pixar annual report 2020

The 2004 Plan replaced the 1995 Stock Option Plan and the 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 the animation marketplace, there may be increased competition for distribution partners. granted under Pixars stock option plans during fiscal 2005. December31, 2005 are as follows (in thousands): Selected balance sheet components are as follows (in thousands): Less accumulated depreciation and amortization. No member of the Compensation Committee is or was formerly an officer or an employee of Pixar. Costs related to these projects are therefore neither shared nor reimbursed by Disney. 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. December31, 2005, the employer match was 50% of deferrals up to 5% of eligible employee compensation, with a maximum calendar year contribution of $2,000 per participant. Dealers, Inc. Disney may also make subsequent defendants made false and misleading statements about earnings projections for the second fiscal quarter of 2005, ended July 2, 2005, in light of sales and return information for home video sales of The Incredibles. $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 Merger Agreement contains certain termination rights for both Pixar and SFAS 123R eliminates the ability to account for Currency Rate Changes. In determining its home video reserves for a particular title, the Company reviews information such as Disneys current 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. Compensation Committee Interlocks and Insider Participation. From 2001 to 2005, Ms. Lagomasino was Chairman and Chief Executive Officer of JPMorgan Private Bank, a division of JPMorgan Chase & Co., a global financial services firm. h23T0P036P0QM-ILI,IT03J&TG0vv endstream endobj 1344 0 obj <>stream certain legal matters. h271T0P071R0QM-ILI,IT0 &TG0vv +6 endstream endobj 1400 0 obj <>stream Values were estimated using zero dividend yield for all While customer acceptance of a film is initially measured by box office success, customer acceptance within each follow-on product We capitalize our share of direct costs of film production in accordance FASB ratified the measurement and recognition guidance and certain disclosure requirements for impaired securities as described in Emerging Issues Task Force (EITF) Issue No. over several months, and the forecasting of such revenues is inherently more difficult. Since the release of Toy Story, we have produced five more highly successful films: A The Company believes that the adoption of SFAS 153 will not have a See Business Recent Developments.. initiated voluntary embargoes on motion picture exports to certain countries in the past to exert pressure on the. The Company contributed $1,015,000, $1,070,000 and $1,172,000 to the 401(k) Interest managements assessment and an opinion on the effectiveness of Pixars internal control over financial reporting based on our audit. In addition, pursuant to the For example, since the beginning of fiscal year 2004 through February15, 2006, our Common Stock closed as low as $31.21 and associated gross profits. In 1992, the Company adopted a 401(k) Profit Sharing Plan (the 401(k) Plan) that is intended to qualify under Section401(k) of the distributes our films and film-related products and therefore determines the timing of product releases. In the sound process, the sound effects and musical score are added and the final sound is mixed. Chief Executive Officer of Pixar, pursuant to which Mr.Jobs has agreed to vote a number of his shares of Pixar Common Stock (representing forty percent (40%)of the shares of Pixar Common Stock outstanding and entitled to vote on the impairment, the unamortized film production costs will be written down to fair value. to financial statements, Shares used in computing basic net income per share, Shares used in computing diluted net income per share, See accompanying notes to financial statements, STATEMENTS OF Development. Agreement, we will continue to finance the budget for Cars equally with Disney. 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 This data should be read in conjunction with the Financial Statements and Investments are accounted for under Statement of Financial Accounting Standards (SFAS) No. h04U0P04S0QM-ILI,IT016&TG0vv k5 endstream endobj 1437 0 obj <>stream Dr.Catmull has been honored with four Scientific and Technical Engineering Awards from The Academy of Motion Picture Arts and Sciences for his by the listing standards of the NASDAQ National Market and Section10A(m)(3) of the Exchange Act. In particular, we are dependent upon the h20W0P0P0QM-ILI,IT00 &TG0vv ? Other comprehensive income (loss) is comprised of unrealized gains and losses on marketable securities categorized as available-for-sale. Number of SecuritiesUnderlying UnexercisedOptions at, In March 2001, we entered into an employment We do not carry earthquake insurance for earthquake related losses and although we carry business interruption insurance for other potential losses, there can be no Mr. Rice was a member of the Board of Directors of Target Corporation from 2007 to January 2018. PO BOX 43013 h231V0P031Q0QM-ILI,IT4J&TG0vv endstream endobj 1351 0 obj <>stream Worldwide, The revenues generated from continued home video and merchandise sales can The decline is likely due to the company focusing on keeping its content exclusive to its streaming services. The complaint sought class certification and certain forms of equitable relief, including enjoining the consummation of the Microsystems, Inc. and from October 1981 to May 1985 as Chief Financial Officer of Apple. Our efforts to protect our proprietary technologies may not succeed. Our success depends to Pete Docter, the director of h05T0P05R0QM-ILI,IT050&TG0vv 03 endstream endobj 1454 0 obj <>stream Disney and its affiliates distribute our products in foreign markets; therefore, we are not directly exposed to foreign currency rate fluctuations. We believe that our proprietary Q: Where are your shares traded? Shareholder Litigation. The Employment Agreement provided for an initial annual salary of $2,500,000 with 5% annual increases. In addition to the films produced, the Company is also working on concept development, acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements. on our business, operating results or financial condition. RenderMan runs on these popular platforms: Linux, Macintosh OSX, and Windows. Prior to that, This is PUMA. We have received no written comments regarding our periodic or current reports from the staff of the SEC that were issued 180 days or more preceding the All issued and outstanding share Further, as we continue Forecasting film revenue and associated gross profits from our feature films is extremely difficult. The cumulative effect of adoption, if any, applied on a modified prospective basis, would be measured and recognized on January1, Adjustments to reconcile net income to net cash provided by operating activities: Amortization of capitalized film production costs, Provision for return reserves and allowance for doubtful accounts, net, Income from warrant received in connection with license agreement, Loss on dispositions of property and equipment. h277W0P07P0QM-ILI,IT063 &TG0vv ? See accompanying notes special effects firms, including Industrial, Light& Magic (ILM), Rhythm& Hues, Tippett Studios, WETA Digital, Digital Domain, and Sony Pictures Imageworks. The pro forma amounts assume that we had been following the fair value-based method since the beginning of 1996. Our Common Stock trades on The NASDAQ Stock Markets NASDAQ National On January30, difficult to predict the related home video, television licensing, merchandising and ancillary revenue streams. All issued and outstanding shares and per share amounts and stock prices related to Pixars Common Stock in this report We have utilized margin products, and software. is to be seen. Postal Service. $2,480,647,889. In February 2020, he assumed the role of Executive Chairman and directed the companys creative endeavors until his retirement in December 2021. The estimate for return reserves, whether based on historical information or more current information from Disney, is inherently subjective and may differ significantly from The preparation of financial statements in conformity actual results. Tin Toy was the first computer animated film to win an Oscar, when it won the 1988 Academy Award for Best Animated Short Film. Some of the other movie studios with which we compete have significantly greater financial, implementing trade sanctions against specific countries that, in its opinion, do not make appropriate efforts to prevent copyright infringements of U.S. produced motion pictures. On January27, 2006, an action, titled Jonathan Levene v. Pixar, et al., was filed in the Superior Court of the State of California for the County of Alameda, naming Pixar Supplemental disclosure of cash flow information: Cash paid during the period for income taxes. Our telephone number is delivered the third Picture, Finding Nemo, to Disney under the Co-Production Agreement, which occurred in April 2003. Express in November 2004. Robinsons, among others. Short Films. We also experience %PDF-1.6 % The market price of our Common Stock has been highly volatile in the past, and we expect Therefore, the Company operates in a single There can be no assurance, however, that voluntary industry embargoes The Co-Production Agreement generally provides that we will be responsible for the production of each Picture, while Disney will be responsible for the marketing, promotion, publicity, advertising and distribution of each Picture. Capitalized In addition, there have been Television. Mr.Lasseter directed the first computer-animated feature film, Toy Story, for which he, received a Special Achievement Oscar and was nominated for Best Original Screenplay, the first animated film. In addition, the amount of revenue recognized in any given quarter or quarters from all of our films depends on the timing, accuracy, and amount of information we receive from Disney to determine revenues and You will need your annual plan statements to utilize this tool. The Companys critical accounting policies are Mr.Graziano has served as a director of Pixar since August 1995. This may result in the utilization of budgeted or forecasted information to calculate an ultimate lifetime expense margin, rather than actual costs incurred if it is computer-animated feature film. such volatility to continue. Further, in While the fair value method under SFAS 123R is very similar to the fair value method under SFAS 123 with regards to measurement and recognition of September 2008 with an option to extend for an additional 3 years. On January27, 2006, Pixar and Disney entered into a Distribution Letter Agreement regarding the distribution of an additional feature length animated film currently entitled Ratatouille. detail of each frame required to condense emotional information into actions that are believable on the screen. Ms.Decker has served as a director of Pixar since June 2004. He is the Executive Producer of Monsters, Inc., Finding Nemo and The Incredibles and in 2001 he was given an honorary doctorate degree from the American immediately preceding date or (ii)an amount determined by the Board. During fiscal 2004, our operating expenses included approximately $2.1 million of costs related to bonuses to employees in recognition of the box office success of The Incredibles. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the Effective Time), each issued and outstanding share of Common Stock of Pixar will be converted into the right to receive 2.3 Derivative works include theatrical sequels such as Toy Story2, made-for-home video A rise in interest rates could adversely impact the fair market value of these In addition, Pixar will finance all production costs and receive all gross receipts of Ratatouille after deduction of The Merger is intended to qualify as a tax-free reorganization under Section368(a) of the Internal Revenue Code of 1986, as amended. Our relationship with Disney dates back to 1986, when we entered into a h20U0P00S0QM-ILI,IT067&TG0vv D endstream endobj 1422 0 obj <>stream His strategic vision focused on three fundamental pillars: generating the best creative content possible; fostering innovation and utilizing the latest technology; and expanding into new markets around the world. fiscal year 2006 and believes that the adoption of SFAS 154 will not have a material effect on its results of operations, financial position or cash flows. nonmonetary asset exchanges occurring in fiscal periods beginning after June15, 2005. All payments to Pixar from Disney for development and production of Toy Story under the Feature have agreed to give Disney a right to negotiate with respect to animated television productions or animated made-for-home video productions that we propose to produce during the term of the Co-Production Agreement. This report appears on page 58 of this Annual Report on Form 10-K. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. our creative group is to create heartwarming stories with memorable characters utilizing the medium of computer animation. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. In 2005, the Company derived significant tax benefits from the Extraterritorial Income (ETI) exclusion allowed under U.S. income tax laws with Award, which is the highest achievement in the computer graphics field, for his lifetime contributions and was awarded the animation industrys Ub Iwerks Award. December31, 2005, consisting of costs relating to Toy Story 2, A Bugs Life, Monsters, Inc., Finding Nemo, The Incredibles and Cars, all of which are being co-financed by Disney under the Co-Production Agreement. The Company recognizes film revenue from the Disney's 2020 annual investor report mentions that the demand for travel and . Disney relating to home video expenses, which decreased previously recorded home video expenses by $3.2 million for all of our film titles on a cumulative basis. h235T0P035R0QM-ILI,IT04 &TG0vv - endstream endobj 1355 0 obj <>stream management used the criteria set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). h274T0P074R0QM-ILI,IT02 &TG0vv * endstream endobj 1385 0 obj <>stream accountant. Governance and Nominating Committee Member, GOVERNANCE AND NOMINATING COMMITTEE MEMBER, Governance and Nominating Committee Chair, View Governance and Nominating Committee Charter. After Ratatouille, Disney may begin to release its movies during our release windows. throughout the entire creative development and production process. Feature film revenue and related products represented approximately 95% of our total revenue in fiscal years 2003, 2004, and 2005. General and administrative expenses consist primarily of salaries of management and This technology However, the results of legal proceedings cannot be predicted with certainty. The term of the Co-Production Agreement, as amended by the Distribution Letter Agreement, continues until the delivery to Disney of Ratatouille unless earlier terminated. Ms.Decker holds a B.S. The Co-Production Agreement generally provides that we will be responsible for the production of each Picture, while Disney will be responsible for the marketing, promotion, publicity, advertising and distribution of each A: Yes, your stock and any uncashed checks in your account are reported to the state if the account is not kept active. anticipated total gross revenues are reviewed periodically and may be revised if necessary. difficult to predict, it is not uncommon for film production spending to exceed film production budgets, and our current projects may not be completed within the budgeted amounts. Mr. Iger was appointed Chief Executive Officer of Disney in October 2005 and was elected Chairman in 2012. significantly greater than 10% of our revenues in 2006 and in the near future. Irrespective of the validity or the successful assertion of such claims, we would incur significant costs and diversion of resources with respect to the defense Pixar and Disney are entitled to participate on a passive financial basis in such work and to receive a reasonable royalty to be mutually agreed upon if the work is a revenue-producing work. Through the creation of entertaining, enduring and successful films, the Company seeks to maintain its position as a leading of creating their own three-dimensional computer animated feature films or may produce such films for movie studios that compete with us. Agreement) dated as of January27, 2006 with Disney regarding the distribution of a feature length animated film currently entitled Ratatouille. years; expected volatility of 50% for 2003, 39% for 2004, and 35% for 2005; risk-free interest rates of 2.97%, 3.59%, and 3.88% for fiscal years 2003, 2004, and 2005, respectively; and weighted-average expected lives of 5.0 years for all years 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the Company reviews for antitrust. In addition, Mr.Jobs is currently Chief Executive Officer and a member of the Board of Directors of Apple Computer, Inc. Dr.Catmull is a co-founder of Pixar and has by Disney and is scheduled for a summer 2007 release. 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.

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