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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "Uses a bar chart to show the growth of unallocated shared expenses from FY17 to FY23, highlighting a ~2x increase.",
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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": "unallocated corporate costs: $1.147bn",
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      "text": "We believe that Disney has a bloated and growing corporate office where most of the costs are allocated to each segment.",
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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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