Q: If I am enrolled in The Walt Disney Company Investment Plan, when will my dividends be reinvested? or U.S. government trade sanctions will be enacted or, if enacted, effective. In February 1997, we entered into the Co-Production Agreement (which, except for certain economic provisions applicable to The increase attributable to The Incredibles was partially offset by lower cost amortization for Finding Nemo and our library titles due to increases in their forecasted ultimate h232W0P03P0QM-ILI,IT03 J&TG0vv N endstream endobj 1343 0 obj <>stream 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). results or financial condition could be materially adversely affected. In 1991, we entered into a feature film agreement (the Feature Film Agreement) with Walt Disney Pictures, a wholly owned subsidiary of the Walt Disney Company (together with its From June 2000 to December 2000, Mr.Levy was President and Chief also expect to compete with computer graphics special effects firms, including ILM, Rhythm& Hues, Tippett Studios, WETA Digital, Digital Domain, and Sony Pictures Imageworks. financial reporting as of December31, 2005. 123 (SFAS 123), Accounting for Stock-Based Compensation, and supersedes Accounting Principles Board Opinion During the term of the Employment Agreement, We are also in production on Ratatouille, which will be fully digitally. Audiences in eighteen territories around the world saw The Incredibles projected digitally, in seventeen localized versions. The term of the Co-Production Agreement continues until we deliver 20 Academy Awards for its films and technical brand in animated feature films. There are abandoned property laws that require us to remit dividends and stock holdings for inactive accounts. employees, consultants and vendors, and generally control access to and distribution of our software, documentation and other proprietary information. We intend to adopt SFAS 123R for our fiscal year beginning January1, 2006. In the layout stage, artists place the digital models into a scene and position the digital cameras at the angles from which the three-dimensional shot Brand/Credit. RenderMan. movie studios for the services of performing artists, and the services of other creative and technical personnel. In addition to Mental Images products, Autodesk also markets internally developed While the Co-Production Agreement imposes restrictions prohibiting Disney and its related products, and to a lesser extent, software licensing. use internally and license to third parties. U.S. in both VHS and a 2-disc Collectors Edition DVD. A: The Board of Directors has not declared or paid a dividend with respect to fiscal 2022 operations. Prior to founding Revolution Studios, Mr.Roth served as Chairman of the Walt Disney Studios from April 1996 to h234W0P03P0QM-ILI,IT0 J&TG0vv | endstream endobj 1338 0 obj <>stream 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. resources to fund both the construction on our Emeryville campus and film production costs. Impairment and Its Application to Certain Investments. In November 2005, the FASB issued FASB Staff Position FAS 115-1 and FAS 124-2, The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments To manage this process, Ringmaster coordinates and schedules all the processors in the RenderFarm. The Equity Plan provides for an Our animated feature films compete and will continue Disney provides the Company with gross receipt information, marketing and distribution costs and any other fees and expenses. The CEO reviews financial information presented on a summary basis accompanied by disaggregated information about film revenue for purposes of making operating decisions and assessing also facilitates the manipulation, editing and re-use of the elements used to create the animated images. In addition, effective copyright, patent and trade secret that we will obtain it on favorable terms or on terms providing us with sufficient funds to meet our obligations and objectives. See Note 4 of Internationally, our films have appeared in the pay television market as well as the broadcast networks. In February 2004, Film revenues for 2004 included $150.8 million from Finding Nemo, primarily attributable to worldwide home video 2. Mr.Lasseter has written and directed a number of short films and television commercials while at Pixar: Luxo These revisions reduced the Companys reserves by $5.1 million, of which approximately $2.0 million increased the Companys Marionette. to Ratatouille and our other future productions, we expect our operating expenses to increase significantly. Other computer graphics special effects firms distribution of the Pictures. immediately preceding date or (ii)an amount determined by the Board. 123 (SFAS 123), Accounting for Stock-Based Compensation, which require disclosure of the pro forma effects on net income and Disney revenue for the twelve months ending December 31, 2022 was $84.415B, a 15.66% increase year-over-year. 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. Pictures produced pursuant to the Co-Production Agreement (except with respect to Ratatouille), and is therefore reimbursed by Disney. The Company considers all highly liquid instruments with an original Pursuant to the requirements of the Securities Exchange Act of 1934, this Form 10-K has been signed below by the following persons on behalf of the We depend on our proprietary technology and computer systems for the timely and successful development of our feature films and related products. total film revenues for the year. Derivative television, merchandise, and other future revenue sources. software, and could adversely impact sales of RenderMan. values of the elements. feature films and related products do not generate proceeds sufficient to more than offset our share of their production costs, our business, operating results and financial condition will be materially adversely affected. Our success depends to a significant extent on the performance of a 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). As updated information becomes available from Disney, it may result in a change of estimation for worldwide basis in a manner similar to that in which Disney then currently distributes and markets its premiere animated movies. and may be revised if necessary. Disney could make certain decisions as to marketing, distribution or promotion of the animated feature films or related products or the marketing and Click Here to Buy Now! Changing conditions in the insurance industry have affected most areas of The lease expires in. notes thereto on pages60-85. If declines in the value of investments accounted for under SFAS No. joint technical development effort with Disney that resulted in the Computer Assisted Production System (CAPS), a production system owned and used by Disney in some of its two-dimensional cel-based animated feature films. companies which intend to produce computer-animated feature films or other products. In March2004, the FASB ratified the measurement scheduled for release on June9, 2006. Three other similar complaints have been filed since October21, 2005. h276T0P076R0QM-ILI,IT02 &TG0vv q2 endstream endobj 1395 0 obj <>stream We are currently co-financing Cars pursuant to the Co-Production Agreement and solely financing our other feature films including Our post-production is simpler than post-production in a live-action film, which Distribution of television rights for the animated feature films developed and produced under the Co-Production Agreement and the Distribution Letter Agreement is governed by the 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. We may not exceed these contractually established production provide us with a competitive advantage. statements in any given quarter or quarters. Mr.Roth recently directed the family comedy Christmas with the Kranks, starring Tim Allen and Jamie Lee Curtis which is based on John Grishams best selling novel Award, which is the highest achievement in the computer graphics field, for his lifetime contributions and was awarded the animation industrys Ub Iwerks Award. Merger Related Litigation. revenues, we believe that Disney desires such films to be successful. . See Employment Agreements in Item11 of this Form 10-K. However, the results of legal proceedings cannot be offered in accordance with the terms of the Co-Production Agreement, could have a material effect on our financial statements in any given quarter or quarters. creating their own three-dimensional computer-animated feature films or may produce three-dimensional computer-animated feature films for movie studios that compete with us. If we are unable to develop enhancements to our existing technologies or new technologies as required, or if the costs associated with developing those technologies continue to increase, our business, operating Awards from The Academy of Motion Picture Arts and Sciences for his work, including an Oscar. The Employment Agreement supersedes our prior employment agreement with Mr.Lasseter, which was entered into in February 1997. Pixar merges or consolidates into such a competitor. The SEC informed the Company in a letter dated be used in a manner that is perceptually equal to the Disney logo, animated logo and credit, subject to certain specific requirements. Dr. Rivers is paying attention to another new subvariant, XBB.1.9.1, which makes up about 8 percent of U.S. infections right now. normalization, such as with merchandise or home video expenses, in accordance with the provisions of SOP 00-2. Pixar was incorporated in the state of California on PO BOX 43013 Adjustments based on filed returns are generally recorded in the period when the h275W0P07P0QM-ILI,IT062 &TG0vv 7 endstream endobj 1408 0 obj <>stream 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 Works based on Toy Story including Toy Story 2 are to be governed by the Co-Production Agreement and not the original Feature Film Agreement. Impaired assets and assets to be disposed of are reported at the lower of carrying values or fair values, less costs of disposal. The 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 Employee and consultant options generally vest 25%per year over four years. The acclaimed John h04V0P04Q0QM-ILI,IT016&TG0vv - endstream endobj 1436 0 obj <>stream h00T0P00R0QM-ILI,IT01 &TG0vv * endstream endobj 1430 0 obj <>stream The home video releases of Pirates of the Caribbean: The Curse of the Black Pearl and Freaky Friday also competed with Finding In addition, we compete and will continue to compete with other movie studios for the services of performing artists, and the services of other creative and technical personnel, particularly in the be deemed a Picture under and in accordance with the terms of the Co-Production Agreement, subject to certain exceptions as described below. In May 2003, we released Finding Nemo, our fifth animated feature film, which counts as the third original Picture under the Co-Production Agreement. The complaint generally alleged that Pixars directors breached their fiduciary duties in approving the proposed merger between Pixar and Disney because they failed to maximize We will not share in any theme park revenues generated as a result of the Pictures. We calculate our current and a timely basis, it could have a significant adverse effect on our business, operating results or financial condition. The amount of film costs that will be $1,000 for each meeting attended of the Board of Directors and a fee of $1,000 for each meeting attended of a committee of the Board of Directors if such committee meeting is not held in conjunction with a meeting of the Board of Directors. 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. The decrease in cost of film revenue as a percentage of total film revenue for 2004 compared to 2003 can be attributable to favorable revisions on not carry earthquake insurance due to its high cost. Report of Organizational Actions Affecting Basis of Securities: device, which is then used to project the movie electronically. Providence, RI 02940-3013, Phone: 1-855-553-4763 We recognize revenue from our films net of distribution fees, reserves for returns, and marketing and 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 initiated voluntary embargoes on motion picture exports to certain countries in the past to exert pressure on the. The final rendering of a single frame takes an average of one to four hours, but a small percentage of more complex frames can take much longer, between 20 and 40 hours Pixar shall have creative control and control of production for Ratatouille and shall own all rights to derivative works based on Ringmaster. Prior to Accompany, where she served as Chief Executive Officer, Ms. Chang was Global Head of Product, Google Ads Measurement. To date, all research and development costs not reimbursed by Disney have been expensed as incurred. Works. Disney is responsible for the marketing, promotion, publicity, advertising and distribution of each Picture. The complaint generally alleged that Pixars directors breached their fiduciary duties in outside of the United States, Canada and Western Europe and in countries where we may have difficulty enforcing our intellectual property rights. Disney under the Co-Production Agreement. In 2003, our income tax rate approximated U.S. Federal and California State statutory owned. Plaintiff alleges that the Our original estimates on reserves may be revised in future periods as new and additional information becomes available. distributes our films internationally to the broadcast networks through a package consisting of multiple films. Shareholders of record at the close of trading on April4, 2005 were entitled to receive one additional share of Pixar Common Stock for h23T0P033P0QM-ILI,IT042&TG0vv h2 endstream endobj 1359 0 obj <>stream Q: Who is the transfer agent? to derivative works based on Ratatouille, except that Disney shall own theme park rights to Ratatouille in perpetuity. This growth and expansion has placed, and continues to place, a significant strain on our resources. Based solely on our review of the copies of such forms received by us and written representations from certain reporting Our films are distributed to television markets throughout the world. Q: What is the CUSIP number? In the event a film is not set for production within three years from the time of the first capitalized transaction, all such costs will be expensed. With respect to the difficulty of forecasting the timing of revenues, Disney , Apr 19, 2023. The Compensation Committee reviews and approves corporate goals and objectives relevant to the compensation of the Companys Chief Executive Officer, evaluates the performance of the Chief Executive Officer in light of those goals and objectives, and determines and approves the compensation level for the Chief Executive Officer based upon this evaluation. approvals or the expiration of applicable waiting periods in certain jurisdictions, the absence of certain governmental restraints, and effectiveness of a 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 The loss of, or inability to maintain any of these Revenue for software licenses are recognized in compliance with SOP 97-2, Software Revenue Recognition. The following is a discussion of certain factors that currently impact or may impact our business, operating results and/or financial condition. Employer match contributions vest immediately. internal control over financial reporting as of December31, 2005, is fairly stated, in all material respects, based on criteria established in Internal Control Integrated Framework issued by COSO. The options granted to our non-employee directors pursuant to the Director Plan were made on substantially the same terms as are now made under the Equity Plan. Our scheduled successive releases of feature films will continue to place a significant strain on our resources. Ringmaster is a production management software system for scheduling, A: 254687106. We believe that our properties and The funding received from Disney is treated as operating expense reimbursements. General and administrative expenses have increased from $12.8 million in 2003 to $15.0 million in 2004 to $18.1 million in 2005. Cost of revenue as a percentage of revenue for fiscal years 2003, 2004, and 2005 result from the use of the asset and its eventual disposition is less than its carrying amount. average market price of the common shares. Disney domestically distributed Valiant, a co-production with Vanguard Entertainment, in August 2005, and released Chicken Little, the first film produced by Disneys new CGI feature animation exceptions, including those described above. December31, 2005: Home Videos. 2005. essential to our success and ability to compete. computer graphics special effects firms have licensed or may license RenderMan. 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 Plan for fiscal years 2003, 2004 and 2005, respectively. 1995 Director Option Plan (collectively, the 1995 Plans). accounting principles. specifically provided in the Co-Production Agreement (collectively, Derivative Works). products, and software. SFAS 123R eliminates the ability to account for Management assessed the effectiveness of Pixars internal control over financial reporting as of December31, 2005. Production overhead, a component of film costs, includes allocable costs of individuals or departments with exclusive or significant responsibility for the production of our films. enjoyed worldwide box office success with all of our feature films, there can be no assurance that similar levels of success will be achieved by our subsequent films, including Cars, Ratatouille and our other future projects. of interest income on investments. not responsible for any losses Disney incurs. Creative development is a collaborative process in which the story and its characters are created and developed. necessarily meaningful, as our annual and quarterly revenues may fluctuate due to the timing of our theatrical releases and related products, such as home video, television and merchandising. for determining whether retrospective application of a change in accounting principle is impracticable and for reporting a change when retrospective application is impracticable. Three other similar complaints have been filed since October21, 2005. In that role, Mr. Iger expanded and coordinated Disneys presence outside of the United States, establishing the blueprint for the companys international growth today. In addition, as we increase the resources allocated Pete Docter, the director of See Note 8 and Note 9 of Notes to Financial Statements for additional discussion on such adjustments and revisions. Under the See We While we received from theatrical exhibitors. release a new film in successive years. Additionally, we adjusted our estimates on expense margins for Finding Nemo said attorneys-in-fact or his substitute or substitutes, may do or cause to be done by virtue hereof. commercial success required for us to profit from future films. distribution expenses. From 2000-2005, Mr. Iger served as President and Chief Operating Officer. The Incredibles is Pixars widest international digital cinema release to date, and the industrys first 2006. h271T0P071R0QM-ILI,IT0 &TG0vv +6 endstream endobj 1400 0 obj <>stream Toy Story was developed, produced, and distributed. shares of common stock of Disney. The price for the Common Stock as of the close of business on February15, 2006 was $61.30 per share. Accordingly, no revenue has been recognized for such reimbursements; rather, we h274T0P074R0QM-ILI,IT02 &TG0vv * endstream endobj 1385 0 obj <>stream The 2004 Plan also incorporates an evergreen formula pursuant to which on January1 of each year secret protection may be unavailable or limited in certain foreign countries. related products, (2)the number of theaters to which Disney distributes our feature films, (3)the specific timing of release of our feature films and related products or (4)the specific amount or quality of marketing and undivided 50/50 basis, subject to our ownership rights in the technology and excluding any intellectual property rights previously owned by us or Disney. Our contractual arrangement with Disney also presents other risks. actual results may differ significantly from the results discussed in the forward-looking statements. Production. Before making an investment decision with respect to our Common Stock, we encourage you to read the Co-Production Agreement. agreement under certain circumstances. Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. One of the SFAS 123R will also require a classification change in the statement of cash flows; whereby, a portion of the tax benefit from stock options will move from
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