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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Nelson Peltz",
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  "notes": "The slide uses a ~2x multiplier annotation to highlight the growth from FY17 to FY23.",
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      "text": "In our experience, allocated corporate overhead is often multiples larger than the unallocated amount disclosed",
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      "text": "Disney's Corporate and Unallocated Shared Expenses ($mm)",
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      "text": "While Disney does not disclose how much corporate overhead is allocated to each segment, we find it notable that unallocated corporate costs are over $1 billion annually and have grown at an annualized rate of 12% since 2017\nIn our experience, allocated corporate overhead is often multiples larger than the unallocated amount disclosed",
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      "text": "Corporate and Unallocated Shared Expenses: $1.147bn",
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      "text": "Source: SEC filings. Note: Disney's segment operating results include 'allocations of certain costs, including information technology, pension, legal and other shared services costs.'",
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      "text": "Large and Growing Corporate Overhead Allocations Likely Weigh on Media Segment Margins",
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