The Walt Disney Company Reports First Quarter Earnings For Fiscal 2015 Page 5
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14OTHER FINANCIAL INFORMATION
Corporate and Unallocated Shared Expenses
Corporate and unallocated shared expenses increased $9 million to $125 million primarily due to
higher charitable giving in the current quarter.
Interest Income/(Expense), net
Interest income/(expense), net was as follows (in millions):
Quarter Ended
December 27,
December 28,
2014
2013
Change
Interest expense
$
(69)
$
(81)
15 %
Interest and investment income
11
130
(92) %
Interest income/(expense), net
$
(58)
$
49
nm
The decrease in interest expense for the quarter was primarily due to lower effective interest rates.
The decrease in interest and investment income for the quarter was due to gains on sales of investments in
the prior-year quarter.
Equity In The Income of Investees
Equity in the income of investees decreased $27 million to $212 million driven by a decrease at
Hulu due to higher programming and marketing costs, partially offset by an increase in advertising
revenues.
Income Taxes
The effective income tax rate was as follows:
Quarter Ended
December 27,
December 28,
2014
2013
Change
Effective income tax rate
33.3%
35.2%
1.9 ppt
The decrease in the effective income tax rate includes a benefit from an increase in earnings from
foreign operations indefinitely reinvested outside the United States, which are subject to tax rates lower
than the federal statutory income tax rate.
Noncontrolling Interests
Quarter Ended
December 27,
December 28,
Change
2014
2013
Net income attributable to noncontrolling interests
$
62
$
64
3 %
5
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