The decrease in the effective income tax rate for the year was primarily due to favorable tax adjustments related to pre-tax earnings in prior years.
Cash provided by operations and free cash flow were as follows (in millions):
|Cash provided by operations||$||9,452||$||7,966||$||1,486|
|Investments in parks, resorts and other property||(2,796||)||(3,784||)||988|
|Free cash flow (1)||$||6,656||$||4,182||$||2,474|
|Free cash flow is not a financial measure defined by GAAP. See the discussion of non-GAAP financial measures that follows.|