Pizza Hut 2009 Annual Report Download - page 120
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29
The Company uses earnings before Special Items as a key performance measure of results of operations for the purpose of
evaluating performance internally. This non-GAAP measurement is not intended to replace the presentation of our
financial results in accordance with GAAP. Rather, the Company believes that the presentation of earnings before Special
Items provides additional information to investors to facilitate the comparison of past and present operations, excluding
items in 2009 and 2008 that the Company does not believe are indicative of our ongoing operations due to their size
and/or nature.
Year
12/26/09 12/27/08
Detail of Special Items
U.S. Refranchising gain (loss) $ 34
$ (5)
Long John Silver’s/A&W U.S. Goodwill impairment charge (26) —
Charges relating to U.S. G&A productivity initiatives and realignment of resources (16) (49)
Investments in our U.S. Brands (32) (7)
Gain upon consolidation of a former unconsolidated affiliate in China 68 —
Loss as a result of our offer to refranchise an equity market outside the U.S. (10)
—
Gain upon the sale of our interest in our Japan unconsolidated affiliate — 100
Total Special Items Income (Expense) 18 39
Tax Benefit (Expense) on Special Items(a) 5 (14)
Special Items Income (Expense), net of tax $ 23 $ 25
Average diluted shares outstanding 483 491
Special Items diluted EPS $ 0.05 $ 0.05
Reconciliation of Operating Profit Before Special Items to Reported Operating Profit
Operating Profit before Special Items $ 1,572 $ 1,478
Special Items Income (Expense) 18 39
Reported Operating Profit $ 1,590 $ 1,517
Reconciliation of EPS Before Special Items to Reported EPS
Diluted EPS before Special Items $ 2.17 $ 1.91
Special Items EPS 0.05 0.05
Reported EPS $ 2.22 $ 1.96
Reconciliation of Effective Tax Rate Before Special Items to Reported Effective Tax
Rate
Effective Tax Rate before Special Items 23.1% 24.3%
Impact on Tax Rate as a result of Special Items(a) (0.7)% 0.4%
Reported Effective Tax Rate 22.4% 24.7%
(a) The tax benefit (expense) was determined based upon the impact of the nature, as well as the jurisdiction of the
respective individual components within Special Items.
Form 10-K