Jan 1, 2020 — See Notes 4, 12 and 19 of the Consolidated Financial Statements for that are accounted for under the equity method, and the Company’s.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 28, 2019 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. Commission File Number 001-38842 Delaware 83-0940635 State or Other Jurisdiction of I.R.S. Employer Identification Incorporation or Organization 500 South Buena Vista Street Burbank, California 91521 Address of Principal Executive Offices and Zip Code (818) 560-1000 Registrant™s Telephone Number, Including Area Code Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value DIS New York Stock Exchange Securities Registered Pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Secu rities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of ﬁlarge accelerated filerﬂ, ﬁaccelerated filerﬂ, ﬁsmaller reporting companyﬂ, and ﬁemerging growth companyﬂ in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No The aggregate market value of common stock held by non-affiliates (based on the closing price on the last business day of the registrant™s most recently completed second fiscal quarter as reported on the New York Stock Exchange-Composite Transactions) was $199.5 billion. All executive officers and directors of the registrant and all persons filing a Schedule 13D with the Securities and Exchange Commission in respect to registrant™s common stock have been deemed, solely for the purpose of the foregoing calculation, to be ﬁaffiliatesﬂ of the registrant. There were 1,802,398,289 shares of common stock outstanding as of November 13, 2019. Documents Incorporated by Reference Certain information required for Part III of this report is incorporated herein by reference to the proxy statement for the 202 0 annual meeting of the Company™s shareholders.
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THE WALT DISNEY COMPANY AND SUBSIDIARIES TABLE OF CONTENTS Page PART I ITEM 1.Business ITEM 1A.Risk Factors ITEM 1B.Unresolved Staff Comments ITEM 2.Properties ITEM 3.Legal Proceedings ITEM 4.Mine Safety Disclosures Executive Officers of the Company PART II ITEM 5.Market for the Company™s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ITEM 6.Selected Financial Data ITEM 7.Management™s Discussion and Analysis of Financial Condition and Results of Operations ITEM 7A.Quantitative and Qualitative Disclosures About Market Risk ITEM 8.Financial Statements and Supplementary Data ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ITEM 9A.Controls and Procedures ITEM 9B.Other Information PART III ITEM 10.Directors, Executive Officers and Corporate Governance ITEM 11.Executive Compensation ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ITEM 13.Certain Relationships and Related Transactions, and Director Independence ITEM 14.Principal Accounting Fees and Services PART IV ITEM 15.Exhibits and Financial Statement Schedules ITEM 16.Form 10-K Summary SIGNATURES Consolidated Financial Information Š The Walt Disney Company 1 18 25 25 26 26 26 27 28 29 60 61 61 61 62 63 63 63 63 63 64 67 68 69
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1 PART I ITEM 1. Business The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company with operations in four business segments: Media Networks; Parks, Experiences and Products; Studio Entertainment; and Direct-to- Consumer & International (DTCI). For convenience, the terms ﬁCompanyﬂ, ﬁweﬂ and ﬁourﬂ are used to refer collectively to the parent company and the subsidiaries through which businesses are conducted. The Company employed approximately 223,000 people as of September 28, 2019. On March 20, 2019, the Company acquired the outstanding capital stock of Twenty-First Century Fox, Inc., which was subsequently renamed TFCF Corporation, a diversified global media and entertainment company. Prior to the acquisition, TFCF and a newly-formed subsidiary of TFCF (New Fox) entered into a separation agreement, pursuant to which TFCF transferred to New Fox a portfolio of TFCF™s news, sports and broadcast businesses and certain other assets. TFCF retained all of the assets and liabilities not transferred to New Fox, the most significant of which were the Twentieth Century Fox film and television studios, certain cable networks (primarily FX and National Geographic), TFCF™s international television businesses (including Star) and TFCF™s 30% interest in Hulu LLC (Hulu). Under the terms of the agreement governing the acquisition, the Company will generally phase-out Fox brands by 2024, but has perpetual rights to certain Fox brands, including the Twentieth Century Fox and Fox Searchlight brands. As a result of the acquisition, the Company™s ownership interest in Hulu increased to 60%, and the Company started consolidating the results of Hulu as of the acquisition date. In May 2019, the Company increased its ownership interest in Hulu to 67%, with NBC Universal (NBCU) owning the remaining 33%. Also in May 2019, the Company entered into a put/call agreement with NBCU that provided the Company with full operational control of Hulu. In order to obtain regulatory approval for the acquisition of TFCF, the Company agreed to sell TFCF™s regional sports networks (RSN) and sports media operations in Brazil and Mexico. The sale of the RSNs was completed in August 2019. See Notes 4, 12 and 19 of the Consolidated Financial Statements for additional information on the TFCF, Hulu and RSNs transactions. In November 2019, the Company launched Disney+, a subscription based direct-to-consumer video streaming service with Disney, Pixar, Marvel, Star Wars and National Geographic branded programming. The service was launched in the U.S. and four other countries, with further launches in other countries planned throughout 2020 and 2021. MEDIA NETWORKS Significant operations: ŁDisney, ESPN, Freeform, FX and National Geographic branded domestic cable networks ŁABC branded broadcast television network and eight owned domestic television stations ŁTelevision production and distribution ŁNational Geographic magazines ŁA 50% equity investment in A+E Television Networks (A+E) Significant revenues: ŁAffiliate fees – Fees charged to multi-channel video programming distributors (i.e. cable, satellite, telecommunications and digital over-the-top (OTT) (e.g. Hulu, YouTube TV) service providers (MVPDs) and to television stations affiliated with the ABC Network for the right to deliver our programming to their customers ŁAdvertising – Sales of advertising time/space on our domestic networks and related platforms (ﬁratings-based ad salesﬂ, which excludes advertising on digital platforms that is not ratings-based), and the sale of advertising time on our domestic television stations. Ratings-based ad sales are generally determined using viewership measured with Nielsen ratings. Non-ratings-based advertising on digital platforms is reported by DTCI. ŁTV/SVOD distribution – Licensing fees and other revenues from the right to use our television programs and productions and revenue from content transactions with other Company segments (ﬁprogram salesﬂ) Significant expenses: ŁOperating expenses consisting primarily of programming and production costs, participations and residuals expense, technical support costs, operating labor and distribution costs ŁSelling, general and administrative costs ŁDepreciation and amortization
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2 Domestic Cable Networks Our domestic cable networks produce their own programs and also acquire programming rights from our television and theatrical production operations and third parties. The majority of the domestic cable networks™ revenue is derived from affiliate fees and advertising sales. Generally, the Company™s cable networks provide programming under multi-year licensing agreements with MVPDs that include contractually specified rates on a per subscriber basis. The amounts that we can charge to MVPDs for our cable network programming is largely dependent on the quality and quantity of programming that we can provide and the competitive market for programming services. The ability to sell advertising time and the rates received are primarily dependent on the size and nature of the audience that the network can deliver to the advertiser as well as overall advertiser demand. We also sell programs developed by our cable networks worldwide to television broadcasters, to subscription video-on-demand (SVOD) services (such as Netflix, Hulu and Amazon) and in home entertainment formats (such as DVD, Blu-ray and electronic home video license). In fiscal 2020, we expect a significant portion of our programs to be licensed to DTCI. The Company™s significant domestic cable channels and the number of subscribers (in millions) as estimated by Nielsen Media Research as of September 2019 (1) (except where noted) are as follows: Estimated Subscribers Disney Disney Channel 86 Disney Junior 66 Disney XD 68 ESPN ESPN 83 ESPN2 83 ESPNU 61 ESPNEWS 58 SEC Network (2) 59 Freeform 85 FX FX 87 FXM 56 FXX 84 National Geographic National Geographic 86 National Geographic Wild 59 (1) Estimates include traditional MVPD and the majority of digital OTT subscriber counts. (2) Because Nielsen Media Research does not measure this channel, estimated subscribers are according to SNL Kagan as of December 2018. Disney Branded television channels include Disney Channel, Disney Junior and Disney XD. Programming for these channels includes internally developed and acquired programming. The Disney branded channels also provide programming for video- on-demand services and through the DisneyNOW App and website, both of which are operated by DTCI. Disney Channel – the domestic Disney Channel airs original series and movie programming 24 hours a day targeted to kids ages 2 to 14. Disney Channel develops and produces shows for exhibition on its channel, including live-action comedy series, animated programming and preschool series, as well as original movies . Disney Channel also airs programming and content from Disney™s theatrical film and television programming library. Disney Junior – the domestic Disney Junior channel airs programming 24 hours a day targeted to kids ages 2 to 7 and their parents and caregivers. The channel features animated and live-action programming that blends Disney™s storytelling and characters with learning. Disney Junior also airs as a programming block on the Disney Channel.
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3 Disney XD – the domestic Disney XD channel airs programming 24 hours a day to kids ages 6 to 11. The channel features a mix of live-action and animated programming. ESPN ESPN is a multimedia sports entertainment company owned 80% by the Company and 20% by Hearst Corporation (Hearst). ESPN operates nine 24-hour domestic television sports channels: ESPN and ESPN2 (both of which are sports channels dedicated to professional and college sports as well as sports news and original programming), ESPNU (which is devoted to college sports), ESPNEWS (which simulcasts weekday ESPN Radio programming, re-airs select ESPN studio shows and airs a variety of other programming), SEC Network (which is dedicated to Southeastern Conference college athletics), ESPN Classic (which airs rebroadcasts of famous sporting events, sports documentaries and sports-themed movies), Longhorn Network (which is dedicated to The University of Texas athletics), ESPN Deportes (which airs professional and college sports, as well as studio shows in Spanish), and ACC Network (which is dedicated to Atlantic Coast Conference college athletics). ESPN programs the sports schedule on the ABC Television Network, which is branded ESPN on ABC. ESPN holds rights for various professional and college sports programming including college football (including bowl games and the College Football Playoff) and basketball, the National Basketball Association (NBA), the National Football League (NFL), Major League Baseball (MLB), US Open Tennis, the Professional Golfers ™ Association (PGA) Championship, various soccer rights, the Wimbledon Championships and the Masters golf tournament. ESPN provides programming for the following, which are operated by DTCI: ŁESPN.com – which delivers sports news, information and video on internet-connected devices, with approximately 20 editions in three languages globally. In the U.S., ESPN.com also features live video streams of ESPN channels to authenticated MVPD subscribers. Non-subscribers have limited access to certain content. ŁESPN App – which delivers scores, news, highlights, short form video, podcasts and live audio, with fourteen editions in three languages globally. In the U.S., the ESPN App also features live video streams of ESPN™s linear channels and exclusive events to authenticated MVPD subscribers. Non-subscribers have limited access to certain content. The ESPN App is available for download on various internet-connected devices. ŁESPN+ – which is a multi-sports subscription offering available through ESPN.com and the ESPN App ESPN also operates the following: ŁESPN Radio Œ which distributes talk and play-by-play programming in the U.S. ESPN Radio network programming is carried on approximately 400 terrestrial stations, including four ESPN owned stations in New York, Los Angeles, Chicago and Dallas, and on satellite and internet radio ŁESPN owns and operates the following events: ESPYs (annual awards show); X Games (winter and summer action sports competitions); and a portfolio of collegiate sporting events including: bowl games, basketball games, softball games and post-season award shows. Freeform Freeform is a channel targeted to viewers ages 18 to 34. Freeform produces original live-action programming, acquires programming rights from our television and theatrical production businesses and from third parties, and features branded holiday programming events such as ﬁ25 Days of Christmasﬂ. Freeform content is also available through video-on-demand services and through the Freeform App and website, both of which are operated by DTCI. FX Branded television channels include FX, FXM and FXX. Programming for these channels includes internally developed and acquired programming. Internally produced programming for the 2019/2020 season includes two returning and three new one-hour dramas, five returning and three new half-hour comedies, and one returning non-scripted series. FX – is a general entertainment channel that airs original series, acquired television series and motion picture programming including content from the Company™s film and television libraries. FXM – is a television channel that primarily airs motion pictures from the Company’s library or motion pictures acquired from third parties. FXX – is a general entertainment channel targeted to young adults that airs acquired television series and motion picture programming as well as content from the Company™s film and television libraries. The channel also airs original television series.
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5 The stations we own are as follows: TV Station Market Television Market Ranking (1) WABC New York, NY 1 KABC Los Angeles, CA 2 WLS Chicago, IL 3 WPVI Philadelphia, PA 4 KTRK Houston, TX 7 KGO San Francisco, CA 8 WTVD Raleigh-Durham, NC 25 KFSN Fresno, CA 54 (1) Based on Nielsen Media Research, U.S. Television Household Estimates, January 1, 2019 Equity Investments The Company has investments in media businesses that are accounted for under the equity method, and the Company™s share of the financial results for these investments is reported as ﬁEquity in the income (loss) of investees, netﬂ in the Company™s Consolidated Statements of Income. The Company™s significant equity investments reported in the Media Networks segment are as follows: A+E A+E is owned 50% by the Company and 50% by Hearst. A +E operates a variety of cable channels: ŁA&E Œ which offers entertainment programming including original reality and scripted series ŁHISTORY Œ which offers original series and event-driven specials ŁLifetime and Lifetime Real Women Œ which offer female-focused programming ŁLifetime Movie Network (LMN) Œ which offers female-focused movies ŁFYI Œ which offers contemporary lifestyle programming A+E also has a 50% ownership interest in Viceland, a channel offering lifestyle-oriented documentaries and reality series aimed at millennial audiences. A+E programming is available in approximately 200 countries and territories. A+E™s networks are distributed internationally under multi-year licensing agreements with MVPDs. A+E programming is also sold to international television broadcasters and SVOD services. The number of domestic subscribers (in millions) for A+E channels as estimated by Nielsen Media Research as of September 2019 (1) is as follows: Estimated Subscribers A&E 85 HISTORY 86 Lifetime 85 LMN 63 FYI 51 Viceland 64 (1) Estimates include traditional MVPD and the majority of digital OTT subscriber counts. CTV ESPN holds a 30% equity interest in CTV Specialty Television, Inc., which owns television channels in Canada, including The Sports Networks (TSN) 1-5, Le Réseau des Sports (RDS), RDS2, RDS Info, ESPN Classic Canada, Discovery Canada and Animal Planet Canada.
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6 Competition and Seasonality The Company™s Media Networks businesses compete for viewers primarily with other broadcast and cable networks, independent television stations and other media, such as online video services and video games. With respect to the sale of advertising time, we compete with other television networks and radio stations, independent television stations, MVPDs and other advertising media such as digital content, newspapers, magazines and billboards. Our television and radio stations primarily compete for audiences and advertisers in local market areas. The Company™s Media Networks businesses face competition from other networks for carriage by MVPDs. The Company™s contractual agreements with MVPDs are renewed or renegotiated from time to time in the ordinary course of business. Consolidation and other market conditions in the cable, satellite and telecommunication distribution industry and other factors may adversely affect the Company™s ability to obtain and maintain contractual terms for the distribution of its various programming services that are as favorable as those currently in place. The Company™s Media Networks businesses also compete with other media and entertainment companies, independent production companies, SVOD providers and direct-to-consumer services for the acquisition of sports rights, talent, show concepts, scripted and other programming, and exhibition outlets. The Company™s internet websites and digital products compete with other websites and entertainment products. Advertising revenues at Media Networks are subject to seasonal advertising patterns and changes in viewership levels. Revenues are typically somewhat higher during the fall and somewhat lower during the summer months. Affiliate fees are generally collected ratably throughout the year. Federal Regulation Television and radio broadcasting are subject to extensive regulation by the Federal Communications Commission (FCC) under federal laws and regulations, including the Communications Act of 1934, as amended. Violation of FCC regulations can result in substantial monetary fines, limited renewals of licenses and, in egregious cases, denial of license renewal or revocation of a license. FCC regulations that affect our Media Networks segment include the following: Ł Licensing of television and radio stations. Each of the television and radio stations we own must be licensed by the FCC. These licenses are granted for periods of up to eight years, and we must obtain renewal of licenses as they expire in order to continue operating the stations. We (and the acquiring entity in the case of a divestiture) must also obtain FCC approval whenever we seek to have a license transferred in connection with the acquisition or divestiture of a station. The FCC may decline to renew or approve the transfer of a license in certain circumstances and may delay renewals while permitting a licensee to continue operating. Although we have received such renewals and approvals in the past or have been permitted to continue operations when renewal is delayed, there can be no assurance that this will be the case in the future. Ł Television and radio station ownership limits. The FCC imposes limitations on the number of television stations and radio stations we can own in a specific market, on the combined number of television and radio stations we can own in a single market and on the aggregate percentage of the national audience that can be reached by television stations we own. Currently: FCC regulations may restrict our ability to own more than one television station in a market, depending on the size and nature of the market. We do not own more than one television station in any market. Federal statutes permit our television stations in the aggregate to reach a maximum of 39% of the national audience. Pursuant to the most recent decision by the FCC as to how to calculate compliance with this limit, our eight stations reach approximately 20% of the national audience. FCC regulations in some cases impose restrictions on our ability to acquire additional radio or television stations in the markets in which we own radio stations. We do not believe any such limitations are material to our current operating plans. Ł Dual networks. FCC rules currently prohibit any of the four major broadcast television networks Š ABC, CBS, Fox and NBC Š from being under common ownership or control. Ł Regulation of programming. The FCC regulates broadcast programming by, among other things, banning ﬁindecentﬂ programming, regulating political advertising and imposing commercial time limits during children™s programming. Penalties for broadcasting indecent programming can be over $400 thousand per indecent utterance or image per station. Federal legislation and FCC rules also limit the amount of commercial matter that may be shown on broadcast or cable channels during programming designed for children 12 years of age and younger. In addition, broadcast channels are
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7 generally required to provide an average of three hours per week of programming that has as a ﬁsignificant purposeﬂ meeting the educational and informational needs of children 16 years of age and younger. FCC rules also give television station owners the right to reject or refuse network programming in certain circumstances or to substitute programming that the licensee reasonably believes to be of greater local or national importance. Ł Cable and satellite carriage of broadcast television stations. With respect to cable systems operating within a television station™s Designated Market Area, FCC rules require that every three years each television station elect either ﬁmust carryﬂ status, pursuant to which cable operators generally must carry a local television station in the station™s market, or ﬁretransmission consentﬂ status, pursuant to which the cable operator must negotiate with the television station to obtain the consent of the television station prior to carrying its signal. Under the Satellite Home Viewer Improvement Act and its successors, including most recently the STELA Reauthorization Act (STELAR), which also requires the ﬁmust carryﬂ or ﬁretransmission consentﬂ election, satellite carriers are permitted to retransmit a local television station™s signal into its local market with the consent of the local television station. The ABC owned television stations have historically elected retransmission consent. Portions of these satellite laws are set to expire on December 31, 2019. Ł Cable and satellite carriage of programming. The Communications Act and FCC rules regulate some aspects of negotiations regarding cable and satellite retransmission consent, and some cable and satellite companies have sought regulation of additional aspects of the carriage of programming on cable and satellite systems. New legislation, court action or regulation in this area could have an impact on the Company™s operations. The foregoing is a brief summary of certain provisions of the Communications Act, other legislation and specific FCC rules and policies. Reference should be made to the Communications Act, other legislation, FCC rules and public notices and rulings of the FCC for further information concerning the nature and extent of the FCC™s regulatory authority. FCC laws and regulations are subject to change, and the Company generally cannot predict whether new legislation, court action or regulations, or a change in the extent of application or enforcement of current laws and regulations, would have an adverse impact on our operations. PARKS, EXPERIENCES AND PRODUCTS Significant operations: ŁParks & Experiences: Theme parks and resorts, which include: Walt Disney World Resort in Florida; Disneyland Resort in California; Disneyland Paris; Hong Kong Disneyland Resort (47% ownership interest); and Shanghai Disney Resort (43% ownership interest), all of which are consolidated in our results. Additionally, the Company licenses our intellectual property to a third party to operate Tokyo Disney Resort. Disney Cruise Line, Disney Vacation Club, National Geographic Expeditions (73% ownership interest), Adventures by Disney and Aulani, a Disney Resort & Spa in Hawaii ŁConsumer Products: Licensing of our trade names, characters, visual, literary and other intellectual properties to various manufacturers, game developers, publishers and retailers throughout the world Sale of branded merchandise through retail, online and wholesale businesses, and development and publishing of books, comic books and magazines (except National Geographic, which is reported in Media Networks). Significant revenues: ŁTheme park admissions – Sales of tickets for admission to our theme parks ŁParks & Experiences merchandise, food and beverage – Sales of merchandise, food and beverages at our theme parks and resorts and cruise ships ŁResorts and vacations – Sales of room nights at hotels, sales of cruise and other vacations and sales and rentals of vacation club properties ŁMerchandise licensing and retail: Merchandise licensing – Royalties from intellectual property licensing Retail – Sales of merchandise at The Disney Stores and through branded internet shopping sites, as well as, to wholesalers ŁParks licensing and other – Revenues from sponsorships and co-branding opportunities and real estate rent and sales. In addition, we earn royalties on Tokyo Disney Resort revenues.
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8 Significant expenses: ŁOperating expenses consisting primarily of operating labor, costs of goods sold, infrastructure costs, supplies, commissions and entertainment offerings. Infrastructure costs include information systems expense, repairs and maintenance, utilities and fuel, property taxes, retail occupancy costs, insurance and transportation ŁSelling, general and administrative costs ŁDepreciation and amortization Significant capital investments: ŁIn recent years, over 75% of the Company ™ s capital spend has been at our parks and experiences business, which is principally for theme park and resort expansion, new attractions, cruise ships, capital improvements and systems infrastructure. The various investment plans discussed in the ﬁParks & Experiencesﬂ section are based on management™s current expectations. Actual investment may differ. Parks & Experiences Walt Disney World Resort The Walt Disney World Resort is located approximately 20 miles southwest of Orlando, Florida, on approximately 25,000 acres of land. The resort includes theme parks (the Magic Kingdom, Epcot, Disney™s Hollywood Studios and Disney™s Animal Kingdom); hotels; vacation club properties; a retail, dining and entertainment complex (Disney Springs); a sports complex; conference centers; campgrounds; golf courses; water parks; and other recreational facilities designed to attract visitors for an extended stay. The Walt Disney World Resort is marketed through a variety of international, national and local advertising and promotional activities. A number of attractions and restaurants in each of the theme parks are sponsored or operated by other corporations under multi-year agreements. Magic Kingdom Š The Magic Kingdom consists of six themed areas: Adventureland, Fantasyland, Frontierland, Liberty Square, Main Street USA and Tomorrowland. Each land provides a unique guest experience featuring themed attractions, live Disney character interactions, restaurants, refreshment areas and merchandise shops. Additionally, there are daily parades and a nighttime fireworks event . Epcot Š Epcot consists of two major themed areas: Future World and World Showcase. Future World dramatizes certain historical developments and addresses the challenges facing the world today through pavilions devoted to showcasing science and technology innovations, communication, transportation, use of imagination, nature and food production, the ocean environment and space. World Showcase presents a community of nations focusing on the culture, traditions and accomplishments of people around the world. Countries represented with pavilions include Canada, China, France, Germany, Italy, Japan, Mexico, Morocco, Norway, the United Kingdom and the United States. Both areas feature themed attractions, restaurants and merchandise shops. Epcot also features a nighttime entertainment event. Epcot is undergoing a multi-year transformation, which is scheduled to open in phases beginning in 2020. Disney™s Hollywood Studios Š Disney™s Hollywood Studios consists of eight themed areas: Animation Courtyard, Commissary Lane, Echo Lake, Grand Avenue, Hollywood Boulevard, Star Wars : Galaxy™s Edge, which opened in August 2019, Sunset Boulevard and Toy Story Land. The areas provide behind-the-scenes glimpses of Hollywood-style action through various shows and attractions and offer themed food service and merchandise facilities. The park also features nighttime entertainment events. Disney™s Animal Kingdom Š Disney™s Animal Kingdom consists of a 145-foot tall Tree of Life centerpiece surrounded by five themed areas: Africa, Asia, DinoLand USA, Discovery Island and Pandora – The World of Avatar. Each themed area contains attractions, entertainment, restaurants and merchandise shops. The park features more than 300 species of live mammals, birds, reptiles and amphibians and 3,000 varieties of vegetation. Disney™s Animal Kingdom also features a nighttime entertainment event. Hotels , Vacation Club Properties and Other Resort Facilities Š As of September 28, 2019, the Company owned and operated 18 resort hotels and vacation club facilities at the Walt Disney World Resort, with approximately 24,000 rooms and 3,200 vacation club units. Resort facilities include 500,000 square feet of conference meeting space and Disney™s Fort Wilderness camping and recreational area, which offers approximately 800 campsites. The Company is constructing Reflections – A Disney Lakeside Lodge, which is a nature-inspired resort with more than 900 rooms and vacation club units opening in 2022. The Company also announced plans to build the new S tar Wars: Galactic Starcruiser hotel at Walt Disney World Resort.
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