Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
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Income Tax Expense (Benefit)
Walt Disney Co., income tax expense (benefit), continuing operations
US$ in millions
| 12 months ended: | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | Sep 29, 2018 | |||||||
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| Income tax expense from continuing operations |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
| Item | Description | The company |
|---|---|---|
| Current | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Walt Disney Co. current increased from 2021 to 2022 and from 2022 to 2023. |
| Deferred | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Walt Disney Co. deferred increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
| Income tax expense from continuing operations | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Walt Disney Co. income tax expense from continuing operations increased from 2021 to 2022 but then slightly decreased from 2022 to 2023. |
Effective Income Tax Rate (EITR)
Walt Disney Co., effective income tax rate (EITR) reconciliation
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
| Item | Description | The company |
|---|---|---|
| Effective income tax rate | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Walt Disney Co. effective income tax rate increased from 2021 to 2022 but then slightly decreased from 2022 to 2023. |
Components of Deferred Tax Assets and Liabilities
Walt Disney Co., components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
| Item | Description | The company |
|---|---|---|
| Deferred tax assets before valuation allowance | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Walt Disney Co. deferred tax assets before valuation allowance decreased from 2021 to 2022 and from 2022 to 2023. |
| Deferred tax assets | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Walt Disney Co. deferred tax assets decreased from 2021 to 2022 and from 2022 to 2023. |
| Net deferred tax asset (liability) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Walt Disney Co. net deferred tax asset (liability) decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level. |
Deferred Tax Assets and Liabilities, Classification
Walt Disney Co., deferred tax assets and liabilities, classification
US$ in millions
| Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | Sep 29, 2018 | ||
|---|---|---|---|---|---|---|---|
| Deferred tax assets | |||||||
| Deferred tax liabilities |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
| Item | Description | The company |
|---|---|---|
| Deferred tax assets | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | Walt Disney Co. deferred tax assets decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level. |
| Deferred tax liabilities | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | Walt Disney Co. deferred tax liabilities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Walt Disney Co., adjustments to financial statements
US$ in millions
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
Walt Disney Co., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Walt Disney Co., adjusted financial ratios
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Walt Disney Co. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Walt Disney Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Walt Disney Co. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Walt Disney Co. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Walt Disney Co. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Walt Disney Co., Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
2023 Calculations
1 Net profit margin = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Revenues
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to The Walt Disney Company (Disney) ÷ Revenues
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Walt Disney Co. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Adjusted Total Asset Turnover
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
2023 Calculations
1 Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Walt Disney Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Adjusted Financial Leverage
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
2023 Calculations
1 Financial leverage = Total assets ÷ Total Disney Shareholder’s equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Disney Shareholder’s equity
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Walt Disney Co. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
Adjusted Return on Equity (ROE)
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
2023 Calculations
1 ROE = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Total Disney Shareholder’s equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to The Walt Disney Company (Disney) ÷ Adjusted total Disney Shareholder’s equity
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Walt Disney Co. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).
2023 Calculations
1 ROA = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to The Walt Disney Company (Disney) ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Walt Disney Co. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |