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Segment Information
 6 Months Ended
Apr. 02, 2016
Segment Information
Segment Information
The operating segments reported below are the segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer in deciding how to allocate resources and in assessing performance. Fiscal 2015 segment financial information has been restated to reflect the combination of the Consumer Products and Interactive segments into a single segment effective at the beginning of fiscal 2016.
Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, interest income/(expense), income taxes and noncontrolling interests. Segment operating income includes equity in the income of investees. Corporate and unallocated shared expenses principally consist of corporate functions, executive management and certain unallocated administrative support functions.
Equity in the income of investees is included in segment operating income as follows: 
 
Quarter Ended
 
Six Months Ended
 
April 2,
2016
 
March 28,
2015
 
April 2,
2016
 
March 28,
2015
Media Networks
 
 
 
 
 
 
 
Cable Networks
$
175

 
$
223

 
$
389

 
$
465

Broadcasting
(24
)
 
(18
)
 
(96
)
 
(47
)
Equity in the income of investees included in segment operating income
151

 
205

 
$
293

 
$
418

Vice Gain
—

 
—

 
332

 
—

Other
(1
)
 
1

 
(1
)
 
—

Total equity in the income of investees
$
150

 
$
206

 
$
624

 
$
418


During the six months ended April 2, 2016, the Company recognized its share of a net gain recorded by A&E Television Networks (A&E), a joint venture owned 50% by the Company, in connection with A&E’s acquisition of an interest in Vice Group Holding, Inc. (Vice) (Vice Gain). The Company’s $332 million share of the Vice Gain is recorded in "Equity in the income of investees" in the Condensed Consolidated Statement of Income but is not included in segment operating income. See Note 3 for further discussion of the transaction.
 
Quarter Ended
 
Six Months Ended
 
April 2,
2016
 
March 28,
2015
 
April 2,
2016
 
March 28,
2015
Revenues (1):
 
 
 
 
 
 
 
Media Networks
$
5,793

 
$
5,810

 
$
12,125

 
$
11,670

Parks and Resorts
3,928

 
3,760

 
8,209

 
7,670

Studio Entertainment
2,062

 
1,685

 
4,783

 
3,543

Consumer Products & Interactive Media
1,186

 
1,206

 
3,096

 
2,969

 
$
12,969

 
$
12,461

 
$
28,213

 
$
25,852

Segment operating income (1):
 
 
 
 
 
 
 
Media Networks
$
2,299

 
$
2,101

 
$
3,711

 
$
3,596

Parks and Resorts
624

 
566

 
1,605

 
1,371

Studio Entertainment
542

 
427

 
1,556

 
971

Consumer Products & Interactive Media
357

 
388

 
1,217

 
1,089

 
$
3,822

 
$
3,482

 
$
8,089

 
$
7,027


(1) Studio Entertainment segment revenues and operating income include an allocation of Consumer Products & Interactive Media revenues, which is meant to reflect royalties on sales of merchandise based on certain film properties. The increase to Studio Entertainment revenues and operating income and corresponding decrease to Consumer Products & Interactive Media revenues and operating income totaled $180 million and $133 million for the quarters ended April 2, 2016 and March 28, 2015, respectively, and $442 million and $278 million for the six months ended April 2, 2016 and March 28, 2015, respectively.
A reconciliation of segment operating income to income before income taxes is as follows:
 
Quarter Ended
 
Six Months Ended
 
April 2,
2016
 
March 28,
2015
 
April 2,
2016
 
March 28,
2015
Segment operating income
$
3,822

 
$
3,482

 
$
8,089

 
$
7,027

Corporate and unallocated shared expenses
(162
)
 
(170
)
 
(298
)
 
(295
)
Restructuring and impairment charges
—

 
—

 
(81
)
 
—

Interest income/(expense), net
(67
)
 
8

 
(91
)
 
(50
)
Vice Gain
—

 
—

 
332

 
—

Infinity Charge(1)
(147
)
 
—

 
(147
)
 
—

Income before income taxes
$
3,446

 
$
3,320

 
$
7,804

 
$
6,682


 
(1) For the quarter ended April 2, 2016, the Company recorded charges related to the discontinuation of our self-published console games business, principally Infinity (Infinity Charge). The Infinity Charge was primarily due to an inventory write-down. The charge also included severance and other asset impairments. The charge was reported in Cost of products in the Condensed Consolidated Statement of Income.