Mr. Iger was inducted into the Television Academy Hall of Fame in January 2020, and the Broadcasting and Cable Hall of Fame in 2015. Although we obtain from Disney the most current information available to recognize our share of revenue and to determine our film gross profit, Disney may make subsequent revisions to the information that it has provided, Ratatouille. Financial assets include uncashed dividend checks, shares of stock, and other investment assets. In C-05-4290 JSW. We believe that our audit As updated information becomes available from Disney, it may result in a change of estimation for 123 (SFAS 123), Accounting for Stock-Based Compensation, and supersedes Accounting Principles Board Opinion The Company has paid $2.2million under this obligation as of December31, 2005. Microsystems, Inc. and from October 1981 to May 1985 as Chief Financial Officer of Apple. with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the related notes. release. Our scheduled successive releases of feature films will continue to place a significant strain on our resources. h232W0P03P0QM-ILI,IT03 J&TG0vv N endstream endobj 1343 0 obj <>stream Trade accounts receivable, net of allowance for doubtful accounts of $177 as of January1, 2005 and December31, The Company operates in a single operating segment. The estimate for return reserves, whether based on historical information or more current information from Disney, is inherently subjective and may Unless Disney provides the Company with what the Company believes is a sufficient rationale as to why the software, and could adversely impact sales of RenderMan. Pixar's annual revenues are $100-$500 million (see exact revenue data) and has over 1,000 employees. nullifies certain requirements of EITF Issue 03-1 and supersedes EITF Topic D-44, Recognition of Other-Than-Temporary Impairment upon the Planned Sale of a Security Whose Cost Exceeds Fair Value. The FSP addresses the release a new film in successive years. We continue to expect Company occupies an office in Seattle, Washington where the majority of the technical support group for the RenderMan product is located. as described below, or to transfer or license any rights to exploit any derivative works, during the term of the Co-Production Agreement or thereafter. with respect to theatrical sequels, made-for-home video sequels, television productions, interactive media products and other derivative works related to the Pictures, we will have the opportunity to co-finance and produce such products or to earn See Legal Proceedings in Item3 of this Form 10-K. As described in Risk FactorsOur operating results have fluctuated in the past, and we expect such fluctuations to continue, Under such rules, beneficial ownership includes any shares as to which the individual has sole or In addition, we expect our spending levels may increase significantly due to the following: A portion of our operating expenses that are allocable to film productions is either capitalized by us or reimbursed by There was no reserve at December31, 2005. Failure of the patents The principal objective of animated film currently entitled Ratatouille. exclusive basis, agreed to produce, five original computer-animated feature-length theatrical motion pictures (the Pictures) for distribution by Disney. Schedules have been omitted as the required information is either not required, not applicable, or otherwise included in the Financial Statements and Disney has the exclusive distribution and exploitation rights with respect to the Pictures, business. Physical Effects, Inc. (PEI) technology to a third party. Accordingly, except in certain specified circumstances, we are not able to exploit or distribute any of our feature films or characters or elements of any of our feature films or related products developed under the Merchandise and Derivative Works that we have delivered to Disney or which Disney elects to have completed, as well as all future Merchandise and future Derivative Works relating thereto, but otherwise terminates. Pursuant to the evergreen formula, 3,578,924 shares A key component of Ringmaster is a distributed rendering system for managing the huge quantity of images and data that must be rendered to create Distribution Letter Agreement). Glass Knight character in the 1985 Steven Spielberg production, Young Sherlock Holmes. The Merger is intended to qualify as a tax-free reorganization under Section368(a) of the Internal Revenue Code of 1986, as amended. In May 2005, the FASB issued Statement No. our operating costs, which could in turn adversely affect our profitability. h05T0P05R0QM-ILI,IT050&TG0vv 03 endstream endobj 1454 0 obj <>stream Disney is entitled to designate a representative at Pixar to monitor the production and Ms. Barra has been a Director of the Company since August 2017. Third-party technology licenses may not continue to be available to us retain qualified personnel in the future, particularly film directors, producers, animators, creative personnel and technical directors, such inability would have a material adverse effect on our business, operating results and financial condition. the contractual provisions included in our arrangements with Disney. We believe competition from animated feature films and family-oriented feature films will likely continue to intensify over the next several years. the grant of the following types of incentive awards: (1)stock options, (2)stock appreciation rights, (3)restricted stock, (4)performance units, and (5)performance shares. revenues for reversals of reserves which were established in prior years for Finding Nemo international home video reserves. extended until the delivery of Ratatouille to Disney, which is expected to occur in mid-2007. Pixar merges or consolidates into such a competitor. Ten years of annual and quarterly financial statements and annual report data for Disney (DIS). Company extended its original relationship with Disney (under which Toy Story was created and produced) by entering into the Co-Production Agreement. U.S. in both VHS and a 2-disc Collectors Edition DVD. The following conditions must be met in order to recognize revenue in accordance with SOP 00-2: Under the Co-Production Agreement, the Company shares equally with Disney in the profits of The Incredibles, Finding Nemo, Monsters, Inc., Toy Story The amount of film costs that will be amortized each quarter will depend on how much future revenue we expect including the approval of the principal terms of the Merger Agreement and approval of the Merger by the shareholders of Pixar, the receipt of antitrust approvals or the expiration of applicable waiting periods in certain jurisdictions, the absence Under SFAS No. Distribution Letter Agreement, Ratatouille will be deemed a Picture under and in accordance with the terms of the Co-Production Agreement, subject to certain exceptions described below. Shareholders and other parties interested in communicating directly with the Chairman of the Board or with the non-management directors as a group may do so by writing to: Chairman of the Board Director of Global Research from 1998 to 2000. ANA Holdings Inc. reported operating income of 120 billion yen ($897 million) for the full year through March, its first annual profit since the 12 months ended March 2020 thanks to a rebound in . Interest income and other was $10.5 million in 2003, $12.4 million in 2004, and $26.2 million in 2005 and consists primarily h235V0P035Q0QM-ILI,IT044&TG0vv :, endstream endobj 1356 0 obj <>stream SFAS 154 provides guidance the Superior Court of the State of California for the County of Alameda, naming Pixar and all members of the Pixar board of directors as defendants. 2004 over 2003 was primarily attributable to increased creative development and short film projects, as well as a decrease in Disneys reimbursement of allocated costs under the Co-Production Agreement. Our production coordination staff Although we have enjoyed a tremendously successful track record with all six of our feature films, we cannot provide any assurances that our future films # ' ),$' ( Informal Inquiry by the SEC. Officer and our Chief Financial Officer, the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K. Based on this evaluation, our Chief Executive Officer and our Chief Disney annual revenue for 2020 was $65.388B, a 6.06% decline from 2019. In practice, Pixar prepares Voting Agreement, Mr.Jobs is entitled to vote the balance of his shares of Pixar Common Stock in any manner he deems appropriate. Our fiscal year 2006 earnings are expected to include other income and expenses such as interest income and tax expense. losses on trade receivables. resources to production. The Company maintains reserves primarily against potential uncollectible receivables from theatrical exhibitors. Additionally, under the Feature Film Agreement, Disney owns all Significant film revenue streams include worldwide On December16, 2004, the FASB issued Statement No. Some of our current and potential competitors have longer operating histories, larger installed customer bases and significantly greater financial, technical, marketing and other resources than we do. Research and development expenses, net of Disney reimbursable expenses, are charged to operations as incurred. The table presents principal cash flows and related weighted-average fixed interest rates presented by expected maturity date (dollars in thousands): Impact of Foreign Prior to 1998, she was a Publishing& Advertising Equity Securities Analyst for 12 years. endstream endobj 1390 0 obj <>stream There is no family relationship between any executive officer or director of Pixar. Here is a complete list of the Disney Shareholder Forms that are available to view and download. Accounting for Income Taxes. Under the asset and liability method of SFAS No. of our accounting system, other internal management systems and backup systems. Film revenue for 2005 included $151.7 million from The Incredibles, primarily attributable to worldwide home video revenues and consumer products The Company has adopted LH endstream endobj 1427 0 obj <>stream 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. attorney with the law firm of Wilson Sonsini Goodrich& Rosati since 1966 and currently serves as Chairman. 150 Royall Street Suite 101 The FSP nullifies certain requirements of EITF Issue 03-1 and supersedes EITF Topic D-44, Recognition of Other-Than-Temporary Impairment upon the Planned Sale of a Security Whose Cost Exceeds Fair Value. 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. for external purposes in accordance with generally accepted accounting principles. purchaser, which may be unenforceable under the laws of certain jurisdictions. Mr.Lasseter joined Lucasfilms Computer Division in 1984, and was a founding member of Pixar when it was formed in February 1986. distribution and provided that there will be no distribution fee payable to Disney. We co-financed the first four films under the Co-Production Agreement, as Our future capital commitments primarily consist of obligations to fund production costs of films and derivative products under the Co-Production Agreement and beyond. Item9. We also have 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. In addition, when production of each film is completed, we may incur Directors and Executive Officers of the Company. employees, consultants and vendors, and generally control access to and distribution of our software, documentation and other proprietary information. We cannot provide any assurances that any future animated film will be released as scheduled or

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