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Segment Information
 6 Months Ended
Mar. 31, 2018
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 results are evaluated regularly by the Chief Executive Officer in deciding how to allocate resources and in assessing performance.
Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, other income, interest 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
 
March 31,
2018
 
April 1,
2017
 
March 31,
2018
 
April 1,
2017
Media Networks
$
13

 
$
88

 
$
63

 
$
207

Parks and Resorts
(7
)
 
(3
)
 
(14
)
 
(5
)
Consumer Products & Interactive Media
—

 
—

 
—

 
1

Equity in the income of investees included in segment operating income
$
6

 
$
85

 
$
49

 
$
203


Segment revenues and segment operating income are as follows:
 
Quarter Ended
 
Six Months Ended
 
March 31,
2018
 
April 1,
2017
 
March 31,
2018
 
April 1,
2017
Revenues (1):
 
 
 
 
 
 
 
Media Networks
$
6,138


$
5,946


$
12,381


$
12,179

Parks and Resorts
4,879


4,299


10,033


8,854

Studio Entertainment
2,454


2,034


4,958


4,554

Consumer Products & Interactive Media
1,077


1,057


2,527


2,533

 
$
14,548

 
$
13,336

 
$
29,899

 
$
28,120

Segment operating income (1):
 
 
 
 
 
 
 
Media Networks
$
2,082

 
$
2,223

 
$
3,275

 
$
3,585

Parks and Resorts
954

 
750

 
2,301

 
1,860

Studio Entertainment
847

 
656

 
1,676

 
1,498

Consumer Products & Interactive Media
354

 
367

 
971

 
1,009

 
$
4,237

 
$
3,996

 
$
8,223

 
$
7,952

(1) 
Studio Entertainment 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 film properties. The increase to Studio Entertainment revenues and operating income and corresponding decrease to Consumer Products & Interactive Media revenues and operating income was $136 million and $107 million for the quarters ended March 31, 2018 and April 1, 2017, respectively, and $307 million and $288 million for the six months ended March 31, 2018 and April 1, 2017, respectively.
A reconciliation of segment operating income to income before income taxes is as follows:
 
Quarter Ended
 
Six Months Ended
 
March 31,
2018
 
April 1,
2017
 
March 31,
2018
 
April 1,
2017
Segment operating income
$
4,237

 
$
3,996

 
$
8,223

 
$
7,952

Corporate and unallocated shared expenses
(194
)
 
(161
)
 
(344
)
 
(293
)
Restructuring and impairment charges
(13
)
 
—

 
(28
)
 
—

Other income, net
41

 
—

 
94

 
—

Interest expense, net
(143
)
 
(84
)
 
(272
)
 
(183
)
Income before income taxes
$
3,928

 
$
3,751

 
$
7,673

 
$
7,476


In March, the Company announced a strategic reorganization of its businesses into four operating segments: the newly-formed Direct-to-Consumer and International; the combined Parks, Experiences and Consumer Products; Media Networks; and Studio Entertainment. The Company is in the process of modifying internal and external reporting processes and systems to accommodate the new structure and expects to transition to the new segment reporting structure by the beginning of fiscal 2019. We continue to report operating results to our chief operating decision maker using our current operating segments.