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

The increase in interest expense for the quarter was due to lower capitalized interest and higher average interest rates. Capitalized interest was lower due to the completion of the majority of construction at Shanghai Disney Resort in the prior-year third quarter.

The increase in interest and investment income for the quarter was primarily due to gains on sales of investments in the current quarter.

Income Taxes

The effective income tax rate was as follows:

Quarter Ended
April 1,   April 2,
2017 2016 Change
Effective income tax rate 32 .3 % 34 .0 % 1 .7   ppt

The decrease in the effective income tax rate for the quarter was primarily due to the favorable impact from the adoption of a new accounting pronouncement ($53 million). In the first quarter of the current year, the Company adopted new accounting guidance, which requires that excess tax benefits or tax deficiencies on employee share-based awards be included in “Income taxes” in the Condensed Consolidated Statement of Income. These amounts were previously recorded in “Common stock” in the Condensed Consolidated Balance Sheet. An excess tax benefit arises when the value of an employee share-based award on the exercise or vesting date is higher than the fair value on the grant date. A tax deficiency arises when the value on the exercise or vesting date is lower than the grant date fair value.

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