The Walt Disney Company Reports Second Quarter and Six Months Earnings for Fiscal 2017

Free cash flow – The Company uses free cash flow (cash provided by operations less investments in parks, resorts and other property), among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than capital expenditures. Management believes that information about free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments and pay dividends or repurchase shares.

Aggregate segment operating income – The Company evaluates the performance of its operating segments based on segment operating income, and management uses aggregate segment operating income as a measure of the performance of operating businesses separate from non-operating factors. The Company believes that information about aggregate segment operating income assists investors by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing separate insight into both operations and the other factors that affect reported results.

A reconciliation of segment operating income to net income is as follows (in millions):

   
Quarter Ended Six Months Ended
April 1,   April 2, April 1,   April 2,
2017 2016 2017 2016
Segment operating income $ 3,996 $ 3,822 $ 7,952 $ 8,089
Corporate and unallocated shared expenses (161 ) (162 ) (293 ) (298 )
Restructuring and impairment charges (81 )
Interest expense, net (84 ) (67 ) (183 ) (91 )
Vice Gain 332
Infinity Charge (1)   (147 )   (147 )
Income before income taxes 3,751 3,446 7,476 7,804
Income taxes (1,212 ) (1,170 ) (2,449 ) (2,618 )
Net income $ 2,539   $ 2,276   $ 5,027   $ 5,186  
 
(1)   The Infinity Charge was primarily due to an inventory write-down. The charge also included severance and other asset impairments and was reported in "Cost of products" in the Condensed Consolidated Statement of Income.
 

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