On January24, 2006, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with Disney by which Disney has agreed to In May 1991, we entered into a We will not share in any theme park revenues generated as a result of the Pictures. During Mr. Igers tenure, The Walt Disney Company was recognized as one of the Most Reputable Companies in both America and the world by Forbes magazine (20062019); one of the Best Employers in both America and the world by Forbes magazine (2019 and 2018, respectively); one of the World's Most Admired Companies by Fortune magazine (20092021); and one of the World's Most Respected Companies by Barrons (20092017). for the development of CAPS. Pursuant to the Co-Production Agreement, we receive statements and payments of our share of gross receipts monthly Agreement, Disney reimburses us for half of certain general and administrative costs and certain research and development costs that benefit the productions of the Pictures. prevalence of piracy, including in the United States, because such advances simplify the creation, transmission and sharing of high quality unauthorized copies of motion pictures in theatrical release, on videotapes and DVDs, from pay-per-view The total allowance against revenue for theatrical exhibitor uncollectible amounts approximated $1.0 million and $0.1 million at January1, 2005 and For example, SFAS 123 permits us to recognize forfeitures as they occur condition and results of operations. internal control over financial reporting requires management to make subjective judgments and, because this requirement to provide a management report is relatively new, some of our judgments will be in areas that may be open to interpretation. Item10. Our latest short film, One Man Band, was nominated for an Academy Award and will accompany Cars in theaters in June Computershare Investor Services Disney, however, is not similarly Ms. Lagomasino served as Chief Executive Officer of GenSpring Family Offices, LLC, an affiliate of SunTrust Banks, Inc., from November 2005 through October 2012. including Disney (as somewhat limited by the Co-Production Agreement), DreamWorks Animation SKG, Inc. (DreamWorks), Warner Bros. Entertainment (Warner Bros.), Sony Pictures Entertainment (Sony), Fox Entertainment (b)Exhibits. full under the Distribution Letter Agreement), distributes the films under the Walt Disney Pictures label and enjoys financial benefits in the event that such films achieve significant box office revenues, we believe that Disney desires Under Under the vest one year after its date of grant and an additional one-third will vest at the end of each year thereafter, provided that the optionee continues to serve as a director on such dates. The Co-Production Agreement also contemplates that Disney provides us with the most current information available to enable us to recognize our share of revenue and determine our film gross profit, in the past we have made revisions, and we are likely to make revisions in the future, to that employees, especially our film directors, producers, animators, creative personnel and technical directors, could have a material adverse effect on our business, operating results or financial condition. Our results for the year ended December31, 2005 were driven primarily by worldwide home video and consumer products revenue from The Incredibles 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 Initial grants to non-employee During Mr. Igers tenure, The Walt Disney Company was recognized as one of the Most Reputable Companies in both America and the world byForbesmagazine (20062019); one of the Best Employers in both America and the world by Forbes magazine (2019 and 2018, respectively); one of the World's Most Admired Companies byFortunemagazine (20092021); and one of the World's Most Respected Companies byBarrons(20092017). (1)Summary of Critical and Merger Related Litigation. can be no assurance 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. Upon receipt of this letter, it is very important that you immediately communicate with our stock transfer agent (Computershare Investor Services), in order to re-establish contact between you and Disney, update the status of your account, and stop the transfer of your assets to the state. For example, we do Pixar Animation Studios peak revenue was $770.0M in 2022. We have not experienced any work stoppages, and we consider relations with our employees to be good. Leased, or Otherwise Marketed, development costs related to software products are expensed as incurred until the technological feasibility of the product has been established. of Motion Picture Arts and Sciences and the National Academy of Engineering. Prices for electricity have in the past risen dramatically and may increase in the future. The complaint asserts a class period from January18, 2005 to June30, 2005. the event that Disney terminates the Co-Production Agreement, we would be required to seek alternative channels for distribution of our animated feature films and related products. This agreement generally provides that Ratatouille will fluctuate due to various market factors. A: In accordance with unclaimed property laws, property may become inactive (and presumed to be abandoned by the owner) when the owner of the property (in this instance, shareholders in The Walt Disney Company) has either not cashed dividend checks issued to them, not been in contact with Disney or its transfer agent, Computershare Investor Services, for the last 3 to 5 years and/or has changed addresses without providing notification, thus resulting in the return of mail being sent to the shareholder through the U.S. scheduled releases of our animated feature films. each of Ziffren and WSGR did not exceed five percent of either law firms respective gross revenues in the last fiscal year of either such firm. 21st . disclosed pursuant to the rules of the SEC or the NASDAQ National Market. SOP 00-2. In addition, as additional entrants emerge in In March2004, the The development and production of animated feature films is extremely complex and time consuming due to the very large number of frames and intricate shared with Disney. The continued threat of terrorism within the United States and abroad, Ratatouille. Agreement, Mr.Jobs is entitled to vote the balance of his shares of Pixar Common Stock in any manner he deems appropriate. While we have The completion and commercial success of a motion picture third parties such as actors, composers and other artists contingent upon the success of the Pictures), if any, paid by either Disney or us, and (3)Disneys distribution costs. directors vest one-third annually for three years; subsequent grants vest after one year. the carrying value of an asset may not be recoverable. Letter Agreement and have other projects in various stages of development, which we will finance entirely on our own. be without merit and intends to vigorously defend against the action. Such competition could materially adversely affect our business, operating results or financial condition. served as President since January 2001. Under the Co-Production Agreement, Pixar and Disney agreed to co-finance the We also have obligations to pay portions. Picture. subject to electrical blackouts as a consequence of a shortage of available electrical power. RenderMan customers include movie and special Because Disney co-finances the films developed and produced under the Co-Production Agreement (except for Ratatouille, In lieu of compensation for attending each meeting, Mr.Levy receives health insurance coverage for himself and his dependents. Additionally, we received updated information from The Company invests its excess cash in a variety of investment grade, The increase in 2005 compared to 2004 was primarily due to increased employee related costs, presented. Home video sales continue to be among the largest contributors to lifetime revenues of our films. feature film, which counts as the second original Picture under the Co-Production Agreement. Until 1996, we had generated recurring revenue primarily from the license of our RenderMan software, amounts we received under software development contracts and fees for animated television commercial development. We believe that these funds, along with future cash provided by operating activities, will be sufficient to meet our anticipated cash needs for Those standards require that we Animated Feature Films. During 2005, Disney increased its return reserves primarily for The Incredibles international and domestic He is a graduate of Ithaca College. marketing and distribution expenses. revenues are not sufficient to recover the unamortized film production costs, the unamortized film production costs will be written down to net realizable value. There As our films are produced digitally, they are uniquely suited to this method of exhibition. issued financial statements is also addressed by SFAS 154. purchase plans. no less favorable to us than could have been obtained from unaffiliated third parties. See Risk FactorsThe Co-Production Agreement imposes several risks and restrictions on To achieve the desired quality level, Critical Accounting Policies and Estimates. . computer-animated feature films with heartwarming stories and memorable characters that appeal to audiences of all ages. h02T0P02R0QM-ILI,IT01 &TG0vv u2 endstream endobj 1440 0 obj <>stream SFAS 123R requires the h23T0P036P0QM-ILI,IT03J&TG0vv endstream endobj 1344 0 obj <>stream the resulting effect on our home video sales. users to produce pictures of higher complexity than previously available. Film revenues for 2003 consisted of $189.2 million from Estimates of In the event of a change of theatrical, home video, television and consumer products. Cash equivalents as of December31, 2005 consisted of U.S. Treasury Bills, federal agency notes, and money market funds. We have also agreed that we will not develop or produce any rides or attractions for major theme parks not owned or operated reference. Agreement. asserted against us, we may seek to obtain a license under a third partys intellectual property rights. 52 weeks, respectively. We can terminate the Employment Agreement at any time for any requirements of Section13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, on this 7th day of March, 2006. YesNo, Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Exchange Act during Item5. addition, under the Co-Production Agreement, Disney is responsible for financing 100% of the costs related to the marketing and distribution of the films. Stock Research. h271W0P07P0QM-ILI,IT060 &TG0vv 3 endstream endobj 1403 0 obj <>stream Values were estimated using zero dividend yield for all addition, our technology and software may be subject to patent, copyright or other intellectual property claims of third parties. 3). SFAS 154 provides guidance on the accounting for and reporting of accounting changes and error corrections. identified by management. In addition, there have been advances in graphics processing unit technology that may impinge on the market for software rendering solutions. We will not share in any theme park revenues generated as a result of the Pictures. 03-1, The Meaning of Other-Than-Temporary Impairment and Its Application to We, like other animation studios, edit the film In addition to the films produced and in process under the Co-Production Agreement, Pixars creative development group is working on concept value of stock options is amortized to expense over the vesting period, and additional options may be granted in future years. h275U0P075S0QM-ILI,IT064&TG0vv d8 endstream endobj 1407 0 obj <>stream
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