Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
Based on: 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02), 10-K (reporting date: 2020-10-03), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
- Cash and Cash Equivalents
- Cash and cash equivalents exhibit significant fluctuation across the periods. There is a notable increase from $4.5 billion in late 2018 to a peak of $23.1 billion by mid-2020, likely reflecting a liquidity buildup during early 2020. This is followed by a gradual decline through late 2022, dipping to $8.5 billion, before a rebound occurs in 2023 and 2024, though values remain below the mid-2020 peak.
- Receivables, Net
- Receivables show variability but generally maintain a range between $12 billion to $17 billion, with peaks around the end of 2019 and subsequent declines post-2020. The values demonstrate moderate fluctuations without a clear long-term upward or downward trend.
- Inventories
- Inventories steadily increase over the observed periods, moving from approximately $1.4 billion to just under $2.0 billion by late 2024. This consistent rise suggests a buildup in stock levels or content-related inventories over time.
- Content Advances
- Content advances fluctuate extensively, with a significant spike in early 2019, reaching over $5.4 billion, followed by a decline to around $1.3 billion by late 2019. Subsequent periods see oscillations between approximately $1 billion and $3 billion, indicating variability in content investment or licensing advances.
- Other Current Assets
- Other current assets increase overall from about $778 million to over $2 billion in early 2023, then decline back toward $1.2 billion by early 2025. This pattern indicates a temporary rise in miscellaneous current assets possibly linked to specific operational changes.
- Current Assets
- Current assets peak at over $41 billion during mid-2020 but show a decreasing trend afterward, reaching approximately $22.7 billion by early 2025. This decline aligns with the reduction in cash and other liquid assets over the same period.
- Produced and Licensed Content Costs
- Costs related to produced and licensed content steadily rise from $8.2 billion at the end of 2018 to a high of around $36.3 billion by mid-2023, with a slight decline toward late 2024. This trend reflects increasing investment in content production and licensing over the years.
- Investments
- Investment levels remain relatively stable between $3 billion and $4 billion until late 2023 when they surge sharply to $8.9 billion, maintaining near those elevated levels. This jump may indicate a strategic increase in long-term investments or portfolio expansion.
- Attractions, Buildings, and Equipment
- There is a consistent upward trajectory in assets related to physical properties and equipment, beginning near $55 billion and reaching close to $80 billion by the end of 2024. This growth points to ongoing capital expenditures and expansion in physical infrastructure.
- Projects in Progress
- Projects in progress fluctuate but generally trend upward from $4.3 billion to approximately $6.3 billion around mid-2023, followed by variability without a clear growth pattern. This suggests active but irregular capital project development.
- Land
- The value of land holdings remains relatively stable across the periods, fluctuating slightly near $1.1 billion, indicating no significant acquisitions or disposals of land assets.
- Parks, Resorts, and Other Property, at Cost
- This asset category consistently increases from roughly $60.9 billion to $86.6 billion, underscoring ongoing investment and expansion in park and resort properties.
- Accumulated Depreciation
- Accumulated depreciation steadily increases in absolute terms (negative values growing larger), moving from approximately -$31.1 billion to -$47.5 billion, which is consistent with asset aging and ongoing depreciation charges aligned with the growth in fixed assets.
- Parks, Resorts, and Other Property, Net
- Net property assets show a moderate increasing trend from about $29.8 billion to $39.1 billion, reflecting capital investments exceeding depreciation over time.
- Intangible Assets, Net
- Intangible assets decline steadily from $6.7 billion at the end of 2018 to around $10.0 billion by early 2025, indicating amortization or impairment impacts exceeding additions during the period.
- Goodwill
- Goodwill rises sharply from $31 billion to about $80 billion by early 2019, then gradually declines to approximately $73 billion by 2025. This pattern likely reflects acquisitions and occasional impairments or adjustments.
- Noncurrent Assets Held for Sale
- The recorded value is significant only in early 2019, at roughly $13 billion, and is absent thereafter, indicating the sale or reclassification of significant noncurrent assets during that period.
- Other Assets
- Other noncurrent assets increase from $3.4 billion to a peak near $14 billion by early 2024 before falling back to around $10 billion, signaling fluctuating holdings of miscellaneous long-term assets.
- Long-Term Assets
- Long-term assets approximately double from $82.4 billion to $173 billion through mid-2022 and then stabilize, showing substantial long-term asset accumulation mostly completed before 2022.
- Total Assets
- Total assets more than double from nearly $100 billion in 2018 to a peak above $214 billion in early 2019. Thereafter, assets decline gradually and stabilize around $195 billion towards the end of the period, reflecting stabilization after a phase of substantial asset increases likely due to acquisitions or revaluations.