This increase was partially offset by a reduction of the Company’s U.S. statutory federal income tax rate to 21.0% in fiscal 2019 from 24.5% in fiscal 2018 as the result of U.S. federal income tax legislation (Tax Act), which was enacted in the prior year, and the comparison to a $0.1 billion unfavorable impact from the Tax Act recognized in the prior-year quarter.Net (income) loss attributable to noncontrolling interests was as follows (in millions):Net income attributable to noncontrolling interestsThe increase in net income attributable to noncontrolling interests was due to accretion of the fair value of the redeemable noncontrolling interest in Hulu, partially offset by lower results at Hong Kong Disneyland Resort.Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.Cash provided by operations and free cash flow were as follows (in millions):Investments in parks, resorts and other propertyCash provided by operations for fiscal 2019 decreased by $8.3 billion from $14.3 billion in the prior year to $6.0 billion in the current year. The decrease was due to the payment of tax obligations that arose from the spin-off of Fox Corporation in connection with the TFCF acquisition and the sale of the regional sports networks acquired with TFCF, higher pension contributions, lower segment operating income, an increase in film and television production spending and higher interest payments.Investments in parks, resorts and other property were as follows (in millions):Parks, Experiences and ProductsTotal Parks, Experiences and ProductsDirect-to-Consumer & InternationalTotal investments in parks, resorts and other propertyCapital expenditures increased from $4.5 billion to $4.9 billion driven by higher spending on new attractions at our theme parks and resorts and spending on technology to support our direct-to-consumer streaming services.Depreciation expense was as follows (in millions):Parks, Experiences and ProductsTotal Parks, Experiences and ProductsDirect-to-Consumer & InternationalThis earnings release presents free cash flow, diluted EPS excluding the impact of certain items affecting comparability, and total segment operating income, all of which are important financial measures for the Company, but are not financial measures defined by GAAP.These measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of operating cash flow, diluted EPS or income from continuing operations before income taxes as determined in accordance with GAAP.
The full year effective rate is used to determine the quarterly income tax provision and is adjusted each quarter based on information available at the end of that quarter. Prior to March 20, 2019, the Company’s ownership share of Hulu results was reported as equity in the loss of investees.Revenue eliminations increased from $156 million to $803 million and segment operating income eliminations increased from a loss of $6 million to a loss of $67 million driven by eliminations of sales of ABC Studios and Twentieth Century Fox Television programs to the International Channels and Hulu.At the beginning of fiscal 2019, the Company adopted new revenue recognition accounting guidance (ASC 606).
Earnings Preview: Disney is expected to report earnings of $0.94/share on $19.29 billion in revenue. Higher operating results at Parks, Experiences and Products was due to growth at the domestic theme parks and resorts and merchandise licensing. The Whisper number is the Street's unofficial view on earnings.Here is a brief company profile:The Walt Disney Company, together with its subsidiaries, operates as an entertainment company worldwide. Its Consumer Products & Interactive Media segment licenses its trade names, characters, and visual and literary properties; develops and publishes mobile games, books, magazines, and comic books; distributes branded merchandise directly through retail, online, and wholesale businesses; offers Website management and design; and develops and distributes online video content. The company was founded in 1923 and is based in Burbank, California.From where I sit, the most important trait I look for during earnings season is how the market and a specific company reacts to the news. New book on the way: Psychological Analysis For Markets. Media network revenue grew 22% in the fiscal fourth quarter to $6.51 billion, while operating income declined 3% to $1.78 billion.
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