Segment Contribution Margin Analysis The Walt Disney Company (DIS) is a global entertainment company that is organized into four business segments as follows: Media Networks Television production and distribution, including ABC television network, ESPN, National Geographic. Parks, Experiences, and Products: Theme parks and resorts, including Walt Disney World and Disneyland; Experiences, including Disney Cruise Line and Disney Vacation Club; Products, including Disney and Pixar characters, comic books, and magazines. Studio Entertainment: Music and motion picture production and distribution, including Twentieth Century Studios, Marvel, and Lucasfilm Direct-to-Consumer & International Streaming services, including Disney+, ESPN, and Hulu. For a recent year, Disney reported the following segment results (in millions): Segment Parks, Segment Media Direct-to- Experiences, Segment Consumer Networks and Products Entertainment & International Revenues $28,393 $16,502 $9,636 $16,967 Operating expenses (19,400) (16,700) (7,000) (19,700) Operating Income $8,993 $(196) $2,636 $(2,733) Assume the following percentages of total operating expenses for each segment are variable: