Universal does not use this sales and general expenses category - and per Disney's description it includes costs for Shanghai. Disney does not provide a breakdown for what percentage of the costs are for domestic or international parks. So our options are that Disney's cost structure in Orlando is much higher than Universal or Disney is taking a lot of money from the domestic parks to run its international parks.
I agree. Disney reports separate domestic vs. international revenue, depreciation, and capex. However, Disney does not report separate domestic vs. international opex or SG&A.
The operating income reported by Disney takes into consideration the costs of opex, SG&A, and depreciation & amortization. Beginning in 2010, Disney began reporting "Operating expenses", "Selling, general, administrative and other", and "Depreciation and amortization" as separate line items for each business segment. Prior to that, Disney simply reported "operating income" without breaking down costs. It's nice that Disney provides a breakdown of costs, although a more detailed breakdown of domestic vs. international would be even nicer.
Quoting from Universal's 10K: "Our Theme Parks segment operating costs and expenses consist primarily of theme park operations, including repairs and maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs."
Universal reports "Operating income before depreciation and amortization" without breaking down how much of these costs are opex and how much are SG&A, similar to what Disney did prior to 2010.
Since Disney reports "operating income", which includes depreciation and amortization, while Universal reports "Operating income before depreciation and amortization", Universal's "Depreciation and Amortization" must be subtracted from Universal's operating income to make an apples-to-apples comparison.
Both companies report operating income for each business unit.
Both companies report separate corporate-wide expenses after business unit operating income that are not allocated to any specific business unit.
Euro Disney reports its own numbers, which provides guidance for costs at DLP. I'm unaware of any good way to derive costs specific to Hong Kong Disneyland.