“And we currently expect the full year tax rate could remain somewhat elevated above the U.S. statutory rate.”

In context

“consideration we received was recognized as revenue at the time that content was originally made available in previous years, we've recorded amounts to terminate the agreement net of remaining amounts of deferred revenue as a revenue reversal. Finally, a note on the impact of some tax-related items on our Q2 EPS. Our diluted earnings per share, excluding certain items of $1.08 includes an adverse impact of approximately $0.11 due to the impact of higher effective tax rate on foreign earnings, including the impact of a recent change in U.S. tax regulations. It's worth mentioning that while our annual effective tax rate has generally been correlated with the U.S. statutory rate, there are many complex puts and takes in any given period, which can lead to these variances quarter-to-quarter. And we currently expect the full year tax rate could remain somewhat elevated above the U.S. statutory rate. Now as it relates to the third quarter and the second half of fiscal 2022. At DPEP, closures at our Asia theme parks could adversely impact operating income in the third quarter by up to approximately $350 million versus the prior year. As a reminder, Hong Kong Disneyland was closed for the first 3 weeks of the quarter. Shanghai Disney has been closed quarter-to-date, and we do not yet have visibility to a reopening date. As we continue to strategically prioritize leveraging our content for our own services, we expect content sales, licensing and other operating results to decrease in the third quarter by approximately $150 million to $200 million versus the prior year. The expected decrease is primarily driven by declines in content licensing along with a continued decline in home entert”