Segment Contribution Margin Analysis

The Walt Disney Company $($DIS$)$ is a global entertainment company that is organized into four business segments as follows:

Media Networks:

Television production and distribution, including ABC television network, ESPN, National Geographic.

Parks, Experiences, and Products:

Theme parks and resorts, including Walt Disney World and Disneyland; Experiences, including Disney Cruise Line and Disney Vacation Club; Products, including Disney and

Pixar characters, comic books, and magazines.

Studio Entertainment:

Music and motion picture production and distribution, including Twentieth Century Studios, Marvel, and Lucasfilm.

Direct$-$to$-$Consumer & International:

Streaming services, including Disney$+,$ ESPN $+,$ and Hulu.

For a recent year, Disney reported the following segment results $($in millions$)$:

Assume the following percentages of total operating expenses for each segment are variable:

Percentage of

Variable

Segment

Operating Expenses

Media Networks