantly monetized individually$3,311$3,999$3,448
Predominantly monetized as a group7,1437,8626,776
10,45411,86110,224
Licensed programming rights and advances14,02713,40513,432
Total produced and licensed content costs(1)
$24,481$25,266$23,656
(1)Primarily included in “Costs of services” in the Consolidated Statements of Income. Fiscal 2024 amounts exclude impairment charges of $187 million for produced content and fiscal 2023 amounts exclude impairment charges of $2.0 billion for produced content and $257 million for licensed programming rights recorded in “Restructuring and impairment charges” in the Consolidated Statements of Income (see Note 18).
Total expected amortization by fiscal year of completed (released and not released) produced, licensed and acquired film and television library content on the balance sheet as of September 28, 2024 is as follows:
Predominantly Monetized IndividuallyPredominantly
Monetized
as a Group		Total
Produced content
Released
2025$983 $3,323 $4,306 
2026605 2,466 3,071 
2027479   1,907   2,386   
Completed, not released
202510   848   858   
Licensed content - Programming rights and advances
2025$3,230 
2026746 
2027370   
Approximately $2.2 billion of accrued participations and residual liabilities will be paid in fiscal 2025.
At September 28, 2024, acquired film and television library content has remaining unamortized costs of $3.5 billion, which are generally being amortized straight-line over a weighted-average remaining period of approximately 14 years.
Content Production Incentives
Programming and production costs were reduced by $0.6 billion for fiscal 2024 related to the amortization of production tax incentives. We have production tax credit receivables of $1.7 billion as of September 28, 2024, which, based on the expected timing of collection, are reflected in “Receivables, net” or “Other Assets” in our Consolidated Balance Sheet.
v3.24.3
Borrowings
 12 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company’s borrowings, including the impact of interest rate and cross-currency swaps, are summarized as follows:
   September 28, 2024
 Sep. 28, 2024Sep. 30, 2023
Stated
Interest
Rate(1)
Pay Floating Interest rate and Cross-
Currency Swaps(2)
Effective
Interest
Rate(3)
Swap
Maturities
Commercial paper
$3,040  $1,476  —$—5.47%
U.S. dollar denominated notes(4)
40,496  43,504  4.06%10,1254.71%2025-2031
Foreign currency denominated debt1,886  1,872  2.91%1,8874.80%2025-2027
Other(5)
(899) (1,729) —
44,523  45,123  12,012
Asia Theme Parks borrowings1,292  1,308  7.93%—5.75%
Total borrowings45,815  46,431  12,012
Less current portion6,845  4,330  —
Total long-term borrowings
$38,970  $42,101  $12,012
(1)The stated interest rate represents the weighted-average coupon rate for each category of borrowings. For floating-rate borrowings, interest rates are the rates in effect at September 28, 2024; these rates are not necessarily an indication of future interest rates.
(2)Amounts represent notional values of interest rate and cross-currency swaps outstanding as of September 28, 2024.
(3)The effective interest rate includes the impact of existing and terminated interest rate and cross-currency swaps, purchase accounting adjustments and debt issuance premiums, discounts and costs.
(4)Includes net debt issuance discounts, costs and purchase accounting adjustments totaling a net premium of $1.6 billion and $1.8 billion at September 28, 2024 and September 30, 2023, respectively.
(5)Includes market value adjustments for debt with qualifying hedges, which reduces borrowings by $0.9 billion and $1.8 billion at September 28, 2024 and September 30, 2023, respectively.
Bank Facilities and Commercial Paper
At September 28, 2024, the Company’s bank facilities, which are with a syndicate of lenders and support our commercial paper borrowings, were as follows:
Committed
Capacity		Capacity
Used		Unused
Capacity
Facility expiring February 2025$5,250$—$5,250
Facility expiring March 20274,000—4,000
Facility expiring March 20293,000—3,000
Total$12,250$—$12,250
These facilities allow for borrowings at rates based on the Secured Overnight Financing Rate (SOFR), and at other variable rates for non-U.S. dollar denominated borrowings plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Ratings and S&P Global Ratings ranging from 0.655% to 1.225%. The bank facilities contain only one financial covenant, relating to interest coverage of three times earnings before interest, taxes, depreciation and amortization, including both intangible amortization and amortization of our film and television production and programming costs. On September 28, 2024, the Company met this covenant by a significant margin. The bank facilities specifically exclude certain entities, including the Asia Theme Parks, from any representations, covenants or events of default. The Company also has the ability to issue up to $500 million of letters of credit under the facility expiring in March 2027, which if utilized, reduces available borrowings under this facility. As of September 28, 2024, the Company has $1.6 billion of outstanding letters of credit, of which none were issued under this facility.
Commercial paper activity is as follows:
Commercial paper with original maturities less than three months, net(1)
Commercial paper with original maturities greater than three monthsTotal
Balance at Oct. 1, 2022$50  $1,612  $1,662  
Additions238  3,603  3,841  
Payments—  (4,032) (4,032) 
Other Activity1  4  5  
Balance at Sep. 30, 2023$289  $1,187  $1,476  
Additions431  4,305  4,736  
Payments—  (3,204) (3,204) 
Other Activity7  25  32  
Balance at Sep. 28, 2024$727  $2,313  $3,040  
(1)Borrowings and reductions of borrowings are reported net.
U.S. Dollar Denominated Notes
At September 28, 2024, the Company had $40.5 billion of fixed rate U.S. dollar denominated notes with maturities ranging from 1 to 72 years and stated interest rates that range from 1.75% to 8.50%.
Foreign Currency Denominated Debt
At September 28, 2024, the Company had fixed rate senior notes of Canadian $1.3 billion ($0.9 billion), which had a stated interest rate of 2.76% and was paid in October 2024, and Canadian $1.3 billion ($1.0 billion), which had a stated interest rate of 3.06% and matures in March 2027. The Company has entered into pay-floating interest rate and cross-currency swaps that effectively convert the borrowings to a variable-rate U.S. dollar denominated borrowings indexed to SOFR.
Cruise Ship Credit Facilities
At September 28, 2024, the Company had two credit facilities to finance, at its option, a significant portion of the contract price of two new cruise ships. With the delivery of the Disney Treasure, which occurred in October 2024, the Company borrowed $1.1 billion under one credit facility with a fixed interest rate of 3.80% in November 2024 that will be payable semi-annually over 12 years. The remaining credit facility for $1.1 billion may be utilized to finance a significant portion of the contract price of the Disney Destiny, which is currently scheduled to be delivered in fiscal 2026. If utilized, the loan will have a fixed interest rate of 3.74% and will be payable semi-annually over 12 years. Early repayment of both facilities is permitted subject to cancellation fees.
Asia Theme Parks Borrowings
HKSAR provided Hong Kong Disneyland Resort with loans totaling HK $0.5 billion ($68 million). The interest rate is three month HIBOR plus 2% and the maturity date is September 2025.
Shendi has provided Shanghai Disney Resort with loans totaling 8.6 billion yuan (approximately $1.2 billion) bearing interest at 8% and is scheduled to mature in 2036 with earlier payments required based on available cash flows. In addition, early repayment is permitted. Shendi has also provided Shanghai Disney Resort with a 2.6 billion yuan (approximately $0.4 billion) line of credit bearing interest at 8%. As of September 28, 2024, the line of credit does not have a balance outstanding.
Maturities
The following table provides total borrowings, excluding market value adjustments and debt issuance premiums, discounts and costs, by scheduled maturity date as of September 28, 2024. The table also provides the estimated interest payments on these borrowings as of September 28, 2024 although actual future payments will differ for floating-rate borrowings:
Borrowings
Fiscal Year:
Before Asia
Theme Parks
Consolidation
Asia 
Theme Parks		Total Borrowings
Interest
Total Borrowings and Interest
2025$6,688$128$6,816$1,586$8,402
20264,578—4,5781,5026,080
20272,926—2,9261,3444,270
20281,599—1,5991,2532,852
20292,195—2,1951,2103,405
Thereafter25,8231,16426,98715,94442,931
$43,809$1,292$45,101$22,839$67,940
Interest
The Company capitalizes interest on assets constructed for its parks and resorts and on certain film and television productions. In fiscal 2024, 2023 and 2022, total interest capitalized was $386 million, $365 million and $261 million, respectively.
Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 10) are reported net in the Consolidated Statements of Income and consist of the following:
202420232022
Interest expense$(2,070)$(1,973)$(1,549)
Interest and investment income406    424    90    
Net periodic pension and postretirement benefit costs (other than service costs)404 340 62 
Interest expense, net$(1,260)$(1,209)$(1,397)
v3.24.3
Income Taxes
 12 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (Loss) Before Income Taxes by Domestic and Foreign Subsidiaries
Income Before Income Taxes
202420232022
Domestic subsidiaries (including U.S. exports)$5,754  $3,086  $5,955  
Foreign subsidiaries
1,815  1,683  (670) 
Total income from continuing operations
7,569  4,769  5,285  
Loss from discontinued operations—  —  (62) 
$7,569  $4,769  $5,223  
Provision for Income Taxes: Current and Deferred
Income Tax Expense (Benefit)
Current202420232022
Federal$1,393  $1,475  $436  
State237  402  282  
Foreign, including foreign withholding taxes
973  867  846  
2,603  2,744  1,564  
Deferred
Federal(764) (1,180) 407  
State54  4  26  
Foreign(97) (189) (265) 
(807) (1,365) 168  
Income tax expense on income from continuing operations
1,796  1,379  1,732  
Income tax expense on loss from discontinued operations
—  —  (14) 
$1,796  $1,379  $1,718  
Deferred Tax Assets and Liabilities
Components of Deferred Tax (Assets) and LiabilitiesSeptember 28, 2024September 30, 2023
Deferred tax assets
Net operating losses and tax credit carryforwards(1)
$(3,444) $(3,841) 
Accrued liabilities(1,199) (1,335) 
Lease liabilities(862) (852) 
Licensing revenues(130) (115) 
Other(655) (623) 
Total deferred tax assets(6,290) (6,766) 
Deferred tax liabilities
Depreciable, amortizable and other property6,584  7,581  
Investment in U.S. entities(2)
1,102  1,271  
Right-of-use lease assets
692  751  
Investment in foreign entities465  482  
Other78  81  
Total deferred tax liabilities8,921  10,166  
Net deferred tax liability before valuation allowance2,631  3,400  
Valuation allowance2,991  3,187  
Net deferred tax liability$5,622  $6,587  
(1)Further details on our net operating losses and tax credit carryforwards are as follows:
September 28, 2024
International Theme Park net operating losses
$1,530  
U.S. foreign tax credits822  
State net operating losses and tax credit carryforwards533  
Other559  
Total net operating losses and tax credit carryforwards(a)
$3,444  
(a)    Approximately $2.2 billion of these credits do not expire. Approximately $1.1 billion expire between fiscal 2026 and fiscal 2034, primarily consisting of U.S. foreign tax credits.
(2)Amounts are, in part, due to the tax status of these entities and if the tax status of certain legal entities changes, a significant portion of this balance may reverse.
The following table details the change in valuation allowance for fiscal 2024, 2023 and 2022 (in billions):
Balance at Beginning of Period
Increases (Decreases) to Tax Expense
Other ChangesBalance at End of Period
Year ended September 28, 2024
$3.2  $(0.3) $0.1  $3.0  
Year ended September 30, 2023
2.9  0.2  0.1  3.2  
Year ended October 1, 2022
2.8  0.4  (0.3) 2.9  
Reconciliation of the effective income tax rate for continuing operations to the federal rate
202420232022
Federal income tax rate21.0  % 21.0  % 21.0  % 
State taxes, net of federal benefit(1)
2.2 5.8 3.1 
Non-tax deductible impairments
8.8 3.5 — 
Foreign derived intangible income(3.6)(4.3)(3.4)
Income tax audits and reserves
(2.4)1.3 2.7 
Tax rate differential on foreign income
(1.6)0.1 4.3 
U.S. research and development credits
(1.1)(1.1)(0.6)
Tax impact of equity awards
0.8 2.1 — 
Valuation allowance(0.6)(1.8)4.5 
Legislative changes— — 1.7 
Other0.2 2.3 (0.5)
23.7 %28.9 %32.8 %
(1)Fiscal 2023 includes an adjustment related to certain deferred state taxes
Unrecognized tax benefits
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding the related accrual for interest and penalties, is as follows:
202420232022
Balance at the beginning of the year$2,517  $2,449  $2,641  
Increases for current year tax positions82  98  48  
Increases for prior year tax positions209  273  103  
Decreases in prior year tax positions(423) (144) (98) 
Settlements with taxing authorities(239) (153) (235) 
Lapse in statute of limitations
(194) (6) (10) 
Balance at the end of the year$1,952  $2,517  $2,449  
Balances at September 28, 2024, September 30, 2023 and October 1, 2022 include $1.4 billion, $1.8 billion and $1.9 billion, respectively, that if recognized, would reduce our income tax expense and effective tax rate. These amounts are net of the offsetting benefits from other tax jurisdictions.
At September 28, 2024, September 30, 2023 and October 1, 2022 accrued interest and penalties related to unrecognized tax benefits were $0.9 billion, $1.0 billion and $1.0 billion, respectively. During fiscal 2024, 2023 and 2022, the Company recorded additional interest and penalties of $157 million, $210 million and $157 million, respectively, and recorded reductions in accrued interest and penalties of $151 million, $241 million and $119 million, respectively. The Company’s policy is to report interest and penalties as a component of income tax expense.
The Company is generally no longer subject to U.S. federal examination for years prior to 2018. The Company is no longer subject to examination in any of its major state or foreign tax jurisdictions for years prior to 2008.
In the next twelve months, it is reasonably possible that our unrecognized tax benefits could change due to the resolution of open tax matters, which would reduce our unrecognized tax benefits by $0.9 billion.
Other
In fiscal 2024 and 2023, the Company recognized income tax expense of $55 million and $93 million, respectively, for the shortfall between equity-based compensation deductions and amounts recorded based on the grant date fair value. In fiscal
2022, the Company recognized income tax benefits of $2 million for the excess of equity-based compensation deductions over amounts recorded based on the grant date fair value.
v3.24.3
Pension and Other Benefit Programs
 12 Months Ended
Sep. 28, 2024
Retirement Benefits [Abstract]  
Pension and Other Benefit Programs Pension and Other Benefit Programs
The Company maintains pension and postretirement medical benefit plans covering certain of its employees not covered by union or industry-wide plans. The Company has defined benefit pension plans that cover employees hired prior to January 1, 2012. For employees hired after this date, the Company has a defined contribution plan. Benefits under these pension plans are generally based on years of service and/or compensation and generally require 3 years of vesting service. Employees generally hired after January 1, 1987 for certain of our media businesses and other employees generally hired after January 1, 1994 are not eligible for postretirement medical benefits.
Defined Benefit Plans
The Company measures the actuarial value of its benefit obligations and plan assets for its defined benefit pension and postretirement medical benefit plans at September 30 and adjusts for any plan contributions or significant events between September 30 and our fiscal year end.
The following chart summarizes the benefit obligations, assets, funded status and balance sheet impacts associated with the defined benefit pension and postretirement medical benefit plans:
 Pension PlansPostretirement Medical Plans
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Projected benefit obligations
Beginning obligations$(14,690) $(15,028) $(961) $(1,539) 
Service cost(248) (282) (1) (5) 
Interest cost(834) (784) (55) (81) 
Actuarial gain (loss)(1)
(1,667) 757  6  59  
Plan amendments and other(2)
44  14  (13) 539  
Benefits paid661  633  56  66  
Ending obligations$(16,734) $(14,690) $(968) $(961) 
Fair value of plans’ assets
Beginning fair value$15,442  $14,721  $781  $749  
Actual return on plan assets2,789  1,324  143  71  
Contributions69  73  26  29  
Benefits paid(661) (633) (56) (66) 
Expenses and other(82) (43) (2) (2) 
Ending fair value$17,557  $15,442  $892  $781  
Overfunded (Underfunded) status of the plans$823  $752  $(76) $(180) 
Amounts recognized in the balance sheet
Non-current assets$2,192  $1,971  $303  $209  
Current liabilities(77) (72) (1) (2) 
Non-current liabilities(1,292) (1,147) (378) (387) 
$823  $752  $(76) $(180) 
(1)The actuarial loss for fiscal 2024 was primarily due to a decrease in the discount rate used to determine the fiscal year-end benefit obligation from the rate that was used in the preceding fiscal year.
(2)The amount in fiscal 2023 was due to a change in postretirement medical benefit options.
The components of net periodic benefit cost (benefit) are as follows:
 Pension PlansPostretirement Medical Plans
 202420232022202420232022
Service cost$248  $282  $400  $1  $5  $9  
Other costs (benefits):
Interest cost834  784  500  55  81  51  
Expected return on plan assets(1,138) (1,149) (1,174) (58) (61) (59) 
Amortization of prior-year service costs (credits)(1)
8  8  7  (90) —  —  
Recognized net actuarial loss/(gain)
21  19  585  (36) (22) 28  
Total other costs (benefit)
(275) (338) (82) (129) (2) 20  
Net periodic benefit cost (benefit)
$(27) $(56) $318  $(128) $3  $29  
(1)The amortization of prior-year service credits is related to a change in postretirement medical benefit options.
In fiscal 2025, we expect pension and postretirement medical costs to be negligible.
Key assumptions are as follows:
 Pension PlansPostretirement Medical Plans
 202420232022202420232022
Discount rate used to determine the fiscal year‑end benefit obligation5.06 %5.94 %5.44 %5.00 %5.94 %5.47 %
Discount rate used to determine the interest cost component of net periodic benefit cost5.86 %5.37 %2.45 %5.84 %5.38 %2.47 %
Rate used to determine the expected return on plan assets component of net period benefit cost
7.00 %7.00 %7.00 %7.00 %7.00 %7.00 %
Weighted average rate of compensation increase to determine the fiscal year‑end benefit obligation2.70 %3.10 %3.10 %n/an/an/a
Year 1 increase in cost of benefitsn/an/an/a7.00 %7.00 %7.00 %
Rate of increase to which the cost of benefits is assumed to decline (the ultimate trend rate)n/an/an/a4.00 %4.00 %4.00 %
Year that the rate reaches the ultimate trend raten/an/an/a2043 2042 2041
AOCI, before tax, as of September 28, 2024 consists of the following amounts that have not yet been recognized in net periodic benefit cost:
Pension PlansPostretirement
Medical Plans		Total
Prior service costs (benefits)
$8  $(467) $(459) 
Net actuarial loss (gain)
2,963  (190) 2,773  
Total amounts included in AOCI$2,971  $(657) $2,314  
Plan Funded Status
As of September 28, 2024, the projected benefit obligation and accumulated benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets were $1.4 billion and $1.3 billion, respectively, and the aggregate fair value of plan assets was not material. As of September 30, 2023, the projected benefit obligation and accumulated benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets were $1.2 billion and $1.1 billion, respectively, and the aggregate fair value of plan assets was not material.
As of September 28, 2024, the projected benefit obligation for pension plans with projected benefit obligations in excess of plan assets was $1.4 billion and the aggregate fair value of plan assets was not material. As of September 30, 2023, the projected benefit obligation for pension plans with projected benefit obligations in excess of plan assets was $1.2 billion and the aggregate fair value of plan assets was not material.
The Company’s total accumulated pension benefit obligations at September 28, 2024 and September 30, 2023 were $15.7 billion and $13.8 billion, respectively. Approximately 98% was vested as of both September 28, 2024 and September 30, 2023.
The accumulated postretirement medical benefit obligations and fair value of plan assets for postretirement medical plans with accumulated postretirement medical benefit obligations in excess of plan assets were $1.0 billion and $0.9 billion, respectively, at September 28, 2024 and $1.0 billion and $0.8 billion, respectively, at September 30, 2023.
Plan Assets
A significant portion of the assets of the Company’s defined benefit plans are managed in a third-party master trust. The investment policy and allocation of the assets in the master trust were approved by the Company’s Investment and Administrative Committee, which has oversight responsibility for the Company’s retirement plans. The investment policy ranges for the major asset classes are as follows:
Asset ClassMinimumMaximum
Equity investments25%60%
Fixed income investments20%45%
Alternative investments10%30%
Cash & money market funds—%10%
The primary investment objective for the assets within the master trust is the prudent and cost effective management of assets to satisfy benefit obligations to plan participants. Financial risks are managed through diversification of plan assets, selection of investment managers and through the investment guidelines incorporated in investment management agreements. Investments are monitored to assess whether returns are commensurate with risks taken.
The long-term asset allocation policy for the master trust was established taking into consideration a variety of factors that include, but are not limited to, the average age of participants, the number of retirees, the duration of liabilities and the expected payout ratio. Liquidity needs of the master trust are generally managed using cash generated by investments or by liquidating securities.
Assets are generally managed by external investment managers pursuant to investment management agreements that establish permitted securities and risk controls commensurate with the account’s investment strategy. Some agreements permit the use of derivative securities (futures, options, interest rate swaps, credit default swaps) that enable investment managers to enhance returns and manage exposures within their accounts.
Fair Value Measurements of Plan Assets
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants and is generally classified in one of the following categories of the fair value hierarchy:
Level 1 – Quoted prices for identical instruments in active markets
Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets
Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable
Investments that are valued using the net asset value (NAV) (or its equivalent) practical expedient are excluded from the fair value hierarchy disclosure. NAV per share is determined based on the fair value using the underlying assets divided by the number of units outstanding.
The following is a description of the valuation methodologies used for assets reported at fair value. The methodologies used at September 28, 2024 and September 30, 2023 are the same.
Level 1 investments are valued based on reported market prices on the last trading day of the fiscal year. Investments in common and preferred stocks and mutual funds are valued based on the securities’ exchange-listed price or a broker’s quote in an active market. Investments in U.S. Treasury securities are valued based on a broker’s quote in an active market.
Level 2 investments in government and federal agency bonds and notes (excluding U.S. Treasury securities), corporate bonds, mortgage-backed securities (MBS) and asset-backed securities are valued using a broker’s quote in a non-active market or an evaluated price based on a compilation of reported market information, such as benchmark yield curves, credit spreads and estimated default rates. Derivative financial instruments are valued based on models that incorporate observable inputs for the underlying securities, such as interest rates or foreign currency exchange rates.
The Company’s defined benefit plan assets are summarized by level in the following tables:
As of September 28, 2024
DescriptionLevel 1Level 2TotalPlan Asset Mix
Cash$19  $—  $19  —%
Common and preferred stocks(1)
3,377  —  3,377  18%
Mutual funds701  —  701  4%
Government and federal agency bonds, notes and MBS
2,744  1,845  4,589  25%
Corporate bonds
—  2,111  2,111  11%
Other mortgage- and asset-backed securities—  166  166  1%
Derivatives and other, net
10  1  11  —%
Total investments in the fair value hierarchy $6,851  $4,123  10,974  
Assets valued at NAV as a practical expedient:
Common collective funds
2,380  13%
Alternative investments4,350  24%
Money market funds and other745  4%
Total investments at fair value$18,449  100%
As of September 30, 2023
DescriptionLevel 1Level 2TotalPlan Asset Mix
Cash$68  $—  $68  —%
Common and preferred stocks(1)
3,517  —  3,517  22%
Mutual funds1,139  —  1,139  7%
Government and federal agency bonds, notes and MBS
2,025  442  2,467  15%
Corporate bonds
—  750  750  4%
Other mortgage- and asset-backed securities—  120  120  1%
Derivatives and other, net
—  12  12  —%
Total investments in the fair value hierarchy $6,749  $1,324  8,073  
Assets valued at NAV as a practical expedient:
Common collective funds
3,517  22%
Alternative investments4,352  27%
Money market funds and other281  2%
Total investments at fair value$16,223  100%
(1)Includes 2.9 million shares of Company common stock valued at $278 million and 2.9 million shares valued at $235 million at September 28, 2024 and September 30, 2023, respectively.
Uncalled Capital Commitments
Alternative investments held by the master trust include interests in funds that have rights to make capital calls to the investors. In such cases, the master trust would be contractually obligated to make a cash contribution at the time of the capital call. At September 28, 2024, the total committed capital still uncalled and unpaid was $1.5 billion.
Plan Contributions
During fiscal 2024, the Company made $95 million of contributions to its pension and postretirement medical plans. The Company currently does not expect to make material pension and postretirement medical plan contributions in fiscal 2025. Final minimum funding requirements for fiscal 2025 will be determined based on a January 1, 2025 funding actuarial valuation, which is expected to be received during the fourth quarter of fiscal 2025.
Estimated Future Benefit Payments
The following table presents estimated future benefit payments for the next ten fiscal years:
Pension
Plans
Postretirement
Medical Plans(1)
2025$776$51
202678854
202783757
202888160
202992662
2030 – 20345,199335
(1)Estimated future benefit payments are net of expected Medicare subsidy receipts of $36 million.
Assumptions
Assumptions, such as discount rates, long-term rate of return on plan assets and the healthcare cost trend rate, have a significant effect on the amounts reported for net periodic benefit cost as well as the related benefit obligations.
Discount Rate — The assumed discount rate for pension and postretirement medical plans reflects the market rates for high-quality corporate bonds currently available. The Company’s discount rate was determined by considering yield curves constructed of a large population of high-quality corporate bonds and reflects the matching of the plans’ liability cash flows to the yield curves. The Company measures service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows.
Long-term rate of return on plan assets — The long-term rate of return on plan assets represents an estimate of long-term returns on an investment portfolio consisting of a mixture of equities, fixed income and alternative investments. When determining the long-term rate of return on plan assets, the Company considers long-term rates of return on the asset classes (both historical and forecasted) in which the Company expects the pension funds to be invested. The following long-term rates of return by asset class were considered in setting the long-term rate of return on plan assets assumption:
Equity Securities6 %to10 %
Debt Securities3 %to6 %
Alternative Investments6 %to11 %
Healthcare cost trend rate — The Company reviews external data and its own historical trends for healthcare costs to determine the healthcare cost trend rates for the postretirement medical benefit plans. The 2024 actuarial valuation assumed a 7.00% annual rate of increase in the per capita cost of covered healthcare claims with the rate decreasing in even increments over nineteen years until reaching 4.00%.
Sensitivity — A one percentage point change in the discount rate and expected long-term rate of return on plan assets would have the following effects as of September 28, 2024 and for fiscal 2025:
 Discount RateExpected Long-Term
Rate of Return On Assets
Increase (decrease)Benefit
Expense		Projected Benefit ObligationsBenefit
Expense
1 percentage point decrease$222  $2,430  $168  
1 percentage point increase(214) (2,130) (168) 
Multiemployer Benefit Plans
The Company participates in a number of multiemployer pension plans under union and industry-wide collective bargaining agreements that cover our union-represented employees and expenses its contributions to these plans as incurred. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods and benefit formulas. The risks of participating in these multiemployer plans are different from single-employer plans. For example:
•Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.
•If a participating employer stops contributing to the multiemployer plan, the unfunded obligations of the plan may become the obligation of the remaining participating employers.
•If a participating employer chooses to stop participating in these multiemployer plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan.
The Company also participates in several multiemployer health and welfare plans that cover both active and retired employees. Health care benefits are provided to participants who meet certain eligibility requirements under the applicable collective bargaining unit.
The following table sets forth our contributions to multiemployer pension and health and welfare benefit plans:
202420232022
Pension plans$291$316$402
Health & welfare plans300299401
Total contributions$591$615$803
Defined Contribution Plans
The Company has defined contribution retirement plans for domestic employees who began service after December 31, 2011 and are not eligible to participate in the defined benefit pension plans. In general, the Company contributes from 3% to 9% of an employee’s compensation depending on the employee’s age and years of service with the Company up to plan limits. The Company also has savings and investment plans for which the Company generally matches 50% of employee contributions up to plan limits. In fiscal 2024, 2023 and 2022, the costs of our domestic and international defined contribution plans were $408 million, $378 million and $325 million, respectively.
v3.24.3
Equity
 12 Months Ended
Sep. 28, 2024
Equity [Abstract]  
Equity Equity
Dividends
On February 7, 2024, the Board of Directors declared a cash dividend of $0.45 per share ($0.8 billion) with respect to the first half of fiscal 2024, which was paid in July 2024 to shareholders of record as of July 8, 2024.
On November 30, 2023, the Board of Directors declared a cash dividend of $0.30 per share ($0.5 billion) with respect to the second half of fiscal 2023, which was paid in January 2024 to shareholders of record as of December 11, 2023.
The Company did not declare or pay a dividend with respect to fiscal 2022 operations.
Share Repurchase Program
Effective February 7, 2024, the Board of Directors authorized the Company to repurchase a total of 400 million shares of its common stock. During the year ended September 28, 2024, the Company repurchased 28 million shares of its common stock for $3.0 billion (excluding the one percent excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022). As of September 28, 2024, the Company had remaining authorization in place to repurchase approximately 372 million additional shares. The repurchase program does not have an expiration date.
The following table summarizes the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts:
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, before tax
Balance at October 2, 2021$(152) $(7,025) $(1,047) $(8,224) 
Unrealized gains (losses) arising during the period
1,098  2,635  (967) 2,766  
Reclassifications of net (gains) losses to net income(142) 620  —  478  
Balance at October 1, 2022$804  $(3,770) $(2,014) $(4,980) 
Unrealized gains (losses) arising during the period(101) 1,594  (2) 1,491  
Reclassifications of net (gains) losses to net income(444) 4  42  (398) 
Balance at September 30, 2023$259  $(2,172) $(1,974) $(3,887) 
Unrealized gains (losses) arising during the period
(112) 25  119  32  
Reclassifications of net (gains) losses to net income
(466) (96) —  (562) 
Balance at September 28, 2024$(319) $(2,243) $(1,855) $(4,417) 
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
Tax on AOCI
Balance at October 2, 2021$42  $1,653  $89  $1,784  
Unrealized gains (losses) arising during the period
(254) (608) 50  (812) 
Reclassifications of net (gains) losses to net income33  (144) —  (111) 
Balance at October 1, 2022$(179) $901  $139  $861  
Unrealized gains (losses) arising during the period
12  (384) 17  (355) 
Reclassifications of net (gains) losses to net income
103  —  (14) 89  
Balance at September 30, 2023$(64) $517  $142  $595  
Unrealized gains (losses) arising during the period
27  (10) (26) (9) 
Reclassifications of net (gains) losses to net income
108  24  —  132  
Balance at September 28, 2024$71  $531  $116  $718  
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, after tax
Balance at October 2, 2021$(110) $(5,372) $(958) $(6,440) 
Unrealized gains (losses) arising during the period
844  2,027  (917) 1,954  
Reclassifications of net (gains) losses to net income(109) 476  —  367  
Balance at October 1, 2022$625  $(2,869) $(1,875) $(4,119) 
Unrealized gains (losses) arising during the period
(89) 1,210  15  1,136  
Reclassifications of net (gains) losses to net income
(341) 4  28  (309) 
Balance at September 30, 2023$195  $(1,655) $(1,832) $(3,292) 
Unrealized gains (losses) arising during the period
(85) 15  93  23  
Reclassifications of net (gains) losses to net income
(358) (72) —  (430) 
Balance at September 28, 2024$(248) $(1,712) $(1,739) $(3,699) 
Details about AOCI components reclassified to net income are as follows:
Gains (losses) in net income:
Affected line item in the Consolidated Statements of Operations:202420232022
Market value adjustments, primarily cash flow hedges
Primarily revenue$466  $444  $142  
Estimated taxIncome taxes(108) (103) (33) 
358  341  109  
Pension and postretirement medical expense
Interest expense, net96  (4) (620) 
Estimated taxIncome taxes(24) —  144  
72  (4) (476) 
Foreign currency translation and other
Other income (expense), net—  (42) —  
Estimated tax
Income taxes—  14  —  
—  (28) —  
Total reclassifications for the period
$430  $309  $(367) 
v3.24.3
Equity-Based Compensation
 12 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation Equity-Based Compensation
Under various plans, the Company may grant stock options and other equity-based awards to executive, management, technology and creative personnel. The Company’s approach to long-term incentive compensation contemplates awards of stock options and restricted stock units (RSUs). Certain RSUs awarded to senior executives vest based upon the achievement of market or performance conditions (Performance RSUs).
Stock options are generally granted with a 10 year term at exercise prices equal to or exceeding the market price at the date of grant and become exercisable ratably over a three-year period from the grant date (exercisable ratably over a four-year period from the grant date for awards granted prior to fiscal 2021). At the discretion of the Compensation Committee of the Company’s Board of Directors, options can occasionally extend up to 15 years after date of grant. RSUs generally vest ratably over three years (four years for grants awarded prior to fiscal 2021) and Performance RSUs generally fully vest after three years, subject to achieving market or performance conditions. Equity-based award grants generally provide continued vesting, in the event of termination, for employees that reach age 60 or greater, have at least ten years of service and have held the award for at least one year.
Each share granted subject to a stock option award reduces the number of shares available under the Company’s stock incentive plans by one share while each share granted subject to a RSU award reduces the number of shares available by two shares. As of September 28, 2024, the maximum number of shares available for issuance under the Company’s stock incentive plans (assuming all the awards are in the form of stock options) was approximately 146 million shares and the number available for issuance assuming all awards are in the form of RSUs was approximately 73 million shares. The Company satisfies stock option exercises and vesting of RSUs with newly issued shares. Stock options and RSUs are generally forfeited by employees who terminate prior to vesting.
Each year, generally during the first half of the year, the Company awards stock options and restricted stock units to a broad-based group of management, technology and creative personnel. The fair value of options is estimated based on the binomial valuation model. The binomial valuation model takes into account variables such as volatility, dividend yield and the risk-free interest rate. The binomial valuation model also considers the expected exercise multiple (the multiple of exercise price to grant price at which exercises are expected to occur on average) and the termination rate (the probability of a vested option being canceled due to the termination of the option holder) in computing the value of the option.
The weighted average assumptions used in the option-valuation model were as follows:
202420232022
Risk-free interest rate4.0%3.6%1.6%
Expected volatility27%31%28%
Dividend yield0.66%—%—%
Termination rate6.1%5.9%5.8%
Exercise multiple2.12 1.98 1.98 
Although the initial fair value of stock options is not adjusted after the grant date, changes in the Company’s assumptions may change the value of, and therefore the expense related to, future stock option grants. The assumptions that cause the greatest variation in fair value in the binomial valuation model are the expected volatility and expected exercise multiple. Increases or decreases in either the expected volatility or expected exercise multiple will cause the binomial option value to increase or decrease, respectively. The volatility assumption considers both historical and implied volatility and may be impacted by the Company’s performance as well as changes in economic and market conditions.
Compensation expense for RSUs and stock options is recognized ratably over the service period of the award. Compensation expense for RSUs is based on the market price of the shares underlying the awards on the grant date. Compensation expense for Performance RSUs reflects the estimated probability that the market or performance conditions will be met.
Compensation expense related to stock options and RSUs is as follows:
202420232022
Stock options
$71  $76  $88  
RSUs1,295  1,067  889  
Total equity-based compensation expense(1)
1,366  1,143  977  
Tax impact(285) (260) (221) 
Reduction in net income$1,081  $883  $756  
Equity-based compensation expense capitalized during the period$201  $145  $148  
(1)Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs.
The following table summarizes information about stock option transactions in fiscal 2024 (shares in millions):
 SharesWeighted
Average
Exercise Price
Outstanding at beginning of year18    $120.20
Awards granted3    93.69
Awards exercised(1)   84.81
Awards expired/canceled(1)   118.68
Outstanding at end of year19    $118.37
Exercisable at end of year15    $124.19
The following tables summarize information about stock options vested and expected to vest at September 28, 2024 (shares in millions):
Vested
Range of Exercise PricesNumber of
Options		Weighted Average
Exercise Price		Weighted Average
Remaining Years of 
Contractual Life
$80 —$110 4$97.363.7
$111 —$140 6111.983.3
$141 —$170 4148.625.8
$171 —$200 1177.596.4
15
Expected to Vest
Range of Exercise Prices
Number of
Options(1)
Weighted Average
Exercise Price		Weighted Average
Remaining Years of 
Contractual Life
$0 —$92 1$89.338.5
$93 —$184 399.768.9
4
(1)Number of options expected to vest is total unvested options less estimated forfeitures.
The following table summarizes information about RSU transactions in fiscal 2024 (shares in millions):
 
Units
Weighted Average
Grant-Date Fair Value
Unvested at beginning of year24$109.04
Granted(1)
1893.90
Vested(14) 115.28
Forfeited(2) 98.61
Unvested at end of year(2)
26$109.25
(1)Includes 0.4 million Performance RSUs.
(2)Includes 1.1 million Performance RSUs.
The weighted average grant-date fair values of options granted during fiscal 2024, 2023 and 2022 were $32.09, $33.18 and $46.76, respectively, and for RSUs were $94.23, $89.66 and $136.36, respectively. The total intrinsic value (market value on date of exercise less exercise price) of options exercised and RSUs vested during fiscal 2024, 2023 and 2022 totaled $1,322 million, $829 million and $982 million, respectively. The aggregate intrinsic values of stock options vested and expected to vest at September 28, 2024 were $10.1 million and $12.7 million, respectively.
As of September 28, 2024, unrecognized compensation cost related to unvested stock options and RSUs was $72 million and $1,809 million, respectively. That cost is expected to be recognized over a weighted-average period of 1.1 years for stock options and 1.2 years for RSUs.
Cash received from option exercises for fiscal 2024, 2023 and 2022 was $88 million, $52 million and $127 million, respectively. Tax benefits realized from tax deductions associated with option exercises and RSU vestings for fiscal 2024, 2023 and 2022 were approximately $275 million, $190 million and $219 million, respectively.
v3.24.3
Detail of Certain Balance Sheet Accounts
 12 Months Ended
Sep. 28, 2024
Balance Sheet Related Disclosures [Abstract]  
Detail of Certain Balance Sheet Accounts Detail of Certain Balance Sheet Accounts
Current receivablesSeptember 28,
2024		September 30,
2023
Accounts receivable$10,341  $10,179  
Production tax credit receivables
1,358 1,252 
Other1,113  1,014  
Allowance for credit losses(83) (115) 
$12,729  $12,330  
Parks, resorts and other propertySeptember 28,
2024		September 30,
2023
Attractions, buildings and improvements$39,246  $35,255  
Furniture, fixtures and equipment28,279  26,358  
Land improvements8,067  7,419  
Leasehold improvements1,082  1,058  
76,674  70,090  
Accumulated depreciation(45,506) (42,610) 
Projects in progress4,728  6,285  
Land1,145  1,176  
$37,041  $34,941  
September 28, 2024
Intangible assets
Gross
Accumulated Amortization
Net
Character/franchise intangibles, copyrights and trademarks$9,507  $(3,604) $5,903  
MVPD agreements7,213  (4,733) 2,480  
Other amortizable intangible assets3,493  (2,929) 564  
Total intangible assets subject to amortization
20,213  (11,266) 8,947  
Indefinite lived intangible assets(1)
1,792  —  1,792  
Total intangible assets
$22,005  $(11,266) $10,739  
September 30, 2023
Gross
Accumulated Amortization
Net
Character/franchise intangibles, copyrights and trademarks$10,572  $(3,551) $7,021  
MVPD agreements8,056  (4,705) 3,351  
Other amortizable intangible assets4,016  (3,119) 897  
Total intangible assets subject to amortization
22,644  (11,375) 11,269  
Indefinite lived intangible assets(1)
1,792  —  1,792  
Total intangible assets
$24,436  $(11,375) $13,061  
(1)Indefinite lived intangible assets consist of ESPN, Pixar and Marvel trademarks and television FCC licenses.
Accounts payable and other accrued liabilitiesSeptember 28,
2024		September 30,
2023
Accounts and accrued payables$14,796  $15,125  
Payroll and employee benefits3,672  3,061  
Income taxes payable
2,473 2,276 
Other129  209  
$21,070  $20,671  
v3.24.3
Commitments and Contingencies
 12 Months Ended
Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
The Company has various contractual commitments for rights to sports, films and other programming, totaling approximately $92.2 billion, including approximately $2.6 billion for available programming as of September 28, 2024. The Company also has contractual commitments for the construction of cruise ships, creative talent and employment agreements and unrecognized tax benefits. Creative talent and employment agreements include obligations to actors, producers, sports, television and radio personalities and executives. Contractual commitments for sports programming rights, other programming rights and other commitments including cruise ships and creative talent are as follows:
Fiscal Year:
Sports Programming(1)
Other
Programming
Other
Total (2)
2025$9,806  $2,787  $5,025  $17,618  
20269,033  1,384  2,723  13,140  
20278,995  909  1,566  11,470  
20288,485  727  1,195  10,407  
20298,157  273  1,155  9,585  
Thereafter41,372  242  2,949  44,563  
$85,848  $6,322  $14,613  $106,783  
(1)Primarily relates to rights for NBA, NFL, college football (including bowl games and the College Football Playoff) and basketball, tennis, soccer, NHL, WNBA, MLB, UFC and golf. Certain sports programming rights have payments that are variable based primarily on revenues and are not included in the table above.
(2)The table above excludes commitments related to our Star India businesses that are held for sale of approximately $4.5 billion primarily related to sports programming rights.
Legal Matters
On May 12, 2023, a private securities class action lawsuit was filed in the U.S. District Court for the Central District of California against the Company, its former Chief Executive Officer, Robert Chapek, its former Chief Financial Officer, Christine M. McCarthy, and the former Chairman of the Disney Media and Entertainment Distribution segment, Kareem Daniel on behalf of certain purchasers of securities of the Company (the “Securities Class Action”). On November 6, 2023, a consolidated complaint was filed in the same action, adding Robert Iger, the Company’s Chief Executive Officer, as a defendant. Claims in the Securities Class Action include (i) violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder against all defendants, (ii) violations of Section 20A of the Exchange Act against Iger and McCarthy, and (iii) violations of Section 20(a) of the Exchange Act against all defendants. Plaintiffs in the Securities Class Action allege purported misstatements and omissions concerning, and a scheme to conceal, accurate costs and subscriber growth of the Disney+ platform. Plaintiffs seek unspecified damages, plus interest and costs and fees. The Company intends to defend against the lawsuit vigorously and filed a motion to dismiss the complaint for failure to state a claim on December 21, 2023. A hearing on the motion to dismiss was held on September 27, 2024. The lawsuit is in the early stages and at this time we cannot reasonably estimate the amount of any possible loss.
Three shareholder derivative complaints have been filed. The first, in which Hugues Gervat is the plaintiff, was filed on August 4, 2023, in the U.S. District Court for the Central District of California. The second, in which Stourbridge Investments LLC is the plaintiff, was filed on August 23, 2023 in the U.S. District Court for the District of Delaware. And the third, in which Audrey McAdams is the Plaintiff, was filed on December 15, 2023, in the U.S. District Court for the Central District of California. Each named The Walt Disney Company as a nominal defendant and alleged claims on its behalf against the Company’s Chief Executive Officer, Robert Iger; its former Chief Executive Officer, Robert Chapek; its former Chief Financial Officer, Christine M. McCarthy; the former Chairman of the Disney Media and Entertainment Distribution segment, Kareem Daniel, and ten current and former members of the Disney Board (Susan E. Arnold; Mary T. Barra; Safra A. Catz; Amy L. Chang; Francis A. deSouza; Michael B.G. Froman; Maria Elena Lagomasino; Calvin R. McDonald; Mark G. Parker; and Derica W. Rice). Along with alleged violations of Sections 10(b), 14(a), 20(a), and Rule 10b-5 of the Securities Exchange Act, premised on similar allegations as the Securities Class Action, plaintiffs seek to recover under various theories including breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement and waste. On October 24, 2023, the Stourbridge action was voluntarily dismissed and, on November 16, 2023, was refiled in Delaware state court alleging analogous theories of liability based on state law. On October 30, 2023, the Gervat action was stayed pending a ruling on the motion to dismiss filed in the Securities Class Action. The Stourbridge action was likewise stayed under an order entered December 12, 2023 and the McAdams action was stayed under an order entered February 20, 2024. The actions seek declarative and injunctive relief, an award of unspecified damages to The Walt Disney Company and other costs and fees. The Company intends to defend against
these lawsuits vigorously. The lawsuits are in the early stages, and at this time we cannot reasonably estimate the amount of any possible loss.
On November 18, 2022, a private antitrust putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against the Company on behalf of a putative class of certain subscribers to YouTube TV (the “Biddle Action”). The plaintiffs in the Biddle Action asserted a claim under Section 1 of the Sherman Act based on allegations that Disney uses certain pricing and packaging provisions in its carriage agreements with virtual multichannel video distributors (“vMVPDs”) to increase prices for and reduce output of certain services offered by vMVPDs. On November 30, 2022, a second private antitrust putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against the Company on behalf of a putative class of certain subscribers to DirecTV Stream (the “Fendelander Action”), making similar allegations. The Company filed motions to dismiss for failure to state a claim in both the Biddle Action and Fendelander Action on January 31, 2023. On September 30, 2023, the court issued an order granting in part and denying in part the Company’s motions to dismiss both cases and, on October 13, 2023, the court issued an order consolidating both cases. On October 16, 2023, plaintiffs filed a consolidated amended putative class action complaint (the “Consolidated Complaint”). The Consolidated Complaint asserts claims under Section 1 of the Sherman Act and certain Arizona, California, Florida, Illinois, Iowa, Massachusetts, Michigan, Nevada, New York, North Carolina, and Tennessee antitrust laws based on substantially similar allegations as the Biddle Action and the Fendelander Action. The Consolidated Complaint seeks injunctive relief, unspecified money damages and costs and fees. The Company intends to defend against the lawsuits vigorously and filed a motion to dismiss the Consolidated Complaint for failure to state a claim on December 1, 2023. The Company’s motion to dismiss the Consolidated Complaint was granted in part and denied in part on June 25, 2024. On September 12, 2024, the Court entered a case management order setting, among other dates, Plaintiffs’ deadline to file their class certification motion on March 27, 2026. The consolidated lawsuit is in the early stages, and at this time we cannot reasonably estimate the amount of any possible loss.
On February 20, 2024, a private antitrust lawsuit was filed in the U.S. District Court for the Southern District of New York against the Company (including affiliates ESPN, Inc., ESPN Enterprises, Inc., and Hulu, LLC), Fox Corporation, and Warner Bros. Discovery, Inc. (collectively, “Defendants”), by fuboTV Inc. and fuboTV Media Inc. (together, “Fubo”). Fubo asserts claims under Section 1 of the Sherman Act, Section 7 of the Clayton Act, and New York antitrust law based on the theories that (a) a planned joint venture between ESPN, Inc., Fox Corporation, and Warner Bros. Discovery, Inc., which will distribute certain of Defendants’ linear networks to consumers (the “Sports Streaming JV”), will harm competition in alleged markets for the licensing of networks that offer live sports content and for streaming live pay tv, (b) certain alleged practices by which the Company and Fox Corporation license their networks to vMVPDs as a bundle increase prices and reduce output for services offered by vMVPDs, and (c) certain alleged pricing provisions in Defendants’ carriage agreements with YouTube TV and Hulu + Live TV, as well as in Hulu + Live TV’s carriage agreements with non-Defendant programmers, increase prices for services offered by vMVPDs. On April 8, 2024, Fubo filed a motion for a preliminary injunction against Defendants to prevent the formation of the Sports Streaming JV. On April 29, 2024, Fubo filed an amended complaint to add allegations of a purported market for “skinny sports bundles”, which Fubo claims the Sports Streaming JV will monopolize after its launch. After a hearing on Fubo’s motion for preliminary injunction, the district court granted Fubo’s motion on August 16, 2024, and enjoined the launch of the joint venture. On August 19, 2024, Defendants filed a notice of appeal to the United States Court of Appeals for the Second Circuit from the order for a preliminary injunction. The United States Court of Appeals for the Second Circuit has granted Defendants’ motion to expedite the appeal. Fubo further seeks injunctive relief, unspecified money damages and costs and fees. On September 26, 2024, the Company filed a motion to dismiss Fubo’s claims brought under Section 1 of the Sherman Act and New York antitrust law, unrelated to the joint venture. The district court has set trial on all claims for October 6, 2025. The Company intends to defend against the lawsuit vigorously and at this time we cannot reasonably estimate the amount of any possible loss.
In May 2024, the Company and NBCU entered into a confidential arbitration to resolve a dispute regarding the contractual appraisal process related to the determination of Hulu’s equity fair value, in which the parties seek declaratory relief, equitable relief and unspecified damages. See Note 2 for a more detailed discussion of the arbitration and the determination of Hulu’s equity fair value.
The Company, together with, in some instances, certain of its directors and officers, is a defendant in various other legal actions involving copyright, breach of contract and various other claims incident to the conduct of its businesses. Management does not believe that the Company has incurred a probable material loss by reason of any of those actions.
v3.24.3
Leases
 12 Months Ended
Sep. 28, 2024
Leases [Abstract]  
Leases Leases
The Company’s operating leases primarily consist of real estate and equipment, including office space for general and administrative purposes, production facilities, land, cruise terminals, retail outlets and distribution centers for consumer products. The Company also has finance leases, primarily for broadcast equipment and land.
Some of our leases include renewal and/or termination options. If it is reasonably certain that a renewal or termination option will be exercised, the exercise of the option is considered in calculating the term of the lease. As of September 28, 2024, our operating leases have a weighted-average remaining lease term of approximately 10 years, and our finance leases have a weighted-average remaining lease term of approximately 35 years. The weighted-average incremental borrowing rate is 4.0% and 6.7%, for our operating leases and finance leases, respectively. At September 28, 2024, total estimated future lease payments for non-cancelable lease agreements that have not commenced are not material.
The Company’s operating and finance right-of-use assets and lease liabilities are as follows:
September 28, 2024September 30, 2023
Right-of-use assets(1)
Operating leases$3,376  $4,211  
Finance leases246  291  
Total right-of-use assets3,622  4,502  
Short-term lease liabilities(2)
Operating leases744  740  
Finance leases30  37  
774  777  
Long-term lease liabilities(3)
Operating leases2,768  3,258  
Finance leases160  206  
2,928  3,464  
Total lease liabilities$3,702  $4,241  
(1)Included in “Other assets” in the Consolidated Balance Sheet.
(2)Included in “Accounts payable and other accrued liabilities” in the Consolidated Balance Sheet.
(3)Included in “Other long-term liabilities” in the Consolidated Balance Sheet.
The components of lease costs are as follows:
202420232022
Finance lease cost
Amortization of right-of-use assets$36  $39 $39 
Interest on lease liabilities13  15 15 
Operating lease cost 926  820 796 
Variable fees and other(1)
555  444 363 
Total lease cost$1,530  $1,318  $1,213  
(1)Includes variable lease payments related to our operating and finance leases and costs of leases with initial terms of less than one year.
Cash paid during the year for amounts included in the measurement of lease liabilities is as follows:
202420232022
Operating cash flows for operating leases $876  $714  $736  
Operating cash flows for finance leases 13  15  15  
Financing cash flows for finance leases 44  41  48  
Total$933  $770  $799  
Future minimum lease payments, as of September 28, 2024, are as follows:
OperatingFinancing
Fiscal Year:
2025$863  $43  
2026602  31  
2027472  26  
2028400  22  
2029349  12  
Thereafter1,978  336  
Total undiscounted future lease payments4,664  470  
Less: Imputed interest(1,152) (280) 
Total reported lease liability$3,512  $190  
Lessor Arrangements
The Company leases certain of its land and buildings to third parties, primarily at its parks and experiences businesses. Lessee payments include fixed amounts for the rental of the property although the vast majority of the payments are variable based on a percentage of lessee sales. Revenues recognized on these leases for fiscal 2024, 2023 and 2022 were $0.6 billion, $0.5 billion and $0.4 billion, respectively.
Leases Leases
The Company’s operating leases primarily consist of real estate and equipment, including office space for general and administrative purposes, production facilities, land, cruise terminals, retail outlets and distribution centers for consumer products. The Company also has finance leases, primarily for broadcast equipment and land.
Some of our leases include renewal and/or termination options. If it is reasonably certain that a renewal or termination option will be exercised, the exercise of the option is considered in calculating the term of the lease. As of September 28, 2024, our operating leases have a weighted-average remaining lease term of approximately 10 years, and our finance leases have a weighted-average remaining lease term of approximately 35 years. The weighted-average incremental borrowing rate is 4.0% and 6.7%, for our operating leases and finance leases, respectively. At September 28, 2024, total estimated future lease payments for non-cancelable lease agreements that have not commenced are not material.
The Company’s operating and finance right-of-use assets and lease liabilities are as follows:
September 28, 2024September 30, 2023
Right-of-use assets(1)
Operating leases$3,376  $4,211  
Finance leases246  291  
Total right-of-use assets3,622  4,502  
Short-term lease liabilities(2)
Operating leases744  740  
Finance leases30  37  
774  777  
Long-term lease liabilities(3)
Operating leases2,768  3,258  
Finance leases160  206  
2,928  3,464  
Total lease liabilities$3,702  $4,241  
(1)Included in “Other assets” in the Consolidated Balance Sheet.
(2)Included in “Accounts payable and other accrued liabilities” in the Consolidated Balance Sheet.
(3)Included in “Other long-term liabilities” in the Consolidated Balance Sheet.
The components of lease costs are as follows:
202420232022
Finance lease cost
Amortization of right-of-use assets$36  $39 $39 
Interest on lease liabilities13  15 15 
Operating lease cost 926  820 796 
Variable fees and other(1)
555  444 363 
Total lease cost$1,530  $1,318  $1,213  
(1)Includes variable lease payments related to our operating and finance leases and costs of leases with initial terms of less than one year.
Cash paid during the year for amounts included in the measurement of lease liabilities is as follows:
202420232022
Operating cash flows for operating leases $876  $714  $736  
Operating cash flows for finance leases 13  15  15  
Financing cash flows for finance leases 44  41  48  
Total$933  $770  $799  
Future minimum lease payments, as of September 28, 2024, are as follows:
OperatingFinancing
Fiscal Year:
2025$863  $43  
2026602  31  
2027472  26  
2028400  22  
2029349  12  
Thereafter1,978  336  
Total undiscounted future lease payments4,664  470  
Less: Imputed interest(1,152) (280) 
Total reported lease liability$3,512  $190  
Lessor Arrangements
The Company leases certain of its land and buildings to third parties, primarily at its parks and experiences businesses. Lessee payments include fixed amounts for the rental of the property although the vast majority of the payments are variable based on a percentage of lessee sales. Revenues recognized on these leases for fiscal 2024, 2023 and 2022 were $0.6 billion, $0.5 billion and $0.4 billion, respectively.
v3.24.3
Fair Value Measurement
 12 Months Ended
Sep. 28, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurements
The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement Level. See Note 10 for definitions of fair value measures and the Levels within the fair value hierarchy.
 Fair Value Measurement at September 28, 2024
DescriptionLevel 1 Level 2Level 3Total
Assets
Investments$—  $94  $—  $94  
Derivatives
Foreign exchange—  569  —  569  
Other—  18  —  18  
Liabilities
Derivatives
Interest rate—  (983) —  (983) 
Foreign exchange—  (588) —  (588) 
Other—  (8) —  (8) 
Other—  (591) —  (591) 
Total recorded at fair value$—  $(1,489) $—  $(1,489) 
Fair value of borrowings$—  $42,392  $1,317  $43,709  
 Fair Value Measurement at September 30, 2023
DescriptionLevel 1Level 2Level 3Total
Assets
Investments$46  $128  $—  $174  
Derivatives
Foreign exchange—  1,336  —  1,336  
Other—  18  —  18  
Liabilities
Derivatives
Interest rate—  (1,791) —  (1,791) 
Foreign exchange—  (815) —  (815) 
Other—  (13) —  (13) 
Other—  (465) —  (465) 
Total recorded at fair value$46  $(1,602) $—  $(1,556) 
Fair value of borrowings$—  $40,123  $1,333  $41,456  
The fair value of Level 2 investments are primarily determined based on an internal valuation model that uses observable inputs such as stock trading price, volatility and risk free rate.
The fair values of Level 2 derivatives are primarily determined by internal discounted cash flow models that use observable inputs such as interest rates, yield curves and foreign currency exchange rates. Counterparty credit risk, which is mitigated by master netting agreements and collateral posting arrangements with certain counterparties, had an impact on derivative fair value estimates that was not material. The Company’s derivative financial instruments are discussed in Note 17.
Level 2 other liabilities are primarily arrangements that are valued based on the fair value of underlying investments, which are generally measured using Level 1 and Level 2 fair value techniques.
Level 2 borrowings, which include commercial paper, U.S. dollar denominated notes and certain foreign currency denominated borrowings, are valued based on quoted prices for similar instruments in active markets or identical instruments in markets that are not active.
Level 3 borrowings include the Asia Theme Park borrowings, which are valued based on the current borrowing cost and credit risk of the Asia Theme Parks as well as prevailing market interest rates.
The Company’s financial instruments also include cash, cash equivalents, receivables and accounts payable. The carrying values of these financial instruments approximate the fair values.
Non-recurring Fair Value Measure
The Company also has assets that may be required to be recorded at fair value on a non-recurring basis. These assets are evaluated when certain triggering events occur (including a decrease in estimated future cash flows) that indicate their carrying amounts may not be recoverable. In the second and fourth quarters of fiscal 2024 and the fourth quarter of fiscal 2023, the Company recorded impairment charges as disclosed in Notes 4 and 18. Fair value was determined using estimated discounted future cash flows, which is a Level 3 valuation technique (see Note 2 for a discussion of the more significant inputs used in our discounted cash flow analysis).
Credit Concentrations
The Company monitors its positions with, and the credit quality of, the financial institutions that are counterparties to its financial instruments on an ongoing basis and does not currently anticipate nonperformance by the counterparties.
The Company does not expect that it would realize a material loss, based on the fair value of its derivative financial instruments as of September 28, 2024, in the event of nonperformance by any single derivative counterparty. The Company generally enters into derivative transactions only with counterparties that have a credit rating of A- or better and requires collateral in the event credit ratings fall below A- or aggregate exposures exceed limits as defined by contract. In addition, the Company limits the amount of investment credit exposure with any one institution.
The Company does not have material cash and cash equivalent balances with financial institutions that have below investment grade credit ratings and maintains short-term liquidity balances in high quality money market funds. At September 28, 2024, the Company’s balances (excluding money market funds) with individual financial institutions that exceeded 10% of the Company’s total cash and cash equivalents were 24% of total cash and cash equivalents. At September 30,
2023, the Company had no balances (excluding money market funds) with financial institutions that exceeded 10% of the Company’s total cash and cash equivalents.
The Company’s trade receivables and financial investments do not represent a significant concentration of credit risk at September 28, 2024 due to the wide variety of customers and markets in which the Company’s products are sold, the dispersion of our customers across geographic areas and the diversification of the Company’s portfolio among financial institutions.
v3.24.3
Derivative Instruments
 12 Months Ended
Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The Company manages its exposure to various risks relating to its ongoing business operations according to a risk management policy. The primary risks managed with derivative instruments are interest rate risk and foreign exchange risk.
The Company’s derivative positions measured at fair value (see Note 16) are summarized in the following tables:
 As of September 28, 2024
 Current
Assets
Investments/Other
Assets
Other
Current
Liabilities		Other Long-
Term
Liabilities
Derivatives designated as hedges
Foreign exchange$273  $184  $(164) $(149) 
Interest rate—  —  (983) —  
Other—  —  (7) (1) 
Derivatives not designated as hedges
Foreign exchange110  2  (273) (2) 
Other18  94  —  —  
Gross fair value of derivatives401  280  (1,427) (152) 
Counterparty netting(330) (182) 396  116  
Cash collateral (received) paid(27) —  679  —  
Net derivative positions$44  $98  $(352) $(36) 
 As of September 30, 2023
 Current
Assets
Investments/Other
Assets
Other
Current
Liabilities		Other Long-
Term
Liabilities
Derivatives designated as hedges
Foreign exchange$595  $338  $(123) $(93) 
Interest rate—  —  (1,791) —  
Other12  6  —  —  
Derivatives not designated as hedges
Foreign exchange384  19  (520) (79) 
Other— 128 (13)— 
Gross fair value of derivatives991  491  (2,447) (172) 
Counterparty netting(770) (262) 900  132  
Cash collateral (received) paid(123) (7) 1,257  —  
Net derivative positions$98  $222  $(290) $(40) 
Interest Rate Risk Management
The Company is exposed to the impact of interest rate changes primarily through its borrowing activities. The Company’s objective is to mitigate the impact of interest rate changes on earnings and cash flows and on the market value of its borrowings. In accordance with its policy, the Company targets its fixed-rate debt as a percentage of its net debt between a minimum and maximum percentage. The Company primarily uses pay-floating and pay-fixed interest rate swaps to facilitate its interest rate risk management activities.
The Company designates pay-floating interest rate swaps as fair value hedges of fixed-rate borrowings effectively converting fixed-rate borrowings to variable-rate borrowings. The total notional amount of the Company’s pay-floating interest rate swaps at September 28, 2024 and September 30, 2023, was $12.0 billion and $13.5 billion, respectively.
The following table summarizes fair value hedge adjustments to hedged borrowings:
Carrying Amount of Hedged BorrowingsFair Value Adjustments Included in Hedged Borrowings
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Borrowings:
Current$1,414  $1,439  $(10) $(59) 
Long-term10,128  10,748  (913) (1,694) 
$11,542  $12,187  $(923) $(1,753) 
The following amounts are included in “Interest expense, net” in the Consolidated Statements of Income:
 202420232022
Gain (loss) on:
Pay-floating swaps$799  $(14) $(1,635) 
Borrowings hedged with pay-floating swaps(799) 14  1,635  
Benefit (expense) associated with interest accruals on pay-floating swaps
(611) (510) 31  
The Company may designate pay-fixed interest rate swaps as cash flow hedges of interest payments on floating-rate borrowings. Pay-fixed interest rate swaps effectively convert floating-rate borrowings to fixed-rate borrowings. The unrealized gains or losses from these cash flow hedges are deferred in AOCI and recognized in interest expense as the interest payments occur. The Company did not have pay-fixed interest rate swaps that were designated as cash flow hedges of interest payments at September 28, 2024 or at September 30, 2023, and gains and losses related to pay-fixed interest rate swaps recognized in earnings for fiscal 2024, 2023 and 2022 were not material.
Foreign Exchange Risk Management
The Company transacts business globally and is subject to risks associated with foreign currency exchange rates. The Company’s objective is to reduce earnings and cash flow fluctuations associated with changes in foreign currency exchange rates, enabling management to focus on core business operations.
The Company enters into option and forward contracts to protect the value of its existing foreign currency assets, liabilities, firm commitments and forecasted but not firmly committed foreign currency transactions. In accordance with policy, the Company hedges its forecasted foreign currency transactions for periods generally not to exceed four years within an established minimum and maximum range of annual exposure. The gains and losses on these contracts offset changes in the U.S. dollar equivalent value of the related forecasted transaction, asset, liability or firm commitment. The principal currencies hedged are the euro, Canadian dollar, Japanese yen, British pound and Chinese yuan. Cross-currency swaps are used to effectively convert foreign currency denominated borrowings into U.S. dollar denominated borrowings.
The Company designates foreign exchange forward and option contracts as cash flow hedges of firmly committed and forecasted foreign currency transactions. As of September 28, 2024 and September 30, 2023, the notional amounts of the Company’s net foreign exchange cash flow hedges were $9.9 billion and $8.3 billion, respectively. Mark-to-market gains and losses on these contracts are deferred in AOCI and are recognized in earnings when the hedged transactions occur, offsetting changes in the value of the foreign currency transactions. Net deferred gains recorded in AOCI for contracts that will mature in the next twelve months total $99 million. The following table summarizes the effect of foreign exchange cash flow hedges on AOCI:
202420232022
Gain (loss) recognized in Other Comprehensive Income
$(97) $(136) $1,093  
Gain (loss) reclassified from AOCI into the Statement of Operations(1)
472  446  116  
(1)Primarily recorded in revenue.
The Company may designate cross-currency swaps as fair value hedges of foreign currency denominated borrowings. The impact from the change in foreign currency on both the cross-currency swap and borrowing is recorded to “Interest expense, net”. The impact from interest rate changes is recorded in AOCI and is amortized over the life of the cross-currency swap. As of both September 28, 2024 and September 30, 2023, the total notional amount of the Company’s designated cross-currency swaps
was Canadian $1.3 billion ($1.0 billion). As of both September 28, 2024 and September 30, 2023, the Company also had Canadian $1.3 billion ($0.9 billion) in cross-currency swaps, which were not designated as hedges and matured in October 2024. The related gains or losses recognized in earnings for the fiscal years ended 2024, 2023 and 2022 were not material.
Foreign exchange risk management contracts with respect to foreign currency denominated assets and liabilities are not designated as hedges and do not qualify for hedge accounting. The net notional amount of these foreign exchange contracts (including our non-designated cross-currency swaps) at September 28, 2024 and September 30, 2023 were $3.4 billion and $3.1 billion, respectively. The following table summarizes the net foreign exchange gains or losses recognized on foreign currency denominated assets and liabilities and the net foreign exchange gains or losses on the foreign exchange contracts we entered into to mitigate our exposure with respect to foreign currency denominated assets and liabilities by the corresponding line item in which they are recorded in the Consolidated Statements of Income:
Costs and expenses
Interest expense, net
Income taxes on continuing operations
202420232022202420232022202420232022
Net gains (losses) on foreign currency denominated assets and liabilities
$(63) $(37) $(685) $(6) $(15) $82  $(65) $(91) $212  
Net gains (losses) on foreign exchange risk management contracts not designated as hedges
(72) (159) 547  (6) 10  (82) 42  64  (208) 
Net gains (losses)
$(135) $(196) $(138) $(12) $(5) $—  $(23) $(27) $4  
Commodity Price Risk Management
The Company is subject to the volatility of commodities prices, and the Company designates certain commodity forward contracts as cash flow hedges of forecasted commodity purchases. Mark-to-market gains and losses on these contracts are deferred in AOCI and are recognized in earnings when the hedged transactions occur, offsetting changes in the value of commodity purchases. The notional amount of these commodities contracts at September 28, 2024 and September 30, 2023 and related gains or losses recognized in earnings for fiscal 2024, 2023 and 2022 were not material.
Risk Management – Other Derivatives Not Designated as Hedges
The Company enters into certain other risk management contracts that are not designated as hedges and do not qualify for hedge accounting. These contracts, which include certain total return swap contracts, are intended to offset economic exposures of the Company and are carried at market value with any changes in value recorded in earnings. The notional amount of these contracts at September 28, 2024 and September 30, 2023 were $0.5 billion and $0.4 billion, respectively. The related gains or losses recognized in earnings for fiscal 2024, 2023 and 2022 were not material.
Contingent Features and Cash Collateral
The Company has master netting arrangements by counterparty with respect to certain derivative financial instrument contracts. The Company may be required to post collateral in the event that a net liability position with a counterparty exceeds limits defined by contract and that vary with the Company’s credit rating. In addition, these contracts may require a counterparty to post collateral to the Company in the event that a net receivable position with a counterparty exceeds limits defined by contract and that vary with the counterparty’s credit rating. If the Company’s or the counterparty’s credit ratings were to fall below investment grade, such counterparties or the Company would also have the right to terminate our derivative contracts, which could lead to a net payment to or from the Company for the aggregate net value by counterparty of our derivative contracts. The aggregate fair values of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty were $1.1 billion and $1.6 billion at September 28, 2024 and September 30, 2023, respectively.
v3.24.3
Restructuring and Impairment Charges
 12 Months Ended
Sep. 28, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Impairment Charges Restructuring and Impairment Charges
A summary of restructuring and impairment charges is as follows:
202420232022
Star India - see Note 4
$1,545$—$—
Goodwill
1,287721—
Content1872,577—
Other576594237
Restructuring and impairment charges$3,595$3,892$237
Star India
In fiscal 2024, we recorded non-cash impairment charges totaling $1.5 billion related to the Star India Transaction.
Goodwill
In the second quarter of fiscal 2024, as a result of Star India assets and liabilities being classified as held for sale, they were removed from the entertainment goodwill reporting units along with a proportional amount of goodwill. As a result, we evaluated the residual goodwill at our entertainment DTC services and linear networks reporting units for impairment. Star sports was a standalone reporting unit which did not have any goodwill.
In the fourth quarter of fiscal 2024, the Company performed a quantitative goodwill impairment test as part of our annual goodwill impairment assessment.
These evaluations resulted in non-cash goodwill impairment charges of $0.7 billion and $0.6 billion at our entertainment linear networks reporting unit in the second and fourth quarters of fiscal 2024, respectively. Goodwill was not impaired at the entertainment DTC services reporting unit.
In addition, as a result of our annual goodwill impairment assessment in fiscal 2023, we recorded non-cash goodwill impairment charges related to our entertainment and international sports linear networks reporting units of $0.7 billion.
Content
We recorded charges of $0.2 billion and $2.6 billion, in fiscal 2024 and fiscal 2023, respectively, as a result of our strategic changes in approach to content curation. The fiscal 2024 charges related to the removal of produced content from our entertainment linear networks and DTC services. The fiscal 2023 charges included $2.0 billion related to the removal of produced content from our entertainment DTC services and $0.6 billion related to the termination of certain third-party license agreements for the right to use content primarily on our entertainment DTC services. We paid approximately $0.4 billion of cash to terminate these license agreements.
Other
In fiscal 2024, the Company recorded charges of $0.3 billion for asset impairments at our retail business, $0.2 billion for impairments of equity investments and $0.1 billion of severance. In fiscal 2023, the Company recorded charges of $0.4 billion of severance, $0.1 billion for impairment of an equity investment and $0.1 billion for exiting our businesses in Russia. In fiscal 2022, the Company recorded charges of $0.2 billion, primarily due to asset impairments related to exiting our businesses in Russia.
v3.24.3
New Accounting Pronouncements and Other Disclosure Rules
 12 Months Ended
Sep. 28, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Description of New Accounting Pronouncements Not yet Adopted New Accounting Pronouncements and Other Disclosure Rules
Improvements to Reportable Segments Disclosures
In November 2023, the Financial Accounting Standards Board (FASB) issued guidance to enhance reportable segment disclosures by requiring the disclosure of significant expenses that are regularly provided to the chief operating decision maker (CODM) and included in the segment’s measure of profit or loss. It also requires an explanation of how the CODM uses the segment’s measure of profit or loss to assess segment performance and allocate resources. The guidance is effective for the Company for annual periods beginning in fiscal year 2025 and for interim periods beginning in fiscal year 2026 and requires retrospective adoption. The Company is currently assessing the impacts of the new guidance on its financial statement disclosures.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued guidance to enhance income tax disclosures. The new guidance requires an expanded effective tax rate reconciliation, the disclosure of cash taxes paid segregated between U.S. federal, U.S. state and foreign, with further disaggregation by jurisdiction if certain thresholds are met and eliminates certain disclosures related to uncertain tax benefits. The guidance is effective for annual periods beginning with the Company’s 2026 fiscal year (with early adoption permitted). The Company is currently assessing the impacts of the new guidance on its financial statement disclosures.
Disaggregation of Income Statement Expense
In November 2024, the FASB issued guidance that requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. The guidance is effective for the Company for annual periods beginning in fiscal year 2028 and for interim periods beginning in fiscal year 2029. The Company is currently assessing the impacts of the new guidance on its financial statement disclosures.
Enhancement and Standardization of Climate-Related Disclosures
In March 2024, the Securities and Exchange Commission adopted new rules that will require disclosure of:
•Certain climate-related information including climate-related risks, targets, and goals that are reasonably likely to have a material impact, as applicable, on a company’s strategy, business, results of operations or financial condition;
•Certain greenhouse gas emissions, if material; and
•Certain financial information regarding the effects of severe weather events and other natural conditions within the notes to the financial statements
The new rules are applicable to annual reporting periods and will be phased in beginning with the Company’s 2026 fiscal year. In April 2024, given pending legal challenges, the Securities and Exchange Commission issued an order to voluntarily stay the new rules.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Pay vs Performance Disclosure      
Net income attributable to The Walt Disney Company (Disney) $ 4,972 $ 2,354 $ 3,145
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 28, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On August 14, 2024, Robert A. Iger, the Company’s Chief Executive Officer and a Director on the Company’s Board of Directors, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. Mr. Iger’s trading plan provides for the potential exercise of vested stock options granted to Mr. Iger on December 18, 2014, which will expire December 18, 2024, and the associated sale of up to 372,412 shares of the Company’s common stock, excluding any shares used to effect a cashless exercise or withheld to satisfy tax withholding obligations in connection with the exercise or net settlement of the option awards. Mr. Iger’s trading plan is scheduled to terminate on December 17, 2024, subject to early termination.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Robert A. Iger [Member]  
Trading Arrangements, by Individual  
Name Robert A. Iger
Title Chief Executive Officer and a Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 14, 2024
Expiration Date December 17, 2024
Aggregate Available 372,412
v3.24.3
Insider Trading Policies and Procedures
 12 Months Ended
Sep. 28, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.24.3
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements of the Company include the accounts of The Walt Disney Company and its majority-owned or controlled subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
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.
Reporting Period
Reporting Period
The Company’s fiscal year ends on the Saturday closest to September 30 and consists of fifty-two weeks with the exception that approximately every six years, we have a fifty-three week year. When a fifty-three week year occurs, the Company reports the additional week in the fourth quarter. Fiscal 2024, 2023 and 2022 were fifty-two week years.
Reclassifications
Reclassifications
Certain reclassifications have been made in the fiscal 2023 and fiscal 2022 financial statements and notes to conform to the fiscal 2024 presentation.
Use of Estimates
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.
Revenues and Costs from Services and Products
Revenues and Costs from Services and Products
The Company generates revenue from the sale of both services and tangible products and revenues and operating costs are classified under these two categories in the Consolidated Statements of Income. Certain costs related to both the sale of services and tangible products are not specifically allocated between the service or tangible product revenue streams but are instead attributed to the principal revenue stream. The cost of services and tangible products exclude depreciation and amortization.
Significant service revenues include:
•Subscription fees to our DTC streaming services
•Affiliate fees
•Advertising revenues
•Admissions to our theme parks, charges for room nights at hotels and sales of cruise vacation packages
•Revenue from the licensing and distribution of film and television properties
•Royalties from licensing our IP for use on consumer goods, published materials and in multi-platform games
Significant operating costs related to the sale of services include:
•Programming and production costs
•Distribution costs
•Operating labor
•Facilities and infrastructure costs
Significant tangible product revenues include:
•The sale of food, beverage and merchandise
•The sale of books, comic books and magazines
Significant operating costs related to the sale of tangible products include:
•Costs of goods sold
•Operating labor
•Distribution costs
•Retail occupancy costs
Revenue Recognition
Revenue Recognition
The Company’s revenue recognition policies are as follows:
•Subscription fees are recognized ratably over the term of the subscription.
•Affiliate fees are recognized as the programming is provided based on contractually specified per subscriber rates and the actual number of the affiliate’s customers receiving the programming. For affiliate contracts with fixed license fees, the fees are recognized ratably over the contract term. If an affiliate contract includes a minimum guaranteed license fee, the guaranteed license fee is recognized ratably over the guaranteed period and any fees earned in excess of the guarantee are recognized as earned once the minimum guarantee has been exceeded. Affiliate agreements may also include a license to use the network programming for on demand viewing. As the fees charged under these contracts are generally based on a contractually specified per subscriber rate for the number of underlying subscribers of the affiliate, revenues are recognized as earned.
•Advertising sales are recognized as revenue, net of agency commissions, when commercials are aired. For contracts that contain a guaranteed number of impressions, revenues are recognized based on impressions delivered. When the guaranteed number of impressions is not met (“ratings shortfall”), revenues are not recognized for the ratings shortfall until the additional impressions are delivered.
•Theme park admissions are recognized when the tickets are used. Sales of annual passes are recognized ratably over the period for which the pass is available for use.
•Resorts and vacations sales are recognized as revenue as the services are provided to the guest. Sales of vacation club properties are recognized as revenue upon the later of when title transfers to the customer or when construction activity is deemed complete.
•Merchandise, food and beverage sales are recognized at the time of sale. Sales from our branded internet shopping sites and to wholesalers are recognized upon delivery. We estimate returns and customer incentives based upon historical return experience, current economic trends and projections of consumer demand for our products.
•Merchandise licensing fees are recognized as revenue as earned based on the contractual royalty rate applied to the licensee’s underlying product sales. For licenses with minimum guaranteed license fees, the excess of the minimum guaranteed amount over actual royalties earned (“shortfall”) is recognized straight-line over the remaining license period once an expected shortfall is probable.
•TV/VOD distribution fixed license fees are recognized as revenue when the content is available for use by the licensee. License fees based on the underlying sales of the licensee are recognized as revenue based on the contractual royalty rate applied to the licensee sales.
For TV/VOD licenses that include multiple titles with a fixed license fee across all titles, each title is considered a separate performance obligation. The fixed license fee is allocated to each title at contract inception and the allocated license fee is recognized as revenue when the title is available for use by the licensee.
When the license contains a minimum guaranteed license fee across all titles, the license fees earned by titles in excess of their allocated amount are deferred until the minimum guaranteed license fee across all titles is exceeded. Once the minimum guaranteed license fee is exceeded, revenue is recognized as earned based on the licensee’s underlying sales.
TV/VOD distribution contracts may limit the licensee’s use of a title to certain defined periods of time during the contract term. In these instances, each period of availability is generally considered a separate performance obligation. For these contracts, the fixed license fee is allocated to each period of availability at contract inception based on
relative standalone selling price using management’s best estimate. Revenue is recognized at the start of each availability period when the content is made available for use by the licensee.
When the term of an existing agreement is renewed or extended, revenues are recognized when the licensed content becomes available under the renewal or extension.
•Theatrical distribution licensing fees are recognized as revenue based on the contractual royalty rate applied to the distributor’s underlying sales from exhibition of the film.
•Home entertainment sales in electronic formats are recognized as revenue when the content is available for use by the consumer. Royalties from the licensing of physical home entertainment distribution rights are recognized as revenue as earned based on the contractual royalty rate applied to the licensee’s underlying product sales. Sales in physical formats through distributors are recognized as revenue on the later of the delivery date or the date that the product can be sold by retailers. We reduce home entertainment physical distribution revenues for estimated future returns of merchandise and sales incentives based upon historical return experience, current economic trends and projections of consumer demand for our products.
•Taxes collected from customers and remitted to governmental authorities are excluded from revenue.
•Shipping and handling fees collected from customers are recorded as revenue and the related shipping expenses are recorded in cost of products upon delivery of the product to the consumer.
Allowance for Credit Losses
Allowance for Credit Losses
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 supportable forecasts of future economic conditions.
Advertising Expense
Advertising Expense
Advertising costs are expensed as incurred. Advertising expense for fiscal 2024, 2023 and 2022 was $6.1 billion, $6.4 billion and $7.2 billion, respectively. The decrease in advertising expense for fiscal 2024 compared to fiscal 2023 was due to a decrease in theatrical marketing costs. The decrease in advertising expense for fiscal 2023 compared to fiscal 2022 was due to lower spend for our DTC streaming services.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. Cash and cash equivalents subject to contractual restrictions and not readily available are classified as restricted cash.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts in the Consolidated Statements of Cash Flows.
September 28, 2024September 30, 2023October 1, 2022
Cash and cash equivalents$6,002$14,182$11,615
Restricted cash included in:
Other current assets——3
Other assets1005343
Total cash, cash equivalents and restricted cash in the statement of cash flows
$6,102$14,235$11,661
Investments
Investments
Investments in equity securities with a readily determinable fair value, not accounted for under the equity method, are recorded at that value with unrealized gains and losses included in earnings. For equity securities without a readily determinable fair value, the investment is recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the same or similar securities, with unrealized gains and losses included in earnings.
For equity method investments, the Company regularly reviews its investments to determine whether there is a decline in fair value below book value. If there is a decline that is other-than-temporary, the investment is written down to fair value.
Translation Policy
Translation Policy
Generally, the U.S. dollar is the functional currency for our international film and episodic content distribution and licensing businesses and the branded international channels and DTC streaming services. Generally, the local currency is the functional currency for the Asia Theme Parks, Disneyland Paris, international sports channels and international locations of The Disney Store.
For U.S. dollar functional currency locations, foreign currency assets and liabilities are remeasured into U.S. dollars at end-of-period exchange rates, except for non-monetary balance sheet accounts, which are remeasured at historical exchange rates. Revenue and expenses are remeasured at average exchange rates in effect during each period, except for those expenses related to the non-monetary balance sheet amounts, which are remeasured at historical exchange rates. Gains or losses from foreign currency remeasurement are included in income.
For local currency functional locations, assets and liabilities are translated at end-of-period rates while revenues and expenses are translated at average rates in effect during the period. Equity is translated at historical rates and the resulting cumulative translation adjustments are included as a component of accumulated other comprehensive income (loss) (AOCI).
Inventories
Inventories
Inventory primarily includes vacation timeshare units, merchandise, food, materials and supplies. Carrying amounts of vacation ownership units are recorded at the lower of cost or net realizable value. Carrying amounts of merchandise, food, materials and supplies inventories are generally determined on a moving average cost basis and are recorded at the lower of cost or net realizable value.
Film and Television Content Costs
Film and Television Content Costs
The Company classifies its capitalized produced and acquired/licensed content costs as long-term assets (“Produced and licensed content costs” in the Consolidated Balance Sheet) and classifies advances for live programming rights made prior to the live event as short-term assets (“Content advances” in the Consolidated Balance Sheet). For produced content, we capitalize all direct costs incurred in the physical production of a film, as well as allocations of production overhead and capitalized interest. For licensed and acquired content, we capitalize the license fee or acquisition cost, respectively. For purposes of amortization and impairment, the capitalized content costs are classified based on their predominant monetization strategy as follows:
•Individual - lifetime value is predominantly derived from third-party revenues that are directly attributable to the specific film or television title (e.g. theatrical revenues or sales to third-party television programmers)
•Group - lifetime value is predominantly derived from third-party revenues that are attributable only to a bundle of titles (e.g. subscription revenue for a DTC service or affiliate fees for a cable television network)
The determination of the predominant monetization strategy is made at commencement of production on a consolidated basis and is based on the means by which we derive third-party revenues from use of the content. Imputed title by title license fees that may be necessary for other purposes are established as required for those purposes.
We generally classify content that is initially intended for use on our DTC streaming services or Linear Networks as group assets. We generally classify content initially intended for theatrical release or for sale to third-party licensees as individual assets. The classification of content as individual or group only changes if there is a significant change to the title’s monetization strategy relative to its initial assessment (e.g. content that was initially intended for license to a third party is instead used on an owned DTC service). When there is a significant change in monetization strategy, the title’s capitalized content costs are tested for impairment.
Production costs for content that is predominantly monetized individually are amortized based upon the ratio of the current period’s revenues to the estimated remaining total revenues (Ultimate Revenues). For film productions, Ultimate Revenues include revenues from all sources, which may include imputed license fees for content that is used on our DTC streaming services, that will be earned within ten years from the date of the initial release for theatrical films. For episodic series that are classified as individual, Ultimate Revenues include revenues that will be earned within ten years, including imputed license fees for content that is used on our DTC streaming services, from delivery of the first episode, or if still in production, five years from delivery of the most recent episode, if later. Participations and residuals are expensed over the applicable product life cycle based upon the ratio of the current period’s revenues to the estimated remaining total revenues for each production.
Production costs that are predominantly monetized as a group are amortized based on projected usage, generally resulting in an accelerated or straight-line amortization pattern. Adjustments to projected usage are applied prospectively in the period of the change. Participations and residuals are generally expensed in line with the pattern of usage.
Licensed rights to film and television content and other programs for broadcast on our Linear Networks, domestic ESPN television network, International Sports Channels or DTC streaming services are expensed on an accelerated or straight-line basis over their useful life or over the number of times the program is expected to be aired, as appropriate. We amortize rights costs for multi-year sports programming arrangements during the applicable seasons based on the estimated relative value of each year in the arrangement. If annual contractual payments related to each season approximate each season’s estimated relative value, we expense the related contractual payments during the applicable season.
Acquired film and television libraries are generally amortized on a straight-line basis over 20 years from the date of acquisition. Acquired film and television libraries include content that was initially released three years prior to its acquisition, except it excludes the prior seasons of episodic programming still in production at the date of its acquisition.
Amortization of capitalized costs for produced content begins in the month the content is first released, while amortization of capitalized costs for licensed content commences when the license period begins and the content is first aired or available for use on our DTC services. Amortization of content assets is primarily included in “Cost of services” in the Consolidated Statements of Income.
The costs of produced and licensed film and television content are subject to regular recoverability assessments. Production costs for content that is predominantly monetized individually are tested for impairment at the individual title level by comparing that title’s unamortized costs to the estimated present value of discounted cash flows directly attributable to the title. To the extent the title’s unamortized costs exceed the present value of discounted cash flows, an impairment charge is recorded for the excess. Cost of content that is predominantly monetized as a group is tested for impairment by comparing the present value of the discounted cash flows of the group to the aggregate unamortized costs of the group. The group is established by identifying the lowest level for which cash flows are independent of the cash flows of other produced and licensed content. If the unamortized costs exceed the present value of discounted cash flows, an impairment charge is recorded for the excess and allocated to individual titles based on the relative carrying value of each title in the group. If there are no plans to continue to use an individual film or television program that is part of a group, the unamortized cost of the individual title is written down to its estimated fair value. Licensed content is included as part of the group within which it is monetized for purposes of impairment testing.
Content Production Incentives
Content Production Incentives
The Company receives tax incentives from U.S. (state and local) and foreign government agencies to encourage the production of film, episodic and streaming content. The incentives are largely received as tax credits, which are recognized as a reduction to produced and licensed content costs when there is reasonable assurance of collection (presented as “Produced and licensed content costs” in the Consolidated Balance Sheets), resulting in a reduction to programming and production costs (presented as “Costs of services” in the Consolidated Statements of Income) over the asset’s amortization period.
Internal-Use Software Costs
Internal-Use Software Costs
The Company expenses costs incurred in the preliminary project stage of developing or acquiring internal use software, such as research and feasibility studies as well as costs incurred in the post-implementation/operational stage, such as maintenance and training. Capitalization of software development costs occurs only after the preliminary-project stage is complete, management authorizes the project and it is probable that the project will be completed and the software will be used for the function intended. As of September 28, 2024 and September 30, 2023, capitalized software costs, net of accumulated amortization, totaled $1.3 billion and $1.2 billion, respectively. The capitalized costs are amortized on a straight-line basis over the estimated useful life of the software, generally up to 5 years.
Parks, Resorts and Other Property
Parks, Resorts and Other Property
Parks, resorts and other property are carried at historical cost. Depreciation is computed on the straight-line method, generally over the following estimated useful lives:
Attractions, buildings and improvements20 – 40 years
Furniture, fixtures and equipment3 – 25 years
Land improvements20 – 40 years
Leasehold improvementsLife of lease or asset life if less
Leases
Leases
The Company determines whether a contract is a lease at contract inception or for a modified contract at the modification date. At inception or modification, the Company calculates the present value of operating lease payments using the Company’s incremental borrowing rate applicable to the lease, which is determined by estimating what it would cost the Company to borrow a collateralized amount equal to the total lease payments over the lease term based on the contractual terms of the lease and the location of the leased asset. Our leases may require us to make fixed rental payments, variable lease payments based on usage or sales and fixed non-lease costs relating to the leased asset. Variable lease payments are generally not included in the measurement of the right-of-use asset and lease liability. Fixed non-lease costs, for example common-area maintenance costs, are included in the measurement of the right-of-use asset and lease liability as the Company does not separate lease and non-lease components.
Goodwill, Other Intangible Assets and Long-Lived Assets
Goodwill, Other Intangible Assets and Long-Lived Assets
The Company is required to test goodwill and other indefinite-lived intangible assets for impairment on an annual basis and if current events or circumstances require, on an interim basis. The Company performs its annual test of goodwill and indefinite-lived intangible assets for impairment in its fiscal fourth quarter.
Goodwill is allocated to various reporting units, which are an operating segment or one level below the operating segment. To test goodwill for impairment, the Company first performs a qualitative assessment to determine if it is more likely than not that the carrying amount of a reporting unit exceeds its fair value. If it is, a quantitative assessment is required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test.
The qualitative assessment requires the consideration of factors such as recent market transactions, macroeconomic conditions and changes in projected future cash flows of the reporting unit.
The quantitative assessment compares the fair value of each goodwill reporting unit to its carrying amount, and to the extent the carrying amount exceeds the fair value, an impairment of goodwill is recognized for the excess up to the amount of goodwill allocated to the reporting unit.
In fiscal 2024, the Company bypassed the qualitative test and performed a quantitative assessment of goodwill for impairment (see Note 18).
The impairment test for goodwill requires judgment related to the identification of reporting units, the assignment of assets and liabilities to reporting units including goodwill and the determination of fair value of the reporting units. To determine the fair value of our reporting units, we generally use a present value technique (discounted cash flows) corroborated by market multiples when available and as appropriate. The discounted cash flow analyses are sensitive to our estimated projected future cash flows as well as the discount rates used to calculate their present value. Our future cash flows are based on internal forecasts for each reporting unit, which consider projected inflation and other economic indicators, as well as industry growth projections. Significant judgments and assumptions in the discounted cash flow model relate to projections of future revenues and certain operating expenses, operating margins, terminal growth rates and discount rates. Discount rates for each reporting unit are determined based on the inherent risks of each reporting unit’s underlying operations. We believe our estimates are consistent with how a marketplace participant would value our reporting units. If we had established different reporting units or utilized different valuation methodologies or assumptions, the impairment test results could differ.
To test other indefinite-lived intangible assets for impairment, the Company first performs a qualitative assessment to determine if it is more likely than not that the carrying amount of each of its indefinite-lived intangible assets exceeds its fair value. If it is, a quantitative assessment is required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test.
The qualitative assessment requires the consideration of factors such as recent market transactions, macroeconomic conditions and changes in projected future cash flows.
The quantitative assessment compares the fair value of an indefinite-lived intangible asset to its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized for the excess. Fair values of indefinite-lived intangible assets are determined based on discounted cash flows or appraised values, as appropriate. The Company has determined that there are currently no legal, competitive, economic or other factors that materially limit the useful life of our trademarks and FCC licenses, which are our most significant indefinite-lived intangible assets.
Finite-lived intangible assets are generally amortized on a straight-line basis over periods of 5 to 40 years. The costs to periodically renew our intangible assets are expensed as incurred.
The Company expects its aggregate annual amortization expense for finite-lived intangible assets for fiscal 2025 through 2029 to be as follows:
2025$1,468
2026979
2027904
2028838
2029778
The Company tests long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount may not be recoverable. Once a triggering event has occurred, the impairment test employed is based on whether the Company’s intent is to hold the asset for continued use or to hold the asset for sale. The impairment test for assets held for use requires a comparison of the estimated undiscounted future
cash flows expected to be generated over the useful life of the significant assets of an asset group to the carrying amount of the asset group. An asset group is generally established by identifying the lowest level of cash flows generated by a group of assets that are largely independent of the cash flows of other assets and could include assets used across multiple businesses. If the carrying amount of an asset group exceeds the estimated undiscounted future cash flows, an impairment would be measured as the difference between the fair value of the asset group and the carrying amount of the asset group. For assets held for sale, to the extent the carrying amount is greater than the asset’s fair value less costs to sell, an impairment loss is recognized for the difference.
The Company recorded non-cash impairment charges in fiscal 2024, 2023 and 2022 that are further described in Note 18.
Financial Risk Management Contracts
Financial Risk Management Contracts
In the normal course of business, the Company employs a variety of financial instruments (derivatives) including interest rate and cross-currency swap agreements and forward and option contracts to manage its exposure to fluctuations in interest rates, foreign currency exchange rates and commodity prices.
The Company formally documents all relationships between hedges and hedged items as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company primarily enters into two types of derivatives: hedges of fair value exposure and hedges of cash flow exposure. Hedges of fair value exposure are entered into in order to hedge the fair value of a recognized asset, liability, or a firm commitment. Hedges of cash flow exposure are entered into in order to hedge a forecasted transaction (e.g. forecasted revenue) or the variability of cash flows to be paid or received, related to a recognized liability or asset (e.g. floating-rate debt).
The Company designates and assigns the derivatives as hedges of forecasted transactions, specific assets or specific liabilities. When hedged assets or liabilities are sold or extinguished or the forecasted transactions being hedged impact earnings or are no longer expected to occur, the Company recognizes the gain or loss on the designated derivatives.
The Company’s hedge positions are measured at fair value on the balance sheet. Realized gains and losses from hedges are classified in the income statement consistent with the accounting treatment of the items being hedged. The Company accrues the differential for interest rate swaps to be paid or received under the agreements as interest rates change as adjustments to interest expense over the lives of the swaps. Gains and losses on the termination of effective swap agreements, prior to their original maturity, are deferred and amortized to interest expense over the remaining term of the underlying hedged transactions.
The Company enters into derivatives that are not designated as hedges and do not qualify for hedge accounting. These derivatives are intended to offset certain economic exposures of the Company and are carried at fair value with changes in value recorded in earnings. Cash flows from hedging activities are classified in the Consolidated Statements of Cash Flows under the same category as the cash flows from the related assets, liabilities or forecasted transactions (see Notes 8 and 17).
Income Taxes
Income Taxes
Deferred income tax assets and liabilities are recorded with respect to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based on the weight of available evidence, it is more likely than not that some amount of recorded deferred tax assets will not be realized, a valuation allowance is established for the amount that, in management’s judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized.
A tax position must meet a minimum probability threshold before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement.
Redeemable Noncontrolling Interests and Contributions from Noncontrolling Interest Holders
Redeemable Noncontrolling Interest
Hulu LLC
The Company has a 67% ownership interest in Hulu. In November 2023, NBC Universal (NBCU) exercised its right to require the Company to purchase their 33% interest in Hulu at a redemption value based on NBCU’s equity ownership percentage of the greater of Hulu’s equity fair value or a guaranteed floor value of $27.5 billion. In connection with the redemption, the Company will pay NBCU 50% of the future tax benefits from the amortization of the purchase of NBCU’s interest in Hulu as the Company’s cash tax benefits are realized, generally over a 15-year period. In December 2023, the Company paid NBCU $8.6 billion, which reflected the guaranteed floor value less NBCU’s unpaid capital call contributions. If Hulu’s equity fair value is determined pursuant to a contractual appraisal process to be higher than the guaranteed floor value, the Company is required to pay NBCU its share of the difference between the equity fair value and the guaranteed floor value.
In May 2024, the Company and NBCU entered into a confidential arbitration to resolve a dispute regarding the contractual appraisal process, in which the parties seek declaratory relief, equitable relief and unspecified damages. The Company expects a decision in that arbitration in fiscal 2025. The outcome of the arbitration is uncertain, and we cannot reasonably estimate the impact of the arbitration on the appraisal process, and thus any impact on the determination of Hulu’s equity fair value and any additional amount we may be required to pay to acquire NBCU’s interest in Hulu.
As part of the arbitration the Company disputes the validity of aspects of NBCU’s appraisal and the corresponding process. Consequently, completion of the appraisal process, including the manner of determining any such additional amount payable by the Company, awaits the resolution of the confidential arbitration.
During the initial phase of the appraisal process, the Company’s appraiser arrived at a valuation that falls below the guaranteed floor value, while NBCU’s appraiser arrived at a valuation substantially in excess of the guaranteed floor value. Once the arbitration is completed, determination of the final equity fair value will take into account the valuation of a third appraiser pursuant to the appraisal process as resolved by the arbitration. If the third appraiser’s equity fair value determination were equal to or below the guaranteed floor value, the Company would not be required to pay NBCU any additional amount. Conversely, if NBCU’s appraiser’s valuation were deemed to be valid and the third appraiser’s equity fair value determination were consistent with the NBCU’s appraiser’s valuation, the Company would be required to pay NBCU an additional amount of approximately $5 billion as its share of the difference between the equity fair value and the guaranteed floor value. If the third appraiser’s equity fair value determination were between the valuations of the Company’s and NBCU’s appraisers, the incremental amount would likewise be between zero and approximately $5 billion.
Any incremental amount determined to be payable to NBCU to acquire NBCU’s interest in Hulu would be recorded as “Net income from continuing operations attributable to noncontrolling interests” and thus reduce “Net income attributable to Disney” in the Consolidated Statements of Income in the period recorded.
BAMTech LLC
In November 2022, the Company purchased MLB’s 15% redeemable noncontrolling interest in BAMTech LLC, which holds the Company’s domestic DTC sports business, for $900 million (MLB buy-out). MLB’s interest was recorded in the Company’s financial statements at $828 million prior to the MLB buy-out. The $72 million difference was recorded as an increase in “Net income from continuing operations attributable to noncontrolling interests” in the Consolidated Statements of Income.
During the fiscal year ended 2023, Hearst Corporation (Hearst) contributed $710 million to the domestic DTC sports business, in part to fund its 20% share of the MLB buy-out and in part to fund its share of the domestic DTC sports business’s operating cash requirements, which had been funded by the Company through intercompany loans.
Earnings Per Share
Earnings Per Share
The Company presents both basic and diluted earnings per share (EPS) amounts. Basic EPS is calculated by dividing net income attributable to Disney by the weighted average number of common shares outstanding during the year. Diluted EPS is based upon the weighted average number of common and common equivalent shares outstanding during the year, which is calculated using the treasury-stock method for equity-based awards (Awards). Common equivalent shares are excluded from the computation in periods for which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the calculation.
A reconciliation of the weighted average number of common and common equivalent shares outstanding and the number of Awards excluded from the diluted earnings per share calculation, as they were anti-dilutive, are as follows:
202420232022
Weighted average number of common and common equivalent shares outstanding (basic)
1,8251,8281,822
Weighted average dilutive impact of Awards
625
Weighted average number of common and common equivalent shares outstanding (diluted)
1,8311,8301,827
Awards excluded from diluted earnings per share242415
v3.24.3
Description of the Business and Segment Information (Tables)
 12 Months Ended
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Financial Information by Operating Segments
Segment revenues and segment operating income are as follows:
202420232022
Revenues
Entertainment
Third parties
$40,775  $40,258  $39,231  
Intersegment
411  377  338  
41,186  40,635  39,569  
Sports
Third parties
16,435  16,091  16,429  
Intersegment
1,184  1,020  841  
17,619  17,111  17,270  
Experiences
34,151  32,549  28,085  
Eliminations
(1,595) (1,397) (1,179) 
Total segment revenues$91,361  $88,898  $83,745  
Segment operating income (loss)
Entertainment
$3,923  $1,444  $2,126  
Sports
2,406  2,465  2,710  
Experiences
9,272  8,954  7,285  
Total segment operating income(1)
$15,601  $12,863  $12,121  
(1)Equity in the income of investees is included in segment operating income as follows:
202420232022
Entertainment
$529  $685  $783  
Sports
58  55  55  
Experiences
—  (2) (10) 
Equity in the income of investees included in segment operating income587  738  828  
A+E Gain(1)
—  56  —  
Amortization of TFCF intangible assets related to equity investees
(12) (12) (12) 
Equity in the income of investees$575  $782  $816  
(1)Restructuring and impairment charges in fiscal 2023 include the impact of a content license agreement termination with A+E, which generated a gain at A+E. The Company’s 50% interest of this gain was $56 million (A+E gain).
Reconciliation of Revenue from Segments to Consolidated
A reconciliation of segment revenues to total revenues is as follows:
 202420232022
Segment revenues$91,361 $88,898   $83,745 
Content License Early Termination(1)
—   — (1,023)  
Total revenues$91,361 $88,898 $82,722 
(1)In fiscal 2022, the Company early terminated certain license agreements with a customer for film and episodic content, which was delivered in previous years, in order for the Company to use the content primarily on our Entertainment Direct-to-Consumer services (Content License Early Termination). Because the content is functional IP, we had recognized substantially all of the consideration to be paid by the customer under the licenses as revenue in prior years when the content was delivered. Consequently, we have recorded the amounts to terminate the license agreements, net of remaining amounts of deferred revenue, as a reduction of revenue.
Reconciliation of Segment Operating Income to Income before Income Taxes
A reconciliation of segment operating income to income from continuing operations before income taxes is as follows:
202420232022
Segment operating income$15,601  $12,863  $12,121  
Content License Early Termination— — (1,023)
Corporate and unallocated shared expenses(1,435) (1,147) (1,159) 
Restructuring and impairment charges(1)
(3,595) (3,836) (237) 
Other income (expense), net(2)
(65) 96  (667) 
Interest expense, net(1,260) (1,209) (1,397) 
TFCF and Hulu acquisition amortization(3)
(1,677) (1,998) (2,353) 
Income from continuing operations before income taxes
$7,569  $4,769  $5,285  
(1)Net of the A+E Gain in fiscal 2023.
(2)“Other income (expense), net” for fiscal 2024 and 2023 includes charges related to a legal ruling of $65 million and $101 million, respectively. Fiscal 2023 and 2022 include a gain of $169 million and a loss of $663 million, respectively, to adjust our investment in DraftKings, Inc. to fair value. The Company sold the DraftKings investment in fiscal 2023.
(3)TFCF and Hulu acquisition amortization is as follows:
202420232022
Amortization of intangible assets
$1,394  $1,547  $1,707  
Step-up of film and episodic costs
271 439 634 
Intangibles related to TFCF equity investees
12 12 12 
$1,677 $1,998 $2,353 
Capital Expenditures, Depreciation and Amortization by Segment
Capital expenditures, depreciation expense and amortization of intangible assets are as follows:
Capital expenditures202420232022
Entertainment
$977  $1,032  $802  
Sports
10  15  8  
Experiences
Domestic2,710  2,203  2,680  
International949  822  767  
Corporate766  897  686  
Total capital expenditures$5,412  $4,969  $4,943  
Depreciation expense
Entertainment
$681  $669  $560  
Sports
39  73  90 
Experiences
Domestic1,744  2,011  1,680  
International726  669  662  
Amounts included in segment operating income2,470  2,680  2,342  
Corporate244  204  191  
Total depreciation expense$3,434  $3,626  $3,183  
Amortization of intangible assets
Entertainment
$53  $87  $164  
Experiences
109  109  109  
Amounts included in segment operating income162  196  273  
TFCF and Hulu1,394  1,547  1,707  
Total amortization of intangible assets$1,556  $1,743  $1,980  
Schedule of Revenue and Operating Income by Geographic Market
The following table presents our revenues and segment operating income by geographical markets:
202420232022
Revenues
Americas$72,162  $71,205  $68,218  
Europe10,279  9,533  8,680  
Asia Pacific8,920  8,160  6,847  
$91,361  $88,898  $83,745  
Content License Early Termination(1,023) 
$82,722  
Segment operating income
Americas$12,921  $10,779  $11,099  
Europe1,369  856  586  
Asia Pacific1,311  1,228  436  
$15,601  $12,863  $12,121  
Long-lived Assets by Geographic Markets
Long-lived assets(1) by geographical markets are as follows:
September 28, 2024September 30, 2023
Americas$62,107  $60,988  
Europe10,299  9,760  
Asia Pacific6,535  7,829  
$78,941  $78,577  
(1)Long-lived assets are primarily parks, resorts and other property, produced and licensed content costs, right-of-use lease assets, equity method investments and benefit plans in a net asset position. The fiscal 2023 presentation has been adjusted to conform with the fiscal 2024 presentation.
v3.24.3
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheet to the total of the amounts in the Consolidated Statements of Cash Flows.
September 28, 2024September 30, 2023October 1, 2022
Cash and cash equivalents$6,002$14,182$11,615
Restricted cash included in:
Other current assets——3
Other assets1005343
Total cash, cash equivalents and restricted cash in the statement of cash flows
$6,102$14,235$11,661
Depreciation Computed on Straight-Line Method Over Estimated Useful Lives Depreciation is computed on the straight-line method, generally over the following estimated useful lives:
Attractions, buildings and improvements20 – 40 years
Furniture, fixtures and equipment3 – 25 years
Land improvements20 – 40 years
Leasehold improvementsLife of lease or asset life if less
Expected Aggregate Annual Amortization Expense for Existing Amortizable Intangible Assets
The Company expects its aggregate annual amortization expense for finite-lived intangible assets for fiscal 2025 through 2029 to be as follows:
2025$1,468
2026979
2027904
2028838
2029778
Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding and Number of Awards Excluded from Diluted Earnings Per Share Calculation
A reconciliation of the weighted average number of common and common equivalent shares outstanding and the number of Awards excluded from the diluted earnings per share calculation, as they were anti-dilutive, are as follows:
202420232022
Weighted average number of common and common equivalent shares outstanding (basic)
1,8251,8281,822
Weighted average dilutive impact of Awards
625
Weighted average number of common and common equivalent shares outstanding (diluted)
1,8311,8301,827
Awards excluded from diluted earnings per share242415
v3.24.3
Revenues (Tables)
 12 Months Ended
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue by Major Source
The following table presents our revenues by segment and major source:
2024
Entertainment
Sports
Experiences
Eliminations
Total
Subscription fees$18,796$1,650$—$—$20,446
Affiliate fees6,87210,418—(1,183)16,107
Advertising7,5064,388——11,894
Theme park admissions——11,171—11,171
Retail and wholesale sales of merchandise, food and beverage—9,2049,204
Resort and vacations——8,375—8,375
Merchandise licensing642—3,142—3,784
TV/VOD distribution licensing
2,298305——2,603
Theatrical distribution licensing2,266———2,266
Home entertainment753———753
Other2,0538582,259(412)4,758
$41,186$17,619$34,151$(1,595)$91,361
2023
Entertainment
Sports
Experiences
Eliminations
Total
Subscription fees$16,420$1,517$—$—$17,937
Affiliate fees7,36910,590—(1,084)16,875
Advertising7,5943,9204—11,518
Theme park admissions——10,423—10,423
Retail and wholesale sales of merchandise, food and beverage——8,921—8,921
Resort and vacations——7,949—7,949
Merchandise licensing619—2,509—3,128
TV/VOD distribution licensing
2,645347——2,992
Theatrical distribution licensing3,174———3,174
Home entertainment931———931
Other1,8837372,743(313)5,050
$40,635$17,111$32,549$(1,397)$88,898
2022
Entertainment
Sports
Experiences
Eliminations and Other
Total
Subscription fees$14,178$1,113$—$—$15,291
Affiliate fees7,73910,796—(1,010)17,525
Advertising8,6744,3704—13,048
Theme park admissions——8,602—8,602
Retail and wholesale sales of merchandise, food and beverage——7,838—7,838
Resort and vacations——6,410—6,410
Merchandise licensing620—3,349—3,969
TV/VOD distribution licensing
3,551351—(1,023)2,879
Theatrical distribution licensing1,875———1,875
Home entertainment1,083———1,083
Other1,8496401,882(169)4,202
$39,569$17,270$28,085$(2,202)$82,722
Disaggregation of Revenue by Geographical Markets
The following table presents our revenues by segment and primary geographical markets:
2024
Entertainment
Sports
Experiences
Eliminations
Total
Americas$31,722$16,432$25,603$(1,595)$72,162
Europe5,8053964,078—10,279
Asia Pacific3,6597914,470—8,920
$41,186$17,619$34,151$(1,595)$91,361
2023
Entertainment
Sports
Experiences
Eliminations
Total
Americas$31,414$16,000$25,188$(1,397)$71,205
Europe5,4753703,688—9,533
Asia Pacific3,7467413,673—8,160
$40,635$17,111$32,549$(1,397)$88,898
2022
Entertainment
Sports
Experiences
Eliminations
Total
Americas$30,841$15,666$22,890$(1,179)$68,218
Europe5,0983963,186—8,680
Asia Pacific3,6301,2082,009—6,847
$39,569$17,270$28,085$(1,179)$83,745
Content License Early Termination
(1,023)
$82,722
Contract with Customer, Asset and Liability
Accounts receivable and deferred revenues from contracts with customers are as follows:
September 28,
2024		September 30,
2023
Accounts Receivable
Current$10,463  $10,279  
Non-current1,040  1,212  
Allowance for credit losses(118) (154) 
Deferred revenues
Current5,587  5,568  
Non-current858  977  
v3.24.3
Dispositions (Tables)
 12 Months Ended
Sep. 28, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Assets and Liabilities Held for Sale
Assets and liabilities of Star India are classified as held for sale in the Consolidated Balance Sheet as of September 28, 2024 as follows:
Receivables and other current assets$749 
Content advances535 
Total current assets1,284 
Produced and licensed content costs549 
Property and equipment, net106 
Intangible assets, net757 
Goodwill1,106 
Other assets559 
Total assets(1)
$4,361 
Accounts payable and other accrued liabilities$358 
Deferred revenue and other88 
Total current liabilities446 
Other long-term liabilities379 
Total liabilities(1)
$825 
(1)Total current assets and non-current assets held for sale are included in “Other current assets” and “Other assets,” respectively, in the Consolidated Balance Sheet. Total current liabilities and non-current liabilities held for sale are included in “Deferred revenue and other” and “Other long-term liabilities” in the Consolidated Balance Sheet. These assets and liabilities are subject to change through closing.
Schedule of Goodwill
The changes in the carrying amount of goodwill are as follows:
EntertainmentSportsExperiencesStar IndiaTotal
Balance at Oct. 1, 2022$55,488  $16,859  $5,550  $—  $77,897  
Impairments(1)
(425) (296) —  —  (721) 
Currency translation adjustments and other, net(32) (77) —  —  (109) 
Balance at Sep. 30, 2023$55,031  $16,486  $5,550  $—  $77,067  
Allocation to Star India(2,445) —  —  2,445  —  
Impairments(1)
(1,287) —  —  (1,335) (2,622) 
Reclassification to held for sale—  —  —  (1,106) (1,106) 
Currency translation adjustments and other, net(9) —  —  (4) (13) 
Balance at Sep. 28, 2024$51,290  $16,486  $5,550  $—  $73,326  
(1)Current year reflects impairments related to entertainment linear networks and Star India (see Note 18). Prior year reflects impairments at entertainment and international sports linear networks (see Note 18).
v3.24.3
Investments (Tables)
 12 Months Ended
Sep. 28, 2024
Investments [Abstract]  
Investments
Investments consist of the following:
September 28,
2024		September 30,
2023
Investments, equity basis$2,680  $2,688  
Investments, other1,779  392  
$4,459$3,080
v3.24.3
International Theme Parks (Tables)
 12 Months Ended
Sep. 28, 2024
Consolidating Balance Sheets  
Impact of Consolidating Financial Statements of International Theme Parks
The following table summarizes the carrying amounts of the Asia Theme Parks’ assets and liabilities included in the Company’s Consolidated Balance Sheet:
 September 28, 2024September 30, 2023
Cash and cash equivalents$510  $504  
Other current assets178  159  
Total current assets688  663  
Parks, resorts and other property6,141  6,150  
Other assets217  234  
Total assets$7,046  $7,047  
Current liabilities$695  $720  
Long-term borrowings1,292  1,308  
Other long-term liabilities409  392  
Total liabilities$2,396  $2,420  
Consolidating Income Statements  
Impact of Consolidating Financial Statements of International Theme Parks
The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s Consolidated Statements of Income for fiscal 2024:
Revenues$5,783  
Costs and expenses(4,716) 
v3.24.3
Produced and Acquired/Licensed Content Costs and Advances (Tables)
 12 Months Ended
Sep. 28, 2024
Other Industries [Abstract]  
Balances of Produced and Licensed Content Costs
Total capitalized produced and licensed content by predominant monetization strategy is as follows:
As of September 28, 2024As of September 30, 2023
Predominantly Monetized IndividuallyPredominantly
Monetized
as a Group		TotalPredominantly Monetized IndividuallyPredominantly
Monetized
as a Group		Total
Produced content
Released, less amortization$4,568 $13,621 $18,189 $4,968 $13,555 $18,523 
Completed, not released16 2,265 2,281 70 1,786 1,856 
In-process4,352   4,067   8,419   3,331   6,120   9,451   
In development or pre-production196 73 269 279 133 412 
$9,132 $20,026 29,158 $8,648 $21,594 30,242 
Licensed content - Television Programming rights and advances5,251 6,351 
Total produced and licensed content$34,409 $36,593 
Current portion$2,097 $3,002 
Non-current portion$32,312 $33,591 
Amortization of Produced and Licensed Content Costs
Amortization of produced and licensed content is as follows:
202420232022
Produced content
Predominantly monetized individually$3,311$3,999$3,448
Predominantly monetized as a group7,1437,8626,776
10,45411,86110,224
Licensed programming rights and advances14,02713,40513,432
Total produced and licensed content costs(1)
$24,481$25,266$23,656
(1)Primarily included in “Costs of services” in the Consolidated Statements of Income. Fiscal 2024 amounts exclude impairment charges of $187 million for produced content and fiscal 2023 amounts exclude impairment charges of $2.0 billion for produced content and $257 million for licensed programming rights recorded in “Restructuring and impairment charges” in the Consolidated Statements of Income (see Note 18).
Expected Amortization of Produced and Licensed Content
Total expected amortization by fiscal year of completed (released and not released) produced, licensed and acquired film and television library content on the balance sheet as of September 28, 2024 is as follows:
Predominantly Monetized IndividuallyPredominantly
Monetized
as a Group		Total
Produced content
Released
2025$983 $3,323 $4,306 
2026605 2,466 3,071 
2027479   1,907   2,386   
Completed, not released
202510   848   858   
Licensed content - Programming rights and advances
2025$3,230 
2026746 
2027370   
v3.24.3
Borrowings (Tables)
 12 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Borrowings including Impact of Interest Rate Swaps Designated as Hedges
The Company’s borrowings, including the impact of interest rate and cross-currency swaps, are summarized as follows:
   September 28, 2024
 Sep. 28, 2024Sep. 30, 2023
Stated
Interest
Rate(1)
Pay Floating Interest rate and Cross-
Currency Swaps(2)
Effective
Interest
Rate(3)
Swap
Maturities
Commercial paper
$3,040  $1,476  —$—5.47%
U.S. dollar denominated notes(4)
40,496  43,504  4.06%10,1254.71%2025-2031
Foreign currency denominated debt1,886  1,872  2.91%1,8874.80%2025-2027
Other(5)
(899) (1,729) —
44,523  45,123  12,012
Asia Theme Parks borrowings1,292  1,308  7.93%—5.75%
Total borrowings45,815  46,431  12,012
Less current portion6,845  4,330  —
Total long-term borrowings
$38,970  $42,101  $12,012
(1)The stated interest rate represents the weighted-average coupon rate for each category of borrowings. For floating-rate borrowings, interest rates are the rates in effect at September 28, 2024; these rates are not necessarily an indication of future interest rates.
(2)Amounts represent notional values of interest rate and cross-currency swaps outstanding as of September 28, 2024.
(3)The effective interest rate includes the impact of existing and terminated interest rate and cross-currency swaps, purchase accounting adjustments and debt issuance premiums, discounts and costs.
(4)Includes net debt issuance discounts, costs and purchase accounting adjustments totaling a net premium of $1.6 billion and $1.8 billion at September 28, 2024 and September 30, 2023, respectively.
(5)Includes market value adjustments for debt with qualifying hedges, which reduces borrowings by $0.9 billion and $1.8 billion at September 28, 2024 and September 30, 2023, respectively.
Schedule of Commercial Paper
At September 28, 2024, the Company’s bank facilities, which are with a syndicate of lenders and support our commercial paper borrowings, were as follows:
Committed
Capacity		Capacity
Used		Unused
Capacity
Facility expiring February 2025$5,250$—$5,250
Facility expiring March 20274,000—4,000
Facility expiring March 20293,000—3,000
Total$12,250$—$12,250
Commercial Paper Activity
Commercial paper activity is as follows:
Commercial paper with original maturities less than three months, net(1)
Commercial paper with original maturities greater than three monthsTotal
Balance at Oct. 1, 2022$50  $1,612  $1,662  
Additions238  3,603  3,841  
Payments—  (4,032) (4,032) 
Other Activity1  4  5  
Balance at Sep. 30, 2023$289  $1,187  $1,476  
Additions431  4,305  4,736  
Payments—  (3,204) (3,204) 
Other Activity7  25  32  
Balance at Sep. 28, 2024$727  $2,313  $3,040  
(1)Borrowings and reductions of borrowings are reported net.
Total Borrowings Excluding Market Value Adjustments, Scheduled Maturities
The following table provides total borrowings, excluding market value adjustments and debt issuance premiums, discounts and costs, by scheduled maturity date as of September 28, 2024. The table also provides the estimated interest payments on these borrowings as of September 28, 2024 although actual future payments will differ for floating-rate borrowings:
Borrowings
Fiscal Year:
Before Asia
Theme Parks
Consolidation
Asia 
Theme Parks		Total Borrowings
Interest
Total Borrowings and Interest
2025$6,688$128$6,816$1,586$8,402
20264,578—4,5781,5026,080
20272,926—2,9261,3444,270
20281,599—1,5991,2532,852
20292,195—2,1951,2103,405
Thereafter25,8231,16426,98715,94442,931
$43,809$1,292$45,101$22,839$67,940
Interest Income and Interest Expense Disclosure
Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 10) are reported net in the Consolidated Statements of Income and consist of the following:
202420232022
Interest expense$(2,070)$(1,973)$(1,549)
Interest and investment income406    424    90    
Net periodic pension and postretirement benefit costs (other than service costs)404 340 62 
Interest expense, net$(1,260)$(1,209)$(1,397)
v3.24.3
Income Taxes (Tables)
 12 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
(Loss) Income Before Income Taxes
Income Before Income Taxes
202420232022
Domestic subsidiaries (including U.S. exports)$5,754  $3,086  $5,955  
Foreign subsidiaries
1,815  1,683  (670) 
Total income from continuing operations
7,569  4,769  5,285  
Loss from discontinued operations—  —  (62) 
$7,569  $4,769  $5,223  
Income Tax Expense (Benefit)
Income Tax Expense (Benefit)
Current202420232022
Federal$1,393  $1,475  $436  
State237  402  282  
Foreign, including foreign withholding taxes
973  867  846  
2,603  2,744  1,564  
Deferred
Federal(764) (1,180) 407  
State54  4  26  
Foreign(97) (189) (265) 
(807) (1,365) 168  
Income tax expense on income from continuing operations
1,796  1,379  1,732  
Income tax expense on loss from discontinued operations
—  —  (14) 
$1,796  $1,379  $1,718  
Schedule of Deferred Tax Assets and Liabilities
Components of Deferred Tax (Assets) and LiabilitiesSeptember 28, 2024September 30, 2023
Deferred tax assets
Net operating losses and tax credit carryforwards(1)
$(3,444) $(3,841) 
Accrued liabilities(1,199) (1,335) 
Lease liabilities(862) (852) 
Licensing revenues(130) (115) 
Other(655) (623) 
Total deferred tax assets(6,290) (6,766) 
Deferred tax liabilities
Depreciable, amortizable and other property6,584  7,581  
Investment in U.S. entities(2)
1,102  1,271  
Right-of-use lease assets
692  751  
Investment in foreign entities465  482  
Other78  81  
Total deferred tax liabilities8,921  10,166  
Net deferred tax liability before valuation allowance2,631  3,400  
Valuation allowance2,991  3,187  
Net deferred tax liability$5,622  $6,587  
(1)Further details on our net operating losses and tax credit carryforwards are as follows:
September 28, 2024
International Theme Park net operating losses
$1,530  
U.S. foreign tax credits822  
State net operating losses and tax credit carryforwards533  
Other559  
Total net operating losses and tax credit carryforwards(a)
$3,444  
(a)    Approximately $2.2 billion of these credits do not expire. Approximately $1.1 billion expire between fiscal 2026 and fiscal 2034, primarily consisting of U.S. foreign tax credits.
(2)Amounts are, in part, due to the tax status of these entities and if the tax status of certain legal entities changes, a significant portion of this balance may reverse.
Summary of Net Operating Loss and Tax Credit Carryforwards Further details on our net operating losses and tax credit carryforwards are as follows:
September 28, 2024
International Theme Park net operating losses
$1,530  
U.S. foreign tax credits822  
State net operating losses and tax credit carryforwards533  
Other559  
Total net operating losses and tax credit carryforwards(a)
$3,444  
(a)    Approximately $2.2 billion of these credits do not expire. Approximately $1.1 billion expire between fiscal 2026 and fiscal 2034, primarily consisting of U.S. foreign tax credits.
Summary of Valuation Allowance
The following table details the change in valuation allowance for fiscal 2024, 2023 and 2022 (in billions):
Balance at Beginning of Period
Increases (Decreases) to Tax Expense
Other ChangesBalance at End of Period
Year ended September 28, 2024
$3.2  $(0.3) $0.1  $3.0  
Year ended September 30, 2023
2.9  0.2  0.1  3.2  
Year ended October 1, 2022
2.8  0.4  (0.3) 2.9  
Reconciliation of Effective Income Tax Rate to Federal Rate
202420232022
Federal income tax rate21.0  % 21.0  % 21.0  % 
State taxes, net of federal benefit(1)
2.2 5.8 3.1 
Non-tax deductible impairments
8.8 3.5 — 
Foreign derived intangible income(3.6)(4.3)(3.4)
Income tax audits and reserves
(2.4)1.3 2.7 
Tax rate differential on foreign income
(1.6)0.1 4.3 
U.S. research and development credits
(1.1)(1.1)(0.6)
Tax impact of equity awards
0.8 2.1 — 
Valuation allowance(0.6)(1.8)4.5 
Legislative changes— — 1.7 
Other0.2 2.3 (0.5)
23.7 %28.9 %32.8 %
(1)Fiscal 2023 includes an adjustment related to certain deferred state taxes
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding the related accrual for interest and penalties, is as follows:
202420232022
Balance at the beginning of the year$2,517  $2,449  $2,641  
Increases for current year tax positions82  98  48  
Increases for prior year tax positions209  273  103  
Decreases in prior year tax positions(423) (144) (98) 
Settlements with taxing authorities(239) (153) (235) 
Lapse in statute of limitations
(194) (6) (10) 
Balance at the end of the year$1,952  $2,517  $2,449  
v3.24.3
Pension and Other Benefit Programs (Tables)
 12 Months Ended
Sep. 28, 2024
Retirement Benefits [Abstract]  
Benefit Obligations, Assets, Funded Status and Balance Sheet Impacts Associated with Pension and Postretirement Medical Benefit Plans based upon Actuarial Valuations
The following chart summarizes the benefit obligations, assets, funded status and balance sheet impacts associated with the defined benefit pension and postretirement medical benefit plans:
 Pension PlansPostretirement Medical Plans
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Projected benefit obligations
Beginning obligations$(14,690) $(15,028) $(961) $(1,539) 
Service cost(248) (282) (1) (5) 
Interest cost(834) (784) (55) (81) 
Actuarial gain (loss)(1)
(1,667) 757  6  59  
Plan amendments and other(2)
44  14  (13) 539  
Benefits paid661  633  56  66  
Ending obligations$(16,734) $(14,690) $(968) $(961) 
Fair value of plans’ assets
Beginning fair value$15,442  $14,721  $781  $749  
Actual return on plan assets2,789  1,324  143  71  
Contributions69  73  26  29  
Benefits paid(661) (633) (56) (66) 
Expenses and other(82) (43) (2) (2) 
Ending fair value$17,557  $15,442  $892  $781  
Overfunded (Underfunded) status of the plans$823  $752  $(76) $(180) 
Amounts recognized in the balance sheet
Non-current assets$2,192  $1,971  $303  $209  
Current liabilities(77) (72) (1) (2) 
Non-current liabilities(1,292) (1,147) (378) (387) 
$823  $752  $(76) $(180) 
(1)The actuarial loss for fiscal 2024 was primarily due to a decrease in the discount rate used to determine the fiscal year-end benefit obligation from the rate that was used in the preceding fiscal year.
(2)The amount in fiscal 2023 was due to a change in postretirement medical benefit options.
Net Periodic Benefit Cost
The components of net periodic benefit cost (benefit) are as follows:
 Pension PlansPostretirement Medical Plans
 202420232022202420232022
Service cost$248  $282  $400  $1  $5  $9  
Other costs (benefits):
Interest cost834  784  500  55  81  51  
Expected return on plan assets(1,138) (1,149) (1,174) (58) (61) (59) 
Amortization of prior-year service costs (credits)(1)
8  8  7  (90) —  —  
Recognized net actuarial loss/(gain)
21  19  585  (36) (22) 28  
Total other costs (benefit)
(275) (338) (82) (129) (2) 20  
Net periodic benefit cost (benefit)
$(27) $(56) $318  $(128) $3  $29  
(1)The amortization of prior-year service credits is related to a change in postretirement medical benefit options.
Key Assumptions
Key assumptions are as follows:
 Pension PlansPostretirement Medical Plans
 202420232022202420232022
Discount rate used to determine the fiscal year‑end benefit obligation5.06 %5.94 %5.44 %5.00 %5.94 %5.47 %
Discount rate used to determine the interest cost component of net periodic benefit cost5.86 %5.37 %2.45 %5.84 %5.38 %2.47 %
Rate used to determine the expected return on plan assets component of net period benefit cost
7.00 %7.00 %7.00 %7.00 %7.00 %7.00 %
Weighted average rate of compensation increase to determine the fiscal year‑end benefit obligation2.70 %3.10 %3.10 %n/an/an/a
Year 1 increase in cost of benefitsn/an/an/a7.00 %7.00 %7.00 %
Rate of increase to which the cost of benefits is assumed to decline (the ultimate trend rate)n/an/an/a4.00 %4.00 %4.00 %
Year that the rate reaches the ultimate trend raten/an/an/a2043 2042 2041
Accumulated Other Comprehensive Loss, Before Tax, Not yet Recognized in Net Periodic Benefit Cost
AOCI, before tax, as of September 28, 2024 consists of the following amounts that have not yet been recognized in net periodic benefit cost:
Pension PlansPostretirement
Medical Plans		Total
Prior service costs (benefits)
$8  $(467) $(459) 
Net actuarial loss (gain)
2,963  (190) 2,773  
Total amounts included in AOCI$2,971  $(657) $2,314  
Plan Assets Investment Policy Ranges for Major Asset Classes The investment policy ranges for the major asset classes are as follows:
Asset ClassMinimumMaximum
Equity investments25%60%
Fixed income investments20%45%
Alternative investments10%30%
Cash & money market funds—%10%
Defined Benefit Plan Assets Measured at Fair Value
The Company’s defined benefit plan assets are summarized by level in the following tables:
As of September 28, 2024
DescriptionLevel 1Level 2TotalPlan Asset Mix
Cash$19  $—  $19  —%
Common and preferred stocks(1)
3,377  —  3,377  18%
Mutual funds701  —  701  4%
Government and federal agency bonds, notes and MBS
2,744  1,845  4,589  25%
Corporate bonds
—  2,111  2,111  11%
Other mortgage- and asset-backed securities—  166  166  1%
Derivatives and other, net
10  1  11  —%
Total investments in the fair value hierarchy $6,851  $4,123  10,974  
Assets valued at NAV as a practical expedient:
Common collective funds
2,380  13%
Alternative investments4,350  24%
Money market funds and other745  4%
Total investments at fair value$18,449  100%
As of September 30, 2023
DescriptionLevel 1Level 2TotalPlan Asset Mix
Cash$68  $—  $68  —%
Common and preferred stocks(1)
3,517  —  3,517  22%
Mutual funds1,139  —  1,139  7%
Government and federal agency bonds, notes and MBS
2,025  442  2,467  15%
Corporate bonds
—  750  750  4%
Other mortgage- and asset-backed securities—  120  120  1%
Derivatives and other, net
—  12  12  —%
Total investments in the fair value hierarchy $6,749  $1,324  8,073  
Assets valued at NAV as a practical expedient:
Common collective funds
3,517  22%
Alternative investments4,352  27%
Money market funds and other281  2%
Total investments at fair value$16,223  100%
(1)Includes 2.9 million shares of Company common stock valued at $278 million and 2.9 million shares valued at $235 million at September 28, 2024 and September 30, 2023, respectively.
Estimated Future Benefit Payments
The following table presents estimated future benefit payments for the next ten fiscal years:
Pension
Plans
Postretirement
Medical Plans(1)
2025$776$51
202678854
202783757
202888160
202992662
2030 – 20345,199335
(1)Estimated future benefit payments are net of expected Medicare subsidy receipts of $36 million.
Long Term Rates of Return by Asset Class The following long-term rates of return by asset class were considered in setting the long-term rate of return on plan assets assumption:
Equity Securities6 %to10 %
Debt Securities3 %to6 %
Alternative Investments6 %to11 %
One Percentage Point (ppt) Change on Projected Benefit Obligations A one percentage point change in the discount rate and expected long-term rate of return on plan assets would have the following effects as of September 28, 2024 and for fiscal 2025:
 Discount RateExpected Long-Term
Rate of Return On Assets
Increase (decrease)Benefit
Expense		Projected Benefit ObligationsBenefit
Expense
1 percentage point decrease$222  $2,430  $168  
1 percentage point increase(214) (2,130) (168) 
Contribution into Multiemployer Pension Plans and Health and Welfare Plans
The following table sets forth our contributions to multiemployer pension and health and welfare benefit plans:
202420232022
Pension plans$291$316$402
Health & welfare plans300299401
Total contributions$591$615$803
v3.24.3
Equity (Tables)
 12 Months Ended
Sep. 28, 2024
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax
The following table summarizes the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts:
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, before tax
Balance at October 2, 2021$(152) $(7,025) $(1,047) $(8,224) 
Unrealized gains (losses) arising during the period
1,098  2,635  (967) 2,766  
Reclassifications of net (gains) losses to net income(142) 620  —  478  
Balance at October 1, 2022$804  $(3,770) $(2,014) $(4,980) 
Unrealized gains (losses) arising during the period(101) 1,594  (2) 1,491  
Reclassifications of net (gains) losses to net income(444) 4  42  (398) 
Balance at September 30, 2023$259  $(2,172) $(1,974) $(3,887) 
Unrealized gains (losses) arising during the period
(112) 25  119  32  
Reclassifications of net (gains) losses to net income
(466) (96) —  (562) 
Balance at September 28, 2024$(319) $(2,243) $(1,855) $(4,417) 
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
Tax on AOCI
Balance at October 2, 2021$42  $1,653  $89  $1,784  
Unrealized gains (losses) arising during the period
(254) (608) 50  (812) 
Reclassifications of net (gains) losses to net income33  (144) —  (111) 
Balance at October 1, 2022$(179) $901  $139  $861  
Unrealized gains (losses) arising during the period
12  (384) 17  (355) 
Reclassifications of net (gains) losses to net income
103  —  (14) 89  
Balance at September 30, 2023$(64) $517  $142  $595  
Unrealized gains (losses) arising during the period
27  (10) (26) (9) 
Reclassifications of net (gains) losses to net income
108  24  —  132  
Balance at September 28, 2024$71  $531  $116  $718  
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, after tax
Balance at October 2, 2021$(110) $(5,372) $(958) $(6,440) 
Unrealized gains (losses) arising during the period
844  2,027  (917) 1,954  
Reclassifications of net (gains) losses to net income(109) 476  —  367  
Balance at October 1, 2022$625  $(2,869) $(1,875) $(4,119) 
Unrealized gains (losses) arising during the period
(89) 1,210  15  1,136  
Reclassifications of net (gains) losses to net income
(341) 4  28  (309) 
Balance at September 30, 2023$195  $(1,655) $(1,832) $(3,292) 
Unrealized gains (losses) arising during the period
(85) 15  93  23  
Reclassifications of net (gains) losses to net income
(358) (72) —  (430) 
Balance at September 28, 2024$(248) $(1,712) $(1,739) $(3,699) 
Details of AOCI Reclassified to Net Income
Details about AOCI components reclassified to net income are as follows:
Gains (losses) in net income:
Affected line item in the Consolidated Statements of Operations:202420232022
Market value adjustments, primarily cash flow hedges
Primarily revenue$466  $444  $142  
Estimated taxIncome taxes(108) (103) (33) 
358  341  109  
Pension and postretirement medical expense
Interest expense, net96  (4) (620) 
Estimated taxIncome taxes(24) —  144  
72  (4) (476) 
Foreign currency translation and other
Other income (expense), net—  (42) —  
Estimated tax
Income taxes—  14  —  
—  (28) —  
Total reclassifications for the period
$430  $309  $(367) 
v3.24.3
Equity-Based Compensation (Tables)
 12 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Weighted Average Assumptions used in Option-Valuation Model
The weighted average assumptions used in the option-valuation model were as follows:
202420232022
Risk-free interest rate4.0%3.6%1.6%
Expected volatility27%31%28%
Dividend yield0.66%—%—%
Termination rate6.1%5.9%5.8%
Exercise multiple2.12 1.98 1.98 
Impact of Stock Options and Restricted Stock Units on Income
Compensation expense related to stock options and RSUs is as follows:
202420232022
Stock options
$71  $76  $88  
RSUs1,295  1,067  889  
Total equity-based compensation expense(1)
1,366  1,143  977  
Tax impact(285) (260) (221) 
Reduction in net income$1,081  $883  $756  
Equity-based compensation expense capitalized during the period$201  $145  $148  
(1)Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs.
Information about Stock Option Transactions
The following table summarizes information about stock option transactions in fiscal 2024 (shares in millions):
 SharesWeighted
Average
Exercise Price
Outstanding at beginning of year18    $120.20
Awards granted3    93.69
Awards exercised(1)   84.81
Awards expired/canceled(1)   118.68
Outstanding at end of year19    $118.37
Exercisable at end of year15    $124.19
Information about Stock Options Vested and Expected to Vest
The following tables summarize information about stock options vested and expected to vest at September 28, 2024 (shares in millions):
Vested
Range of Exercise PricesNumber of
Options		Weighted Average
Exercise Price		Weighted Average
Remaining Years of 
Contractual Life
$80 —$110 4$97.363.7
$111 —$140 6111.983.3
$141 —$170 4148.625.8
$171 —$200 1177.596.4
15
Expected to Vest
Range of Exercise Prices
Number of
Options(1)
Weighted Average
Exercise Price		Weighted Average
Remaining Years of 
Contractual Life
$0 —$92 1$89.338.5
$93 —$184 399.768.9
4
(1)Number of options expected to vest is total unvested options less estimated forfeitures.
Information about Restricted Stock Unit Transactions
The following table summarizes information about RSU transactions in fiscal 2024 (shares in millions):
 
Units
Weighted Average
Grant-Date Fair Value
Unvested at beginning of year24$109.04
Granted(1)
1893.90
Vested(14) 115.28
Forfeited(2) 98.61
Unvested at end of year(2)
26$109.25
(1)Includes 0.4 million Performance RSUs.
(2)Includes 1.1 million Performance RSUs.
v3.24.3
Detail of Certain Balance Sheet Accounts (Tables)
 12 Months Ended
Sep. 28, 2024
Balance Sheet Related Disclosures [Abstract]  
Current Receivables
Current receivablesSeptember 28,
2024		September 30,
2023
Accounts receivable$10,341  $10,179  
Production tax credit receivables
1,358 1,252 
Other1,113  1,014  
Allowance for credit losses(83) (115) 
$12,729  $12,330  
Parks, Resorts and Other Property, at Cost
Parks, resorts and other propertySeptember 28,
2024		September 30,
2023
Attractions, buildings and improvements$39,246  $35,255  
Furniture, fixtures and equipment28,279  26,358  
Land improvements8,067  7,419  
Leasehold improvements1,082  1,058  
76,674  70,090  
Accumulated depreciation(45,506) (42,610) 
Projects in progress4,728  6,285  
Land1,145  1,176  
$37,041  $34,941  
Intangible Assets
September 28, 2024
Intangible assets
Gross
Accumulated Amortization
Net
Character/franchise intangibles, copyrights and trademarks$9,507  $(3,604) $5,903  
MVPD agreements7,213  (4,733) 2,480  
Other amortizable intangible assets3,493  (2,929) 564  
Total intangible assets subject to amortization
20,213  (11,266) 8,947  
Indefinite lived intangible assets(1)
1,792  —  1,792  
Total intangible assets
$22,005  $(11,266) $10,739  
September 30, 2023
Gross
Accumulated Amortization
Net
Character/franchise intangibles, copyrights and trademarks$10,572  $(3,551) $7,021  
MVPD agreements8,056  (4,705) 3,351  
Other amortizable intangible assets4,016  (3,119) 897  
Total intangible assets subject to amortization
22,644  (11,375) 11,269  
Indefinite lived intangible assets(1)
1,792  —  1,792  
Total intangible assets
$24,436  $(11,375) $13,061  
(1)Indefinite lived intangible assets consist of ESPN, Pixar and Marvel trademarks and television FCC licenses.
Accounts Payable and Other Accrued Liabilities
Accounts payable and other accrued liabilitiesSeptember 28,
2024		September 30,
2023
Accounts and accrued payables$14,796  $15,125  
Payroll and employee benefits3,672  3,061  
Income taxes payable
2,473 2,276 
Other129  209  
$21,070  $20,671  
v3.24.3
Commitments and Contingencies (Tables)
 12 Months Ended
Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contractual Commitments for Broadcast Programming Rights, Creative Talent and Other Commitments Contractual commitments for sports programming rights, other programming rights and other commitments including cruise ships and creative talent are as follows:
Fiscal Year:
Sports Programming(1)
Other
Programming
Other
Total (2)
2025$9,806  $2,787  $5,025  $17,618  
20269,033  1,384  2,723  13,140  
20278,995  909  1,566  11,470  
20288,485  727  1,195  10,407  
20298,157  273  1,155  9,585  
Thereafter41,372  242  2,949  44,563  
$85,848  $6,322  $14,613  $106,783  
(1)Primarily relates to rights for NBA, NFL, college football (including bowl games and the College Football Playoff) and basketball, tennis, soccer, NHL, WNBA, MLB, UFC and golf. Certain sports programming rights have payments that are variable based primarily on revenues and are not included in the table above.
(2)The table above excludes commitments related to our Star India businesses that are held for sale of approximately $4.5 billion primarily related to sports programming rights.
v3.24.3
Leases (Tables)
 12 Months Ended
Sep. 28, 2024
Leases [Abstract]  
Summary of Right-of-Use Assets and Lease Liabilities on the Balance Sheet
The Company’s operating and finance right-of-use assets and lease liabilities are as follows:
September 28, 2024September 30, 2023
Right-of-use assets(1)
Operating leases$3,376  $4,211  
Finance leases246  291  
Total right-of-use assets3,622  4,502  
Short-term lease liabilities(2)
Operating leases744  740  
Finance leases30  37  
774  777  
Long-term lease liabilities(3)
Operating leases2,768  3,258  
Finance leases160  206  
2,928  3,464  
Total lease liabilities$3,702  $4,241  
(1)Included in “Other assets” in the Consolidated Balance Sheet.
(2)Included in “Accounts payable and other accrued liabilities” in the Consolidated Balance Sheet.
(3)Included in “Other long-term liabilities” in the Consolidated Balance Sheet.
Components of Lease Costs
The components of lease costs are as follows:
202420232022
Finance lease cost
Amortization of right-of-use assets$36  $39 $39 
Interest on lease liabilities13  15 15 
Operating lease cost 926  820 796 
Variable fees and other(1)
555  444 363 
Total lease cost$1,530  $1,318  $1,213  
(1)Includes variable lease payments related to our operating and finance leases and costs of leases with initial terms of less than one year.
Summary of Cash Flows Arising From Lease Transactions
Cash paid during the year for amounts included in the measurement of lease liabilities is as follows:
202420232022
Operating cash flows for operating leases $876  $714  $736  
Operating cash flows for finance leases 13  15  15  
Financing cash flows for finance leases 44  41  48  
Total$933  $770  $799  
Lease Liability, Fiscal Year Maturity - Operating Lease
Future minimum lease payments, as of September 28, 2024, are as follows:
OperatingFinancing
Fiscal Year:
2025$863  $43  
2026602  31  
2027472  26  
2028400  22  
2029349  12  
Thereafter1,978  336  
Total undiscounted future lease payments4,664  470  
Less: Imputed interest(1,152) (280) 
Total reported lease liability$3,512  $190  
Lease, Liability, Fiscal Year Maturity - Finance Lease
Future minimum lease payments, as of September 28, 2024, are as follows:
OperatingFinancing
Fiscal Year:
2025$863  $43  
2026602  31  
2027472  26  
2028400  22  
2029349  12  
Thereafter1,978  336  
Total undiscounted future lease payments4,664  470  
Less: Imputed interest(1,152) (280) 
Total reported lease liability$3,512  $190  
v3.24.3
Fair Value Measurement (Tables)
 12 Months Ended
Sep. 28, 2024
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value
The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement Level. See Note 10 for definitions of fair value measures and the Levels within the fair value hierarchy.
 Fair Value Measurement at September 28, 2024
DescriptionLevel 1 Level 2Level 3Total
Assets
Investments$—  $94  $—  $94  
Derivatives
Foreign exchange—  569  —  569  
Other—  18  —  18  
Liabilities
Derivatives
Interest rate—  (983) —  (983) 
Foreign exchange—  (588) —  (588) 
Other—  (8) —  (8) 
Other—  (591) —  (591) 
Total recorded at fair value$—  $(1,489) $—  $(1,489) 
Fair value of borrowings$—  $42,392  $1,317  $43,709  
 Fair Value Measurement at September 30, 2023
DescriptionLevel 1Level 2Level 3Total
Assets
Investments$46  $128  $—  $174  
Derivatives
Foreign exchange—  1,336  —  1,336  
Other—  18  —  18  
Liabilities
Derivatives
Interest rate—  (1,791) —  (1,791) 
Foreign exchange—  (815) —  (815) 
Other—  (13) —  (13) 
Other—  (465) —  (465) 
Total recorded at fair value$46  $(1,602) $—  $(1,556) 
Fair value of borrowings$—  $40,123  $1,333  $41,456  
v3.24.3
Derivative Instruments (Tables)
 12 Months Ended
Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Fair Value of Derivative Positions
The Company’s derivative positions measured at fair value (see Note 16) are summarized in the following tables:
 As of September 28, 2024
 Current
Assets
Investments/Other
Assets
Other
Current
Liabilities		Other Long-
Term
Liabilities
Derivatives designated as hedges
Foreign exchange$273  $184  $(164) $(149) 
Interest rate—  —  (983) —  
Other—  —  (7) (1) 
Derivatives not designated as hedges
Foreign exchange110  2  (273) (2) 
Other18  94  —  —  
Gross fair value of derivatives401  280  (1,427) (152) 
Counterparty netting(330) (182) 396  116  
Cash collateral (received) paid(27) —  679  —  
Net derivative positions$44  $98  $(352) $(36) 
 As of September 30, 2023
 Current
Assets
Investments/Other
Assets
Other
Current
Liabilities		Other Long-
Term
Liabilities
Derivatives designated as hedges
Foreign exchange$595  $338  $(123) $(93) 
Interest rate—  —  (1,791) —  
Other12  6  —  —  
Derivatives not designated as hedges
Foreign exchange384  19  (520) (79) 
Other— 128 (13)— 
Gross fair value of derivatives991  491  (2,447) (172) 
Counterparty netting(770) (262) 900  132  
Cash collateral (received) paid(123) (7) 1,257  —  
Net derivative positions$98  $222  $(290) $(40) 
Carrying Amount and Cumulative Basis Adjustments for Fair Value Hedges Recorded on the Balance Sheet
The following table summarizes fair value hedge adjustments to hedged borrowings:
Carrying Amount of Hedged BorrowingsFair Value Adjustments Included in Hedged Borrowings
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Borrowings:
Current$1,414  $1,439  $(10) $(59) 
Long-term10,128  10,748  (913) (1,694) 
$11,542  $12,187  $(923) $(1,753) 
Adjustments Related to Fair Value Hedges Included in Net Interest Income/(Expense) in Consolidated Statements of Income
The following amounts are included in “Interest expense, net” in the Consolidated Statements of Income:
 202420232022
Gain (loss) on:
Pay-floating swaps$799  $(14) $(1,635) 
Borrowings hedged with pay-floating swaps(799) 14  1,635  
Benefit (expense) associated with interest accruals on pay-floating swaps
(611) (510) 31  
Effect of foreign Exchange Cash Flow Hedges on AOCI The following table summarizes the effect of foreign exchange cash flow hedges on AOCI:
202420232022
Gain (loss) recognized in Other Comprehensive Income
$(97) $(136) $1,093  
Gain (loss) reclassified from AOCI into the Statement of Operations(1)
472  446  116  
(1)Primarily recorded in revenue.
Net Gains or Losses Recognized in Costs and Expenses on Economic Exposures Associated with Foreign Currency Exchange Rates The following table summarizes the net foreign exchange gains or losses recognized on foreign currency denominated assets and liabilities and the net foreign exchange gains or losses on the foreign exchange contracts we entered into to mitigate our exposure with respect to foreign currency denominated assets and liabilities by the corresponding line item in which they are recorded in the Consolidated Statements of Income:
Costs and expenses
Interest expense, net
Income taxes on continuing operations
202420232022202420232022202420232022
Net gains (losses) on foreign currency denominated assets and liabilities
$(63) $(37) $(685) $(6) $(15) $82  $(65) $(91) $212  
Net gains (losses) on foreign exchange risk management contracts not designated as hedges
(72) (159) 547  (6) 10  (82) 42  64  (208) 
Net gains (losses)
$(135) $(196) $(138) $(12) $(5) $—  $(23) $(27) $4  
v3.24.3
Restructuring and Impairment Charges (Tables)
 12 Months Ended
Sep. 28, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs
A summary of restructuring and impairment charges is as follows:
202420232022
Star India - see Note 4
$1,545$—$—
Goodwill
1,287721—
Content1872,577—
Other576594237
Restructuring and impairment charges$3,595$3,892$237
v3.24.3
Financial Information by Operating Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Segment Reporting Information [Line Items]      
Revenues $ 91,361 $ 88,898 $ 82,722
Segment Operating Income [1] 15,601 12,863 12,121
Total Segment      
Segment Reporting Information [Line Items]      
Revenues 91,361 88,898 83,745
Entertainment Segment      
Segment Reporting Information [Line Items]      
Revenues 41,186 40,635 39,569
Segment Operating Income 3,923 1,444 2,126
Entertainment Segment | Entertainment Third Party      
Segment Reporting Information [Line Items]      
Revenues 40,775 40,258 39,231
Entertainment Segment | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Revenues 411 377 338
Sports Segment      
Segment Reporting Information [Line Items]      
Revenues 17,619 17,111 17,270
Segment Operating Income 2,406 2,465 2,710
Sports Segment | Sports Third Party      
Segment Reporting Information [Line Items]      
Revenues 16,435 16,091 16,429
Sports Segment | Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Revenues 1,184 1,020 841
Experiences Segment      
Segment Reporting Information [Line Items]      
Revenues 34,151 32,549 28,085
Segment Operating Income 9,272 8,954 7,285
Segment Eliminations      
Segment Reporting Information [Line Items]      
Revenues (1,595) (1,397) (1,179)
Content License Segment Adjustment      
Segment Reporting Information [Line Items]      
Revenues $ 0 $ 0 $ (1,023) [2]
[1] Equity in the income of investees is included in segment operating income as follows:
202420232022
Entertainment
$529  $685  $783  
Sports
58  55  55  
Experiences
—  (2) (10) 
Equity in the income of investees included in segment operating income587  738  828  
A+E Gain(1)
—  56  —  
Amortization of TFCF intangible assets related to equity investees
(12) (12) (12) 
Equity in the income of investees$575  $782  $816  
[2] In fiscal 2022, the Company early terminated certain license agreements with a customer for film and episodic content, which was delivered in previous years, in order for the Company to use the content primarily on our Entertainment Direct-to-Consumer services (Content License Early Termination). Because the content is functional IP, we had recognized substantially all of the consideration to be paid by the customer under the licenses as revenue in prior years when the content was delivered. Consequently, we have recorded the amounts to terminate the license agreements, net of remaining amounts of deferred revenue, as a reduction of revenue.
v3.24.3
Equity in the Income of Investees Included in Segment Operating Results Footnote (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Schedule of Equity Method Investments [Line Items]      
Equity in the income of investees $ 575 $ 782 $ 816
Amortization of Intangible Assets Held by Equity Investees (12) (12) (12)
A&E      
Schedule of Equity Method Investments [Line Items]      
Content License Termination Gain $ 0 56 [1] 0
Equity Method Investment, Ownership Interest 50.00%    
Entertainment Segment      
Schedule of Equity Method Investments [Line Items]      
Equity in the income of investees $ 529 685 783
Sports Segment      
Schedule of Equity Method Investments [Line Items]      
Equity in the income of investees 58 55 55
Experiences Segment      
Schedule of Equity Method Investments [Line Items]      
Equity in the income of investees 0 (2) (10)
Total Segments      
Schedule of Equity Method Investments [Line Items]      
Equity in the income of investees $ 587 $ 738 $ 828
[1] Restructuring and impairment charges in fiscal 2023 include the impact of a content license agreement termination with A+E, which generated a gain at A+E. The Company’s 50% interest of this gain was $56 million (A+E gain).
v3.24.3
Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues $ 91,361 $ 88,898 $ 82,722
Content License Segment Adjustment      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues 0 0 (1,023) [1]
Total Segment      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenues $ 91,361 $ 88,898 $ 83,745
[1] In fiscal 2022, the Company early terminated certain license agreements with a customer for film and episodic content, which was delivered in previous years, in order for the Company to use the content primarily on our Entertainment Direct-to-Consumer services (Content License Early Termination). Because the content is functional IP, we had recognized substantially all of the consideration to be paid by the customer under the licenses as revenue in prior years when the content was delivered. Consequently, we have recorded the amounts to terminate the license agreements, net of remaining amounts of deferred revenue, as a reduction of revenue.
v3.24.3
Reconciliation of Segment Operating Income to Income before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Operating Income [1] $ 15,601 $ 12,863 $ 12,121
Content License Early Termination 0 0 (1,023)
Corporate and unallocated shared expenses (1,435) (1,147) (1,159)
Restructuring and impairment charges (3,595) (3,836) [2] (237)
Other income (expense), net [3] (65) 96 (667)
Interest expense, net (1,260) (1,209) (1,397)
TFCF and Hulu acquisition amortization [4] (1,677) (1,998) (2,353)
Income from continuing operations before income taxes $ 7,569 $ 4,769 $ 5,285
[1] Equity in the income of investees is included in segment operating income as follows:
202420232022
Entertainment
$529  $685  $783  
Sports
58  55  55  
Experiences
—  (2) (10) 
Equity in the income of investees included in segment operating income587  738  828  
A+E Gain(1)
—  56  —  
Amortization of TFCF intangible assets related to equity investees
(12) (12) (12) 
Equity in the income of investees$575  $782  $816  
[2] Net of the A+E Gain in fiscal 2023.
[3] “Other income (expense), net” for fiscal 2024 and 2023 includes charges related to a legal ruling of $65 million and $101 million, respectively. Fiscal 2023 and 2022 include a gain of $169 million and a loss of $663 million, respectively, to adjust our investment in DraftKings, Inc. to fair value. The Company sold the DraftKings investment in fiscal 2023.
[4] TFCF and Hulu acquisition amortization is as follows:
202420232022
Amortization of intangible assets
$1,394  $1,547  $1,707  
Step-up of film and episodic costs
271 439 634 
Intangibles related to TFCF equity investees
12 12 12 
$1,677 $1,998 $2,353 
v3.24.3
Reconciliation of Segment Operating Income to Income Before Income Taxes Footnote (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Amortization of Intangible Assets $ 1,556 $ 1,743 $ 1,980
Amortization of Intangible Assets Held by Equity Investees (12) (12) (12)
Unfavorable Legal Ruling      
Loss Contingency, Damages Sought, Value 65 101  
TFCF and Hulu      
Amortization of Intangible Assets 1,394 1,547 1,707
Amortization 271 439 634
Amortization of Intangible Assets Held by Equity Investees $ 12 12 12
DraftKings      
DraftKings Gain (Loss)   $ 169 $ (663)
v3.24.3
Capital Expenditures, Depreciation and Amortization by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Capital expenditures $ 5,412 $ 4,969 $ 4,943
Depreciation expense 3,434 3,626 3,183
Amortization of Intangible Assets 1,556 1,743 1,980
TFCF and Hulu      
Amortization of Intangible Assets 1,394 1,547 1,707
Entertainment Segment      
Capital expenditures 977 1,032 802
Depreciation expense 681 669 560
Amortization of Intangible Assets 53 87 164
Sports Segment      
Capital expenditures 10 15 8
Depreciation expense 39 73 90
Experiences Segment      
Amortization of Intangible Assets 109 109 109
Experiences Segment | Domestic      
Capital expenditures 2,710 2,203 2,680
Depreciation expense 1,744 2,011 1,680
Experiences Segment | International      
Capital expenditures 949 822 767
Depreciation expense 726 669 662
Total Segments      
Depreciation expense 2,470 2,680 2,342
Amortization of Intangible Assets 162 196 273
Corporate      
Capital expenditures 766 897 686
Depreciation expense $ 244 $ 204 $ 191
v3.24.3
Revenues and Segment Operating Income by Geographical Markets (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Segment Reporting Information [Line Items]      
Revenues $ 91,361 $ 88,898 $ 82,722
Segment Operating Income [1] 15,601 12,863 12,121
Total Segment      
Segment Reporting Information [Line Items]      
Revenues 91,361 88,898 83,745
Americas      
Segment Reporting Information [Line Items]      
Revenues 72,162 71,205 68,218
Segment Operating Income 12,921 10,779 11,099
Europe      
Segment Reporting Information [Line Items]      
Revenues 10,279 9,533 8,680
Segment Operating Income 1,369 856 586
Asia Pacific      
Segment Reporting Information [Line Items]      
Revenues 8,920 8,160 6,847
Segment Operating Income $ 1,311 $ 1,228 436
Content License Segment Adjustment      
Segment Reporting Information [Line Items]      
Revenues     $ (1,023)
[1] Equity in the income of investees is included in segment operating income as follows:
202420232022
Entertainment
$529  $685  $783  
Sports
58  55  55  
Experiences
—  (2) (10) 
Equity in the income of investees included in segment operating income587  738  828  
A+E Gain(1)
—  56  —  
Amortization of TFCF intangible assets related to equity investees
(12) (12) (12) 
Equity in the income of investees$575  $782  $816  
v3.24.3
Long-lived Assets by Geographical Markets (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]    
Long-lived assets $ 78,941 $ 78,577
Americas    
Segment Reporting Information [Line Items]    
Long-lived assets [1] 62,107 60,988
Europe    
Segment Reporting Information [Line Items]    
Long-lived assets [1] 10,299 9,760
Asia Pacific    
Segment Reporting Information [Line Items]    
Long-lived assets [1] $ 6,535 $ 7,829
[1] Long-lived assets are primarily parks, resorts and other property, produced and licensed content costs, right-of-use lease assets, equity method investments and benefit plans in a net asset position. The fiscal 2023 presentation has been adjusted to conform with the fiscal 2024 presentation.
v3.24.3
Description of Business and Segment Information - Additional Information (Detail)
Sep. 28, 2024
National Geographic  
Segment Reporting Information [Line Items]  
Effective ownership interest 73.00%
ESPN  
Segment Reporting Information [Line Items]  
Effective ownership interest 80.00%
National Geographic Expeditions  
Segment Reporting Information [Line Items]  
Effective ownership interest 73.00%
Hong Kong Disneyland Resort  
Segment Reporting Information [Line Items]  
Effective ownership interest 48.00%
Shanghai Disney Resort  
Segment Reporting Information [Line Items]  
Effective ownership interest 43.00%
A&E  
Segment Reporting Information [Line Items]  
Equity Method Investment, Ownership Interest 50.00%
Tata Play Limited  
Segment Reporting Information [Line Items]  
Equity Method Investment, Ownership Interest 30.00%
v3.24.3
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported in the Consolidated Balance Sheet that sum to the Total Amount in the Statement of Cash Flow (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Oct. 02, 2021
Accounting Policies [Abstract]        
Cash and cash equivalents $ 6,002 $ 14,182 $ 11,615  
Restricted Cash and Investments, Current 0 0 3  
Restricted Cash and Investments, Noncurrent 100 53 43  
Cash, cash equivalents and restricted cash $ 6,102 $ 14,235 $ 11,661 $ 16,003
v3.24.3
Summary of Significant Accounting Policies - Depreciation Computed on Straight-Line Method Over Estimated Useful Lives (Detail)
Sep. 28, 2024
Attractions, Buildings and Improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 20 years
Attractions, Buildings and Improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 40 years
Furniture, fixtures and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Furniture, fixtures and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 25 years
Land Improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 20 years
Land Improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 40 years
Leasehold Improvements  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Estimated Useful Lives Useful Life, Shorter of Lease Term or Asset Utility [Member]
v3.24.3
Summary of Significant Accounting Policies - Expected Aggregate Annual Amortization Expense for Existing Amortizable Intangible Assets (Detail)
$ in Millions
Sep. 28, 2024
USD ($)
Accounting Policies [Abstract]  
2025 $ 1,468
2026 979
2027 904
2028 838
2029 $ 778
v3.24.3
Summary of Significant Accounting Policies - Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding and Number of Awards Excluded from Diluted Earnings Per Share (Detail) - shares
shares in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Earnings Per Share [Abstract]      
Weighted Average Number of Shares Outstanding, Basic 1,825 1,828 1,822
Weighted average dilutive impact of Awards 6 2 5
Weighted Average Number of Shares Outstanding, Diluted 1,831 1,830 1,827
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 24 24 15
v3.24.3
Summary of Significant Accounting Policies - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Nov. 30, 2022
USD ($)
Sep. 28, 2024
USD ($)
derivatives
Sep. 30, 2023
USD ($)
Oct. 01, 2022
USD ($)
May 31, 2024
USD ($)
Nov. 30, 2023
USD ($)
Indefinite-lived Intangible Assets [Line Items]              
Advertising expense     $ 6,100 $ 6,400 $ 7,200    
Ultimate Revenue from Theatrical Release Maximum Period     10 years        
Ultimate Revenues from TV Series Delivery of First Episode Maximum Period     10 years        
Ultimate Revenues from TV Series Delivery of Recent Episode Maximum Period     5 years        
Amortization of Film Library Maximum Period     20 years        
Internal-Use software costs capitalized, net of accumulated depreciation     $ 1,300 1,200      
Number of Types of Derivatives | derivatives     2        
Hulu LLC              
Indefinite-lived Intangible Assets [Line Items]              
Equity Method Investment, Ownership Interest     67.00%        
Equity Interest Held by NBC Universal | Hulu LLC              
Indefinite-lived Intangible Assets [Line Items]              
Equity Method Investment, Ownership Interest             33.00%
Percentage of Tax Benefit Shared Arising from Noncontrolling Interest Acquisition             50.00%
Tax Benefit Amortization Period Arising from Noncontrolling Interest Acquisition             15 years
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests $ 8,600            
Equity Interest Held by NBC Universal | Hulu LLC | Pro Forma              
Indefinite-lived Intangible Assets [Line Items]              
Redeemable Noncontrolling Interest, Equity, Redemption Value           $ 5,000  
MLB | BAMTech, LLC              
Indefinite-lived Intangible Assets [Line Items]              
Equity Method Investment, Ownership Interest   15.00%          
Redeemable Noncontrolling Interest, Equity, Redemption Value   $ 900     $ 828    
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest   $ 72          
Hearst Corporation | Domestic DTC Sports Business              
Indefinite-lived Intangible Assets [Line Items]              
Contribution to Subsdiary, Noncontrolling Owner       $ 710      
Effective ownership interest by noncontrolling owners       20.00%      
Minimum              
Indefinite-lived Intangible Assets [Line Items]              
Amortizable intangible assets, amortization period     5 years        
Minimum | Equity Interest Held by NBC Universal | Hulu LLC              
Indefinite-lived Intangible Assets [Line Items]              
Redeemable Noncontrolling Interest, Equity, Redemption Value             $ 27,500
Minimum | Equity Interest Held by NBC Universal | Hulu LLC | Appraisal Fair Value Between the Company and NBCU              
Indefinite-lived Intangible Assets [Line Items]              
Redeemable Noncontrolling Interest, Equity, Redemption Value           0  
Maximum              
Indefinite-lived Intangible Assets [Line Items]              
Amortizable intangible assets, amortization period     40 years        
Maximum | Equity Interest Held by NBC Universal | Hulu LLC | Appraisal Fair Value Between the Company and NBCU              
Indefinite-lived Intangible Assets [Line Items]              
Redeemable Noncontrolling Interest, Equity, Redemption Value           $ 5,000  
Attractions, Buildings and Improvements | Minimum              
Indefinite-lived Intangible Assets [Line Items]              
Property, Plant and Equipment, Useful Life     20 years        
Attractions, Buildings and Improvements | Maximum              
Indefinite-lived Intangible Assets [Line Items]              
Property, Plant and Equipment, Useful Life     40 years        
Software and Software Development Costs | Maximum              
Indefinite-lived Intangible Assets [Line Items]              
Property, Plant and Equipment, Useful Life     5 years        
v3.24.3
Revenues Disaggregation of Revenue by Major Source (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Disaggregation of Revenue [Line Items]      
Revenues $ 91,361 $ 88,898 $ 82,722
Content License Early Termination 0 0 (1,023)
Affiliate fees      
Disaggregation of Revenue [Line Items]      
Revenues 16,107 16,875 17,525
Subscription fees      
Disaggregation of Revenue [Line Items]      
Revenues 20,446 17,937 15,291
Advertising      
Disaggregation of Revenue [Line Items]      
Revenues 11,894 11,518 13,048
Theme park admissions      
Disaggregation of Revenue [Line Items]      
Revenues 11,171 10,423 8,602
Resort and vacations      
Disaggregation of Revenue [Line Items]      
Revenues 8,375 7,949 6,410
Retail and wholesale sales of merchandise, food and beverage      
Disaggregation of Revenue [Line Items]      
Revenues 9,204 8,921 7,838
Merchandise licensing      
Disaggregation of Revenue [Line Items]      
Revenues 3,784 3,128 3,969
TV/VOD distribution licensing      
Disaggregation of Revenue [Line Items]      
Revenues 2,603 2,992 2,879
Theatrical distribution licensing      
Disaggregation of Revenue [Line Items]      
Revenues 2,266 3,174 1,875
Home entertainment      
Disaggregation of Revenue [Line Items]      
Revenues 753 931 1,083
Other      
Disaggregation of Revenue [Line Items]      
Revenues 4,758 5,050 4,202
Entertainment Segment      
Disaggregation of Revenue [Line Items]      
Revenues 41,186 40,635 39,569
Entertainment Segment | Affiliate fees      
Disaggregation of Revenue [Line Items]      
Revenues 6,872 7,369 7,739
Entertainment Segment | Subscription fees      
Disaggregation of Revenue [Line Items]      
Revenues 18,796 16,420 14,178
Entertainment Segment | Advertising      
Disaggregation of Revenue [Line Items]      
Revenues 7,506 7,594 8,674
Entertainment Segment | Merchandise licensing      
Disaggregation of Revenue [Line Items]      
Revenues 642 619 620
Entertainment Segment | TV/VOD distribution licensing      
Disaggregation of Revenue [Line Items]      
Revenues 2,298 2,645 3,551
Entertainment Segment | Theatrical distribution licensing      
Disaggregation of Revenue [Line Items]      
Revenues 2,266 3,174 1,875
Entertainment Segment | Home entertainment      
Disaggregation of Revenue [Line Items]      
Revenues 753 931 1,083
Entertainment Segment | Other      
Disaggregation of Revenue [Line Items]      
Revenues 2,053 1,883 1,849
Sports Segment      
Disaggregation of Revenue [Line Items]      
Revenues 17,619 17,111 17,270
Sports Segment | Affiliate fees      
Disaggregation of Revenue [Line Items]      
Revenues 10,418 10,590 10,796
Sports Segment | Subscription fees      
Disaggregation of Revenue [Line Items]      
Revenues 1,650 1,517 1,113
Sports Segment | Advertising      
Disaggregation of Revenue [Line Items]      
Revenues 4,388 3,920 4,370
Sports Segment | TV/VOD distribution licensing      
Disaggregation of Revenue [Line Items]      
Revenues 305 347 351
Sports Segment | Other      
Disaggregation of Revenue [Line Items]      
Revenues 858 737 640
Experiences Segment      
Disaggregation of Revenue [Line Items]      
Revenues 34,151 32,549 28,085
Experiences Segment | Advertising      
Disaggregation of Revenue [Line Items]      
Revenues 0 4 4
Experiences Segment | Theme park admissions      
Disaggregation of Revenue [Line Items]      
Revenues 11,171 10,423 8,602
Experiences Segment | Resort and vacations      
Disaggregation of Revenue [Line Items]      
Revenues 8,375 7,949 6,410
Experiences Segment | Retail and wholesale sales of merchandise, food and beverage      
Disaggregation of Revenue [Line Items]      
Revenues 9,204 8,921 7,838
Experiences Segment | Merchandise licensing      
Disaggregation of Revenue [Line Items]      
Revenues 3,142 2,509 3,349
Experiences Segment | Other      
Disaggregation of Revenue [Line Items]      
Revenues 2,259 2,743 1,882
Eliminations and Other      
Disaggregation of Revenue [Line Items]      
Revenues (1,595) (1,397) (2,202)
Eliminations and Other | Affiliate fees      
Disaggregation of Revenue [Line Items]      
Revenues (1,183) (1,084) (1,010)
Eliminations and Other | TV/VOD distribution licensing      
Disaggregation of Revenue [Line Items]      
Content License Early Termination     (1,023)
Eliminations and Other | Other      
Disaggregation of Revenue [Line Items]      
Revenues $ (412) $ (313) $ (169)
v3.24.3
Revenues Disaggregation of Revenue by Geographical Markets (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Disaggregation of Revenue [Line Items]      
Revenues $ 91,361 $ 88,898 $ 82,722
Content License Early Termination 0 0 (1,023)
Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues 91,361 88,898 83,745
Americas      
Disaggregation of Revenue [Line Items]      
Revenues 72,162 71,205 68,218
Americas | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues 72,162 71,205 68,218
Europe      
Disaggregation of Revenue [Line Items]      
Revenues 10,279 9,533 8,680
Europe | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues 10,279 9,533 8,680
Asia Pacific      
Disaggregation of Revenue [Line Items]      
Revenues 8,920 8,160 6,847
Asia Pacific | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues 8,920 8,160 6,847
Entertainment Segment      
Disaggregation of Revenue [Line Items]      
Revenues 41,186 40,635 39,569
Entertainment Segment | Americas      
Disaggregation of Revenue [Line Items]      
Revenues 31,722 31,414 30,841
Entertainment Segment | Europe      
Disaggregation of Revenue [Line Items]      
Revenues 5,805 5,475 5,098
Entertainment Segment | Asia Pacific      
Disaggregation of Revenue [Line Items]      
Revenues 3,659 3,746 3,630
Sports Segment      
Disaggregation of Revenue [Line Items]      
Revenues 17,619 17,111 17,270
Sports Segment | Americas      
Disaggregation of Revenue [Line Items]      
Revenues 16,432 16,000 15,666
Sports Segment | Europe      
Disaggregation of Revenue [Line Items]      
Revenues 396 370 396
Sports Segment | Asia Pacific      
Disaggregation of Revenue [Line Items]      
Revenues 791 741 1,208
Experiences Segment      
Disaggregation of Revenue [Line Items]      
Revenues 34,151 32,549 28,085
Experiences Segment | Americas      
Disaggregation of Revenue [Line Items]      
Revenues 25,603 25,188 22,890
Experiences Segment | Europe      
Disaggregation of Revenue [Line Items]      
Revenues 4,078 3,688 3,186
Experiences Segment | Asia Pacific      
Disaggregation of Revenue [Line Items]      
Revenues 4,470 3,673 2,009
Segment Eliminations      
Disaggregation of Revenue [Line Items]      
Revenues (1,595) (1,397) (1,179)
Segment Eliminations | Americas      
Disaggregation of Revenue [Line Items]      
Revenues (1,595) (1,397) (1,179)
Segment Eliminations | Europe      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Segment Eliminations | Asia Pacific      
Disaggregation of Revenue [Line Items]      
Revenues $ 0 $ 0 $ 0
v3.24.3
Revenues Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Accounts Receivable, Gross, Current $ 10,341 $ 10,179
Allowance for credit losses (118) (154)
Deferred Revenue, Current 5,587 5,568
Deferred Revenue, Noncurrent 858 977
Contract With Customer    
Accounts Receivable, Gross, Current 10,463 10,279
Accounts Receivable, Gross, Noncurrent $ 1,040 $ 1,212
v3.24.3
Revenues - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Contract with Customer, Performance Obligation Satisfied in Previous Period $ 1,000 $ 900 $ 1,100
Revenue, Remaining Performance Obligation, Amount 16,000    
Contract with Customer, Liability, Revenue Recognized 5,200 5,100 $ 3,600
Broadcast programming      
Long-Term Receivables, net of allowance for credit losses 300 600  
Mortgage Receivable      
Long-Term Receivables, net of allowance for credit losses 700 $ 700  
Scenario, Unsatisfied performance obligation recognized in fiscal 2025      
Revenue, Remaining Performance Obligation, Amount 7,000    
Scenario, Unsatisfied performance obligation recognized in fiscal 2026      
Revenue, Remaining Performance Obligation, Amount 4,000    
Scenario, Unsatisfied performance obligation recognized in fiscal 2027      
Revenue, Remaining Performance Obligation, Amount 2,000    
Scenario, Unsatisfied performance obligation recognized thereafter      
Revenue, Remaining Performance Obligation, Amount $ 3,000    
v3.24.3
Dispositions Assets and Liabilities Held for Sale (Details)
$ in Millions
Sep. 28, 2024
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Receivables and Other Current Assets $ 749
Content Advances 535
Current Assets 1,284
Produced and Licensed Content Costs 549
Property and Equipment, net 106
Intangible Assets 757
Goodwill 1,106
Other Assets 559
Total Assets 4,361 [1]
Accounts Payable and Accrued Liabilities 358
Deferred Revenue and Other 88
Current Liabilities 446
Other Long-term Liabilities 379
Total Liabilities $ 825 [1]
[1] Total current assets and non-current assets held for sale are included in “Other current assets” and “Other assets,” respectively, in the Consolidated Balance Sheet. Total current liabilities and non-current liabilities held for sale are included in “Deferred revenue and other” and “Other long-term liabilities” in the Consolidated Balance Sheet. These assets and liabilities are subject to change through closing.
v3.24.3
Dispositions Changes in Carrying Amount of Goodwill (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Goodwill [Roll Forward]    
Beginning balance $ 77,067 $ 77,897
Goodwill Allocation 0  
Goodwill, Impairment Loss [1] (2,622) (721)
Goodwill, Transfer to Held-for-Sale (1,106)  
Currency translation adjustments and other, net (13) (109)
Ending balance 73,326 77,067
Star India    
Goodwill [Roll Forward]    
Beginning balance 0 0
Goodwill Allocation 2,445  
Goodwill, Impairment Loss (1,335) [1] 0
Goodwill, Transfer to Held-for-Sale (1,106)  
Currency translation adjustments and other, net (4) 0
Ending balance 0 0
Entertainment Segment    
Goodwill [Roll Forward]    
Beginning balance 55,031 55,488
Goodwill Allocation (2,445)  
Goodwill, Impairment Loss [1] (1,287) (425)
Goodwill, Transfer to Held-for-Sale 0  
Currency translation adjustments and other, net (9) (32)
Ending balance 51,290 55,031
Sports Segment    
Goodwill [Roll Forward]    
Beginning balance 16,486 16,859
Goodwill Allocation 0  
Goodwill, Impairment Loss 0 (296) [1]
Goodwill, Transfer to Held-for-Sale 0  
Currency translation adjustments and other, net 0 (77)
Ending balance 16,486 16,486
Experiences Segment    
Goodwill [Roll Forward]    
Beginning balance 5,550 5,550
Goodwill Allocation 0  
Goodwill, Impairment Loss 0 0
Goodwill, Transfer to Held-for-Sale 0  
Currency translation adjustments and other, net 0 0
Ending balance $ 5,550 $ 5,550
[1] Current year reflects impairments related to entertainment linear networks and Star India (see Note 18). Prior year reflects impairments at entertainment and international sports linear networks (see Note 18).
v3.24.3
Dispositions - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Nov. 14, 2024
Dec. 28, 2024
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Goodwill, Impairment Loss [1]     $ 2,622 $ 721  
Star India          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Goodwill, Impairment Loss     1,545 $ 0 $ 0
Goodwill, Foreign Currency Translation Gain (Loss)     $ 800    
Star India | Subsequent Event          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Disposal Group, Not Discontinued Operation, Equity Method Investment Retained After Disposal, Ownership Interest After Disposal 37.00%        
Star India | Subsequent Event | Scenario, Plan          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Non-cash Tax Charge   $ 300      
Equity Interest Held by RIL | Star India | Subsequent Event          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Equity Method Investment, Ownership Interest 56.00%        
Equity Interest Held by Bodhi Tree Systems | Star India | Subsequent Event          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Equity Method Investment, Ownership Interest 7.00%        
[1] Current year reflects impairments related to entertainment linear networks and Star India (see Note 18). Prior year reflects impairments at entertainment and international sports linear networks (see Note 18).
v3.24.3
Investments (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Investments [Abstract]    
Investments, equity basis $ 2,680 $ 2,688
Investments, other 1,779 392
Investments $ 4,459 $ 3,080
v3.24.3
Investments - Additional Information (Detail) - USD ($)
$ in Billions
Sep. 28, 2024
Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]    
Excess book value of equity method investments representing intangible assets and goodwill $ 0.5  
Equity Securities without Readily Determinable Fair Value, Amount $ 1.7 $ 0.2
A&E    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Ownership Interest 50.00%  
Tata Play Limited    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Ownership Interest 30.00%  
CTV Specialty Television, Inc.    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Ownership Interest 30.00%  
Epic Games    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Ownership Interest 8.00%  
Equity Securities without Readily Determinable Fair Value, Amount $ 1.5  
v3.24.3
International Theme Parks Impact of Consolidating Balance Sheets of International Theme Parks (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Schedule of Consolidating Balance Sheets [Line Items]      
Cash and cash equivalents $ 6,002 $ 14,182 $ 11,615
Other current assets 2,391 1,286  
Total current assets 25,241 32,763  
Parks, resorts and other property 37,041 34,941  
Other assets 13,101 11,076  
Total assets 196,219 205,579  
Current liabilities 34,599 31,139  
Borrowings 38,970 42,101  
International Theme Parks      
Schedule of Consolidating Balance Sheets [Line Items]      
Cash and cash equivalents 510 504  
Other current assets 178 159  
Total current assets 688 663  
Parks, resorts and other property 6,141 6,150  
Other assets 217 234  
Total assets 7,046 7,047  
Current liabilities 695 720  
Borrowings 1,292 1,308  
Other long-term liabilities 409 392  
Total liabilities $ 2,396 $ 2,420  
v3.24.3
International Theme Parks Impact of Consolidating Income Statements of International Theme Parks (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Schedule of Consolidating Statement of Income [Line Items]      
Revenues $ 91,361 $ 88,898 $ 82,722
Costs and expenses (79,447) $ (79,906) $ (75,952)
International Theme Parks      
Schedule of Consolidating Statement of Income [Line Items]      
Revenues 5,783    
Costs and expenses $ (4,716)    
v3.24.3
International Theme Parks - Additional Information (Detail)
¥ in Millions, $ in Millions, $ in Millions
 12 Months Ended
Sep. 28, 2024
USD ($)
Sep. 28, 2024
HKD ($)
Sep. 28, 2024
CNY (¥)
Sep. 30, 2023
USD ($)
Oct. 01, 2022
USD ($)
Noncontrolling Interest [Line Items]          
Net Cash Used in Investing Activities $ (6,881)     $ (4,641) $ (5,008)
Hong Kong Disneyland Resort          
Noncontrolling Interest [Line Items]          
Effective ownership interest 48.00% 48.00% 48.00%    
Effective ownership interest by noncontrolling owners 52.00% 52.00% 52.00%    
Shanghai Disney Resort          
Noncontrolling Interest [Line Items]          
Effective ownership interest 43.00% 43.00% 43.00%    
Effective ownership interest by noncontrolling owners 57.00% 57.00% 57.00%    
Shanghai Disney Resort Management Company          
Noncontrolling Interest [Line Items]          
Effective ownership interest 70.00% 70.00% 70.00%    
Effective ownership interest by noncontrolling owners 30.00% 30.00% 30.00%    
Asia International Theme Parks          
Noncontrolling Interest [Line Items]          
Royalties And Management Fees $ 310        
International Theme Parks          
Noncontrolling Interest [Line Items]          
Net Cash Provided By Operating Activities 1,700        
Net Cash Used in Investing Activities 900        
Net Cash Used in Financing Activities $ 100        
Hong Kong Disneyland Resort | Maximum          
Noncontrolling Interest [Line Items]          
Noncontrolling Interest, Incremental Ownership Percentage by Noncontrolling Interest Upon Achieving Performance Targets 6.00% 6.00% 6.00%    
Noncontrolling Interest, Ownership Percentage Parent Dilution Period 10 years 10 years 10 years    
Hong Kong Disneyland Resort | Loans          
Noncontrolling Interest [Line Items]          
Variable Interest Entity, Financial or Other Support, Amount $ 101        
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests $ 68 $ 500      
Debt, maturity date Sep. 30, 2025 Sep. 30, 2025 Sep. 30, 2025    
Debt Instrument, Basis Spread on Variable Rate 2.00% 2.00% 2.00%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] HIBOR HIBOR HIBOR    
Hong Kong Disneyland Resort | Line of Credit          
Noncontrolling Interest [Line Items]          
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests $ 347 $ 2,700      
Debt, maturity date Dec. 31, 2028 Dec. 31, 2028 Dec. 31, 2028    
Debt Instrument, Basis Spread on Variable Rate 1.25% 1.25% 1.25%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] HIBOR HIBOR HIBOR    
Hong Kong Disneyland Resort | Equity Securities          
Noncontrolling Interest [Line Items]          
Variable Interest Entity, Financial or Other Support, Amount $ 18     $ 57  
Hong Kong Disneyland Resort | Equity Securities | Cumulative Contributions By All Parties          
Noncontrolling Interest [Line Items]          
Variable Interest Entity, Financial or Other Support, Amount 791        
Hong Kong Disneyland Resort | Scenario, Plan | Equity Securities          
Noncontrolling Interest [Line Items]          
Variable Interest Entity, Financial or Other Support, Amount $ 1,400 $ 10,900      
Shanghai Disney Resort | Line of Credit          
Noncontrolling Interest [Line Items]          
Borrowings, Stated Interest Rate 8.00% 8.00% 8.00%    
Shanghai Disney Resort | Loans          
Noncontrolling Interest [Line Items]          
Variable Interest Entity, Financial or Other Support, Amount $ 961        
Debt, maturity date Dec. 31, 2036 Dec. 31, 2036 Dec. 31, 2036    
Borrowings, Stated Interest Rate 8.00% 8.00% 8.00%    
Shanghai Disney Resort | Line of Credit          
Noncontrolling Interest [Line Items]          
Variable Interest Entity, Financial or Other Support, Amount $ 300   ¥ 1,900    
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests $ 400   ¥ 2,600    
Borrowings, Stated Interest Rate 8.00% 8.00% 8.00%    
Shanghai Disney Resort | Shendi Loan          
Noncontrolling Interest [Line Items]          
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests $ 1,200   ¥ 8,600    
Debt, maturity date Dec. 31, 2036 Dec. 31, 2036 Dec. 31, 2036    
Borrowings, Stated Interest Rate 8.00% 8.00% 8.00%    
Disneyland Paris          
Noncontrolling Interest [Line Items]          
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions 100.00% 100.00% 100.00%    
v3.24.3
Balances of Produced and Licensed Content Costs (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Film, Monetized on Its Own, Capitalized Cost [Abstract]    
Released, less amortization $ 4,568 $ 4,968
Completed, not released 16 70
In-process 4,352 3,331
In development or pre-production 196 279
Film, Monetized on Its Own, Capitalized Cost 9,132 8,648
Film, Monetized in Film Group, Capitalized Cost [Abstract]    
Released, less amortization 13,621 13,555
Completed, not released 2,265 1,786
In-process 4,067 6,120
In development or pre-production 73 133
Film, Monetized in Film Group, Capitalized Cost 20,026 21,594
Film, Capitalized Cost [Abstract]    
Released, less amortization 18,189 18,523
Completed, not released 2,281 1,856
In-process 8,419 9,451
In development or pre-production 269 412
Film, Capitalized Cost 29,158 30,242
Licensed television programming rights and advances 5,251 6,351
Produced and Licensed Content, Total 34,409 36,593
Current portion 2,097 3,002
Non-current portion $ 32,312 $ 33,591
v3.24.3
Amortization of Produced and Licensed Content Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Amortization of Produced Content Costs $ 10,454 $ 11,861 $ 10,224
Amortization of Licensed Television and Programming Rights 14,027 13,405 13,432
Amortization of Produced and Licensed Content Costs, Total [1] 24,481 25,266 23,656
Monetized Individually      
Amortization of Produced Content Costs 3,311 3,999 3,448
Monetized as a Group      
Amortization of Produced Content Costs $ 7,143 $ 7,862 $ 6,776
[1] Primarily included in “Costs of services” in the Consolidated Statements of Income. Fiscal 2024 amounts exclude impairment charges of $187 million for produced content and fiscal 2023 amounts exclude impairment charges of $2.0 billion for produced content and $257 million for licensed programming rights recorded in “Restructuring and impairment charges” in the Consolidated Statements of Income (see Note 18).
v3.24.3
Expected Amortization of Produced and Licensed Content (Details)
$ in Millions
Sep. 28, 2024
USD ($)
Produced Content, Expected Amortization [Abstract]  
2025 $ 4,306
2026 3,071
2027 2,386
2025 858
Licensed Content [Abstract]  
2025 3,230
2026 746
2027 370
Monetized Individually  
Produced Content, Monetized On Its Own, Expected Amortization [Abstract]  
2025 983
2026 605
2027 479
2025 10
Monetized as a Group  
Produced Content, Monetized In Film Group, Expected Amortization [Abstract]  
2025 3,323
2026 2,466
2027 1,907
2025 $ 848
v3.24.3
Produced and Acquired/Licensed Content Costs and Advances - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Asset Impairment Charges $ 187 $ 2,577 $ 0
Accrued Participation Liabilities, Due in Next Operating Cycle 2,200    
Unamortized Acquired Film And Television Libraries $ 3,500    
Weighted Average Remaining Amortization Period 14 years    
Reduction in Content Amortization Expense $ 600    
Production Tax Credit Receivable 1,700    
Produced Content      
Asset Impairment Charges $ 187 2,000  
Licensed Programming Rights      
Asset Impairment Charges   $ 257  
v3.24.3
Borrowings including the impact of Interest Rate and Cross-Currency Swaps (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Debt Instrument [Line Items]    
Borrowings $ 45,815 $ 46,431
Less current portion 6,845 4,330
Total long-term borrowings 38,970 42,101
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate [1] 12,012  
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums 1,600 1,800
Qualifying hedges, market value adjustments for debt 900 1,800
Before International Theme Park Consolidation    
Debt Instrument [Line Items]    
Borrowings 44,523 45,123
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate [1] 12,012  
Commercial Paper    
Debt Instrument [Line Items]    
Borrowings $ 3,040 1,476
Borrowings, Stated Interest Rate [2] 0.00%  
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate [1] $ 0  
Borrowings, Effective Interest Rate [3] 5.47%  
U.S. Dollar Denominated Notes    
Debt Instrument [Line Items]    
Borrowings [4] $ 40,496 43,504
Borrowings, Stated Interest Rate [2] 4.06%  
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate [1] $ 10,125  
Borrowings, Effective Interest Rate [3] 4.71%  
U.S. Dollar Denominated Notes | Minimum    
Debt Instrument [Line Items]    
Borrowings, Stated Interest Rate 1.75%  
Swap Maturity Year Dec. 31, 2025  
U.S. Dollar Denominated Notes | Maximum    
Debt Instrument [Line Items]    
Borrowings, Stated Interest Rate 8.50%  
Swap Maturity Year Dec. 31, 2031  
Foreign currency denominated debt    
Debt Instrument [Line Items]    
Borrowings $ 1,886 1,872
Borrowings, Stated Interest Rate [2] 2.91%  
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate [1] $ 1,887  
Borrowings, Effective Interest Rate [3] 4.80%  
Foreign currency denominated debt | Minimum    
Debt Instrument [Line Items]    
Swap Maturity Year Dec. 31, 2025  
Foreign currency denominated debt | Maximum    
Debt Instrument [Line Items]    
Swap Maturity Year Dec. 31, 2027  
Other    
Debt Instrument [Line Items]    
Custom Long-term Debt (contra) [5] $ (899) (1,729)
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate [1] 0  
Asia International Theme Parks    
Debt Instrument [Line Items]    
Borrowings $ 1,292 $ 1,308
Borrowings, Stated Interest Rate [2] 7.93%  
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate [1] $ 0  
Borrowings, Effective Interest Rate [3] 5.75%  
Long Term Debt, Current Portion    
Debt Instrument [Line Items]    
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate [1] $ 0  
Non Current    
Debt Instrument [Line Items]    
Interest rate and Cross-Currency Swaps, Pay Floating Interest Rate [1] $ 12,012  
[1] Amounts represent notional values of interest rate and cross-currency swaps outstanding as of September 28, 2024.
[2] The stated interest rate represents the weighted-average coupon rate for each category of borrowings. For floating-rate borrowings, interest rates are the rates in effect at September 28, 2024; these rates are not necessarily an indication of future interest rates.
[3] The effective interest rate includes the impact of existing and terminated interest rate and cross-currency swaps, purchase accounting adjustments and debt issuance premiums, discounts and costs.
[4] Includes net debt issuance discounts, costs and purchase accounting adjustments totaling a net premium of $1.6 billion and $1.8 billion at September 28, 2024 and September 30, 2023, respectively.
[5] Includes market value adjustments for debt with qualifying hedges, which reduces borrowings by $0.9 billion and $1.8 billion at September 28, 2024 and September 30, 2023, respectively.
v3.24.3
Borrowings Bank facilities to support commercial paper borrowings (Details)
$ in Millions
Sep. 28, 2024
USD ($)
Line of Credit Facility [Line Items]  
Line of Credit Facility, Committed Capacity $ 12,250
Line of Credit Facility, Capacity Used 0
Line of Credit Facility, Unused Capacity 12,250
Existing Line of Credit 1  
Line of Credit Facility [Line Items]  
Line of Credit Facility, Committed Capacity 5,250
Line of Credit Facility, Capacity Used 0
Line of Credit Facility, Unused Capacity 5,250
Existing Line of Credit 2  
Line of Credit Facility [Line Items]  
Line of Credit Facility, Committed Capacity 4,000
Line of Credit Facility, Capacity Used 0
Line of Credit Facility, Unused Capacity 4,000
Existing Line of Credit 3  
Line of Credit Facility [Line Items]  
Line of Credit Facility, Committed Capacity 3,000
Line of Credit Facility, Capacity Used 0
Line of Credit Facility, Unused Capacity $ 3,000
v3.24.3
Borrowings Commercial Paper Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Commercial Paper Rollforward [Line Items]    
Beginning Balance $ 1,476 $ 1,662
Additions 4,736 3,841
Payments (3,204) (4,032)
Other Activity 32 5
Ending Balance 3,040 1,476
Commercial Paper with original maturities less that three months    
Commercial Paper Rollforward [Line Items]    
Beginning Balance 289 50
Additions [1] 431 238
Payments [1] 0 0
Other Activity 7 1
Ending Balance 727 289
Commercial paper with original maturities greater than three months    
Commercial Paper Rollforward [Line Items]    
Beginning Balance 1,187 1,612
Additions 4,305 3,603
Payments (3,204) (4,032)
Other Activity 25 4
Ending Balance $ 2,313 $ 1,187
[1] Borrowings and reductions of borrowings are reported net.
v3.24.3
Borrowings Total Borrowings Excluding Market Value Adjustments, Scheduled Maturities (Detail)
$ in Millions
Sep. 28, 2024
USD ($)
Maturities of Long-term Debt [Abstract]  
2025 $ 6,816
2026 4,578
2027 2,926
2028 1,599
2029 2,195
Thereafter 26,987
Total borrowings 45,101
Estimated Future Interest Payment [Abstract]  
2025 1,586
2026 1,502
2027 1,344
2028 1,253
2029 1,210
Thereafter 15,944
Long-Term Debt, Expected Interest Payment, Gross 22,839
Maturities of Long-term Debt and Interest [Abstract]  
2025 8,402
2026 6,080
2027 4,270
2028 2,852
2029 3,405
Thereafter 42,931
Long-Term Debt, Principal and Interest Payments, Gross 67,940
Before Asia Theme Parks Consolidation  
Maturities of Long-term Debt [Abstract]  
2025 6,688
2026 4,578
2027 2,926
2028 1,599
2029 2,195
Thereafter 25,823
Total borrowings 43,809
Asia Theme Parks  
Maturities of Long-term Debt [Abstract]  
2025 128
2026 0
2027 0
2028 0
2029 0
Thereafter 1,164
Total borrowings $ 1,292
v3.24.3
Interest Expense, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Interest expense $ (2,070) $ (1,973) $ (1,549)
Interest and investment income 406 424 90
Net periodic pension and postretirement benefit costs (other than service costs) 404 340 62
Interest expense, net $ (1,260) $ (1,209) $ (1,397)
v3.24.3
Borrowings - Additional Information (Detail)
¥ in Millions, $ in Millions, $ in Millions, $ in Billions
 12 Months Ended
Nov. 30, 2024
USD ($)
Sep. 28, 2024
USD ($)
Sep. 28, 2024
HKD ($)
Sep. 28, 2024
CNY (¥)
Sep. 30, 2023
USD ($)
Oct. 01, 2022
USD ($)
Sep. 28, 2024
CAD ($)
Debt Instrument [Line Items]              
Line of Credit Facility, Interest Rate Description   These facilities allow for borrowings at rates based on the Secured Overnight Financing Rate (SOFR), and at other variable rates for non-U.S. dollar denominated borrowings plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Ratings and S&P Global Ratings ranging from 0.655% to 1.225%. These facilities allow for borrowings at rates based on the Secured Overnight Financing Rate (SOFR), and at other variable rates for non-U.S. dollar denominated borrowings plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Ratings and S&P Global Ratings ranging from 0.655% to 1.225%. These facilities allow for borrowings at rates based on the Secured Overnight Financing Rate (SOFR), and at other variable rates for non-U.S. dollar denominated borrowings plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Ratings and S&P Global Ratings ranging from 0.655% to 1.225%.      
Line of Credit Facility, Committed Capacity   $ 12,250          
Letters of Credit, amount outstanding   1,600          
Borrowings   45,815     $ 46,431    
Interest capitalized   386     365 $ 261  
Letters Of Credit under Revolving Credit Facility Expiring In March 2027              
Debt Instrument [Line Items]              
Line of Credit Facility, Committed Capacity   500          
Commercial Paper              
Debt Instrument [Line Items]              
Borrowings   $ 3,040     1,476    
Stated interest rate [1]   0.00%         0.00%
Commercial Paper | Minimum              
Debt Instrument [Line Items]              
Debt Instrument, Basis Spread on Variable Rate   0.655% 0.655% 0.655%      
Commercial Paper | Maximum              
Debt Instrument [Line Items]              
Debt Instrument, Basis Spread on Variable Rate   1.225% 1.225% 1.225%      
U.S. Dollar Denominated Notes              
Debt Instrument [Line Items]              
Borrowings [2]   $ 40,496     $ 43,504    
Stated interest rate [1]   4.06%         4.06%
U.S. Dollar Denominated Notes | Minimum              
Debt Instrument [Line Items]              
Debt Instrument, Term   1 year 1 year 1 year      
Stated interest rate   1.75%         1.75%
U.S. Dollar Denominated Notes | Maximum              
Debt Instrument [Line Items]              
Debt Instrument, Term   72 years 72 years 72 years      
Stated interest rate   8.50%         8.50%
Foreign Currency Denominated Canadian Debt October 2024 Maturity              
Debt Instrument [Line Items]              
Borrowings   $ 900         $ 1.3
Debt Instrument, Maturity Date   Oct. 31, 2024 Oct. 31, 2024 Oct. 31, 2024      
Stated interest rate   2.76%         2.76%
Foreign Currency Denominated Canadian Debt March 2027 Maturity              
Debt Instrument [Line Items]              
Borrowings   $ 1,000         $ 1.3
Debt Instrument, Maturity Date   Mar. 31, 2027 Mar. 31, 2027 Mar. 31, 2027      
Stated interest rate   3.06%         3.06%
Loans | Hong Kong Disneyland Resort              
Debt Instrument [Line Items]              
Debt Instrument, Maturity Date   Sep. 30, 2025 Sep. 30, 2025 Sep. 30, 2025      
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests   $ 68 $ 500        
Debt Instrument, Basis Spread on Variable Rate   2.00% 2.00% 2.00%      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   HIBOR HIBOR HIBOR      
Loans | Shanghai Disney Resort              
Debt Instrument [Line Items]              
Debt Instrument, Maturity Date   Dec. 31, 2036 Dec. 31, 2036 Dec. 31, 2036      
Stated interest rate   8.00%         8.00%
Shendi Loan | Shanghai Disney Resort              
Debt Instrument [Line Items]              
Debt Instrument, Maturity Date   Dec. 31, 2036 Dec. 31, 2036 Dec. 31, 2036      
Stated interest rate   8.00%         8.00%
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests   $ 1,200   ¥ 8,600      
Line of Credit | Hong Kong Disneyland Resort              
Debt Instrument [Line Items]              
Debt Instrument, Maturity Date   Dec. 31, 2028 Dec. 31, 2028 Dec. 31, 2028      
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests   $ 347 $ 2,700        
Debt Instrument, Basis Spread on Variable Rate   1.25% 1.25% 1.25%      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   HIBOR HIBOR HIBOR      
Line of Credit | Shanghai Disney Resort              
Debt Instrument [Line Items]              
Stated interest rate   8.00%         8.00%
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests   $ 400   ¥ 2,600      
Existing Line of Credit 1              
Debt Instrument [Line Items]              
Line of Credit Facility, Expiration Date   Feb. 28, 2025 Feb. 28, 2025 Feb. 28, 2025      
Line of Credit Facility, Committed Capacity   $ 5,250          
Existing Line of Credit 2              
Debt Instrument [Line Items]              
Line of Credit Facility, Expiration Date   Mar. 31, 2027 Mar. 31, 2027 Mar. 31, 2027      
Line of Credit Facility, Committed Capacity   $ 4,000          
Existing Line of Credit 3              
Debt Instrument [Line Items]              
Line of Credit Facility, Expiration Date   Mar. 31, 2029 Mar. 31, 2029 Mar. 31, 2029      
Line of Credit Facility, Committed Capacity   $ 3,000          
Disney Cruise Line | Credit Facility Related to Cruise Ship Treasure | Subsequent Event              
Debt Instrument [Line Items]              
Line of Credit Facility, Committed Capacity $ 1,100            
Stated interest rate 3.80%            
Line of Credit Facility, Expiration Period 12 years            
Disney Cruise Line | Credit Facility Related to Cruise Ship Destiny              
Debt Instrument [Line Items]              
Line of Credit Facility, Committed Capacity   $ 1,100          
Stated interest rate   3.74%         3.74%
Line of Credit Facility, Expiration Period   12 years 12 years 12 years      
[1] The stated interest rate represents the weighted-average coupon rate for each category of borrowings. For floating-rate borrowings, interest rates are the rates in effect at September 28, 2024; these rates are not necessarily an indication of future interest rates.
[2] Includes net debt issuance discounts, costs and purchase accounting adjustments totaling a net premium of $1.6 billion and $1.8 billion at September 28, 2024 and September 30, 2023, respectively.
v3.24.3
(Loss) Income Before Income Taxes (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Income Before Income Taxes      
Domestic (including U.S. exports) $ 5,754 $ 3,086 $ 5,955
Foreign subsidiaries 1,815 1,683 (670)
Total income from continuing operations 7,569 4,769 5,285
Loss from discontinued operations 0 0 (62)
Income (loss) before income taxes $ 7,569 $ 4,769 $ 5,223
v3.24.3
Income Tax Expense / (Benefit) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Current      
Federal $ 1,393 $ 1,475 $ 436
State 237 402 282
Foreign 973 867 846
Current Income Tax Expense (Benefit), Total 2,603 2,744 1,564
Deferred      
Federal (764) (1,180) 407
State 54 4 26
Foreign (97) (189) (265)
Deferred Income Tax Expense (Benefit), Total (807) (1,365) 168
Income tax expense from continuing operations 1,796 1,379 1,732
Income Tax Expense (Benefit), Discontinued Operation 0 0 (14)
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations $ 1,796 $ 1,379 $ 1,718
v3.24.3
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Deferred tax assets    
Net operating losses and tax credit carryforwards $ (3,444) [1] $ (3,841)
Accrued liabilities (1,199) (1,335)
Deferred Tax Assets, Lease Liabilities (862) (852)
Deferred Tax Assets, Tax Deferred Expense, Licensing Revenues (130) (115)
Other (655) (623)
Total deferred tax assets (6,290) (6,766)
Deferred tax liabilities    
Depreciable, amortizable and other property 6,584 7,581
Investment in U.S. Entities [2] 1,102 1,271
Deferred Tax Liabilities, Right-of-Use Assets 692 751
Investment in Foreign Entities 465 482
Other 78 81
Deferred Tax Liabilities, Gross 8,921 10,166
Deferred Tax Liabilities before valuation allowance 2,631 3,400
Valuation allowance 2,991 3,187
Total deferred tax liabilities $ 5,622 $ 6,587
[1] Further details on our net operating losses and tax credit carryforwards are as follows:
September 28, 2024
International Theme Park net operating losses
$1,530  
U.S. foreign tax credits822  
State net operating losses and tax credit carryforwards533  
Other559  
Total net operating losses and tax credit carryforwards(a)
$3,444  
(a)    Approximately $2.2 billion of these credits do not expire. Approximately $1.1 billion expire between fiscal 2026 and fiscal 2034, primarily consisting of U.S. foreign tax credits
[2] Amounts are, in part, due to the tax status of these entities and if the tax status of certain legal entities changes, a significant portion of this balance may reverse.
v3.24.3
Income Taxes - Net Operating Loss and Tax Credit Carryforward (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Income Taxes [Line Items]    
Deferred Tax Assets, operating Loss Carryforwards, Foreign $ 3,444 [1] $ 3,841
Deferred Tax Assets, Tax Credit Carryforwards, Foreign 822  
State Net Operating Loss and Tax Credit Carryforward 533  
Deferred Tax Assets, Tax Credit Carryforwards, Other 559  
Deferred Tax Assets, Operating Loss and Tax, Not Subject to Expiration 2,200  
Deferred Tax Assets, Net Operating Loss and Tax Credit Carryforward 3,444  
International Theme Parks    
Income Taxes [Line Items]    
Deferred Tax Assets, operating Loss Carryforwards, Foreign 1,530  
Deferred Tax Assets, Net Operating Loss and Tax Credit Carryforward $ 1,100  
International Theme Parks | Minimum    
Income Taxes [Line Items]    
Operating Loss and Tax Credit Carryforward, Expiration Date Sep. 30, 2026  
International Theme Parks | Maximum    
Income Taxes [Line Items]    
Operating Loss and Tax Credit Carryforward, Expiration Date Sep. 30, 2034  
[1] Further details on our net operating losses and tax credit carryforwards are as follows:
September 28, 2024
International Theme Park net operating losses
$1,530  
U.S. foreign tax credits822  
State net operating losses and tax credit carryforwards533  
Other559  
Total net operating losses and tax credit carryforwards(a)
$3,444  
(a)    Approximately $2.2 billion of these credits do not expire. Approximately $1.1 billion expire between fiscal 2026 and fiscal 2034, primarily consisting of U.S. foreign tax credits
v3.24.3
Income Taxes - Summary of Valuation Allowance (Details) - USD ($)
$ in Billions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Valuation Allowance [Line Items]      
Roll Forward, Deferred Tax Assets, Valuation Allowance $ 3.2 $ 2.9 $ 2.8
Increases (Decreases) to Tax Expense (0.3) 0.2 0.4
Other Changes 0.1 0.1 (0.3)
Roll Forward, Deferred Tax Assets, Valuation Allowance $ 3.0 $ 3.2 $ 2.9
v3.24.3
Income Taxes - Reconciliation of Effective Income Tax Rate to Federal Rate (Detail)
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Income Tax Disclosure [Abstract]      
Federal income tax rate 21.00% 21.00% 21.00%
State taxes, net of federal benefit 2.20% 5.80% [1] 3.10%
Non-tax deductible impairments 8.80% 3.50% 0.00%
Foreign derived intangible income (3.60%) (4.30%) (3.40%)
Income tax audits and reserves (2.40%) 1.30% 2.70%
Tax rate differential on foreign income (1.60%) 0.10% 4.30%
U.S. research and development credits (1.10%) (1.10%) (0.60%)
Tax impact of equity awards 0.80% 2.10% 0.00%
Valuation Allowance (0.60%) (1.80%) 4.50%
Legislative Changes 0.00% 0.00% 1.70%
Other, including tax reserves and related interest 0.20% 2.30% (0.50%)
Effective Income Tax Rate, Continuing Operations, Total 23.70% 28.90% 32.80%
[1] Fiscal 2023 includes an adjustment related to certain deferred state taxes
v3.24.3
Income Taxes - Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits, Excluding Related Accrual for Interest (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at the beginning of the year $ 2,517 $ 2,449 $ 2,641
Increases for current year tax positions 82 98 48
Increases for prior year tax positions 209 273 103
Decreases in prior year tax positions (423) (144) (98)
Settlements with taxing authorities (239) (153) (235)
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations (194) (6) (10)
Balance at the end of the year $ 1,952 $ 2,517 $ 2,449
v3.24.3
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Income Taxes [Line Items]      
Gross unrecognized tax benefits that would reduce income tax expense and effective tax rate, if recognized $ 1,400 $ 1,800 $ 1,900
Accrued interest and penalties related to unrecognized tax benefits 900 1,000 1,000
Additional accrued interest and penalties related to unrecognized tax benefits 157 210 157
Reductions in accrued interest as a result of audit settlements and other prior-year adjustments 151 241 119
Unrecognized tax benefits, reasonably possible reduction due to payments for or resolution of open tax matters 900    
Adjustments to Income Tax Expense, Income Tax Benefit from Share-based Compensation $ 55 $ 93 $ 2
v3.24.3
Pension and Other Benefit Programs - Benefit Obligations, Assets, Funded Status and Balance Sheet Impacts Associated with Pension and Postretirement Medical Benefit Plans based upon Actuarial Valuations (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Fair value of plans' assets      
Contributions $ 95    
Pension Plans      
Projected benefit obligations      
Beginning obligations (14,690) $ (15,028)  
Service cost (248) (282) $ (400)
Interest cost (834) (784) (500)
Actuarial gain (loss) (1,667) [1] 757  
Plan amendments and other 44 14 [2]  
Benefits Paid 661 633  
Ending obligations (16,734) (14,690) (15,028)
Fair value of plans' assets      
Beginning fair value 15,442 14,721  
Actual return on plan assets 2,789 1,324  
Contributions 69 73  
Benefits paid (661) (633)  
Expenses and other (82) (43)  
Ending fair value 17,557 15,442 14,721
Overfunded (Underfunded) status of the plans 823 752  
Amounts recognized in the balance sheet      
Non-current assets 2,192 1,971  
Current liabilities (77) (72)  
Non-current liabilities (1,292) (1,147)  
Amounts for Asset (Liability) Recognized in the Balance Sheet, Total 823 752  
Postretirement Medical Plans      
Projected benefit obligations      
Beginning obligations (961) (1,539)  
Service cost (1) (5) (9)
Interest cost (55) (81) (51)
Actuarial gain (loss) 6 [1] 59  
Plan amendments and other (13) 539 [2]  
Benefits Paid 56 66  
Ending obligations (968) (961) (1,539)
Fair value of plans' assets      
Beginning fair value 781 749  
Actual return on plan assets 143 71  
Contributions 26 29  
Benefits paid (56) (66)  
Expenses and other (2) (2)  
Ending fair value 892 781 $ 749
Overfunded (Underfunded) status of the plans (76) (180)  
Amounts recognized in the balance sheet      
Non-current assets 303 209  
Current liabilities (1) (2)  
Non-current liabilities (378) (387)  
Amounts for Asset (Liability) Recognized in the Balance Sheet, Total $ (76) $ (180)  
[1] The actuarial loss for fiscal 2024 was primarily due to a decrease in the discount rate used to determine the fiscal year-end benefit obligation from the rate that was used in the preceding fiscal year
[2] The amount in fiscal 2023 was due to a change in postretirement medical benefit options.
v3.24.3
Pension and Other Benefit Programs - Net Periodic Benefit Cost (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Defined Benefit Plan Disclosure [Line Items]      
Total other costs (benefit) $ (404) $ (340) $ (62)
Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 248 282 400
Interest cost $ 834 $ 784 $ 500
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense, net Interest expense, net Interest expense, net
Expected return on plan assets $ (1,138) $ (1,149) $ (1,174)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense, net Interest expense, net Interest expense, net
Amortization of Prior-Year Service Cost (Credit) [1] $ 8 $ 8 $ 7
Recognized net actuarial loss/(gain) $ 21 $ 19 $ 585
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense, net Interest expense, net Interest expense, net
Total other costs (benefit) $ (275) $ (338) $ (82)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense, net Interest expense, net Interest expense, net
Net periodic benefit cost (benefit) $ (27) $ (56) $ 318
Postretirement Medical Plans      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 1 5 9
Interest cost $ 55 $ 81 $ 51
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense, net Interest expense, net Interest expense, net
Expected return on plan assets $ (58) $ (61) $ (59)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense, net Interest expense, net Interest expense, net
Amortization of Prior-Year Service Cost (Credit) [1] $ (90) $ 0 $ 0
Recognized net actuarial loss/(gain) $ (36) $ (22) $ 28
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense, net Interest expense, net Interest expense, net
Total other costs (benefit) $ (129) $ (2) $ 20
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense, net Interest expense, net Interest expense, net
Net periodic benefit cost (benefit) $ (128) $ 3 $ 29
[1] The amortization of prior-year service credits is related to a change in postretirement medical benefit options.
v3.24.3
Pension and Other Benefit Programs - Key Assumptions (Detail)
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Pension Plans      
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items]      
Discount rate used to determine the benefit obligation 5.06% 5.94% 5.44%
Discount rate used to determine the interest cost component of net periodic benefit cost 5.86% 5.37% 2.45%
Rate of return on plan assets 7.00% 7.00% 7.00%
Weighted average rate of compensation increase to determine the benefit obligation 2.70% 3.10% 3.10%
Postretirement Medical Plans      
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items]      
Discount rate used to determine the benefit obligation 5.00% 5.94% 5.47%
Discount rate used to determine the interest cost component of net periodic benefit cost 5.84% 5.38% 2.47%
Rate of return on plan assets 7.00% 7.00% 7.00%
Year 1 increase in cost of benefits 7.00% 7.00% 7.00%
Rate of increase to which the cost of benefits is assumed to decline (the ultimate trend rate) 4.00% 4.00% 4.00%
Year that the rate reaches the ultimate trend rate 2043 2042 2041
v3.24.3
Pension and Other Benefit Programs - Accumulated Other Comprehensive Loss, Before Tax, not yet Recognized in Net Periodic Benefit Cost (Detail)
$ in Millions
Sep. 28, 2024
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Prior Service Cost (Benefit) $ (459)
Net actuarial loss (gain) 2,773
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax 2,314
Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Prior Service Cost (Benefit) 8
Net actuarial loss (gain) 2,963
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax 2,971
Postretirement Medical Plans  
Defined Benefit Plan Disclosure [Line Items]  
Prior Service Cost (Benefit) (467)
Net actuarial loss (gain) (190)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax $ (657)
v3.24.3
Pension and Other Benefit Programs - Plan Assets Investment Policy Ranges for Major Asset Classes (Detail)
Sep. 28, 2024
Minimum | Equity Investments  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 25.00%
Minimum | Fixed income Investments  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 20.00%
Minimum | Alternative Investments  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 10.00%
Minimum | Cash & Money Market Funds  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 0.00%
Maximum | Equity Investments  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 60.00%
Maximum | Fixed income Investments  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 45.00%
Maximum | Alternative Investments  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 30.00%
Maximum | Cash & Money Market Funds  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 10.00%
v3.24.3
Pension and Other Benefit Programs - Defined Benefit Plan Assets Measured at Fair Value (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy $ 18,449 $ 16,223
Percentage of plan assets mix 100.00% 100.00%
Cash    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Percentage of plan assets mix 0.00% 0.00%
Equity Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Percentage of plan assets mix 18.00% 22.00%
Mutual Funds    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Percentage of plan assets mix 4.00% 7.00%
US Government Debt Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Percentage of plan assets mix 25.00% 15.00%
Corporate Bond Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Percentage of plan assets mix 11.00% 4.00%
Other Mortgage and Asset Backed Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Percentage of plan assets mix 1.00% 1.00%
Derivatives and Other, Net    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Percentage of plan assets mix 0.00% 0.00%
Common Collective Funds    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy $ 2,380 $ 3,517
Percentage of plan assets mix 13.00% 22.00%
Alternative Investments Funds    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy $ 4,350 $ 4,352
Percentage of plan assets mix 24.00% 27.00%
Money Market Funds and Other    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy $ 745 $ 281
Percentage of plan assets mix 4.00% 2.00%
Level 1 | Cash    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy $ 19 $ 68
Level 1 | Equity Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy [1] 3,377 3,517
Level 1 | Mutual Funds    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 701 1,139
Level 1 | US Government Debt Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 2,744 2,025
Level 1 | Corporate Bond Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 0 0
Level 1 | Other Mortgage and Asset Backed Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 0 0
Level 1 | Derivatives and Other, Net    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 10 0
Level 1 | Total Investments at Fair Value    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 6,851 6,749
Level 2 | Cash    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 0 0
Level 2 | Equity Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy [1] 0 0
Level 2 | Mutual Funds    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 0 0
Level 2 | US Government Debt Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 1,845 442
Level 2 | Corporate Bond Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 2,111 750
Level 2 | Other Mortgage and Asset Backed Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 166 120
Level 2 | Derivatives and Other, Net    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 1 12
Level 2 | Total Investments at Fair Value    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 4,123 1,324
Level 1 and 2 | Cash    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 19 68
Level 1 and 2 | Equity Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy [1] 3,377 3,517
Level 1 and 2 | Mutual Funds    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 701 1,139
Level 1 and 2 | US Government Debt Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 4,589 2,467
Level 1 and 2 | Corporate Bond Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 2,111 750
Level 1 and 2 | Other Mortgage and Asset Backed Securities    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 166 120
Level 1 and 2 | Derivatives and Other, Net    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy 11 12
Level 1 and 2 | Total Investments at Fair Value    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Defined Benefit Plan, Fair Value of Plan Assets in the Fair Value Hierarchy $ 10,974 $ 8,073
[1] Includes 2.9 million shares of Company common stock valued at $278 million and 2.9 million shares valued at $235 million at September 28, 2024 and September 30, 2023, respectively.
v3.24.3
Pension and Other Benefit Programs - Defined Benefit Plan Assets Measured at Fair Value (Parenthetical) (Detail) - USD ($)
shares in Millions, $ in Millions
Sep. 28, 2024
Sep. 30, 2023
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Asset allocation ranges 100.00% 100.00%
United States Mid Large Cap | Shares Held In The Walt Disney Company    
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items]    
Large cap domestic equities, shares of company common stock 2.9 2.9
Large cap domestic equities, value of company common stock $ 278 $ 235
v3.24.3
Pension and Other Benefit Programs - Estimated Future Benefit Payments (Detail)
$ in Millions
Sep. 28, 2024
USD ($)
Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
2025 $ 776
2026 788
2027 837
2028 881
2029 926
2030 – 2034 5,199
Postretirement Medical Plans  
Defined Benefit Plan Disclosure [Line Items]  
2025 51 [1]
2026 54 [1]
2027 57 [1]
2028 60 [1]
2029 62 [1]
2030 – 2034 $ 335 [1]
[1] Estimated future benefit payments are net of expected Medicare subsidy receipts of $36 million.
v3.24.3
Pension and Other Benefit Programs - Estimated Future Benefit Payments (Parenthetical) (Detail)
$ in Millions
Sep. 28, 2024
USD ($)
Postretirement Medical Plans  
Defined Benefit Plan Disclosure [Line Items]  
Expected Medicare subsidy receipts $ 36
v3.24.3
Pension and Other Benefit Programs - Long-Term Rate of Return on Plan Assets (Detail)
 12 Months Ended
Sep. 28, 2024
Minimum | Equity Securities  
Defined Benefit Plan Disclosure [Line Items]  
Long term rate of return on assets 6.00%
Minimum | Debt Securities  
Defined Benefit Plan Disclosure [Line Items]  
Long term rate of return on assets 3.00%
Minimum | Alternative Investments  
Defined Benefit Plan Disclosure [Line Items]  
Long term rate of return on assets 6.00%
Maximum | Equity Securities  
Defined Benefit Plan Disclosure [Line Items]  
Long term rate of return on assets 10.00%
Maximum | Debt Securities  
Defined Benefit Plan Disclosure [Line Items]  
Long term rate of return on assets 6.00%
Maximum | Alternative Investments  
Defined Benefit Plan Disclosure [Line Items]  
Long term rate of return on assets 11.00%
v3.24.3
Pension and Other Benefit Programs - One Percentage Point (ppt) Change on Projected Benefit Obligations (Detail)
$ in Millions
Sep. 28, 2024
USD ($)
Retirement Benefits [Abstract]  
Impact of 1 ppt Discount Rate decrease on Benefit Expense $ 222
Impact of 1 ppt Discount Rate increase on Benefit Expense (214)
Impact of 1 ppt Discount Rate decrease on Projected Benefit Obligations 2,430
Impact of 1 ppt Discount Rate increase on Projected Benefit Obligations (2,130)
Impact of 1 ppt Expected Long-Term Rate of Return on Assets Decrease on Benefit Expense 168
Impact of 1 ppt Expected Long-Term Rate of Return on Assets Increase on Benefit Expense $ (168)
v3.24.3
Pension and Other Benefit Programs - Contribution into Multiemployer Pension Plans and Health and Welfare Plans (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Multiemployer Plans [Line Items]      
Multiemployer Plan, Employer Contribution, Cost $ 591 $ 615 $ 803
Pension Plans      
Multiemployer Plans [Line Items]      
Multiemployer Plan, Employer Contribution, Cost 291 316 402
Postretirement Medical Plans      
Multiemployer Plans [Line Items]      
Multiemployer Plan, Employer Contribution, Cost $ 300 $ 299 $ 401
v3.24.3
Pension and Other Benefit Programs - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Defined Benefit Plan Disclosure [Line Items]      
New vesting service year requirement effective January 1, 2012 3 years    
Pension plans with accumulated benefit obligations in excess of plan assets, projected benefit obligation $ 1,400 $ 1,200  
Pension plans with accumulated benefit obligations in excess of plan assets, accumulated benefit obligation 1,300 1,100  
Total accumulated pension benefit obligations $ 15,700 $ 13,800  
Total accumulated pension benefit obligations, vested percentage 98.00% 98.00%  
Additional Capital Contributions Commitment $ 1,500    
Pension and postretirement medical plans, employer contributions $ 95    
Defined Contribution Plan, Employer Matching Contribution, Percent of Match 50.00%    
Defined contribution plans, employer contributions $ 408 $ 378 $ 325
Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, contribution rate 3.00%    
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, contribution rate 9.00%    
Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ (27) (56) 318
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation 1,400 1,200  
Pension and postretirement medical plans, employer contributions 69 73  
Postretirement Medical Plans      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) (128) 3 $ 29
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation 1,000 1,000  
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets 900 800  
Pension and postretirement medical plans, employer contributions $ 26 $ 29  
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year 7.00% 7.00% 7.00%
Rate of increase to which the cost of benefits is assumed to decline (the ultimate trend rate) 4.00% 4.00% 4.00%
v3.24.3
Equity Changes in Accumulated Other Comprehensive Loss, Before Tax (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI before Tax, Attributable to Parent, Beginning Balance $ (3,887) $ (4,980) $ (8,224)
Unrealized gains (losses) arising during the period 32 1,491 2,766
Reclassifications of realized net (gains) losses to net income (562) (398) 478
AOCI before Tax, Attributable to Parent, Ending Balance (4,417) (3,887) (4,980)
Market Value Adjustments for Hedges      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI before Tax, Attributable to Parent, Beginning Balance 259 804 (152)
Unrealized gains (losses) arising during the period (112) (101) 1,098
Reclassifications of realized net (gains) losses to net income (466) (444) (142)
AOCI before Tax, Attributable to Parent, Ending Balance (319) 259 804
Unrecognized Pension and Postretirement Medical Expense      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI before Tax, Attributable to Parent, Beginning Balance (2,172) (3,770) (7,025)
Unrealized gains (losses) arising during the period 25 1,594 2,635
Reclassifications of realized net (gains) losses to net income (96) 4 620
AOCI before Tax, Attributable to Parent, Ending Balance (2,243) (2,172) (3,770)
Foreign Currency Translation and Other      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI before Tax, Attributable to Parent, Beginning Balance (1,974) (2,014) (1,047)
Unrealized gains (losses) arising during the period 119 (2) (967)
Reclassifications of realized net (gains) losses to net income 0 42 0
AOCI before Tax, Attributable to Parent, Ending Balance $ (1,855) $ (1,974) $ (2,014)
v3.24.3
Equity Changes in Accumulated Other Comprehensive Loss, Tax (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI Tax, Attributable to Parent, Beginning Balance $ 595 $ 861 $ 1,784
Unrealized gains (losses) arising during the period (9) (355) (812)
Reclassifications of realized net (gains) losses to net income 132 89 (111)
AOCI Tax, Attributable to Parent, Ending Balance 718 595 861
Market Value Adjustments for Hedges      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI Tax, Attributable to Parent, Beginning Balance (64) (179) 42
Unrealized gains (losses) arising during the period 27 12 (254)
Reclassifications of realized net (gains) losses to net income 108 103 33
AOCI Tax, Attributable to Parent, Ending Balance 71 (64) (179)
Unrecognized Pension and Postretirement Medical Expense      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI Tax, Attributable to Parent, Beginning Balance 517 901 1,653
Unrealized gains (losses) arising during the period (10) (384) (608)
Reclassifications of realized net (gains) losses to net income 24 0 (144)
AOCI Tax, Attributable to Parent, Ending Balance 531 517 901
Foreign Currency Translation and Other      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
AOCI Tax, Attributable to Parent, Beginning Balance 142 139 89
Unrealized gains (losses) arising during the period (26) 17 50
Reclassifications of realized net (gains) losses to net income 0 (14) 0
AOCI Tax, Attributable to Parent, Ending Balance $ 116 $ 142 $ 139
v3.24.3
Equity Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (3,292) $ (4,119) $ (6,440)
Unrealized gains (losses) arising during the period 23 1,136 1,954
Reclassifications of realized net (gains) losses to net income (430) (309) 367
Accumulated Other Comprehensive Income (Loss), Net of Tax (3,699) (3,292) (4,119)
Market Value Adjustments for Hedges      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated Other Comprehensive Income (Loss), Net of Tax 195 625 (110)
Unrealized gains (losses) arising during the period (85) (89) 844
Reclassifications of realized net (gains) losses to net income (358) (341) (109)
Accumulated Other Comprehensive Income (Loss), Net of Tax (248) 195 625
Unrecognized Pension and Postretirement Medical Expense      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (1,655) (2,869) (5,372)
Unrealized gains (losses) arising during the period 15 1,210 2,027
Reclassifications of realized net (gains) losses to net income (72) 4 476
Accumulated Other Comprehensive Income (Loss), Net of Tax (1,712) (1,655) (2,869)
Foreign Currency Translation and Other      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (1,832) (1,875) (958)
Unrealized gains (losses) arising during the period 93 15 (917)
Reclassifications of realized net (gains) losses to net income 0 28 0
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (1,739) $ (1,832) $ (1,875)
v3.24.3
Equity Details about AOCI Components Reclassified to Net Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Revenues $ 91,361 $ 88,898 $ 82,722
Other income (expense), net [1] (65) 96 (667)
Income Tax Expense (Benefit) (1,796) (1,379) (1,732)
Net income attributable to The Walt Disney Company (Disney) 4,972 2,354 3,145
Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net income attributable to The Walt Disney Company (Disney) 430 309 (367)
Reclassification out of Accumulated Other Comprehensive Income | Gain/(loss) in net income from Cash flow hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Revenues 466 444 142
Income Tax Expense (Benefit) (108) (103) (33)
Net income attributable to The Walt Disney Company (Disney) 358 341 109
Reclassification out of Accumulated Other Comprehensive Income | Gain/(loss) in net income from Pension and postretirement medical expense      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net periodic benefit cost other than service cost included in interest expense, net 96 (4) (620)
Income Tax Expense (Benefit) (24) 0 144
Net income attributable to The Walt Disney Company (Disney) 72 (4) (476)
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation and Other      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income (expense), net 0 (42) 0
Income Tax Expense (Benefit) 0 14 0
Net income attributable to The Walt Disney Company (Disney) $ 0 $ (28) $ 0
[1] “Other income (expense), net” for fiscal 2024 and 2023 includes charges related to a legal ruling of $65 million and $101 million, respectively. Fiscal 2023 and 2022 include a gain of $169 million and a loss of $663 million, respectively, to adjust our investment in DraftKings, Inc. to fair value. The Company sold the DraftKings investment in fiscal 2023.
v3.24.3
Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Billions
 12 Months Ended
Jul. 31, 2024
Jan. 31, 2024
Sep. 28, 2024
Feb. 07, 2024
Class of Stock [Line Items]        
Dividends paid, per share $ 0.45 $ 0.30    
Dividends paid $ 0.8 $ 0.5    
Share Repurchase Program, Authorized, Number of Shares       400
Common stock repurchases (in shares)     28  
Common stock repurchases     $ 3.0  
Share Repurchase Program, Remaining Authorized, Number of Shares     372  
v3.24.3
Equity-Based Compensation - Weighted Average Assumptions used in Option-Valuation Model (Detail) - OptionPlan
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Share-Based Payment Arrangement [Abstract]      
Risk-free interest rate 4.00% 3.60% 1.60%
Expected volatility 27.00% 31.00% 28.00%
Dividend yield 0.66% 0.00% 0.00%
Termination rate 6.10% 5.90% 5.80%
Exercise multiple 2.12 1.98 1.98
v3.24.3
Equity-Based Compensation - Impact of Stock Options/Rights and Restricted Stock Units on Income and Cash Flows (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Share-Based Payment Arrangement [Abstract]      
Stock option compensation expense $ 71 $ 76 $ 88
RSU compensation expense 1,295 1,067 889
Total equity-based compensation expense [1] 1,366 1,143 977
Tax impact (285) (260) (221)
Reduction in net income 1,081 883 756
Equity-based compensation expense capitalized during the period $ 201 $ 145 $ 148
[1] Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs.
v3.24.3
Equity-Based Compensation - Information about Stock Option Transactions (Detail)
shares in Millions
 12 Months Ended
Sep. 28, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding at beginning of year | shares 18
Awards granted | shares 3
Awards exercised | shares (1)
Awards expired/canceled | shares (1)
Outstanding at end of year | shares 19
Exercisable at end of year | shares 15
Weighted Average Exercise Price  
Outstanding at beginning of year | $ / shares $ 120.20
Awards granted | $ / shares 93.69
Awards exercised | $ / shares 84.81
Awards expired/canceled | $ / shares 118.68
Outstanding at end of year | $ / shares 118.37
Exercisable at end of year | $ / shares $ 124.19
v3.24.3
Equity-Based Compensation - Information about Stock Options Vested and Expected to Vest (Detail)
shares in Millions
 12 Months Ended
Sep. 28, 2024
$ / shares
shares
Vested  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares 15
Expected to Vest  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares 4 [1]
$ 80   — $ 110 | Vested  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares 4
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price $ 97.36
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term 3 years 8 months 12 days
Range of Exercise Prices, Lower Range $ 80
Range of Exercise Prices, Upper Range $ 110
$ 111 — $ 140 | Vested  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares 6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price $ 111.98
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term 3 years 3 months 18 days
Range of Exercise Prices, Lower Range $ 111
Range of Exercise Prices, Upper Range $ 140
$ 141 — $ 170 | Vested  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares 4
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price $ 148.62
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term 5 years 9 months 18 days
Range of Exercise Prices, Lower Range $ 141
Range of Exercise Prices, Upper Range $ 170
$ 171 — $ 200 | Vested  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares 1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price $ 177.59
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term 6 years 4 months 24 days
Range of Exercise Prices, Lower Range $ 171
Range of Exercise Prices, Upper Range $ 200
$ 0 — $ 92 | Expected to Vest  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares 1 [1]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price $ 89.33
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term 8 years 6 months
Range of Exercise Prices, Lower Range $ 0
Range of Exercise Prices, Upper Range $ 92
$ 93 — $ 184 | Expected to Vest  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares 3 [1]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price $ 99.76
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term 8 years 10 months 24 days
Range of Exercise Prices, Lower Range $ 93
Range of Exercise Prices, Upper Range $ 184
[1] Number of options expected to vest is total unvested options less estimated forfeitures.
v3.24.3
Equity-Based Compensation - Information about Restricted Stock Unit Transactions (Detail)
shares in Millions
 12 Months Ended
Sep. 28, 2024
$ / shares
shares
Units  
Unvested at beginning of year | shares 24
Granted | shares 18 [1]
Vested | shares (14)
Forfeited | shares (2)
Unvested at end of year | shares 26 [2]
Weighted Average Grant-Date Fair Value  
Unvested at beginning of year | $ / shares $ 109.04
Granted | $ / shares 93.90 [1]
Vested | $ / shares 115.28
Forfeited | $ / shares 98.61
Unvested at end of year | $ / shares $ 109.25 [2]
[1] Includes 0.4 million Performance RSUs.
[2] Includes 1.1 million Performance RSUs.
v3.24.3
Equity-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term 10 years    
Restricted stock units granted, number of shares [1] 18.0    
Restricted stock units granted, unvested number of shares 26.0 [2] 24.0  
Weighted average grant-date fair values of options granted $ 32.09 $ 33.18 $ 46.76
Weighted Average Grant Date Fair Value of Restricted Stock Units [1] $ 93.90    
Stock options exercised and RSUs vested, total intrinsic value $ 1,322.0 $ 829.0 $ 982.0
Aggregate intrinsic values of stock options vested 10.1    
Proceeds from exercise of stock options 88.0 52.0 127.0
Tax benefits realized from tax deductions associated with option exercises and RSU activity 275.0 $ 190.0 $ 219.0
Expected to Vest      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Aggregate intrinsic values of stock options vested $ 12.7    
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Maximum extension period of stock options after grant date 15 years    
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Ratable vesting term of stock options from grant date 3 years    
Number of shares authorized to be awarded as grants 146.0    
Unrecognized compensation costs $ 72.0    
Weighted-average period to recognize compensation costs 1 year 1 month 6 days    
Share-based Payment Arrangement, Option, Four Year Vesting      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Ratable vesting term of stock options from grant date 4 years    
Restricted Stock Units (RSUs), Four Year Vesting      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Ratable vesting term of stock options from grant date 4 years    
Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Ratable vesting term of stock options from grant date 3 years    
Number of shares authorized to be awarded as grants 73.0    
Weighted Average Grant Date Fair Value of Restricted Stock Units $ 94.23 $ 89.66 $ 136.36
Unrecognized compensation costs $ 1,809.0    
Weighted-average period to recognize compensation costs 1 year 2 months 12 days    
Performance Based Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Ratable vesting term of stock options from grant date 3 years    
Restricted stock units granted, number of shares 0.4    
Restricted stock units granted, unvested number of shares 1.1    
[1] Includes 0.4 million Performance RSUs.
[2] Includes 1.1 million Performance RSUs.
v3.24.3
Detail of Certain Balance Sheet Accounts - Current Receivables (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Current receivables    
Accounts receivable $ 10,341 $ 10,179
Production Tax Credit Receivables 1,358 1,252
Other 1,113 1,014
Allowance for credit losses (83) (115)
Current receivables, Net $ 12,729 $ 12,330
v3.24.3
Detail of Certain Balance Sheet Accounts - Parks, Resorts and Other Property, at Cost (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Parks, resorts and other property, at cost    
Attractions, buildings and improvements $ 39,246 $ 35,255
Furniture, fixtures and equipment 28,279 26,358
Land improvements 8,067 7,419
Leasehold improvements 1,082 1,058
Parks, resorts and other property, before projects in progress and land, Total 76,674 70,090
Accumulated depreciation (45,506) (42,610)
Projects in progress 4,728 6,285
Land 1,145 1,176
Parks, resorts and other property $ 37,041 $ 34,941
v3.24.3
Detail of Certain Balance Sheet Accounts - Intangible Assets (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Gross $ 20,213 $ 22,644
Accumulated amortization (11,266) (11,375)
Finite-Lived Intangible Assets, Net 8,947 11,269
Other indefinite lived intangible assets [1] 1,792 1,792
Intangible Assets, Gross (Excluding Goodwill) 22,005 24,436
Intangible assets 10,739 13,061
Finite-Lived Character/Franchise Intangibles, Copyrights and Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Gross 9,507 10,572
Accumulated amortization (3,604) (3,551)
Finite-Lived Intangible Assets, Net 5,903 7,021
Distribution agreements    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Gross 7,213 8,056
Accumulated amortization (4,733) (4,705)
Finite-Lived Intangible Assets, Net 2,480 3,351
Other Intangible Assets    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Gross 3,493 4,016
Accumulated amortization (2,929) (3,119)
Finite-Lived Intangible Assets, Net $ 564 $ 897
[1] Indefinite lived intangible assets consist of ESPN, Pixar and Marvel trademarks and television FCC licenses.
v3.24.3
Detail of Certain Balance Sheet Accounts - Accounts Payable and Other Accrued Liabilities (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Accounts payable and other accrued liabilities    
Accounts and accrued payables $ 14,796 $ 15,125
Payroll and employee benefits 3,672 3,061
Taxes Payable 2,473 2,276
Other 129 209
Accounts payable and other accrued liabilities $ 21,070 $ 20,671
v3.24.3
Commitments and Contingencies - Contractual Commitments for Broadcast Programming Rights, Creative Talent and Other Commitments (Detail)
$ in Millions
Sep. 28, 2024
USD ($)
Commitments and Contingencies [Line Items]  
2025 $ 17,618 [1]
2026 13,140 [1]
2027 11,470 [1]
2028 10,407 [1]
2029 9,585 [1]
Thereafter 44,563 [1]
Commitments 106,783 [1]
Sports Programming  
Commitments and Contingencies [Line Items]  
2025 9,806 [2]
2026 9,033 [2]
2027 8,995 [2]
2028 8,485 [2]
2029 8,157 [2]
Thereafter 41,372 [2]
Commitments 85,848 [2]
Other Programming  
Commitments and Contingencies [Line Items]  
2025 2,787
2026 1,384
2027 909
2028 727
2029 273
Thereafter 242
Commitments 6,322
Other Commitments  
Commitments and Contingencies [Line Items]  
2025 5,025
2026 2,723
2027 1,566
2028 1,195
2029 1,155
Thereafter 2,949
Commitments $ 14,613
[1] The table above excludes commitments related to our Star India businesses that are held for sale of approximately $4.5 billion primarily related to sports programming rights.
[2] Primarily relates to rights for NBA, NFL, college football (including bowl games and the College Football Playoff) and basketball, tennis, soccer, NHL, WNBA, MLB, UFC and golf. Certain sports programming rights have payments that are variable based primarily on revenues and are not included in the table above.
v3.24.3
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
Sep. 28, 2024
USD ($)
Commitments and Contingencies Disclosure [Line Items]  
Commitments $ 106,783 [1]
Broadcast programming  
Commitments and Contingencies Disclosure [Line Items]  
Commitments 92,200
Available Programming  
Commitments and Contingencies Disclosure [Line Items]  
Commitments 2,600
Sports Programming  
Commitments and Contingencies Disclosure [Line Items]  
Commitments 85,848 [2]
Sports Programming | Star India  
Commitments and Contingencies Disclosure [Line Items]  
Commitments $ 4,500
[1] The table above excludes commitments related to our Star India businesses that are held for sale of approximately $4.5 billion primarily related to sports programming rights.
[2] Primarily relates to rights for NBA, NFL, college football (including bowl games and the College Football Playoff) and basketball, tennis, soccer, NHL, WNBA, MLB, UFC and golf. Certain sports programming rights have payments that are variable based primarily on revenues and are not included in the table above.
v3.24.3
Summary of Right-of-Use Assets and Lease Liabilities on the Balance Sheet (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Operating Lease, Right-of-Use Asset [1] $ 3,376 $ 4,211
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] [1] Other current assets, Other assets Other current assets, Other assets
Finance Lease, Right-of-Use Asset, [1] $ 246 $ 291
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] [1] Other current assets, Other assets Other current assets, Other assets
Operating and Financing Lease Total Right Of Use Asset [1] $ 3,622 $ 4,502
Operating Lease, Liability, Current [2] $ 744 $ 740
Short-term Operating Lease, Liability [2] Accounts payable and other accrued liabilities Accounts payable and other accrued liabilities
Finance Lease, Liability, Current [2] $ 30 $ 37
Short-term Finance Lease, Liability [2] Accounts payable and other accrued liabilities Accounts payable and other accrued liabilities
Operating and Finance Lease Liability Current [2] $ 774 $ 777
Operating Lease, Liability, Noncurrent [3] $ 2,768 $ 3,258
Long-term Operating Lease, Liability [3] Other long-term liabilities Other long-term liabilities
Finance Lease, Liability, Noncurrent [3] $ 160 $ 206
Long-term Finance Lease, Liability [3] Other long-term liabilities Other long-term liabilities
Operating and Finance Lease Liability Noncurrent [3] $ 2,928 $ 3,464
Operating and Finance Lease Liability $ 3,702 $ 4,241
[1] Included in “Other assets” in the Consolidated Balance Sheet.
[2] Included in “Accounts payable and other accrued liabilities” in the Consolidated Balance Sheet.
[3] Included in “Other long-term liabilities” in the Consolidated Balance Sheet.
v3.24.3
Components of Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Amortization of Right-of-Use Assets $ 36 $ 39 $ 39
Interest on Lease Liabilities 13 15 15
Operating Lease, Cost 926 820 796
Variable Fees and Other [1] 555 444 363
Lease, Cost $ 1,530 $ 1,318 $ 1,213
[1]
(1)Includes variable lease payments related to our operating and finance leases and costs of leases with initial terms of less than one year.
v3.24.3
Summary of Cash Flows Arising From Lease Transactions (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Operating Cash Flows for Operating Leases $ 876 $ 714 $ 736
Operating Cash Flows for Finance Leases 13 15 15
Finance Cash Flows for Finance Leases 44 41 48
Cash Outflow from Operating and Financing Leases $ 933 $ 770 $ 799
v3.24.3
Lease Liability Maturities (Details)
$ in Millions
Sep. 28, 2024
USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]  
2025 $ 863
2026 602
2027 472
2028 400
2029 349
Thereafter 1,978
Total undiscounted future lease payments 4,664
Operating Lease Imputed Interest (1,152)
Operating Lease, Liability 3,512
Finance Lease, Liability, Payment, Due [Abstract]  
2025 43
2026 31
2027 26
2028 22
2029 12
Thereafter 336
Total undiscounted future lease payments 470
Finance Lease Imputed Interest (280)
Finance Lease, Liability $ 190
v3.24.3
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Lessee, Lease, Description [Line Items]      
Operating Lease, Weighted Average Remaining Lease Term 10 years    
Finance Lease, Weighted Average Remaining Lease Term 35 years    
Operating Lease, Weighted Average Discount Rate, Percent 4.00%    
Finance Lease, Weighted Average Discount Rate, Percent 6.70%    
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Other income (expense), net Other income (expense), net Other income (expense), net
Operating Lease, Lease Income $ 600 $ 500 $ 400
v3.24.3
Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Detail) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments $ 94 $ 174
Other Liabilities (591) (465)
Total (1,489) (1,556)
Fair value of borrowings 43,709 41,456
Interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability (983) (1,791)
Foreign exchange    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 569 1,336
Derivative Liability (588) (815)
Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 18 18
Derivative Liability (8) (13)
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 46
Other Liabilities 0 0
Total 0 46
Fair value of borrowings 0 0
Level 1 | Interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability 0 0
Level 1 | Foreign exchange    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 0 0
Derivative Liability 0 0
Level 1 | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 0 0
Derivative Liability 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 94 128
Other Liabilities (591) (465)
Total (1,489) (1,602)
Fair value of borrowings 42,392 40,123
Level 2 | Interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability (983) (1,791)
Level 2 | Foreign exchange    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 569 1,336
Derivative Liability (588) (815)
Level 2 | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 18 18
Derivative Liability (8) (13)
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Other Liabilities 0 0
Total 0 0
Fair value of borrowings 1,317 1,333
Level 3 | Interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability 0 0
Level 3 | Foreign exchange    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 0 0
Derivative Liability 0 0
Level 3 | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 0 0
Derivative Liability $ 0 $ 0
v3.24.3
Fair Value Measurements - Additional Information (Detail)
Sep. 28, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Percentage of Cash and Cash Equivalent Balances With Financial Institutions 24.00%
v3.24.3
Derivative Instruments - Gross Fair Value of Derivative Positions (Detail) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Current Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement $ 401 $ 991
Derivative Asset, Counterparty Netting Offset (330) (770)
Derivative Asset, Collateral, Obligation to Return Cash, Offset (27) (123)
Net Derivative Positions 44 98
Current Assets | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 273 595
Current Assets | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 0 0
Current Assets | Derivatives designated as hedges | Other    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 0 12
Current Assets | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 110 384
Current Assets | Derivatives not designated as hedges | Other    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 18 0
Other Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 280 491
Derivative Asset, Counterparty Netting Offset (182) (262)
Derivative Asset, Collateral, Obligation to Return Cash, Offset 0 (7)
Net Derivative Positions 98 222
Other Assets | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 184 338
Other Assets | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 0 0
Other Assets | Derivatives designated as hedges | Other    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 0 6
Other Assets | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 2 19
Other Assets | Derivatives not designated as hedges | Other    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 94 128
Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement (1,427) (2,447)
Derivative Liability, Counterparty Netting Offset 396 900
Derivative Liability, Collateral, Right to Reclaim Cash, Offset 679 1,257
Net Derivative Positions (352) (290)
Other Current Liabilities | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement (164) (123)
Other Current Liabilities | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement (983) (1,791)
Other Current Liabilities | Derivatives designated as hedges | Other    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement (7) 0
Other Current Liabilities | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement (273) (520)
Other Current Liabilities | Derivatives not designated as hedges | Other    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement 0 (13)
Other Long-Term Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement (152) (172)
Derivative Liability, Counterparty Netting Offset 116 132
Derivative Liability, Collateral, Right to Reclaim Cash, Offset 0 0
Net Derivative Positions (36) (40)
Other Long-Term Liabilities | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement (149) (93)
Other Long-Term Liabilities | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement 0 0
Other Long-Term Liabilities | Derivatives designated as hedges | Other    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement (1) 0
Other Long-Term Liabilities | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement (2) (79)
Other Long-Term Liabilities | Derivatives not designated as hedges | Other    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement $ 0 $ 0
v3.24.3
Derivative Instruments - Carrying Amount and Cumulative Basis Adjustment for Fair Value Hedges (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Liability, Fair Value Hedge $ 11,542 $ 12,187
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) (923) (1,753)
Current Portion of Borrowings    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Liability, Fair Value Hedge $ 1,414 $ 1,439
Hedged Liability, Statement of Financial Position [Extensible Enumeration] Current portion of borrowings Current portion of borrowings
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) $ (10) $ (59)
Long-term Portion of Borrowings    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Liability, Fair Value Hedge $ 10,128 $ 10,748
Hedged Liability, Statement of Financial Position [Extensible Enumeration] Borrowings Borrowings
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) $ (913) $ (1,694)
v3.24.3
Derivative Instruments - Adjustments Related to Fair Value Hedges included in Net Interest Expense in Consolidated Statements of Income (Detail) - Interest rate - Interest expense, net - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Pay-floating swaps $ 799 $ (14) $ (1,635)
Borrowings hedged with pay-floating swaps (799) 14 1,635
Benefit (expense) associated with interest accruals on pay-floating swaps $ (611) $ (510) $ 31
v3.24.3
Derivative Instruments - Effect of foreign Currency Cash Flow Hedges on AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Foreign Currency Fair Value Hedge Derivative [Line Items]      
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax $ (97) $ (136) $ 1,093
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net [1] $ 472 $ 446 $ 116
[1] Primarily recorded in revenue.
v3.24.3
Derivative Instruments - Net Gains or Losses Recognized in Costs and Expenses on Economic Exposures Associated with Foreign Currency Exchange Rates (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Costs and Expenses      
Derivative [Line Items]      
Net gains (losses) on foreign currency denominated assets and liabilities $ (63) $ (37) $ (685)
Net gains (losses) on foreign exchange risk management contracts not designated as hedges (72) (159) 547
Net gains (losses) (135) (196) (138)
Interest expense, net      
Derivative [Line Items]      
Net gains (losses) on foreign currency denominated assets and liabilities (6) (15) 82
Net gains (losses) on foreign exchange risk management contracts not designated as hedges (6) 10 (82)
Net gains (losses) (12) (5) 0
Income Taxes      
Derivative [Line Items]      
Net gains (losses) on foreign currency denominated assets and liabilities (65) (91) 212
Net gains (losses) on foreign exchange risk management contracts not designated as hedges 42 64 (208)
Net gains (losses) $ (23) $ (27) $ 4
v3.24.3
Derivative Instruments - Additional Information (Detail)
$ in Millions, $ in Millions
 12 Months Ended
Sep. 28, 2024
USD ($)
Sep. 28, 2024
CAD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2023
CAD ($)
Derivative [Line Items]        
Hedged Instruments Maturity Upper Limit 4 years      
Net deferred loss recorded in AOCI for contracts that will be reclassified to earnings in the next twelve months $ 99      
Aggregate fair value of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty 1,100   $ 1,600  
Derivatives designated as hedges | Interest rate | Fair Value Hedging        
Derivative [Line Items]        
Derivative, Notional Amount 12,000   13,500  
Derivatives designated as hedges | Foreign exchange | Cash Flow Hedging        
Derivative [Line Items]        
Derivative, Notional Amount 9,900   8,300  
Derivatives designated as hedges | Currency Swap | Fair Value Hedging        
Derivative [Line Items]        
Derivative, Notional Amount 1,000 $ 1,300 1,000 $ 1,300
Derivatives not designated as hedges | Foreign exchange        
Derivative [Line Items]        
Derivative, Notional Amount 3,400   3,100  
Derivatives not designated as hedges | Currency Swap | Fair Value Hedging        
Derivative [Line Items]        
Derivative, Notional Amount 900 $ 1,300 900 $ 1,300
Derivatives not designated as hedges | Other        
Derivative [Line Items]        
Derivative, Notional Amount $ 500   $ 400  
v3.24.3
Restructuring and Related Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2024
Mar. 30, 2024
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Restructuring Cost and Reserve [Line Items]          
Goodwill, Impairment Loss [1]     $ 2,622 $ 721  
Asset Impairment Charges     187 2,577 $ 0
Restructuring and impairment charges     3,595 3,892 237
Entertainment Linear Networks          
Restructuring Cost and Reserve [Line Items]          
Goodwill, Impairment Loss $ 600 $ 700 1,287 721 0
Other Restructuring          
Restructuring Cost and Reserve [Line Items]          
Asset Impairment Charges     576 594 237
Star India          
Restructuring Cost and Reserve [Line Items]          
Goodwill, Impairment Loss     $ 1,545 $ 0 $ 0
[1] Current year reflects impairments related to entertainment linear networks and Star India (see Note 18). Prior year reflects impairments at entertainment and international sports linear networks (see Note 18).
v3.24.3
Restructuring and Impairment Charges - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 28, 2024
Mar. 30, 2024
Sep. 28, 2024
Sep. 30, 2023
Oct. 01, 2022
Restructuring Cost and Reserve [Line Items]          
Goodwill, Impairment Loss [1]     $ 2,622 $ 721  
Asset Impairment Charges     187 2,577 $ 0
Restructuring and impairment charges     3,595 3,892 237
Star India          
Restructuring Cost and Reserve [Line Items]          
Goodwill, Impairment Loss     1,545 0 0
Linear Networks and International Sports Linear Networks          
Restructuring Cost and Reserve [Line Items]          
Goodwill, Impairment Loss       700  
Entertainment Linear Networks          
Restructuring Cost and Reserve [Line Items]          
Goodwill, Impairment Loss $ 600 $ 700 1,287 721 0
Licensing Agreements          
Restructuring Cost and Reserve [Line Items]          
Asset Impairment Charges       600  
Payments for Restructuring       400  
Produced Content          
Restructuring Cost and Reserve [Line Items]          
Asset Impairment Charges     187 2,000  
Consumer Products and Online Asset Impairments          
Restructuring Cost and Reserve [Line Items]          
Restructuring and impairment charges     300    
Equity investment impairments          
Restructuring Cost and Reserve [Line Items]          
Restructuring and impairment charges     200 100  
Employee Severance          
Restructuring Cost and Reserve [Line Items]          
Restructuring and impairment charges     $ 100 400  
Russia Business Exit          
Restructuring Cost and Reserve [Line Items]          
Asset Impairment Charges         $ 200
Restructuring and impairment charges       $ 100  
[1] Current year reflects impairments related to entertainment linear networks and Star India (see Note 18). Prior year reflects impairments at entertainment and international sports linear networks (see Note 18).