Popeye's 2015 Annual Report Download - page 81
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Popeyes Louisiana Kitchen, Inc.
Notes to Consolidated Financial Statements
For Fiscal Years 2015, 2014, and 2013 — (Continued)
Note 17 — Interest Expense, Net
(in millions) 2015 2014 2013
Interest on debt $ 2.7 $ 1.6 $ 2.4
Reclassification adjustment for derivative losses 0.2 0.8 —
Amortization and write-offs of debt issuance costs 0.2 0.2 0.8
Other debt related charges, net 0.6 0.4 0.5
Total $ 3.7 $ 3.0 $ 3.7
Interest expense, net was $3.7 million in 2015, a $0.7 million increase from 2014 . This increase was primarily due to a
higher outstanding debt balance under the 2013 Revolving Credit Facility during 2015 and higher effective interest rates
under our credit facility after consideration of the impacts from interest rate swap agreements.
Note 18 — Income Taxes
Total income taxes for fiscal years 2015, 2014, and 2013, were allocated as follows:
(in millions) 2015 2014 2013
Income taxes in the statements of operations, net $ 26.5 $ 23.8 $ 20.4
Income taxes charged (credited) to statements of shareholders’ equity:
Compensation expense for tax purposes in excess of amounts recognized for financial
reporting purposes (7.6)(2.6)(3.4)
Other comprehensive income (0.1) 0.3 0.2
Total $ 18.8 $ 21.5 $ 17.2
Total U.S. and foreign income before income taxes for fiscal years 2015, 2014, and 2013, were as follows:
(in millions) 2015 2014 2013
United States $ 63.7 $ 54.7 $ 49.5
Foreign 6.9 7.1 5.0
Total $ 70.6 $ 61.8 $ 54.5
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