Pizza Hut 2009 Annual Report Download - page 137
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46
Unallocated and corporate expenses increased 26% in 2008 due to costs associated with the U.S. business transformation
measures, partially offset by lower annual incentive compensation expenses.
Unallocated impairment expense in 2009 includes a $26 million charge related to a goodwill impairment charge related to
LJS/A&W U.S. goodwill.
Unallocated Other income (expense) in 2009 includes a $68 million gain recognized upon acquisition of additional
ownership in, and consolidation of, the entity that operates KFCs in Shanghai, China, and 2008 includes a $100 million
gain recognized on the sale of our interest in our unconsolidated affiliate in Japan. See Note 5.
Interest Expense, Net
2009 2008 2007
Interest expense $ 212 $ 253 $ 199
Interest income (18 ) (27 ) (33 )
Interest expense, net $ 194 $ 226 $ 166
Interest expense, net decreased $32 million or 14% in 2009. The decrease was driven by a decline in interest rates on the
variable portion of our debt and a decrease in borrowings as compared to prior year.
Interest expense, net increased $60 million or 36% in 2008. The increase was driven by an increase in borrowings in 2008
compared to 2007, partially offset by a decrease in interest rates on the variable portion of our debt.
Income Taxes
2009 2008 2007
Reported
Income taxes $ 313
$ 319
$ 282
Effective tax rate 22.4 % 24.7 %
23.7 %
Form 10-K