pixar annual report 2020

115, Accounting for Certain h06W0P0P0QM-ILI,IT01 &TG0vv C endstream endobj 1447 0 obj <>stream Our next film, Cars, is scheduled for release on June9, 2006. secret protection may be unavailable or limited in certain foreign countries. financed by us and distributed by Disney and is scheduled for a summer 2007 release. carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. price and performance for professional users. Co-Production Agreement without a license from Disney. films, animation products, and software. amortized by the year ended December31, 1997. Pixars management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. During Mr. Igers years with ABC, he obtained hands-on experience in every aspect of the television businessincluding news, sports, and entertainmentas well as in program acquisition, rights negotiations, and business affairs. Q: If I am not enrolled in The Walt Disney Company Investment Plan, how will my dividend be paid? In addition, through information we obtain from other sources, we may make certain judgments and/or assumptions and adjust the Providence, RI 02940-3013, Phone: 1-855-553-4763 said attorneys-in-fact or his substitute or substitutes, may do or cause to be done by virtue hereof. purchase plans. this Form10-K.. significantly greater financial, technical, marketing and other resources than we do. Commodities. As such, he brings practical knowledge of executive management of complex, worldwide businesses, and extensive experience in a wide range of financial and accounting matters including management of worldwide financial operations, financial oversight, risk management and the alignment of financial and strategic initiatives. Unless Disney provides a sufficient rationale as to why the market and sales performance are substantially different rights. Costs related to these projects are therefore neither shared nor reimbursed by Disney. Our responsibility is to We also have approved for production and have begun financing Pixar-only financed films, including Ratatouille. In the future, we may co-finance other Disney under the Co-Production Agreement. Research and development expenses were $15.3 million in 2003, $17.4million in 2004, and $11.1 million in 2005. each Picture and any related merchandise as well as other ancillary products, after recovery of all marketing and distribution costs (which Disney finances), a distribution fee paid to Disney and any other predefined fees or costs, including any The home video releases of Pirates of the Caribbean: The Curse of the Black Pearl and Freaky Friday have also competed with Finding Nemo in the worldwide home video market. feature film produced under the Co-Production Agreement to our entertainment law firm in consideration for services rendered. The Merger is intended to qualify as a tax-free reorganization under Section368(a) of the Internal Revenue Code of 1986, as amended. General and administrative expenses consist primarily of salaries of management and included in the budgets for the Pictures under the Co-Production Agreement, and we share such costs equally with Disney under the Co-Production Agreement (except with respect to Ratatouille). facilities are suitable and adequate for current operations. periods (in thousands, except per share data). Coming up on the features side is director Enrico Casarosa's "Luca," announced for a date of June 18, 2021. The proliferation of unauthorized copies of our products could have an adverse effect on our business, financial condition and results of cannot provide any assurances that patents will issue from any of these pending applications or that, if patents do issue, any claims allowed will be sufficiently broad to protect our technology. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). proposed merger. international distribution of our films and related products. Several movie studios have developed their own internal computer animation capability, which may be used for special Home h270U0P070S0QM-ILI,IT024&TG0vv - endstream endobj 1382 0 obj <>stream h273V0P073Q0QM-ILI,IT066&TG0vv 4 endstream endobj 1411 0 obj <>stream Although we (1)Summary of Critical and We have only produced and released six feature films to date and have outside of the United States, Canada and Western Europe and in countries where we may have difficulty enforcing our intellectual property rights. Computershare Investor Services except per share data): Fair value-based compensation cost, net of taxes. Because Disney co-finances the films developed and produced under the Co-Production Agreement (except for Ratatouille, which we are financing in Notwithstanding the foregoing, we own the copyright and all other intellectual property rights in and to all computer programs and other technology we develop or discover before, during or after material effect on its results of operations, financial position or cash flows. and production of each Picture, while Disney will be responsible for the marketing, promotion, publicity, advertising and distribution of each Picture. In the fiscal year ended on October 1, 2022, The Walt Disney Company generated a total . The service was launched in the U.S. . and may be revised if necessary. Although none of our employees are Additionally, the Company is in various stages of development and production on other feature films. Common Stock were vested and exercisable, respectively, at weighted-average exercise prices of $13.06 and $15.17, respectively. 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. h274V0P074Q0QM-ILI,IT026&TG0vv A) endstream endobj 1386 0 obj <>stream For fiscal year 2006, we will be dependent primarily on the worldwide theatrical and worldwide home video the average time to render a single frame at film resolution is between one and four hours. The Companys objective is to create, develop and produce From 2000-2005, Mr. Iger served as President and Chief Operating Officer. In particular, we compete with makers of computer graphics imaging software, principally Mental to purchase 391,148, 184,006, and 112,355 shares of Common Stock in fiscal years 2003, 2004 and 2005, respectively, were not included in the computation of diluted net income per share because the options exercise prices were greater than the The amount of revenue recognized in any given quarter or quarters from all of the Companys films depends on the timing, accuracy, and sufficiency of information it receives from Disney to determine revenues and associated gross The following discussion addresses the Such risks and uncertainties include those set forth herein under Risk Factors on pages 18 through 33. In the past we have experienced minor delays as a result of such matters. In November 2004, we released The Incredibles, our sixth animated feature film, which counts as the fourth original Picture under the Co-Production Agreement. Impaired assets and assets to be disposed of are reported at the lower of carrying values or fair values, less costs of disposal. Use this form to enroll in The Walt Disney Company Investment Plan: Use this form to transfer ownership of The Walt Disney Company shares: Use this form to authorize direct deposits into your bank account: If you are a Registered or Beneficial Shareholder in The Walt Disney Company, click below to order electronic delivery of financial information. We are also in production on Ratatouille, which will be distributed In the past, following periods of volatility in the market price of a. companys securities, securities class action litigation has often been instituted against such a company. Income tax expense uncertainty as to whether future stock-based compensation expense will be similar to the historical SFAS123 pro forma expense. If this happens, the state may sell your shares. Unless otherwise indicated in the. Pixar Animation Studios (Pixar) is an American computer animation film studio based in Emeryville, California. Other movie studios may internally develop, license or sub-contract three-dimensional animation capability, or enter into co-production agreements with other studios capable of developing and producing Pursuant to the Distribution Letter Agreement, Ratatouille will be. will enjoy the same level of success. Mr. Rice was a member of the Board of Directors of Target Corporation from 2007 to January 2018. Significant delays in production and significant delays in release dates could have a material Such reserves and related changes as reported by Disney are not 2 were each re-released in VHS and 2-disc Collectors Edition DVD. We have not experienced any work stoppages, and we consider relations with our employees to be good. films under the Walt Disney Pictures label and enjoys financial benefits in the event that such films achieve significant box office revenues, we believe that Disney desires such films to be successful. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods. We do have an employment agreement with return reserves, the historical return reserves for its previous titles, actual rates of returns, inventory levels in the distribution channel and other business and industry trend information that is available. Under the Co-Production Agreement, Disney is required to distribute the Pictures in a manner consistent with that of Disneys premiere animated Research and development expenses, net of Disney reimbursable expenses, are charged to operations as incurred. The Merger Agreement contains certain termination rights for The cases have The revenues derived from the production and distribution of an animated feature film depend may differ from those reported by Disney. The Incredibles is Pixars widest international digital cinema release to date, and the industrys first certain legal matters. Investment Portfolio. appealing creative content. union, it is common for film directors, producers, animators and actors at film production companies to belong to a union. We of creating their own three-dimensional computer animated feature films or may produce such films for movie studios that compete with us. The contractual maturities of available-for-sale securities as of We expect Finding Nemo to generate higher ultimate revenues over its lifetime than The Incredibles, which contributes We generally rely on electronically delivered software licenses that include an electronic acceptance by the purchaser, which may be unenforceable under the value of these highly successful franchises. This rate may differ from the actual exchange rate at the time cash is remitted to Disney and subsequently to us. The following table shows, as to our Chief Executive Officer and each of the four most highly compensated executive officers whose salary plus bonus exceeded $100,000 during the last fiscal year (the Named Officers), information our operating costs, which could in turn adversely affect our profitability. In 2003, we created and produced the Academy Award-nominated, Boundin which accompanied The Incredibles in theaters. Accordingly, our RenderMan software may not . From 2018 to 2020, Ms. Chang served as Executive Vice President and General Manager of Ciscos Collaboration business. Basic net income per share is computed using the weighted-average number of See Business Proprietary Rights.. The Walt Disney Company board of directors is a strong, balanced blend of global industry leaders whose exceptional knowledge and considerable experience strategically guide and support the delivery of long-term value to the Company. Disney is responsible for the marketing, promotion, publicity, advertising and distribution of each Picture. Pixar, Marvel, Star Wars and National Geographic branded programming. This agreement generally provides that Ratatouille will participations. In 1997, the Mr. McDonald joined lululemon in 2018 and is a member of its Board of Directors. essential to our success and ability to compete. within 45 days after the end of each calendar month for the first three years after the films release then quarterly thereafter, subject to certain exceptions, and we have the right to audit Disneys books and records relating to the because of changes in conditions and that the degree of compliance with the policies or procedures may deteriorate. Mr. Iger was inducted into the Television Academy Hall of Fame in January 2020, and the Broadcasting and Cable Hall of Fame in 2015. On January24, 2006, we entered into an Agreement and Plan of Merger (the Merger Agreement) with Disney by which Disney has agreed to acquire Pixar (the Merger). Q: How can I keep my account active in the future? 123 Revised 2004 (SFAS 123R), Share-Based Payment. The statement replaces SFAS 123, supersedes APB 25, and amends SFAS No. Carolyn Everson most recently served as President of Instacart. provides that the term of the Co-Production Agreement shall be extended until delivery to Disney of Ratatouille. Agreement, we will continue to finance the budget for Cars equally with Disney. Our technology is an important component of our films, Total revenue, which consists of film revenue and After extensive research and analysis, Zippia's data science team found the following key financial metrics. The Audit Committee currently consists of Messrs. Graziano and Levy and Ms.Decker. inventory levels in the distribution channel and other business and industry trend information that is available. h24U0P04S0QM-ILI,IT0(&TG0vv D endstream endobj 1377 0 obj <>stream Prior to this, We are to be given the option to co-finance and produce, or to participate on a passive financial basis with respect to, a Derivative Work that is (1)a theatrical motion picture, (2)a made-for-home video production, (3)a restricted by the exclusivity provisions that bind us under the Co-Production Agreement and, therefore, may develop, produce or distribute other feature length animated and theatrical motion pictures itself or enter into similar agreements with Critical Accounting Policies and Estimates. Our Mission. Pixar and Disney agreed to co-finance the production costs of the Pictures, co-own the Pictures (with Disney having exclusive distribution and exploitation rights), co-brand the Pictures, and share equally in the profits of each Picture In making this assessment, represented by these record holders. fiscal year 2006 and believes that the adoption of SFAS 154 will not have a material effect on its results of operations, financial position or cash flows. In addition, effective copyright, patent and trade secret (2)accelerate the unvested portion of Mr.Lasseters option so that the option would be exercisable in full. subsidiaries and affiliates collectively referred to herein as Disney), for the development and production of up to three animated feature films to be marketed and distributed by Disney. In October 2005, we began selling downloads of select short films via Apples iTunes store. thereafter quarterly, within 45 days after the end of the quarter. Prior to Accompany, where she served as Chief Executive Officer, Ms. Chang was Global Head of Product, Google Ads Measurement. On December16, 2004, the FASB issued Statement No. Throughout the creative development and pre-production processes, visual plans are developed for the style, colors and look of the film. In addition, as PCs become more powerful, software suppliers may also be able to University and a J.D. Disney. Pursuant to the Distribution Letter Agreement, the term of the Co-Production Agreement is extended until the delivery of Ratatouille to Disney, which is expected to occur in mid-2007. services of Steve Jobs, John Lasseter, Edwin E.Catmull, Simon Bax, and Lois Scali. The Merger Agreement contains certain termination rights for both Pixar and Disney and provides that in certain specified circumstances, Pixar must pay Disney a termination fee of $210million (generally in the Lasseter-directed Pixar short, Knick Knack, produced in 1989, accompanied Finding Nemo in theaters. Enforcing our proprietary rights may require litigation. In addition, when production of each film is completed, we may incur 2005, Receivable from Disney, net of reserve for returns and allowance for doubtful accounts of $3,538 and $360 as of January1, 2005 and The loss of the services of any of Messrs. Jobs, Lasseter, Bax, Dr.Catmull, Ms.Scali or of other key employees, especially our We also expect to compete with computer graphics Merger Related Litigation. users to produce pictures of higher complexity than previously available. In March Ms.Scali is also an accomplished performer, songwriter and recording artist. 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. developments at Pixar, including information. During 2005, Disney increased its return reserves primarily for The Incredibles international and domestic BusinessEmployees and Executive Officers of the Company.. An impairment loss would be recognized when estimated undiscounted future cash flows expected to Mr. Parker has been a member of the Board of Directors of NIKE since 2006, and has been a Director of the Company since January 2016 and was elected as Chairman of the Board as of April 3, 2023. Find PUMA's annual reports as well as statements about our quarterly results. A: Click here to access the webcast replay. It establishes retrospective application as the required method for reporting a change in accounting principle. Such revisions have impacted and may continue to impact our revenue share and our film gross profit. and 15d-15(f) under the Securities Exchange Act of 1934. UNITED STATES SECURITIES AND EXCHANGE COMMISSION, ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d), For the fiscal year ended December31, acquire Pixar (the Merger). Marionette is our software system for articulating, animating and lighting for computer animation. measured based on the fair value of the assets exchanged. h03T0P03R0QM-ILI,IT052&TG0vv 7 endstream endobj 1459 0 obj <>stream both revenues and related expenses resulting from differences between the Companys and Disneys reporting periods. 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 (SFAS 153), Exchanges of Nonmonetary Assets (an amendment of APB Opinion No. Companies are required to recognize an expense for compensation cost related to Q: I never received my dividend check, how do I request a replacement? h23T0P035P0QM-ILI,IT040&TG0vv . The Company paid participation animation among feature-length animated films, and the number of CGI-animated films released has been increasing significantly. Pictures and Merchandise. Therefore, the timing of international revenues could span at Pixar and is active in our management, he does not devote his full time and resources to Pixar. h277V0P077Q0QM-ILI,IT065&TG0vv l8 endstream endobj 1416 0 obj <>stream disclosed pursuant to the rules of the SEC or the NASDAQ National Market. Skipping Christmas, and is currently directing a film based on Richard Prices acclaimed novel Freedomland. In 2004, Mr.Roth produced the 76th Annual Academy Awards telecast. distribution costs for Cars, The Incredibles, Finding Nemo, and the titles in our film library, (2)the timing, accuracy, and sufficiency of information we receive from Disney to determine revenues and associated gross profits, Disneys Q2 FY23 Earnings Results Webcast, 2023 Annual Meeting of Shareholders Webcast, The Walt Disney Company at the Morgan Stanley Technology, Media and Telecom Conference, Disneys Q1 FY23 Earnings Results Webcast, Disneys Fiscal Full Year and Q4 2022 Earnings Results Webcast, The Walt Disney Company at the Goldman Sachs 2022 Communacopia + Technology Conference, The Walt Disney Company Executives To Discuss Fiscal Second Quarter 2023 Financial Results Via Webcast, The Walt Disney Company To Webcast Its Annual Meeting Of Shareholders, The Walt Disney Company CEO Bob Iger To Participate In The Morgan Stanley Technology, Media And Telecom Conference, The Walt Disney Company Reports First Quarter Earnings for Fiscal 2023, The Walt Disney Company Underscores Board Strength And Focus On Value Creation, Sends Letter To Shareholders, Do Not Sell or Share My Personal Information. Nonetheless. each person whose signature appears below constitutes and appoints Steve Jobs, Simon T. Bax, and Edwin E. Catmull and each of them, jointly and severally, his or her attorneys-in-fact, each with full power of substitution, for him or her in any and Pursuant to the subjective and may differ significantly from actual results. h233T0P033R0QM-ILI,IT04 &TG0vv 1 endstream endobj 1360 0 obj <>stream Mr.Lasseter is currently directing his fourth feature film, Cars. Concerns relating to accounting, internal controls or auditing matters are immediately brought to the attention of the Companys internal audit department and handled in accordance with procedures established by the Audit Committee with respect to such matters. information available to enable Pixar to recognize its share of revenue and determine its film gross profit, in the past the Company has made revisions, and performance as the source of reportable segments. On February1, 2006, the plaintiff dismissed the action voluntarily. on Form 8-K, and amendments to such reports are available, free of charge, on the Investors Relations section of our website (www.pixar.com) as soon as reasonably practicable after we electronically file such material with, or furnish it The weighted-average fair value of options granted was $13.21, $13.81, and $16.83 for fiscal years 2003, 2004, and 2005, respectively. The pro forma amounts assume that we had been following the fair value-based method since the beginning of 1996. Dr.Catmull also served as Chief Technical Officer from the Companys inception until January 2001. administrative personnel, insurance costs and professional fees. several central characters in live action films such as Star Wars Episode III: Revenge of the Sith. Ringmaster is a production management software system for scheduling, material adverse effect on our business, financial condition or results of operations. The amount of revenue recognized in any given quarter or quarters from all of our films depends on the timing, accuracy, and sufficiency of information we receive from Disney to determine revenues and associated gross profits. There can be no assurance that we will be successful in identifying, attracting, hiring, training and retaining such personnel in the future. digitally. For live entertainment such as stage plays or ice shows, we are entitled to participate on a passive financial basis as specified in the Co-Production Agreement. 29). SFAS 153 addresses the measurement of exchanges of nonmonetary assets and redefines the scope of transactions that should be of any revenue derived from each feature film produced under the Co-Production Agreement to Ziffren in consideration for services rendered. results are primarily dependent on the success of our feature films, and forecasting is extremely difficult. to Finding Nemos lower amortization rate. h272W0P07P0QM-ILI,IT023 &TG0vv 4 endstream endobj 1393 0 obj <>stream required for the release of an upcoming film and the time required for creative development of future films, it is possible that we would be unable to Shareholders of record at the close of trading on April4, 2005 were entitled to receive one additional share of Pixar Common Stock for h277W0P07P0QM-ILI,IT063 &TG0vv ? He currently serves on the boards of the 9/11 Memorial & Museum, Bloomberg Philanthropies, Perfect Day and Genies; and served as chairman of the capital campaign for the new Academy Museum of Motion Pictures in Los Angeles. (4)Feature Film and Co-Production Agreements. Picture under and in accordance with the terms of the Co-Production Agreement, subject to certain exceptions, including but not limited to those noted below. success will be achieved by our subsequent films, including Cars, Ratatouille and other future projects beyond the Co-Production Agreement. h24W0P0P0QM-ILI,IT020 &TG0vv : endstream endobj 1378 0 obj <>stream There can be no assurance that we will be able to compete successfully against current or future competitors. director of Pixar, is Chairman of WSGR. h24V0P04Q0QM-ILI,IT04&TG0vv @ endstream endobj 1426 0 obj <>stream Catmull, Simon Bax, and Lois Scali. Capitalized production overhead does not include general and administrative and research and development expenses. Certain amounts as reported in fiscal years 2003 and 2004 have been reclassified to conform to the 2005 financial statement presentation. Financial Officer have concluded that our disclosure controls and procedures are effective to ensure that information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, Previously, he served as president and CEO of Sephora Americas, a division of the LVMH group of luxury brands, from 2013 to 2018. Report of Organizational Actions Affecting Basis of Securities: If you are submitting your replacement request in writing, at least one of the registered owners must sign the letter. Mr.Roth formed Revolution Studios in May 2000 to independently produce and finance films in partnership with Sony Pictures MANAGEMENTS REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. footnotes, each person has sole voting and investment power (or shares such powers with his or her spouse) with respect to the shares shown as beneficially reflected in the above table. , Apr 19, 2023. distribution and provided that there will be no distribution fee payable to Disney. She served as a director of the Coca-Cola Company from 2003 to 2006 and from 2008 to the present, and she served as a director of Avon Products, Inc. from 2001 to March 2016. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. RenderMan. Additionally, we adjusted our estimates on expense margins for Finding Nemo The Co-Production Agreement contemplates films. Further, the theatrical success of a feature film can be a significant factor in determining the amount of revenues generated from the sale of the related products. The Audit Committee assists the Board of Directors in its oversight of the integrity of the Companys financial statements, compliance with legal and regulatory requirements, the qualifications and independence of independent auditors, and the performance of independent auditors and the internal audit function. derivative works such as theatrical sequels, direct-to-home-video sequels, interactive products and television productions. balances. Distribution Letter Agreement. Due to these factors, we have elected to self-insure certain risks. rules. total film revenues for the year. Currency Rate Changes. Revenue for software licenses is recognized in compliance with SOP 97-2 Software Revenue Recognition. Under SOP 97-2 we recognize revenues During Mr. Igers tenure, The Walt Disney Company was recognized as one of the Most Reputable Companies in both America and the world byForbesmagazine (20062019); one of the Best Employers in both America and the world by Forbes magazine (2019 and 2018, respectively); one of the World's Most Admired Companies byFortunemagazine (20092021); and one of the World's Most Respected Companies byBarrons(20092017). Cars was the fifth film to be green lit. We currently have a number of patents in force in the United States and in foreign countries, as well as a number of patent applications pending in the United States and in foreign countries. The FSP is effective for reporting periods beginning after December15, 2005. equipment is calculated using the straight-line method over estimated useful lives assigned to each major asset category as below: Leasehold Due to a potentially large number of family-oriented films scheduled for release over the next few years, it is possible that He has been a director of Pixar since February 1986. h23T0P031P0QM-ILI,IT0J&TG0vv endstream endobj 1349 0 obj <>stream of the Computer Division of Lucasfilm, Ltd., where he managed four development efforts in the areas of computer graphics, video editing, video games and digital audio. result, the degree of compliance of our internal control over financial reporting with the policies or procedures may deteriorate. Our primary studio and headquarters facility Disney has provided and may continue to provide us
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