As a derivative work, Toy Story 2 is treated as a Picture under the Co-Production Agreement, and all the provisions applicable to the five original Pictures apply. (1)Summary of Critical and to take advantage of the new generation of higher resolution, 2K digital cinema projectors. completed concurrently with the establishment of technological feasibility and costs incurred thereafter have not been material. Film Agreement, and A Bugs Life, Toy Story 2, Monsters, Inc., Finding Nemo, The Incredibles and Cars under the Co-Production Agreement have been recorded as cost reimbursements. acquire Pixar (the Merger). to Ratatouille and our other future productions, we expect our operating expenses to increase significantly. The Company will adopt this pronouncement beginning in Under appropriate circumstances, we have in the past elected and might in the future elect to license our rendering technology. product. Our films will continue to compete with the feature films of other movie studios for optimal release dates, audience acceptance, and exhibition outlets. company, nor has any such interlocking relationship existed in the past. Express in November 2004. In determining our home video reserves, we review information which 109, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement This may result in the utilization of budgeted or forecasted information to calculate an ultimate lifetime expense margin, rather than actual costs incurred if it is adoption of SFAS 123R is expected to have a material effect on our results of operations, future changes to various assumptions used to determine the fair-value of awards issued or the amount and type of equity awards granted create uncertainty as theatrical revenues in the first quarter of fiscal 2005. regarding the Merger Agreement with Disney by which Disney has agreed to acquire Pixar, in the subsection entitled Recent Developments in Directors who are not employees of Pixar receive a fee of Any failure to accomplish one or more of these activities on a Plaintiff alleges He has been a director of Pixar since February 1986. Managements assessment of h273T0P073R0QM-ILI,IT06 &TG0vv n5 endstream endobj 1410 0 obj <>stream The Company capitalizes its share of direct film production costs in The pro forma disclosures previously permitted under SFAS 123 no longer will be an alternative to financial statement recognition. claims) will not be asserted or prosecuted against us or that any assertions or prosecutions will not materially adversely affect our business, financial condition or results of operations. 115, Accounting for Certain Investments in Debt and Equity Securities, and are classified as available for sale. The table below provides information regarding our investment portfolio at Disney annual revenue for 2022 was $82.722B, a 22.7% increase from 2021. SFAS 123R eliminates the ability to account for determined for each individual security in the investment portfolio. theatrical release on June9, 2006. Q: What is unclaimed property? h236U0P036S0QM-ILI,IT07J&TG0vv endstream endobj 1347 0 obj <>stream The supplementary financial information required by this item is included in the notes to the financial statements under the subsection entitled Quarterly Financial Information (Unaudited), on page 85. Toy Story was the only film developed, produced and Although the adoption of SFAS Sales and Marketing. We may h23T0P037P0QM-ILI,IT041&TG0vv "6 endstream endobj 1364 0 obj <>stream Prior to joining Illumina, Mr. deSouza was President, Products and Services, of Symantec Corporation from 2011 to 2013, and Mr. deSouza served as Symantec's Senior Vice President, Enterprise Security Group, from 2009 to 2011. In the event that a film does not generate sufficient revenues to offset such costs, Pixar is Our primary studio and headquarters facility is located at 1200 Park Avenue, Emeryville, California and consists of approximately 247,000 square feet of office space in two buildings, which we own. Because we have historically derived a significant amount of our revenue from the exploitation of our films in territories outside of the United States, our business may be subject to risks inherent in international trade, many of which are Our library titles contributed $60.6 million for fiscal 2003, resulting from merchandise sales, worldwide home video sales and worldwide from the University of California, Los Angeles. Film revenue was $250.4 million in 2003, $260.8 million in 2004, and $274.8 million in 2005. The completion and commercial success of a motion picture also depends upon other factors, such as: All of these factors can change and cannot be predicted with certainty. described in the Employment Agreement. information. Certain Investments. In November 2005, the FASB issued FASB Staff Position FAS 115-1 and FAS 124-1, The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments (the FSP). The Co-Production Agreement sets forth Disneys and Our original estimates on reserves may be revised in future periods as new and additional information becomes available. The additional shares were distributed on April18, 2005, and reporting of the Companys share price on a split-adjusted basis commenced on April19, 2005. provided that such out-of-pocket costs are directly related or fairly allocable to the distribution of the Pictures and Merchandise. We will adopt this pronouncement beginning in fiscal year 2006 and believe that the adoption of SFAS 154 will not have a material effect on our results of operations, The pro forma amounts assume that we had been following the fair value-based method since the beginning of 1996. In general, property that is presumed abandoned is transferred to the state of last known address of the shareholder according to the companys shareholder records. our operating costs, which could in turn adversely affect our profitability. losses on trade receivables. Film production costs in excess of reimbursable amounts from Disney h20W0P0P0QM-ILI,IT00 &TG0vv ? While Disney is prohibited from distributing potential competing films within certain release collars, we ultimately do not control (1)the manner in which Disney distributes our animated feature films and Film production budgets may BusinessCompetition, and Risk FactorsWe experience intense competition with respect to our animated feature films, animation products, and software.. duration. h02U0P02S0QM-ILI,IT015&TG0vv %9 endstream endobj 1442 0 obj <>stream Item 15. in business and accounting from Indiana Ratatouille shall be for a period of 10 years from initial theatrical exhibition of Ratatouille or 11 years from delivery of Ratatouille, whichever is earlier. losses, and therefore it has not had significant reserves for uncollectible receivables. development, pre-production and production for several new projects that are not governed by the Co-Production Agreement. Financial Condition and Results of Operations in Item7 of this Form 10-K. With respect to capitalized film production costs, our policy is to amortize these costs over the expected revenue streams as we recognize revenues from the associated films. Executive Vice President and Chief Financial Officer and a member of the Board of Directors of Apple Computer, Inc. from June 1993 until October 1995. Market Indexes. the terms of the Co-Production Agreement and Distribution Letter Agreement, Disney is required to market and distribute our films in the same manner as its premiere animated films, and Disney is required to consult with us with respect to all major rights of third parties with respect to previously developed films, stories, characters or other entertainment. Our animated feature films compete and will continue Next, lighting is added by placing digital lights into the scene. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). h24W0P0P0QM-ILI,IT010 &TG0vv _> endstream endobj 1428 0 obj <>stream With respect to the difficulty of forecasting the timing of revenues, Disney The Company entered into a Distribution Letter Agreement (the Distribution Letter If any claims or actions are In determining our home video reserves for a particular title, we review information such as Disneys current return reserves, the historical return reserves for our previous titles, actual rates of returns, reporting, evaluating managements assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. For example, Pirates of the Caribbean: The Curse of the Black Pearl, Spy Kids 3D: Game Over, and Freaky Friday In addition, Mr.Jobs is currently Chief Executive Officer and a member of the Board of Directors of Apple Computer, Inc. Dr.Catmull is a co-founder of Pixar and has we cannot provide any assurances that future distribution agreements, if any, will provide us with our current level of risk minimization related to the financing of marketing and distribution expenses. . A rise in interest rates could adversely impact the fair market value of these Currently pending before the court is a motion for appointment of lead plaintiffs and their respective counsel. delivered the third Picture, Finding Nemo, to Disney under the Co-Production Agreement, which occurred in April 2003. owned. Cars is directed by Pixars two-time Academy A: SEC documents are accessible on the Internet by clicking here. products are incurred well in advance of the release of such films and products, and we experience a delay in the receipt of proceeds from such films and products until after Disney recovers such costs. During fiscal 2004, the Company increased its return reserves by approximately $46.2 million primarily for differences in reserve percentage estimates In the sound process, the sound effects and musical score are added and the final sound is mixed. Other movie studios may internally develop, license or sub-contract three-dimensional animation capability, or enter into co-production agreements with significant responsibility for the production of our films. See Note 4 of not carry earthquake insurance due to its high cost. endstream endobj 1418 0 obj <>stream effects studios such as Disney, Lucasfilm Ltd. through its affiliate Industrial Light and Magic (ILM), Sony Pictures Imageworks and DreamWorks Animation SKG, Inc. RenderMan is also used in television broadcasting. In addition, pursuant to the Voting success will be achieved by our subsequent films, including Cars, Ratatouille and other future projects beyond the Co-Production Agreement. We may be directly or indirectly dependent upon certain union members, and work stoppages or strikes organized by such unions could have a material adverse impact on our business, financial condition or results In addition, it Piracy and the unauthorized recording, transmission and distribution of our content are increasing challenges. participations. lease with options to extend for five consecutive one year periods. exclusive basis, agreed to produce, five original computer-animated feature-length theatrical motion pictures (the Pictures) for distribution by Disney. h232V0P032Q0QM-ILI,IT05J&TG0vv endstream endobj 1341 0 obj <>stream ILM has a royalty-free, paid-up license to use our RenderMan software and to obtain at no cost all enhancements and upgrades thereto. 6, Elements of interactive games and soundtrack recordings. In 1997, the carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Disney retains the exclusive distribution and exploitation rights. Although the Our success depends to which could have a significant impact on us in later periods. h05W0P0P0QM-ILI,IT05 &TG0vv LB endstream endobj 1457 0 obj <>stream have received, and are likely to receive in the future, claims of infringement of other parties proprietary rights. Agreement. Disneys film cost reimbursements, on capitalized film costs to fund our ongoing film projects under the Co-Production Agreement as well as Ratatouille and future projects, which will directly impact working capital. We also rely on certain technology that we license from third parties, including software that is actual results may differ significantly from the results discussed in the forward-looking statements. h00T0P00R0QM-ILI,IT01 &TG0vv * endstream endobj 1430 0 obj <>stream h27T0P075P0QM-ILI,IT060&TG0vv l2 endstream endobj 1404 0 obj <>stream fees of $500,000 in each of the fiscal years 2003, 2004, and 2005, under this obligation. Additionally, we received updated information which resulted in an increase of $3.5 million to our revenues. . The success of each animated A: Complete a Stock Transfer Form and submit it along with any additional required documents to The Walt Disney Companys Transfer Agent, Computershare Investor Services (Computershare). There The Walt Disney Company Investment Plan Prospectus and Enrollment Form are available in the Forms section of this website. The amount of film costs that will be have a potential liability related to any such current legal proceedings and claims that would have a material adverse effect on its financial condition, liquidity or results of operations. employees and directors, as well as the number of securities remaining available for future issuance, under Pixars compensation plans as of December31, 2005. See Risk Factors The Co-Production Agreement imposes several risks and restrictions on us.. Providence, RI 02940-3013, Phone: 1-855-553-4763 The Code of Business Conduct can be found on our website at on an exclusive basis, agreed to produce five original computer-animated feature-length theatrical motion pictures (the Pictures) for Interest income is difficult to December31, 2005, the employer match was 50% of deferrals up to 5% of eligible employee compensation, with a maximum calendar year contribution of $2,000 per participant. (510)752-3000, and our website is located at www.pixar.com; however, the information in, or that can be accessed through our website is not part of this report. h271V0P071Q0QM-ILI,IT04&TG0vv o5 endstream endobj 1401 0 obj <>stream Mr.Levys benefits approximated $18,000. films. Q: How can I obtain a copy of your Annual Report or Proxy Statement? released in March 2005. Pursuant to the development and production of animated feature films and related products, as we have since 1996. On December16, 2004, the FASB issued Statement No. For example, DreamWorks successfully produced and released Antz in 1998, degree from Tufts University with double majors in computer science and economics and a M.B.A. from Harvard Business School. 2005, (Exact name of registrant as specified in its charter). However, because we anticipate financing 100% of the production costs of our future films, we expect to bear all of the financial risks associated with a future films production costs. For example, since the beginning of fiscal year 2004 through February15, 2006, our Common Stock closed as low as $31.21 and Internal control over financial reporting includes those policies and procedures that: Because of its by the listing standards of the NASDAQ National Market and Section10A(m)(3) of the Exchange Act. There was no reserve at December31, 2005. See definition of accelerated filer and large accelerated filer in is to be seen. currently believe our internal control over financial reporting is effective, the effectiveness of our internal controls to future periods is subject to the risk that our controls may become inadequate because of changes in conditions, and, as a and to the Pictures, all new and unique characters and story elements thereof and the audio- visual images thereof, and ancillary rights relating thereto (except with respect to Ratatouille), are jointly owned by Disney and Pixar on an differ significantly from actual results. Disney relating to home video expenses, which decreased previously recorded home video expenses by $3.2 million for all of our film titles on a cumulative basis. In lieu of compensation for attending each meeting, Mr.Levy receives health insurance coverage for himself and his dependents. Management believes the lawsuits to Pixars Compensation Committee was formed in 1995 and is currently Pixar's Annual Report & Profile shows critical firmographic facts: What is the company's size? In addition, revenue for the fourth quarter of fiscal 2004 was significantly higher than the fourth quarter of fiscal 2005 due to the November 2004 domestic theatrical release of The She has held additional positions with eBay, McKinsey, Intel, AMD and Motorola, and previously served on the boards of Cisco, Splunk and Informatica. Our animated feature films compete and will continue to compete with family-oriented, animated and live action feature films and other family-oriented entertainment products produced by major movie studios,
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