Pizza Hut 2009 Annual Report Download - page 197
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106
Note 20 – Reportable Operating Segments
We are principally engaged in developing, operating, franchising and licensing the worldwide KFC, Pizza Hut, Taco Bell,
LJS and A&W concepts. KFC, Pizza Hut, Taco Bell, LJS and A&W operate in 108, 92, 20, 6 and 9 countries and
territories, respectively. Our five largest international markets based on operating profit in 2009 are China, Asia
Franchise, Australia, United Kingdom, and Latin America Franchise.
We identify our operating segments based on management responsibility. The China Division includes mainland China,
Thailand and KFC Taiwan, and YRI includes the remainder of our international operations. In the U.S., we consider LJS
and A&W to be a single operating segment. We consider our KFC, Pizza Hut, Taco Bell and LJS/A&W operating
segments in the U.S. to be similar and therefore have aggregated them into a single reportable operating segment.
Reported segment results for 2008 and 2007 have been restated to be consistent with current period presentation (See
Note 2).
Revenues
2009 2008 2007
U.S. $ 4,473 $ 5,132 $ 5,202
YRI(a) 2,713 3,044 3,089
China Division(a) 3,682 3,128 2,144
Unallocated(b)(c) (32
)
—
—
$ 10,836 $ 11,304 $ 10,435
Operating Profit; Interest Expense, Net; and
Income Before Income Taxes
2009 2008 2007
U.S. $ 647 $ 641 $ 685
YRI 491 522 474
China Division(d) 602 480 375
Unallocated Franchise and license fees and income(b)(c) (32
)
— —
Unallocated and corporate expenses(c)(e) (189
)
(248 ) (197 )
Unallocated Impairment expense(c)(f) (26
)
—
—
Unallocated Other income (expense)(c)(g) 71 117 9
Unallocated Refranchising gain (loss)(c) 26 5 11
Operating Profit 1,590 1,517 1,357
Interest expense, net (194
)
(226 ) (166 )
Income Before Income Taxes $ 1,396 $ 1,291 $ 1,191
Form 10-K