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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 2, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File Number 001-38842
dis-20220402_g1.jpg
Delaware   83-0940635
State or Other Jurisdiction of   I.R.S. Employer Identification
Incorporation or Organization
500 South Buena Vista Street
Burbank, California 91521
Address of Principal Executive Offices and Zip Code
(818) 560-1000
Registrant’s Telephone Number, Including Area Code
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value DIS New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒
There were 1,821,483,742 shares of common stock outstanding as of May 4, 2022.



PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited; in millions, except per share data)
  Quarter Ended Six Months Ended
  April 2,
2022
April 3,
2021
April 2,
2022
April 3,
2021
Revenues:
Services $ 17,212  $ 14,522  $ 36,754  $ 29,393 
Products 2,037  1,091  4,314  2,469 
Total revenues 19,249  15,613  41,068  31,862 
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)
(11,330) (8,932) (24,491) (19,670)
Cost of products (exclusive of depreciation and amortization)
(1,264) (850) (2,670) (1,887)
Selling, general, administrative and other (3,768) (3,113) (7,555) (6,030)
Depreciation and amortization (1,287) (1,272) (2,556) (2,570)
Total costs and expenses (17,649) (14,167) (37,272) (30,157)
Restructuring and impairment charges (195) (414) (195) (527)
Other income (expense), net (158) 305  (594) 305 
Interest expense, net (355) (320) (666) (644)
Equity in the income of investees 210  213  449      437 
Income from continuing operations before income taxes 1,102  1,230  2,790  1,276     
Income taxes on continuing operations (505) (108) (993) (124)
Net income from continuing operations 597  1,122  1,797  1,152 
Loss from discontinued operations, net of income tax benefit of $0, $3, $14 and $7, respectively   (11)     (48) (23)
Net income 597  1,111  1,749  1,129 
Net income from continuing operations attributable to noncontrolling interests
(127) (210) (175) (211)
Net income attributable to Disney $ 470      $ 901  $ 1,574  $ 918 
Earnings (loss) per share attributable to Disney(1):
Diluted
Continuing operations $ 0.26  $ 0.50  $ 0.89  $ 0.52 
Discontinued operations   (0.01) (0.03) (0.01)
$ 0.26  $ 0.49  $ 0.86  $ 0.50 
Basic
Continuing operations $ 0.26  $ 0.50  $ 0.89  $ 0.52 
Discontinued operations   (0.01) (0.03) (0.01)
$ 0.26  $ 0.50  $ 0.86  $ 0.51 
Weighted average number of common and common equivalent shares outstanding:
Diluted 1,828  1,829  1,828  1,826 
Basic 1,822  1,817  1,820  1,814 
(1)Total may not equal the sum of the column due to rounding.
See Notes to Condensed Consolidated Financial Statements
2


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited; in millions)
 
  Quarter Ended Six Months Ended
  April 2,
2022
April 3,
2021
April 2,
2022
April 3,
2021
Net income $ 597  $ 1,111  $ 1,749  $ 1,129 
Other comprehensive income (loss), net of tax:
Market value adjustments for hedges 28  110  78  (63)
Pension and postretirement medical plan adjustments
119  191      274  341 
Foreign currency translation and other
(191) (93) (213) 184 
Other comprehensive income (loss) (44) 208  139  462 
Comprehensive income 553  1,319  1,888  1,591 
Net income from continuing operations attributable to noncontrolling interests
(127) (210) (175) (211)
Other comprehensive income (loss) attributable to noncontrolling interests 8  15  (11) (58)
Comprehensive income attributable to Disney $ 434      $ 1,124  $ 1,702      $ 1,322     
See Notes to Condensed Consolidated Financial Statements




3


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except per share data)
April 2,
2022
October 2,
2021
ASSETS
Current assets
Cash and cash equivalents $ 13,272  $ 15,959 
Receivables, net 13,746  13,367 
Inventories 1,428  1,331 
Content advances 1,796  2,183 
Other current assets 1,185  817 
Total current assets 31,427  33,657 
Produced and licensed content costs 32,349  29,549 
Investments 3,356  3,935 
Parks, resorts and other property
Attractions, buildings and equipment 65,247      64,892     
Accumulated depreciation (38,783) (37,920)
26,464  26,972 
Projects in progress 5,327  4,521 
Land 1,126  1,131 
32,917  32,624 
Intangible assets, net 15,875  17,115 
Goodwill 78,019  78,071 
Other assets 8,510  8,658 
Total assets $ 202,453  $ 203,609 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities $ 19,669  $ 20,894 
Current portion of borrowings 5,399  5,866 
Deferred revenue and other 4,533  4,317 
Total current liabilities 29,601  31,077 
Borrowings 46,624  48,540 
Deferred income taxes 8,407  7,246 
Other long-term liabilities 13,808  14,522 
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests 9,354  9,213 
Equity
Preferred stock
  — 
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares
55,823  55,471 
Retained earnings 42,032  40,429 
Accumulated other comprehensive loss (6,312) (6,440)
Treasury stock, at cost, 19 million shares
(907) (907)
Total Disney Shareholders’ equity 90,636  88,553 
Noncontrolling interests 4,023  4,458 
Total equity 94,659  93,011 
Total liabilities and equity $ 202,453  $ 203,609 
See Notes to Condensed Consolidated Financial Statements
4


THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
  Six Months Ended
April 2,
2022
April 3,
2021
OPERATING ACTIVITIES
Net income from continuing operations $ 1,797  $ 1,152 
Depreciation and amortization 2,556      2,570 
Net (gain) loss on investments 632  (481)
Deferred income taxes 983      (556)
Equity in the income of investees (449) (437)
Cash distributions received from equity investees 406  372     
Net change in produced and licensed content costs and advances (2,279) (1,685)
Equity-based compensation 450  270 
Pension and postretirement medical benefit cost amortization 310  388 
Other, net 264  248 
Changes in operating assets and liabilities:
Receivables (342) (37)
Inventories (97) 175 
Other assets (676) (131)
Accounts payable and other liabilities (1,349) (780)
Income taxes (650) 400 
Cash provided by operations - continuing operations 1,556  1,468 
INVESTING ACTIVITIES
Investments in parks, resorts and other property (2,060) (1,530)
Other, net 36  203 
Cash used in investing activities - continuing operations (2,024) (1,327)
FINANCING ACTIVITIES
Commercial paper payments, net (130) (87)
Borrowings 70  37 
Reduction of borrowings (1,400) (1,816)
Proceeds from exercise of stock options 88  394 
Other, net (725) (769)
Cash used in financing activities - continuing operations (2,097) (2,241)
CASH FLOWS FROM DISCONTINUED OPERATIONS
Cash provided by operations - discontinued operations 8 
Cash provided by investing activities - discontinued operations  
Cash used in financing activities - discontinued operations (12) — 
Cash (used in) provided by discontinued operations (4)
Impact of exchange rates on cash, cash equivalents and restricted cash (116) 70 
Change in cash, cash equivalents and restricted cash (2,685) (2,022)
Cash, cash equivalents and restricted cash, beginning of period 16,003  17,954 
Cash, cash equivalents and restricted cash, end of period $ 13,318  $ 15,932 
See Notes to Condensed Consolidated Financial Statements
5


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


  Quarter Ended
Equity Attributable to Disney
  Shares Common Stock
Retained Earnings
Accumulated
Other
Comprehensive
Income
(Loss)
Treasury Stock
Total Disney Equity
Non-controlling
 Interests(1)
Total
Equity
Balance at January 1, 2022 1,821  $ 55,500  $ 41,547  $ (6,276) $ (907) $ 89,864  $ 4,446  $ 94,310 
Comprehensive income —  —  470  (36) —  434  49  483 
Equity compensation activity 327  —  —  —  327  —  327 
Distributions and other —  (4) 15  —  —  11  (472) (461)
Balance at April 2, 2022 1,822  $ 55,823  $ 42,032  $ (6,312) $ (907) $ 90,636  $ 4,023  $ 94,659 
Balance at January 2, 2021 1,814  $ 54,663  $ 38,456  $ (8,141) $ (907) $ 84,071  $ 4,657  $ 88,728 
Comprehensive income —  —  901      223 —  1,124  115  1,239 
Equity compensation activity 337  —  —  —  337  —  337 
Cumulative effect of accounting change —      —      (5) —      —  (5)     —      (5)    
Distributions and other —  —  13  —  —  13  (526) (513)
Balance at April 3, 2021 1,817  $ 55,000  $ 39,365  $ (7,918) $ (907) $ 85,540  $ 4,246  $ 89,786 
(1)Excludes redeemable noncontrolling interests.
See Notes to Condensed Consolidated Financial Statements


6


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

 
  Six Months Ended
Equity Attributable to Disney
  Shares Common Stock
Retained Earnings
Accumulated
Other
Comprehensive
Income
(Loss)
Treasury Stock
Total Disney Equity
Non-controlling Interests(1)
Total
Equity
Balance at October 2, 2021 1,818  $ 55,471  $ 40,429  $ (6,440) $ (907) $ 88,553  $ 4,458  $ 93,011 
Comprehensive income —  —  1,574  128  —  1,702  45  1,747 
Equity compensation activity 356  —  —  —  356  —  356 
Contributions —  —  —  —  —  —  29  29 
Distributions and other —  (4) 29  —  —  25  (509) (484)
Balance at April 2, 2022 1,822  $ 55,823  $ 42,032  $ (6,312) $ (907) $ 90,636  $ 4,023  $ 94,659 
Balance at October 3, 2020 1,810  $ 54,497  $ 38,315  $ (8,322) $ (907) $ 83,583  $ 4,680  $ 88,263 
Comprehensive income (loss) —  —  918  404  —  1,322  109  1,431 
Equity compensation activity 502  —  —  —  502  —  502 
Contributions —  —  —  —  —  — 
Cumulative effect of accounting change —  —  105  —  —  105  —  105 
Distributions and other —  27  —  —  28  (548) (520)
Balance at April 3, 2021 1,817  $ 55,000  $ 39,365  $ (7,918) $ (907) $ 85,540  $ 4,246  $ 89,786 
(1)Excludes redeemable noncontrolling interests.
See Notes to Condensed Consolidated Financial Statements


7


THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share data)
 
1.Principles of Consolidation
These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair statement of the results for the interim period. Operating results for the six months ended April 2, 2022 are not necessarily indicative of the results that may be expected for the year ending October 1, 2022.
The terms “Company,” “Disney,” “we,” “us,” and “our” are used in this report to refer collectively to the parent company, The Walt Disney Company, as well as the subsidiaries through which its various businesses are actually conducted.
These financial statements should be read in conjunction with the Company’s 2021 Annual Report on Form 10-K.
The Fox sports media business in Mexico was sold in November 2021. The Company recognized a $58 million loss on the sale, which is presented as discontinued operations in the Condensed Consolidated Statement of Income for the six months ended April 2, 2022. At October 2, 2021, the assets and liabilities of the Fox sports media business in Mexico were not material and were included in other assets and other liabilities in the Condensed Consolidated Balance Sheets.
Variable Interest Entities
The Company enters into relationships with or makes investments in other entities that may be variable interest entities (VIE). A VIE is consolidated in the financial statements if the Company has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (as defined by ASC 810-10-25-38) to the VIE. Hong Kong Disneyland Resort and Shanghai Disney Resort (together the Asia Theme Parks) are VIEs in which the Company has less than 50% equity ownership. Company subsidiaries (the Management Companies) have management agreements with the Asia Theme Parks, which provide the Management Companies, subject to certain protective rights of joint venture partners, with the ability to direct the day-to-day operating activities and the development of business strategies that we believe most significantly impact the economic performance of the Asia Theme Parks. In addition, the Management Companies receive management fees under these arrangements that we believe could be significant to the Asia Theme Parks. Therefore, the Company has consolidated the Asia Theme Parks in its financial statements.
Redeemable Noncontrolling Interests
The Company consolidates the results of certain subsidiaries that are less than 100% owned and for which the noncontrolling interest shareholders have the rights to require the Company to purchase their interests in these subsidiaries. The most significant of these are Hulu LLC (Hulu) and BAMTech LLC (BAMTech).
Hulu provides direct-to-consumer (DTC) streaming services and is owned 67% by the Company and 33% by NBC Universal (NBCU). In May 2019, the Company entered into a put/call agreement with NBCU that provided the Company with full operational control of Hulu. Under the agreement, beginning in January 2024, NBCU has the option to require the Company to purchase NBCU’s interest in Hulu and the Company has the option to require NBCU to sell its interest in Hulu to the Company, in either case at a redemption value based on NBCU’s equity ownership percentage of the greater of Hulu’s then equity fair value or a guaranteed floor value of $27.5 billion.
NBCU’s interest will generally not be allocated its portion of Hulu’s losses, if any, as the redeemable noncontrolling interest is required to be carried at a minimum value. The minimum value is equal to the fair value as of the May 2019 agreement date accreted to the January 2024 estimated redemption value. At April 2, 2022, NBCU’s interest in Hulu is recorded in the Company’s financial statements at $8.5 billion.
BAMTech provides streaming technology services to third parties and is owned 85% by the Company and 15% by Major League Baseball (MLB). MLB has the right to sell its interest to the Company and the Company has the right to buy MLB’s interest starting five years from and ending ten years after the Company’s September 25, 2017 acquisition date of BAMTech in either case at a redemption value based on MLB’s equity ownership percentage of the greater of MLB’s then equity fair value or a guaranteed floor value ($563 million accreting at 8% annually for eight years from the date of acquisition).
8

THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share data)
The MLB interest is required to be carried at a minimum value equal to its acquisition date fair value accreted to its estimated redemption value through the applicable redemption date. Therefore, the MLB interest is generally not allocated its portion of BAMTech losses, if any. As of April 2, 2022, the MLB interest was recorded in the Company’s financial statements at $823 million.
Our estimate of the redemption value of noncontrolling interests requires management to make significant judgments with respect to the future value of the noncontrolling interests. We are accreting the noncontrolling interests of both BAMTech and Hulu to their guaranteed floor values. If our estimate of the future redemption value increased above either of the guaranteed floor values, we would change our rate of accretion, which would generally increase the amount recorded in “Net income from continuing operations attributable to noncontrolling interests” and thus reduce “Net income attributable to Disney” in the Condensed Consolidated Statements of Income.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates.
Reclassifications
Certain reclassifications have been made in the fiscal 2021 financial statements and notes to conform to the fiscal 2022 presentation.
2.Segment Information
The Company’s operations are conducted in the Disney Media and Entertainment Distribution (DMED) and Disney Parks, Experiences and Products (DPEP) segments. 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 assess performance.
Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, net other income, net interest expense, income taxes and noncontrolling interests. Segment operating income includes equity in the income of investees and excludes impairments of certain equity investments and acquisition accounting amortization of TFCF Corporation (TFCF) and Hulu assets (i.e. intangible assets and the fair value step-up for film and television costs) recognized in connection with the TFCF acquisition in fiscal 2019 (TFCF and Hulu acquisition amortization). Corporate and unallocated shared expenses principally consist of corporate functions, executive management and certain unallocated administrative support functions.
Segment operating results include allocations of certain costs, including information technology, pension, legal and other shared services costs, which are allocated based on metrics designed to correlate with consumption.
Impact of COVID-19
Since early 2020, the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) and its variants. COVID-19 and measures to prevent its spread have impacted our segments in a number of ways, most significantly at the DPEP segment where our theme parks and resorts were closed and cruise ship sailings and guided tours were suspended. These operations resumed at various points since May 2020, initially at reduced operating capacities as a result of COVID-19 restrictions. In fiscal 2020 and 2021, we delayed, or in some cases, shortened or canceled theatrical releases. In addition, we experienced significant disruptions in the production and availability of content, including the delay of key live sports programming during fiscal 2020 and fiscal 2021.
In fiscal 2022, our domestic parks and resorts are generally operating without significant COVID-19-related capacity restrictions, such as those that were in place during the prior year. Certain of our international parks and resorts and cruise ship operations continue to be impacted by COVID-19-related closures and capacity and travel restrictions. At the DMED segment, our film and television productions have generally resumed, although we have seen disruptions of production activities depending on local circumstances. We have generally been able to release our films theatrically in the first half of fiscal 2022, although certain markets continue to impose restrictions on theater openings and capacity.
The impact of these disruptions and the extent of their adverse impact on our financial and operating results will depend on the length of time that such disruptions continue. This will, in turn, depend on the duration and severity of the impacts of COVID-19 and its variants, and among other things, the impact of governmental actions imposed in response to COVID-19 and individuals’ and companies’ risk tolerance regarding health matters going forward. We have incurred and will continue to incur additional costs to address government regulations and the safety of our employees, guests and talent.
9

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

Segment revenues and segment operating income (loss) are as follows:
  Quarter Ended Six Months Ended
  April 2,
2022
April 3,
2021
April 2,
2022
April 3,
2021
Revenues:
Disney Media and Entertainment Distribution $ 13,620  $ 12,440  $ 28,205     $ 25,101    
Disney Parks, Experiences and Products 6,652  3,173  13,886  6,761 
Total segment revenues $ 20,272  $ 15,613  $ 42,091  $ 31,862 
Segment operating income (loss):
Disney Media and Entertainment Distribution $ 1,944  $ 2,871  $ 2,752  $ 4,322 
Disney Parks, Experiences and Products 1,755  (406) 4,205  (525)
Total segment operating income(1)
$ 3,699  $ 2,465  $ 6,957  $ 3,797 
(1) Equity in the income of investees is included in segment operating income as follows:
  Quarter Ended Six Months Ended
  April 2,
2022
April 3,
2021
April 2,
2022
April 3,
2021
Disney Media and Entertainment Distribution $ 218     $ 226     $ 463     $ 461    
Disney Parks, Experiences and Products (5) (9)   (8)   (17)
Equity in the income of investees included in segment operating income 213  217  455  444 
Amortization of TFCF intangible assets related to equity investees (3) (4) (6) (7)
Equity in the income of investees, net $ 210  $ 213  $ 449  $ 437 
A reconciliation of segment revenues to total revenues is as follows:
  Quarter Ended Six Months Ended
  April 2,
2022
April 3,
2021
April 2,
2022
April 3,
2021
Segment revenues $ 20,272  $ 15,613     $ 42,091  $ 31,862    
Content License Early Termination(1)
(1,023)    —  (1,023)    — 
Total revenues $ 19,249  $ 15,613  $ 41,068  $ 31,862 
(1)During the quarter and six months ended April 2, 2022, the Company recognized a reduction in revenue for amounts to early terminate certain license agreements with a customer for film and television content, which was delivered in previous years, in order for the Company to use the content primarily on our direct-to-consumer services (Content License Early Termination). Because the content is functional intellectual property (IP), we recognized substantially all of the consideration to be paid by the customer under the licenses as revenue in prior years when the content was made available under the agreements. Consequently, we have recorded the amounts to terminate the licenses agreements, net of remaining amounts of deferred revenue, as a reduction of revenue in the current quarter.
10

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

A reconciliation of segment operating income to income from continuing operations before income taxes is as follows:
  Quarter Ended Six Months Ended
  April 2,
2022
April 3,
2021
April 2,
2022
April 3,
2021
Segment operating income $ 3,699  $ 2,465     $ 6,957  $ 3,797 
Content License Early Termination (1,023)    —  (1,023) — 
Corporate and unallocated shared expenses (272)    (201) (500) (433)
Restructuring and impairment charges (195) (414) (195)    (527)   
Other income (expense), net(1)
(158) 305  (594) 305 
Interest expense, net (355) (320) (666) (644)
TFCF and Hulu acquisition amortization(2)
(594) (605) (1,189) (1,222)
Income from continuing operations before income taxes $ 1,102  $ 1,230  $ 2,790  $ 1,276 
(1)See Note 4 for a discussion of amounts in other income (expense), net.
(2)For the quarter ended April 2, 2022 amortization of intangible assets, step-up of film and television costs and intangibles related to TFCF equity investees were $435 million, $156 million and $3 million, respectively. For the six months ended April 2, 2022 amortization of intangible assets, step-up of film and television costs and intangibles related to TFCF equity investees were $870 million, $313 million and $6 million, respectively. For the quarter ended April 3, 2021 amortization of intangible assets, step-up of film and television costs and intangibles related to TFCF equity investees were $447 million, $154 million, and $4 million, respectively. For the six months ended April 3, 2021 amortization of intangible assets, step-up of film and television costs and intangibles related to TFCF equity investees were $894 million, $321 million and $7 million, respectively.
Goodwill
The changes in the carrying amount of goodwill are as follows:
DMED DPEP Total
Balance at October 2, 2021 $ 72,521  $ 5,550  $ 78,071 
Currency translation adjustments and other, net (52) —  (52)
Balance at April 2, 2022 $ 72,469  $ 5,550  $ 78,019 
11

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

3.Revenues
The following table presents our revenues by segment and major source:
Quarter Ended April 2, 2022 Quarter Ended April 3, 2021
DMED DPEP Content License Early Termination Total DMED DPEP Total
Affiliate fees $ 4,602 $ —  $ —  $ 4,602  $ 4,594  $ —  $ 4,594 
Advertising 3,023 —  3,024  2,582  2,583 
Subscription fees 3,887 —  —  3,887  3,000  —  3,000 
Theme park admissions 1,973  —  1,973  —  597  597 
Resort and vacations 1,451  —  1,451  —  513  513 
Retail and wholesale sales of merchandise, food and beverage 1,816      —      1,816      —      911  911 
TV/SVOD distribution licensing 1,124 —  (1,023) 101  1,624  —      1,624     
Theatrical distribution licensing 224 —  —  224  109  —  109 
Merchandise licensing 893  —  893  791  796 
Home entertainment 230 —  —  230  219  —  219 
Other 530 518  —  1,048  307  360  667 
$ 13,620 $ 6,652  $ (1,023) $ 19,249  $ 12,440  $ 3,173  $ 15,613 
Six Months Ended April 2, 2022 Six Months Ended April 3, 2021
DMED DPEP Content License Early Termination Total DMED DPEP Total
Affiliate fees $ 8,973 $ —  $ —  $ 8,973  $ 8,996  $ —  $ 8,996 
Advertising 6,891 —  6,893  6,345  6,347 
Subscription fees 7,485 —  —  7,485  5,546  —  5,546 
Theme park admissions 4,125 4,125  —  1,146  1,146 
Resort and vacations 2,896 2,896  —  946  946 
Retail and wholesale sales of merchandise, food and beverage 3,905 3,905  —      2,074  2,074 
TV/SVOD distribution licensing 2,520 (1,023) 1,497  2,793  —      2,793     
Theatrical distribution licensing 753 753  140  —  140 
Merchandise licensing 2,012 —  2,012  10  1,881  1,891 
Home entertainment 524 —  —  524  519  —  519 
Other 1,059 946 —  2,005  752  712  1,464 
$ 28,205 $ 13,886 $ (1,023) $ 41,068  $ 25,101  $ 6,761  $ 31,862 
12

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

The following table presents our revenues by segment and primary geographical markets:
Quarter Ended April 2, 2022 Quarter Ended April 3, 2021
DMED DPEP Total DMED DPEP Total
Americas $ 11,191  $ 5,559  $ 16,750  $ 10,293  $ 2,414  $ 12,707 
Europe 1,343      627      1,970      1,219      267      1,486     
Asia Pacific 1,086  466  1,552  928  492  1,420 
Total revenues $ 13,620  $ 6,652  $ 20,272  $ 12,440  $ 3,173  $ 15,613 
Content License Early Termination (1,023)
$ 19,249 
Six Months Ended April 2, 2022 Six Months Ended April 3, 2021
DMED DPEP Total DMED DPEP Total
Americas $ 23,021  $ 11,270  $ 34,291  $ 20,584  $ 4,870  $ 25,454 
Europe 2,881      1,492      4,373      2,512      754      3,266     
Asia Pacific 2,303  1,124  3,427  2,005  1,137  3,142 
Total revenues $ 28,205  $ 13,886  $ 42,091  $ 25,101  $ 6,761  $ 31,862 
Content License Early Termination (1,023)
$ 41,068 
Revenues recognized in the current and prior-year periods from performance obligations satisfied (or partially satisfied) in previous reporting periods primarily relate to revenues earned on TV/SVOD licenses for titles made available to the licensee in previous reporting periods. For the quarter ended April 2, 2022, $0.4 billion was recognized related to performance obligations satisfied as of January 1, 2022. For the six months ended April 2, 2022, $0.7 billion was recognized related to performance obligations satisfied as of October 2, 2021. For the quarter ended April 3, 2021, $0.4 billion was recognized related to performance obligations satisfied as of January 2, 2021. For the six months ended April 3, 2021, $0.7 billion was related to performance obligations satisfied as of October 3, 2020.
As of April 2, 2022, revenue for unsatisfied performance obligations expected to be recognized in the future is $11 billion, primarily for content and other IP to be made available in the future under existing agreements with television station affiliates, merchandise licensees and DTC subscribers. Of this amount, we expect to recognize approximately $3 billion in the remainder of fiscal 2022, $4 billion in fiscal 2023, $2 billion in fiscal 2024 and $2 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.
Contract assets, accounts receivable and deferred revenues from contracts with customers are as follows:
April 2,
2022
October 2,
2021
Contract assets $ 58  $ 155 
Accounts receivable
Current 11,629     11,190    
Non-current 1,331  1,359 
Allowance for credit losses (195) (194)
Deferred revenues
Current 4,257  4,067 
Non-current 460  581 
Contract assets primarily relate to certain multi-season TV/SVOD licensing contracts. Activity for the current and prior-year quarters related to contract assets was not material.
13

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

For the quarter and six months ended April 2, 2022, the Company recognized revenue of $0.9 billion and $2.8 billion, respectively, primarily related to DTC subscriptions, TV/SVOD licenses and advances from merchandise licensees included in the deferred revenue balance at October 2, 2021. For the quarter and six months ended April 3, 2021, the Company recognized revenue of $0.6 billion and $2.1 billion, respectively, primarily related to DTC subscriptions, advances from merchandise licensees and TV/SVOD licenses included in the deferred revenue balance at October 3, 2020.
We evaluate our allowance for credit losses and estimate collectability of current and non-current accounts receivable based on historical bad debt experience, our assessment of the financial condition of individual companies with which we do business, current market conditions, and reasonable and supportable forecasts of future economic conditions. In times of economic turmoil, our estimates and judgments with respect to the collectability of our receivables are subject to greater uncertainty than in more stable periods.
The Company has accounts receivable with original maturities greater than one year related to the sale of film and television program rights and vacation club properties. These receivables are discounted to present value at contract inception and the related revenues are recognized at the discounted amount.
The balance of TV/SVOD licensing receivables recorded in other non-current assets, net of an allowance for credit losses that is not material, was $0.7 billion and $0.8 billion at April 2, 2022 and October 2, 2021, respectively. The activity in the allowance for credit losses for the quarter ended April 2, 2022 was not material.
The balance of vacation club receivables recorded in other non-current assets, net of an allowance for credit losses that is not material, was $0.6 billion at both April 2, 2022 and October 2, 2021. The activity in the allowance for credit losses for the quarter ended April 2, 2022 was not material.
4.Other Income (Expense), net
Other income (expense), net is as follows:
  Quarter Ended Six Months Ended
  April 2,
2022
April 3,
2021
April 2,
2022
April 3,
2021
DraftKings gain (loss) $ (158) $ 305  $ (590) $ 119 
fuboTV gain       —            186     
Other, net   —  (4) — 
Other income (expense), net $ (158) $ 305  $ (594) $ 305 
For the quarter and six months ended April 2, 2022, the Company recognized a non-cash loss of $158 million and $590 million, respectively, from the adjustment of its investment in DraftKings Inc. (DraftKings) to fair value (DraftKings gain (loss)). For the prior-year quarter and six months ended April 3, 2021, the Company recognized a DraftKings gain of $305 million and $119 million, respectively.
For the six months ended April 3, 2021, the Company recognized a non-cash gain of $186 million from the adjustment of its investment in fuboTV Inc. to fair value (fuboTV gain).
5.Cash, Cash Equivalents, Restricted Cash and Borrowings
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts reported in the Condensed Consolidated Statements of Cash Flows.
April 2,
2022
October 2,
2021
Cash and cash equivalents $ 13,272  $ 15,959 
Restricted cash included in:
Other current assets 3         
Other assets 43  41 
Total cash, cash equivalents and restricted cash in the statement of cash flows $ 13,318  $ 16,003 
14

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

Borrowings
During the six months ended April 2, 2022, the Company’s borrowing activity was as follows: 
October 2,
2021
Borrowings Payments Other
Activity
April 2,
2022
Commercial paper with original maturities less than three months $ —  $ 180  $ —  $ —  $ 180 
Commercial paper with original maturities greater than three months 1,992  654  (964) 1,683 
U.S. dollar denominated notes(1)
49,090  —  (1,400) (70) 47,620 
Asia Theme Parks borrowings(2)
1,331      70      —      39      1,440     
Foreign currency denominated debt and other(3)
1,993  —  —  (893) 1,100 
$ 54,406  $ 904  $ (2,364) $ (923) $ 52,023 
(1)The other activity is primarily due to the amortization of purchase price adjustments on debt assumed in the TFCF acquisition and debt issuance fees.
(2)The other activity is driven by the impact of changes in foreign currency exchange rates.
(3)The other activity is due to market value adjustments for debt with qualifying hedges.
At April 2, 2022, 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 March 2023 $ 5,250  $ —  $ 5,250 
Facility expiring March 2025 3,000  —  3,000 
Facility expiring March 2027 4,000  —  4,000 
Total $ 12,250  $ —  $ 12,250 
The Company refinanced bank facilities totaling $5.25 billion and $4.0 billion, which would have expired in March 2022 and March 2023, respectively. These facilities were refinanced with a new $5.25 billion facility maturing in March 2023 and a new $4.0 billion facility maturing in March 2027. The facility expiring in March 2025 was amended to, among other things, include benchmarks to replace LIBOR and align the interest rate provisions with the new facilities. These facilities allow for borrowings at SOFR-based rates plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Investors Service and Standard and Poor’s ranging from 0.755% 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, which the Company met on April 2, 2022 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 April 2, 2022, the Company has $1.5 billion of outstanding letters of credit, of which none were issued under this facility.
Cruise Ship Credit Facilities
The Company has credit facilities to finance up to 80% of the contract price of two new cruise ships, which are scheduled to be delivered in 2024 and 2025. Under the facilities, $1.1 billion is available beginning in August 2023 and $1.1 billion is available beginning in August 2024. Each tranche of financing may be utilized within a period of 18 months from the initial availability date. If utilized, the interest rates will be fixed at 3.80% and 3.74%, respectively, and the loan and interest will be payable semi-annually over a 12-year period from the borrowing date. Early repayment is permitted subject to cancellation fees.
The Company did not utilize and terminated a $1.0 billion credit facility for a new cruise ship scheduled to be delivered in 2022.
15

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

Interest expense, net
Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 9) are reported net in the Condensed Consolidated Statements of Income and consist of the following:
Quarter Ended Six Months Ended
April 2,
2022
April 3,
2021
April 2,
2022
April 3,
2021
Interest expense $ (374) $ (415) $ (735) $ (819)
Interest and investment income 3      131      37      243     
Net periodic pension and postretirement benefit costs (other than service costs) 16  (36) 32  (68)
Interest expense, net $ (355) $ (320) $ (666) $ (644)
Interest and investment income includes gains and losses on certain publicly traded and non-public investments, investment impairments and interest earned on cash and cash equivalents and certain receivables.
6.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. 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 Condensed Consolidated Balance Sheets:
  April 2,
2022
October 2, 2021
Cash and cash equivalents $ 160  $ 287 
Other current assets 124  95 
Total current assets 284  382 
Parks, resorts and other property 6,901      6,928     
Other assets 238  176 
Total assets $ 7,423  $ 7,486 
Current liabilities $ 446  $ 473 
Long-term borrowings 1,370  1,331 
Other long-term liabilities 443  422 
Total liabilities $ 2,259  $ 2,226 
The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s Condensed Consolidated Statements of Income for the six months ended April 2, 2022:
Revenues $ 1,305 
Costs and expenses (1,649)    
Equity in the loss of investees (8)
Asia Theme Parks’ royalty and management fees of $40 million for the six months ended April 2, 2022 are eliminated in consolidation, but are considered in calculating earnings attributable to noncontrolling interests.
International Theme Parks’ cash flows included in the Company’s Condensed Consolidated Statements of Cash Flows for the six months ended April 2, 2022 were $12 million used in operating activities, $381 million used in investing activities and $90 million provided by financing activities.
16

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

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 $150 million and $100 million, respectively. The interest rate on both loans is three month HIBOR plus 2%, and the 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 $2.1 billion ($268 million), which bears interest at a rate of three month HIBOR plus 1.25% and matures in December 2023. The outstanding balance under the line of credit at April 2, 2022 was $178 million. The Company’s line of credit is eliminated in consolidation.
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 $915 million, bearing interest at rates up to 8% and maturing in 2036, with early repayment permitted. The Company has also provided Shanghai Disney Resort with a 1.0 billion yuan (approximately $0.2 billion) line of credit bearing interest at 8%. As of April 2, 2022, the total amount outstanding under the line of credit was 0.3 billion yuan (approximately $53 million). These balances are eliminated in consolidation.
Shendi has provided Shanghai Disney Resort with loans totaling 8.1 billion yuan (approximately $1.3 billion), bearing interest at rates up to 8% and maturing in 2036, with early repayment permitted. Shendi has also provided Shanghai Disney Resort with a 1.4 billion yuan (approximately $0.2 billion) line of credit bearing interest at 8%. As of April 2, 2022 the total amount outstanding under the line of credit was 0.4 billion yuan (approximately $70 million).
7.Produced and Acquired/Licensed Content Costs and Advances
The Company classifies its capitalized produced and acquired/licensed content costs as long-term assets and classifies advances for live programming rights made prior to the live event as short-term assets. 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)
Total capitalized produced and licensed content by predominant monetization strategy is as follows:
As of April 2, 2022 As of October 2, 2021
Predominantly Monetized Individually Predominantly Monetized
as a Group
Total Predominantly Monetized Individually Predominantly Monetized
as a Group
Total
Produced content
Released, less amortization $ 4,849  $ 10,657  $ 15,506  $ 4,944  $ 9,779  $ 14,723 
Completed, not released 267  1,527  1,794  630  762  1,392 
In-process 5,000     5,778     10,778     4,371     4,623     8,994    
In development or pre-production 296  274  570  351  162  513 
$ 10,412  $ 18,236  28,648  $ 10,296  $ 15,326  25,622 
Licensed content - Television programming rights and advances 5,497  6,110 
Total produced and licensed content $ 34,145  $ 31,732 
Current portion $ 1,796  $ 2,183 
Non-current portion $ 32,349  $ 29,549 
17

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

Amortization of produced and licensed content is as follows:
Quarter Ended Six Months Ended
April 2,
2022
April 3,
2021
April 2,
2022
April 3,
2021
Produced content
Predominantly monetized individually $ 838 $ 758  $ 1,871 $ 1,370 
Predominantly monetized as a group 1,503 1,241     3,121 2,439    
2,341 1,999  4,992 3,809 
Licensed programming rights and advances 2,839 2,223  7,650 6,762 
Total produced and licensed content costs(1)
$ 5,180 $ 4,222  $ 12,642 $ 10,571 
(1)Primarily included in “Costs of services” in the Condensed Consolidated Statements of Income.
8.Income Taxes
Interim Period Tax Expense
Generally, we record interim period tax expense based on the estimated annual effective tax rate using projections of full-year pre-tax earnings and income tax expense, adjusted for tax expense amounts recognized fully in the quarter they occur. We used this approach to determine tax expense in the first two quarters of fiscal 2022. For interim periods in fiscal 2021, because of the uncertainties associated with the impact of COVID-19 on our projections of full-year pre-tax earnings and income tax expense, our normal approach of calculating interim period tax expense produced an income tax provision that was not meaningful. Accordingly, we calculated interim period fiscal 2021 tax expense based on the year-to-date earnings before tax, a blended U.S. Federal and state statutory tax rate of approximately 23% adjusted for tax expense amounts recognized fully in the quarter they occurred.
Unrecognized Tax Benefits
During the six months ended April 2, 2022, the Company decreased its gross unrecognized tax benefits (before interest and penalties) by $0.2 billion from $2.6 billion to $2.4 billion. In the next twelve months, it is reasonably possible that our unrecognized tax benefits could change due to resolutions of open tax matters, which would reduce our unrecognized tax benefits by $0.2 billion.
9.Pension and Other Benefit Programs
The components of net periodic benefit cost are as follows:
  Pension Plans Postretirement Medical Plans
  Quarter Ended Six Months Ended Quarter Ended Six Months Ended
  April 2,
2022
April 3,
2021
April 2, 2022 April 3, 2021 April 2,
2022
April 3,
2021
April 2, 2022 April 3, 2021
Service costs $ 102  $ 109  $ 202  $ 217  $ 3  $ $ 5  $
Other costs (benefits):
Interest costs 126     115     250     229     13     11     26     23    
Expected return on plan assets (294) (274) (587) (549) (14) (13) (29) (27)
Amortization of previously deferred service costs 1  2    —    — 
Recognized net actuarial loss 145  185  292  371  7  14  15 
Total other costs (benefits) (22) 30  (43) 57  6  11  11 
Net periodic benefit cost $ 80  $ 139  $ 159  $ 274  $ 9  $ $ 16  $ 16 
During the six months ended April 2, 2022, the Company did not make any material contributions to its pension and postretirement medical plans and does not currently expect to make any material contributions for the remainder of fiscal 2022.
18

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

Final minimum funding requirements for fiscal 2022 will be determined based on a January 1, 2022 funding actuarial valuation, which is expected to be received by the end of the fourth quarter of fiscal 2022.
10.Earnings Per Share
Diluted earnings per share amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period and are calculated using the treasury stock method for equity-based compensation awards (Awards). 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:
  Quarter Ended Six Months Ended
  April 2,
2022
April 3,
2021
April 2,
2022
April 3,
2021
Shares (in millions):
Weighted average number of common and common equivalent shares outstanding (basic) 1,822     1,817     1,820     1,814    
Weighted average dilutive impact of Awards 6  12  8  12 
Weighted average number of common and common equivalent shares outstanding (diluted) 1,828  1,829  1,828  1,826 
Awards excluded from diluted earnings per share 9  6 
19

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

11.Equity
The following tables summarize 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
Second quarter of fiscal 2022
Balance at January 1, 2022 $ (83) $ (6,823) $ (1,084) $ (7,990)
Quarter Ended April 2, 2022:
Unrealized gains (losses) arising during the period 53  —  (196) (143)
Reclassifications of realized net (gains) losses to net income (21) 155  —  134 
Balance at April 2, 2022 $ (51) $ (6,668) $ (1,280) $ (7,999)
Second quarter of fiscal 2021
Balance at January 2, 2021 $ (419) $ (9,227) $ (877) $ (10,523)
Quarter Ended April 3, 2021:
Unrealized gains (losses) arising during the period 131      55      (84)     102     
Reclassifications of realized net (gains) losses to net income 194  —  199 
Balance at April 3, 2021 $ (283) $ (8,978) $ (961) $ (10,222)
Six months ended fiscal 2022
Balance at October 2, 2021 $ (152) $ (7,025) $ (1,047) $ (8,224)
Six Months Ended April 2, 2022:
Unrealized gains (losses) arising during the period 140  47  (233) (46)
Reclassifications of realized net (gains) losses to net income (39) 310  —  271 
Balance at April 2, 2022 $ (51) $ (6,668) $ (1,280) $ (7,999)
Six months ended fiscal 2021
Balance at October 3, 2020 $ (191) $ (9,423) $ (1,088) $ (10,702)
Six Months Ended April 3, 2021:
Unrealized gains (losses) arising during the period (54) 57  127  130 
Reclassifications of realized net (gains) losses to net income (38) 388  —  350 
Balance at April 3, 2021 $ (283) $ (8,978) $ (961) $ (10,222)
20

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

  Market Value Adjustments for Hedges Unrecognized
Pension and 
Postretirement
Medical 
Expense
Foreign
Currency
Translation
and Other
AOCI
Tax on AOCI
Second quarter of fiscal 2022
Balance at January 1, 2022 $ 23  $ 1,606  $ 85  $ 1,714 
Quarter Ended April 2, 2022:
Unrealized gains (losses) arising during the period (9) —  13 
Reclassifications of realized net (gains) losses to net income (36) —  (31)
Balance at April 2, 2022 $ 19  $ 1,570  $ 98  $ 1,687 
Second quarter of fiscal 2021
Balance at January 2, 2021 $ 95  $ 2,155  $ 132  $ 2,382 
Quarter Ended April 3, 2021:
Unrealized gains (losses) arising during the period (24)     (13)         (31)    
Reclassifications of realized net (gains) losses to net income (2) (45) —  (47)
Balance at April 3, 2021 $ 69  $ 2,097  $ 138  $ 2,304 
Six months ended fiscal 2022
Balance at October 2, 2021 $ 42  $ 1,653  $ 89  $ 1,784 
Six Months Ended April 2, 2022:
Unrealized gains (losses) arising during the period (32) (11) (34)
Reclassifications of realized net (gains) losses to net income (72) —  (63)
Balance at April 2, 2022 $