Balance sheets

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) 2021 2020 2019 Net income (loss) 2.507 (2,474) 11,584 Other comprehensive income (loss), net of tax: Market value adjustments, primarily for hedges 5 Pension and postretirement medical plan adjustments 1,850 (2,446) Foreign currency translation and other (396) Other comprehensive income (loss) 1,968 (2,879) Comprehensive income (loss) 1,475 8,705 Net income from continuing operations attributable to noncontrolling interests (512 (530) Other comprehensive income (loss) attributable to noncontrolling interests Comprehensive income (loss) attributable to Disney 3.877 8,240 See Notes to Consolidated Financial StatementsThe 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: 2021 2020 2019 Weighted average number of common and common equivalent 1,808 shares outstanding (basic) 1,816 1,656 10 Weighted average dilutive impact of Awards() 12 Weighted average number of common and common equivalent 1,808 shares outstanding (diluted) 1,828 1,666 35 Awards excluded from diluted earnings per share (1) Amounts exclude all potential common and common equivalent shares for periods when there is a net loss from continuing operations. 3 Revenues The following table presents our revenues by segment and major source: 2021 2020 2019 DMED DPEP Total DMED DPEP Total DMED DPEP Total Affiliate fees $ 17,760 S 17,760 $ 17,929 $ 17,929 $ 15,948 $ 15,948 Advertising 12,425 2,429 10,851 10,855 10,507 10,513 Subscription fees 12,020 2,020 7,645 7,645 2,11 2,115 Theme park admissions 3,848 3,848 1038 4.038 7.540 540 Resort and vacations 2,701 2,701 3.402 3,402 6,266 6,266 Retail and wholesale sales of merchandise, food and beverage 4.957 4,957 4,952 952 7,716 7,716 TV/SVOD distribution licensing 5.266 5.266 6.25 253 5,555 5.555 Theatrical distribution licensing 920 920 2,134 2,134 4,726 4,726 Merchandise licensing 12 3.586 3,598 3.210 3,242 3,329 3,38 Home entertainment 1,014 1,014 1.802 1,802 1,961 1961 Othe 1,449 456 2,905 704 3,136 1,958 1.929 3,887 Total revenues $ 50,866 $ 16,552 $ 67,418 5 48350 $ 17038 $ 65,388 $ 42,821 $ 26,786 $ 69,607 The following table presents our revenues by segment and primary geographical markets: 2021 2020 2019 DMED DPEP Total DMED DPEP Total DMED DPEP Total Americas $ 41,754 $ 12,403 $ 54,157 $ 39,163 $ 12,829 $ 51,992 $ 33,602 $ 20,203 S 53,805 Europe 5.022 1,668 6,690 5,240 2 093 7,333 4.762 3,244 8,006 Asia Pacific 1,090 2,481 6.571 3:947 2,116 6,063 4.457 3.339 7,796 Total revenues $ 50.866 . $ 16,552 5 67,418 $ 48,350 $ 17 038 $ 65,388 8 42 821 $ 26.786 $ 69 607 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/SVOD licensee sales on titles made available to the licensee in previous reporting periods. For fiscal 2021, $1.3 billion was recognized related to performance obligations satisfied prior to October 3, 2020. For fiscal 2020, $1.4 billion was recognized related to performance obligations satisfied prior to September 30, 2019. For fiscal 2019, $1.2 billion was recognized related to performance obligations satisfied prior to September 30, 2018.p/uploads/2022/01/2021-Annual-Report.pdf Page view A Read aloud T Add text V Draw Net income (loss) from continuing operations 2,536 (2,442) 10,897 Depreciation and amortization 5,111 5,345 4,167 Goodwill and intangible asset impairments 4,953 Net gain on investments, acquisitions and dispositions (332) (920) (4,733) Deferred income taxes (1,241) (392) 117 Equity in the (income) loss of investees (761) (651) 103 Cash distributions received from equity investees 754 774 754 Net change in produced and licensed content costs and advances (4,301) 397 (542) Net change in operating lease right of use assets / liabilities 46 31 Equity-based compensation 600 525 711 Pension and postretirement medical amortization 816 547 278 Other, net 144 94 (124) Changes in operating assets and liabilities, net of business acquisitions: Receivables (357) 1,943 55 Inventories 252 (223) Other assets 171 (157) 932 Accounts payable and other liabilities 2,410 (2,293) 191 Income taxes (282) (152) (6,599) Cash provided by operations - continuing operations 5,566 7,616 5,984 INVESTING ACTIVITIES Investments in parks, resorts and other property (3,578) (4,022) (4,876) Acquisitions (9,901) Other 407 172 (319) Cash used in investing activities - continuing operations (3,171) (3,850) 15,096) FINANCING ACTIVITIES Commercial paper borrowings (payments), net (26) (3,354) 4,318 Borrowings 64 18,120 38,240 Reduction of borrowings (3,737) (3,533) (38,881) Dividends 1,587 ) (2,895) Proceeds from exercise of stock options 435 305 318 Contributions from / sales of noncontrolling interests 91 94 737 Acquisition of noncontrolling and redeemable noncontrolling interests (350) (1,430) Other (862) (1,565) (871) Cash provided by (used in) financing activities - continuing operations (4,385) 8.480 (464) CASH FLOWS FROM DISCONTINUED OPERATIONS Cash provided by operations - discontinued operations 622 Cash provided by investing activities - discontinued operations 213 10,978 Cash used in financing activities - discontinued operations 626) Cash provided by discontinued operations 215 10,974 Impact of exchange rates on cash, cash equivalents and restricted cash 30 38 (98) Change in cash, cash equivalents and restricted cash (1,951 12,499 1,300 Cash, cash equivalents and restricted cash, beginning of year 17,954 5,455 4,155 Cash, cash equivalents and restricted cash, end of year 16.003 17,954 5,455 Supplemental disclosure of cash flow information: Interest paid ,559 1,142 Income taxes paid 1,638 738 9.259 See Notes to Consolidated Financial Statements X 1 CP DELL