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The Walt Disney Company Reports Fourth Quarter And Full Year Earnings For Fiscal 2012

Stocks in this article: DIS

Income Taxes

The effective income tax rate was as follows:

  Year Ended   Quarter Ended

Sept. 29,2012

 

Oct. 1,2011

Sept. 29,2012

 

Oct. 1,2011

Effective Income Tax Rate   33.3 %   34.6 %   34.2 %   34.3 %

The decrease in the effective tax rate for the year was due to the impact in the prior-year of the gain on the sale of Miramax and an increase in current year earnings from foreign operations subject to tax at rates lower than the federal statutory income tax rate. The book value of Miramax included non-deductible goodwill such that the taxable gain on the sale of Miramax resulted in tax expense that exceeded the book gain and an increase in the prior-year effective tax rate. The decreases from the impacts of the Miramax gain and foreign earnings were partially offset by the impact in the prior-year related to an impairment charge. The prior-year impairment charge related to assets that had tax basis in excess of the book value resulting in a tax benefit that exceeded the pre-tax impairment charge and a decrease in the prior-year effective tax rate.

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