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The Walt Disney Company Reports Fourth Quarter And Full Year Earnings For Fiscal 2013

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 Flow

Cash provided by operations and free cash flow were as follows (in millions):

     
Year Ended

Sept. 28,2013

   

Sept. 29,2012

Change
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
 
   

(1)

Free cash flow is not a financial measure defined by GAAP. See the discussion of non-GAAP financial measures that follows.
 




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