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  "documentTitle": "The Walt Disney Company (DIS)",
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  "notes": "The chart uses a waterfall bridge to illustrate the delta between FY 2018 and FY 2023 EBIT.",
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      "kind": "callout",
      "text": "Linear Networks Operating Income declined -7%; Direct-to-Consumer Operating Income declined -184%; Studio Segment Operating Income declined -128%",
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      "text": "Disney's Segment Operating Income Attribution (FY 2023 vs. FY 2018)",
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      "text": "Source: SEC filings. Note: FY 2023 Content Sales / Licensing and Other segment operating income excludes an estimated $585 million intersegment allocation of revenues from the consumer products business (reported within the Experiences segment). Analysis assumes the $585 million has been reallocated to Experiences segment in order to conform to the FY 2018 segment reporting methodology.",
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      "kind": "title",
      "text": "...With Disney’s Operating Income Down From Five Years Ago Across Every Segment Outside of the Experiences Business",
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