Burger King 2011 Annual Report Download - page 43
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Table of Contents
Selling, general and administrative expenses
Our selling, general and administrative expenses were comprised of the following:
Predecessor Variance
Fiscal 2010 Fiscal 2009 $ %
Selling expenses $ 91.3 $ 93.3 $(2.0) (2.1)%
Management G&A expenses 362.3 362.1 0.2 0.1%
Share-based compensation and non-cash incentive compensation expense 17.0 16.2 0.8 4.9%
Depreciation and amortization 19.2 16.5 2.7 16.4%
Total general and administrative expenses 398.5 394.8 3.7 0.9%
Selling, general and administrative expenses $ 489.8 $ 488.1 $ 1.7 0.3%
Selling expenses as a percentage of Company restaurant revenues were flat in comparison to the prior year.
Other operating income (expense), net
Our other operating income (expense), net was comprised of the following:
Predecessor
Fiscal 2010 Fiscal 2009
Net (gains) on disposal of assets, restaurant closures and refranchisings $ (2.4) $ (8.5)
Litigation settlements and reserves, net (0.2) 0.2
Foreign exchange net (gains) losses (3.3) 8.4
Loss (income) from unconsolidated affiliates 0.1 (0.4)
Other, net 5.1 2.2
Other operating (income) expenses, net $ (0.7) $ 1.9
Interest expense, net
Interest expense, net, decreased due to a net decrease in borrowings and interest rates during the period. The weighted average interest rate for Fiscal 2010
was 4.7%, which included the effect of interest rate swaps on an average of 73% of our term debt. The weighted average interest rate Fiscal 2009 was 5.1%,
which included the effect of interest rate swaps on an average of 71% of our term debt.
Income tax expense
Our effective tax rate was 34.3% in Fiscal 2010 compared to 29.7% in Fiscal 2009 primarily due to the resolution of certain federal and state audits and
realized tax benefits from the dissolution of dormant foreign entities.
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Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠