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121
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The expected dividend yield is based on recent historical dividend yields for our stock, taking into account changes in dividend policy. The risk-free interest rate is based on the term structure of interest rates at the time... | {
"ticker": "UPS",
"year": "2024",
"source": "UPS_10K_2024-12-31.html"
} | 776 | 2 |
0.05
) for 2024, 2023 and 2022, respectively.
Deferred income tax assets and liabilities are comprised of the following as of December 31, 2024 and 2023 (in millions):
| | 2024 | | 2023 |
| Fixed assets and capitalized software | $ | ( 5,914 ) | | | $ | ( 5,974 ) | |
| Operating lease right-of-use assets | ( 94... | {
"ticker": "UPS",
"year": "2024",
"source": "UPS_10K_2024-12-31.html"
} | 756 | 2 |
| | 2024 | | 2023 |
| U.S. state and local operating loss carryforwards | $ | 1,043 | | | $ | 762 | |
| U.S. state and local credit carryforwards | $ | 47 | | | $ | 48 | |
The U.S. state and local operating loss carryforwards and credits will begin to expire on various dates ranging from 2025 to indefinitely. ... | {
"ticker": "UPS",
"year": "2024",
"source": "UPS_10K_2024-12-31.html"
} | 653 | 2 |
million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be antidilutive.
133
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 17. DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT
Risk Management Pol... | {
"ticker": "UPS",
"year": "2024",
"source": "UPS_10K_2024-12-31.html"
} | 775 | 2 |
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of United Parcel Service, Inc. and subsidiaries (the "Company") as of December 31, 2024, based on criteria established in
Internal Control — Integrated Framework (2013)
issued by the Committee of Sponso... | {
"ticker": "UPS",
"year": "2024",
"source": "UPS_10K_2024-12-31.html"
} | 726 | 2 |
Star
The Company operates 10 Star branded sports channels in India, in 4 languages. Star has rights to various sports programming, primarily cricket and soccer. As of September 2024, the estimated number of subscribers to Star branded channels, based on internal management reports, was approximately 79 million.
Equit... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 797 | 3 |
◦
Family care resources, such as childcare and senior care programs, long-term care coverage and a family building benefit
◦
Paid time-off programs, including vacation and sick and family care leave
◦
Free mental health and well-being resources
◦
Global well-being programs, including in-person offerings through ... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 795 | 2 |
CONTENTS
the UK. These laws require organizations that process the personal data of EU and UK citizens to comply with certain data protection standards and privacy rights, including requirements to implement privacy by design; parental consent for processing children's data; detailed privacy notices and related consen... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 753 | 3 |
For an enterprise as large and complex as the Company, a wide range of factors could materially affect future developments and performance. In addition to the factors affecting specific business operations identified in connection with the description of these operations and the financial results of these operations el... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 581 | 4 |
CONTENTS
and resorts. While a number of different factors affect the demand for our products and services, actual or perceived economic conditions could contribute to lower attendance or spending at our parks and experiences businesses, prices that MVPDs pay for our cable programming, purchases of and prices for adver... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 645 | 4 |
We face risks relating to misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products, which impact demand for our entertainment offerings and products and the profitability of our businesses.
Our businesses create entertainment, travel and consumer products, the succes... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 850 | 6 |
Our businesses create entertainment, travel and consumer products, the success of which depends substantially on consumer tastes and preferences that change in often unpredictable ways. The success of our businesses depends on our ability to consistently produce compelling creative content, which may be distributed, am... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 997 | 6 |
A variety of uncontrollable events disrupt our businesses, reduce demand for or consumption of our products and services, impair our ability to provide our products and services or increase the cost or reduce the profitability of providing our products and services.
The operation and profitability of our businesses an... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 707 | 5 |
19
TABLE OF
CONTENTS
including through third-party licensees or sellers of our licensed goods and services. In addition, third-party suppliers provide products and services essential to the operation of a number of our businesses. A wide variety of factors could influence the success of those third parties and if ne... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 758 | 3 |
We face risks related to damage to our reputation or brands.
Our reputation and globally recognizable brands are integral to the success of our businesses. Because our brands engage consumers across our businesses, some types of damage to our reputation or brands have an impact on all of our businesses. Because some o... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 741 | 5 |
Various risks may impact the success of our DTC streaming services.
The success of our DTC strategy and profitability of our DTC streaming services will be impacted by the success of the reorganization of our media and entertainment business and the strategic change in our approach to content curation initiated in fis... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 799 | 5 |
CONTENTS
businesses resulted in S&P Global Ratings and Fitch Ratings downgrading our debt ratings. As of September 28, 2024, Moody's Ratings' long- and short-term debt ratings for the Company were A2 and P-1 (Stable), respectively; S&P Global Ratings' long- and short-term debt ratings for the Company were A- and A-2 (... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 406 | 2 |
TABLE OF
CONTENTS
secured in the United States. As copyrights expire, we expect that revenues generated from such IP will be negatively impacted to some extent.
The unauthorized use of our IP may increase the cost of protecting rights in our IP or reduce our revenues. The convergence of computing, communications and... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 625 | 3 |
With respect to IP developed by the Company and rights acquired by the Company from others, the Company is subject to the risk of challenges to our copyright, trademark and patent rights by third parties. In addition, the availability of copyright protection and other legal protections for IP generated by certain new t... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 800 | 2 |
We maintain information necessary to conduct our business, including confidential and proprietary information as well as personal information regarding our customers and employees, in digital form. We also use computer and cloud-based systems to deliver our products and services and operate our businesses. Data maintai... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 780 | 3 |
•
Environmental protection regulations.
•
U.S. and international anti-corruption laws, sanction programs, trade restrictions, anti-money laundering laws or currency controls.
•
Restrictions on the manner in which content is currently licensed and distributed, ownership restrictions or film or television content re... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 605 | 2 |
Organization of Information
Management's Discussion and Analysis provides a narrative on the Company's financial performance and condition that should be read in conjunction with the accompanying financial statements. It includes the following sections:
•
Consolidated Results and Non-Segment Items
•
Business Segme... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 780 | 7 |
(1)
In the current year, goodwill impairments related to our general entertainment linear networks. In the prior year, goodwill impairments related to our general entertainment and international sports linear networks.
(2)
In the current and prior years, content impairments related to strategic changes in our approa... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 766 | 2 |
The decrease in the effective income tax rate in the current year compared to the prior year was due to the recognition of a $418 million benefit in the current year related to prior years' tax matters (Income Tax Reserve Adjustments) and a lower foreign effective tax rate. These decreases were partially offset by high... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 463 | 3 |
CONTENTS
Entertainment
Revenue and operating results for the Entertainment segment are as follows:
| ($ in millions) | 2024 | | 2023 | | % Change Better (Worse) | | |
| Revenues: | | | | | | | |
| Linear Networks | $ | 10,692 | | | $ | 11,701 | | | (9) % | | |
| Direct-to-Consumer | 22,776 | | | 1... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 758 | 3 |
Operating results for Linear Networks are as follows:
| ($ in millions) | 2024 | | 2023 | | % Change Better (Worse) |
| Revenues | | | | | | |
| Affiliate fees | $ | 6,872 | | | $ | 7,369 | | | (7) % | |
| Advertising | 3,676 | | | 4,159 | | | (12) % | |
| Other | 144 | | | 173 | | | (17) % | |
... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 744 | 2 |
The decrease in domestic advertising revenue was due to a decrease of 14% from fewer impressions and 2% from lower rates. The decrease in impressions was due to lower average viewership. Lower rates were driven by a decrease in political advertising at the owned television stations.
International advertising revenue d... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 781 | 3 |
CONTENTS
Direct-to-Consumer
Operating results for Direct-to-Consumer are as follows:
| ($ in millions) | 2024 | | 2023 | | % Change Better (Worse) |
| Revenues | | | | | | |
| Subscription fees | $ | 18,796 | | | $ | 16,420 | | | 14 % | |
| Advertising | 3,707 | | | 3,260 | | | 14 % | |
| Other |... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 538 | 2 |
Domestic Disney+ average monthly revenue per paid subscriber increased from $6.97 to $7.89 due to higher retail pricing, partially offset by a higher mix of subscribers to wholesale offerings.
International Disney+ (excluding Disney+ Hotstar) average monthly revenue per paid subscriber increased from $5.93 to $6.60 du... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 646 | 2 |
CONTENTS
Content Sales/Licensing and Other
Operating results for Content Sales/Licensing and Other are as follows:
| ($ in millions) | 2024 | | 2023 | | % Change Better (Worse) |
| Revenues | | | | | | |
| TV/VOD distribution | $ | 2,255 | | | $ | 2,618 | | | (14) % | |
| Theatrical distribution | 2,266... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 768 | 3 |
In fiscal 2024, amortization of step-up on film and television costs was $271 million and amortization of intangible assets was $1,054 million. In fiscal 2023, amortization of step-up on film and television costs was $439 million and amortization of intangible assets was $1,151 million.
Sports
Operating results for t... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 702 | 2 |
55
—DTC Product Descriptions, Key Definitions and Supplemental Information
Operating expenses
| ($ in millions) | 2024 | | 2023 | | % Change Better (Worse) |
| Programming and production costs | | | | | |
| ESPN | | | | | |
| Domestic | $ | (10,435) | | | $ | (10,221) | | | (2) % |
| International | ... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 509 | 4 |
CONTENTS
Experiences
Operating results for the Experiences segment are as follows:
| ($ in millions) | 2024 | | 2023 | | % Change Better (Worse) |
| Revenues | | | | | | |
| Theme park admissions | $ | 11,171 | | | $ | 10,423 | | | 7 % | |
| Resorts and vacations | 8,375 | | | 7,949 | | | 5 % | |... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 734 | 3 |
Key Metrics
In addition to revenue, costs and operating income, management uses the following key metrics to analyze trends and evaluate the overall performance of our theme parks and resorts, and we believe these metrics are useful to investors in analyzing the business
:
| | Domestic | | International (1) |
| |... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 657 | 2 |
y $30 million i
n the prior year.
Operating expenses
| ($ in millions) | 2024 | | 2023 | | % Change Better (Worse) |
| Operating labor | $ | (8,392) | | | $ | (7,550) | | | (11) % |
| Infrastructure costs | (3,363) | | | (3,127) | | | (8) % |
| Cost of goods sold and distribution costs | (3,319) | | | (3... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 775 | 4 |
| ($ in millions) | 2024 | | 2023 | | % Change Better (Worse) |
| Supplemental revenue detail | | | | | |
| Parks & Experiences | | | | | |
| Domestic | $ | 23,596 | | | $ | 22,677 | | | 4 % |
| International | 6,183 | | | 5,475 | | | 13 % |
| Consumer Products | 4,372 | | | 4,397 | | | (1) % ... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 635 | 3 |
Primarily consists of equity award activity.
Borrowings activities and other
During the year ended September 28, 2024, the Company's borrowing activity was as follows:
| ($ in millions) | | September 30, 2023 | | Borrowings | | Payments | | | | Other Activity | | September 28, 2024 |
| Commercial paper with o... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 696 | 2 |
commercial paper borrowings up to the amount of its unused $12.25 billion bank facilities and incremental term debt issuances to retire or refinance other borrowings before or as they come due.
See Note 11 to the Consolidated Financial Statements for a summary of dividends and share repurchases in fiscal 2024. There w... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 728 | 2 |
Star India Transaction
The Company and RIL plan to close a transaction on or about November 14, 2024, which will form a joint venture that combines our Star-branded and other general entertainment and sports television channels and Disney+ Hotstar service in India (Star India) and certain media and entertainment busin... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 738 | 2 |
With respect to produced films intended for theatrical release, the most sensitive factor affecting our estimate of Ultimate Revenues is theatrical performance. Revenues derived from other markets subsequent to the theatrical release are generally highly correlated with theatrical performance. Theatrical performance va... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 797 | 2 |
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 reporting unit to its carrying amount, and to the extent the carryi... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 738 | 3 |
CONTENTS
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 ... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 732 | 3 |
Allowance for Credit Losses
We evaluate our allowance for credit losses and estimate collectability of 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 fore... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 684 | 2 |
In the normal course of business, we employ established policies and procedures to manage the Company's exposure to changes in interest rates, foreign currencies and commodities using a variety of financial instruments.
Our objectives in managing exposure to interest rate changes are to limit the impact of interest ra... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 788 | 2 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of The Walt Disney Company
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of The Walt Disney Company and its subsidiaries... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 699 | 2 |
CONTENTS
subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the ... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 779 | 2 |
CONTENTS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| | 2024 | | 2023 | | 2022 |
| OPERATING ACTIVITIES | | | | | |
| Net income from continuing operations | $ | 5,773 | | | $ | 3,390 | | | $ | 3,553 | |
| Depreciation and amortization | 4,990 | | | 5,369 | | | 5,163 | |
| Impairments of g... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 1,432 | 2 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| | 2024 | | 2023 | | 2022 |
| OPERATING ACTIVITIES | | | | | |
| Net income from continuing operations | $ | 5,773 | | | $ | 3,390 | | | $ | 3,553 | |
| Depreciation and amortization | 4,990 | | | 5,369 | | | 5,163 | |
| Impairments of goodwill, p... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 1,436 | 2 |
(in millions)
| | 2024 | | 2023 | | 2022 |
| OPERATING ACTIVITIES | | | | | |
| Net income from continuing operations | $ | 5,773 | | | $ | 3,390 | | | $ | 3,553 | |
| Depreciation and amortization | 4,990 | | | 5,369 | | | 5,163 | |
| Impairments of goodwill, produced and licensed content and other ... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 1,426 | 2 |
| | 2024 | | 2023 | | 2022 |
| OPERATING ACTIVITIES | | | | | |
| Net income from continuing operations | $ | 5,773 | | | $ | 3,390 | | | $ | 3,553 | |
| Depreciation and amortization | 4,990 | | | 5,369 | | | 5,163 | |
| Impairments of goodwill, produced and licensed content and other assets | 3,511 ... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 1,426 | 2 |
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:
•
Operati... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 796 | 2 |
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 ente... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 701 | 2 |
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 produce... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 767 | 2 |
Depreciation is computed on the straight-line method, generally over the following estimated useful lives:
| Attractions, buildings and improvements | | 20 – 40 years |
| Furniture, fixtures and equipment | | 3 – 25 years |
| Land improvements | | 20 – 40 years |
| Leasehold improvements | | Life of lease or asset... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 743 | 3 |
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 bypa... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 696 | 3 |
87
TABLE OF
CONTENTS
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... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 727 | 2 |
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 fix... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 600 | 3 |
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 Plans | | Postretirement Medical Plans |
| | September 28, 2024 | | September 30, 2023 | | September 28, 2024 | ... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 925 | 2 |
| | Pension Plans | | Postretirement 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 ) | |
|... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 896 | 2 |
(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.
102
TABLE OF
... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 614 | 2 |
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 m... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 411 | 2 |
CONTENTS
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 |
| 2026 | 788 | | 54 |
| 2027 | 837 | | 57 |
| 2028 | 881 | | 60 |
| 2029 | 926 | | 62 ... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 795 | 2 |
| | 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) ari... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 1,459 | 2 |
| | 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 ) | |
| Unreali... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 957 | 2 |
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: | | 2024 | | 2023 | | 2022 |
| Market value adjustments, primarily cash flow hedges | | Primarily revenue | | $ | 466 | | | $ | 444 | | ... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 766 | 3 |
| | | 2024 | | 2023 | | 2022 |
| Finance lease cost | | | | | | |
| 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) |... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 772 | 2 |
116
TABLE OF
CONTENTS
| | | Fair Value Measurement at September 30, 2023 |
| Description | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets | | | | | | | | |
| Investments | | $ | 46 | | | $ | 128 | | | $ | — | | | $ | 174 | |
| Derivatives | | | | | | | | |
| Foreign exchange | ... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 739 | 2 |
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 va... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 594 | 3 |
13.5
billion, respectively.
The following table summarizes fair value hedge adjustments to hedged borrowings:
| | Carrying Amount of Hedged Borrowings | | Fair Value Adjustments Included in Hedged Borrowings |
| | September 28, 2024 | | September 30, 2023 | | September 28, 2024 | | September 30, 2023 |
| Borro... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 798 | 2 |
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 ent... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 744 | 3 |
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 fo... | {
"ticker": "DIS",
"year": "2024",
"source": "DIS_10K_2024-09-28.html"
} | 721 | 2 |
Board of Directors
| Name | | Age | | Position |
| Jeffrey P. Bezos | | 61 | | Executive Chair |
| Andrew R. Jassy | | 57 | | President and Chief Executive Officer |
| Keith B. Alexander | | 73 | | Former Chair and CEO of IronNet, Inc. |
| Edith W. Cooper | | 63 | | Former Executive Vice President, Goldman S... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 673 | 4 |
Demand for our products and services can fluctuate significantly for many reasons, including as a result of seasonality, promotions, product launches, or unforeseeable events, such as in response to global economic conditions such as recessionary fears or rising inflation, natural or human-caused disasters (including p... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 705 | 2 |
and other communications, competition, employment, trade and protectionist measures, web services, the provision of online payment services, registration, licensing, and information reporting requirements, unencumbered internet access to our services or access to our facilities, the design and operation of websites, he... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 1,058 | 6 |
We are subject to a variety of taxes and tax collection obligations in the U.S. (federal and state) and numerous foreign jurisdictions. We may recognize additional tax expense and be subject to additional tax liabilities, including other liabilities for tax collection obligations due to changes in laws, regulations, ad... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 751 | 6 |
In addition, we enter into supplier commitments for certain electronic device components and certain products. These commitments are based on forecasted customer demand. If we reduce these commitments, we may incur additional costs.
Income Taxes
We are subject to income taxes in the U.S. (federal and state) and numer... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 737 | 6 |
Results of Operations
We have organized our operations into three segments: North America, International, and AWS. These segments reflect the way the Company evaluates its business performance and manages its operations. See Item 8 of Part II, "Financial Statements and Supplementary Data — Note 10 — Segment Informatio... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 744 | 2 |
AWS sales increased 19% in 2024, compared to the prior year. The sales growth primarily reflects increased customer usage, partially offset by pricing changes primarily driven by long-term customer contracts.
Operating Expenses
Information about operating expenses is as follows (in millions):
| | Year Ended Decembe... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 782 | 3 |
Interest Rate Risk
Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and our debt. Our long-term debt is carried at amortized cost and fluctuations in interest rates do not impact our consolidated financial statements. However, the fair value of our long-term debt,... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 1,203 | 3 |
Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and our debt. Our long-term debt is carried at amortized cost and fluctuations in interest rates do not impact our consolidated financial statements. However, the fair value of our long-term debt, which pays interest... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 1,265 | 3 |
We generally invest our excess cash in investment grade short- to intermediate-term marketable debt securities and AAA-rated money market funds. Marketable debt securities with fixed interest rates may have their fair market value adversely affected due to a rise in interest rates, and we may suffer losses in principal... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 1,177 | 3 |
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| | Year Ended December 31, |
| | 2022 | | 2023 | | 2024 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | $ | 36,477 | | | $ | 54,253 | | | $ | 73,890 | |
| OPERATING ACTIVITIES: | | | | | |
| Net income (loss) |... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 1,287 | 2 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| | Year Ended December 31, |
| | 2022 | | 2023 | | 2024 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | $ | 36,477 | | | $ | 54,253 | | | $ | 73,890 | |
| OPERATING ACTIVITIES: | | | | | |
| Net income (loss) | ( 2,722 ) | | |... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 1,288 | 2 |
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
| | Year Ended December 31, |
| | 2022 | | 2023 | | 2024 |
| Net product sales | $ | 242,901 | | | $ | 255,887 | | | $ | 272,311 | |
| Net service sales | 271,082 | | | 318,898 | | | 365,648 | |
| Total net sale... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 843 | 2 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
| | Year Ended December 31, |
| | 2022 | | 2023 | | 2024 |
| Net product sales | $ | 242,901 | | | $ | 255,887 | | | $ | 272,311 | |
| Net service sales | 271,082 | | | 318,898 | | | 365,648 | |
| Total net sales | 513,983 | | ... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 844 | 2 |
(in millions, except per share data)
| | Year Ended December 31, |
| | 2022 | | 2023 | | 2024 |
| Net product sales | $ | 242,901 | | | $ | 255,887 | | | $ | 272,311 | |
| Net service sales | 271,082 | | | 318,898 | | | 365,648 | |
| Total net sales | 513,983 | | | 574,785 | | | 637,959 | |
| Operat... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 835 | 2 |
million and $
989
million.
Equity investments where we can exercise significant influence, but not control, over an investee are accounted for using the equity method of accounting, or at fair value if we elect the fair value option. Our share of the earnings or losses as reported by equity-method investees, amortiz... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 705 | 2 |
U.S. and international components of income (loss) before income taxes are as follows (in millions):
| | Year Ended December 31, |
| | 2022 | | 2023 | | 2024 |
| U.S. | $ | ( 8,225 ) | | | $ | 32,328 | | | $ | 61,947 | |
| International | 2,289 | | | 5,229 | | | 6,667 | |
| Income (loss) before income ta... | {
"ticker": "AMZN",
"year": "2024",
"source": "AMZN_10K_2024-12-31.html"
} | 754 | 2 |
Medicare & Retirement served 4.4 million seniors nationwide through various Medicare Supplement products in association with AARP as of December 31, 2023.
Premium revenues from CMS represented 40% of UnitedHealth Group's total consolidated revenues for the year ended December 31, 2023, most of which were generated by ... | {
"ticker": "UNH",
"year": "2023",
"source": "UNH_10K_2023-12-31.html"
} | 800 | 3 |
Non-U.S. Regulation
Certain of our businesses operate internationally and are subject to regulation in the jurisdictions in which they are organized or conduct business. These regulatory regimes vary from jurisdiction to jurisdiction. In addition, our non-U.S. businesses and operations are subject to U.S. laws regula... | {
"ticker": "UNH",
"year": "2023",
"source": "UNH_10K_2023-12-31.html"
} | 720 | 4 |
successfully expand our business. Adverse changes to our corporate culture could harm our business operations and our ability to retain key employees and executives.
Our investment portfolio may sustain losses which could adversely affect our profitability.
Market fluctuations could impair the value of our investment... | {
"ticker": "UNH",
"year": "2023",
"source": "UNH_10K_2023-12-31.html"
} | 664 | 6 |
Our business activities in the United States and other countries are highly regulated and new laws or regulations or changes in existing laws or regulations or their enforcement or application could materially and adversely affect our business.
We are regulated by federal, state and local governments in the United Sta... | {
"ticker": "UNH",
"year": "2023",
"source": "UNH_10K_2023-12-31.html"
} | 719 | 4 |
CMS uses various payment mechanisms to allocate funding and adjust monthly capitation payments for Medicare programs. For Medicare Advantage plans, these adjustments are made according to the predicted health status of each beneficiary as supported by data from health care providers. For Medicare Part D plans, payment ... | {
"ticker": "UNH",
"year": "2023",
"source": "UNH_10K_2023-12-31.html"
} | 788 | 5 |
•
UnitedHealthcare served nearly 1.1 million more people, driven by growth in commercial and senior offerings.
•
Earnings from operations increased by 14%, including an increase of 14% at UnitedHealthcare and 13% at Optum.
•
Diluted earnings per common share increased 13% to $23.86.
•
Cash flows from operations ... | {
"ticker": "UNH",
"year": "2023",
"source": "UNH_10K_2023-12-31.html"
} | 106 | 2 |
(a) On January 1, 2022, we realigned our operating segments to combine UnitedHealthcare Global and UnitedHealthcare Employer & Individual.
The following table summarizes the number of individuals served by our UnitedHealthcare businesses, by major market segment and funding arrangement:
| | | December 31, | | Ch... | {
"ticker": "UNH",
"year": "2023",
"source": "UNH_10K_2023-12-31.html"
} | 799 | 2 |
UnitedHealthcare's revenues increased due to growth in the number of people served throughout the year in Medicare Advantage, Medicaid and commercial offerings. People served in Medicaid as of December 31, 2023 decreased primarily due to redeterminations, largely occurring in the second half of 2023, partially offset b... | {
"ticker": "UNH",
"year": "2023",
"source": "UNH_10K_2023-12-31.html"
} | 664 | 2 |
Goodwill
We evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change indicating the carrying value may not be recoverable. When testing goodwill for impairment, we may first assess qualitative factors to determine if it is more likely than not the carrying value of a re... | {
"ticker": "UNH",
"year": "2023",
"source": "UNH_10K_2023-12-31.html"
} | 797 | 3 |
(1)
Being jointly developed and commercialized in a worldwide collaboration with
AstraZeneca
.
5
Table of C
o
ntent
s
Competition and the Health Care Environment
Competition
The markets in which the Company conducts its business and the pharmaceutical industry in general are highly competitive and highly reg... | {
"ticker": "MRK",
"year": "2023",
"source": "MRK_10K_2023-12-31.html"
} | 714 | 5 |
Global efforts toward health care cost containment continue to exert pressure on product pricing and market access. Changes to the U.S. health care system as part of health care reform enacted in prior years, as well as increased purchasing power of entities that negotiate on behalf of Medicare, Medicaid, and private s... | {
"ticker": "MRK",
"year": "2023",
"source": "MRK_10K_2023-12-31.html"
} | 724 | 3 |
The Company's business in China has grown rapidly in the past few years, and the importance of China to the Company's overall pharmaceutical and vaccines business has increased accordingly. Continued growth of the Company's business in China is dependent upon ongoing development of a favorable environment for innovativ... | {
"ticker": "MRK",
"year": "2023",
"source": "MRK_10K_2023-12-31.html"
} | 788 | 3 |
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