An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee statement of financial position, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Present Value of Future Operating Lease Payments (before Adoption of FASB Topic 842)
Analyst Adjustments for Operating Leases
Adjusted Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

Walt Disney Co., future operating lease payments (before adoption of FASB Topic 842)

USD $ in millions

		Sep 29, 2018	Sep 30, 2017	Oct 1, 2016	Oct 3, 2015	Sep 27, 2014	Sep 28, 2013
	Total undiscounted future operating lease payments
	Discount rate¹

	Total present value of future operating lease payments

Based on: 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19), 10-K (filing date: 2013-11-20).

¹ Internal rate of return on capital leases

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2019		2019
2020		2020
2021		2021
2022		2022
2023		2023
2024 and thereafter		2024
		2025
		2026
		2027
		2028
Total:

Based on: 10-K (filing date: 2018-11-21).

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2018		2018
2019		2019
2020		2020
2021		2021
2022		2022
2023 and thereafter		2023
		2024
		2025
		2026
		2027
		2028
Total:

Based on: 10-K (filing date: 2017-11-22).

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2017		2017
2018		2018
2019		2019
2020		2020
2021		2021
2022 and thereafter		2022
		2023
		2024
		2025
		2026
		2027
		2028
Total:

Based on: 10-K (filing date: 2016-11-23).

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2016		2016
2017		2017
2018		2018
2019		2019
2020		2020
2021 and thereafter		2021
		2022
		2023
		2024
		2025
		2026
		2027
Total:

Based on: 10-K (filing date: 2015-11-25).

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2015		2015
2016		2016
2017		2017
2018		2018
2019		2019
2020 and thereafter		2020
		2021
		2022
		2023
		2024
		2025
		2026
		2027
Total:

Based on: 10-K (filing date: 2014-11-19).

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2014		2014
2015		2015
2016		2016
2017		2017
2018		2018
2019 and thereafter		2019
		2020
		2021
		2022
		2023
		2024
		2025
		2026
		2027
Total:

Based on: 10-K (filing date: 2013-11-20).

Walt Disney Co., adjustments to financial data

USD $ in millions

		Sep 29, 2018	Sep 30, 2017	Oct 1, 2016	Oct 3, 2015	Sep 27, 2014	Sep 28, 2013
	Adjustment to Total Assets
	Total assets (as reported)
	Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹
	Total assets (adjusted)
	Adjustment to Total Debt
	Total debt (as reported)
	Add: Operating lease liability (before adoption of FASB Topic 842)²
	Total debt (adjusted)

Based on: 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19), 10-K (filing date: 2013-11-20).

^{1, 2} Equal to total present value of future operating lease payments.

Walt Disney Co., Financial Data: Reported vs. Adjusted

Walt Disney Co., adjusted ratios

		Sep 29, 2018	Sep 30, 2017	Oct 1, 2016	Oct 3, 2015	Sep 27, 2014	Sep 28, 2013
	Total Asset Turnover¹
	Reported total asset turnover
	Adjusted total asset turnover
	Debt to Equity²
	Reported debt to equity
	Adjusted debt to equity
	Return on Assets³ (ROA)
	Reported ROA
	Adjusted ROA

Based on: 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19), 10-K (filing date: 2013-11-20).

¹ See Details »

² See Details »

³ See Details »

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walt Disney Co.’s adjusted total asset turnover deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Walt Disney Co.’s adjusted debt-to-equity deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walt Disney Co.’s adjusted ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Walt Disney Co., Ratios: Reported vs. Adjusted

		Sep 29, 2018	Sep 30, 2017	Oct 1, 2016	Oct 3, 2015	Sep 27, 2014	Sep 28, 2013
	As Reported
	Selected Financial Data (USD $ in millions)
	Revenues
	Total assets
	Ratio
	Total asset turnover¹
	Adjusted for Operating Leases
	Selected Financial Data (USD $ in millions)
	Revenues
	Adjusted total assets
	Ratio
	Adjusted total asset turnover²

Based on: 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19), 10-K (filing date: 2013-11-20).

2018 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= hidden ÷ hidden = hidden

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= hidden ÷ hidden = hidden

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walt Disney Co.’s adjusted total asset turnover deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.

		Sep 29, 2018	Sep 30, 2017	Oct 1, 2016	Oct 3, 2015	Sep 27, 2014	Sep 28, 2013
	As Reported
	Selected Financial Data (USD $ in millions)
	Total debt
	Total Disney Shareholder’s equity
	Ratio
	Debt to equity¹
	Adjusted for Operating Leases
	Selected Financial Data (USD $ in millions)
	Adjusted total debt
	Total Disney Shareholder’s equity
	Ratio
	Adjusted debt to equity²

Based on: 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19), 10-K (filing date: 2013-11-20).

2018 Calculations

¹ Debt to equity = Total debt ÷ Total Disney Shareholder’s equity
= hidden ÷ hidden = hidden

² Adjusted debt to equity = Adjusted total debt ÷ Total Disney Shareholder’s equity
= hidden ÷ hidden = hidden

Ratio	Description	The company
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Walt Disney Co.’s adjusted debt-to-equity deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

		Sep 29, 2018	Sep 30, 2017	Oct 1, 2016	Oct 3, 2015	Sep 27, 2014	Sep 28, 2013
	As Reported
	Selected Financial Data (USD $ in millions)
	Net income attributable to The Walt Disney Company (Disney)
	Total assets
	Ratio
	ROA¹
	Adjusted for Operating Leases
	Selected Financial Data (USD $ in millions)
	Net income attributable to The Walt Disney Company (Disney)
	Adjusted total assets
	Ratio
	Adjusted ROA²

Based on: 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19), 10-K (filing date: 2013-11-20).

2018 Calculations

¹ ROA = 100 × Net income attributable to The Walt Disney Company (Disney) ÷ Total assets
= 100 × hidden ÷ hidden = hidden

² Adjusted ROA = 100 × Net income attributable to The Walt Disney Company (Disney) ÷ Adjusted total assets
= 100 × hidden ÷ hidden = hidden

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walt Disney Co.’s adjusted ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

	Walt Disney Co.	Other companies (not purchased previously)
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Common-Size Financial Statements
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Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Walt Disney Co. (DIS)

Analysis of Operating Leases

Present Value of Future Operating Lease Payments (before Adoption of FASB Topic 842)

Analyst Adjustments for Operating Leases

Walt Disney Co., Financial Data: Reported vs. Adjusted

Adjusted Ratios for Operating Leases (Summary)

Walt Disney Co., Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)

Walt Disney Co. (DIS)

Analysis of Operating Leases

Present Value of Future Operating Lease Payments (before Adoption of FASB Topic 842)

2018 Calculations

2017 Calculations

2016 Calculations

2015 Calculations

2014 Calculations

2013 Calculations

Analyst Adjustments for Operating Leases

Walt Disney Co., Financial Data: Reported vs. Adjusted

Adjusted Ratios for Operating Leases (Summary)

Walt Disney Co., Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)