2000 Non-Employee Director Stock Option Plan (the “Director Stock Option Plan”), and the Global Payments Inc.  2011 Incentive Plan (the “2011 Plan”) (collectively, the “Plans”).
We made no further grants under the 2000 Plan after the 2005 Plan was effective, and the Director Stock Option Plan expired by its terms on February 1, 2011.
We will make no future grants under the 2000 Plan, the 2005 Plan or the Director Stock Option Plan.
The 2011 Plan permits grants of equity to employees, officers, directors and consultants.
A total of 14.0 million shares of our common stock was reserved and made available for issuance pursuant to awards granted under the 2011 Plan.
The following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options (in thousands):
## Table 0 ##
We grant various share-based awards pursuant to the Plans under what we refer to as our “long-term incentive plan.
” The awards are held in escrow and released upon the grantee’s satisfaction of conditions of the award certificate.
Restricted Stock Restricted stock awards vest over a period of time, provided, however, that if the grantee is not employed by us on the vesting date, the shares are forfeited.
Restricted shares cannot be sold or transferred until they have vested.
Restricted stock granted before fiscal 2015 vests in equal installments on each of the first four anniversaries of the grant date.
Restricted stock granted during fiscal 2015 and thereafter either vest in equal installments on each of the first three anniversaries of the grant date or cliff vest at the end of a three-year service period.
The grant date fair value of restricted stock, which is based on the quoted market value of our common stock at the closing of the award date, is recognized as share-based compensation expense on a straight-line basis over the vesting period.
Performance Units Certain of our executives have been granted performance units under our long-term incentive plan.
Performance units are performance-based restricted stock units that, after a performance period, convert into common shares, which may be restricted.
The number of shares is dependent upon the achievement of certain performance measures during the performance period.
The target number of performance units and any market-based performance measures (“at threshold,” “target,” and “maximum”) are set by the Compensation Committee of our Board of Directors.
Performance units are converted only after the Compensation Committee certifies performance based on pre-established goals.
The performance units granted to certain executives in fiscal 2014 were based on a one-year performance period.
After the Compensation Committee certified the performance results, 25% of the performance units converted to unrestricted shares.
The remaining 75% converted to restricted shares that vest in equal installments on each of the first three anniversaries of the conversion date.
The performance units granted to certain executives during fiscal 2015 and fiscal 2016 were based on a three-year performance period.
After the Compensation Committee certifies the performance results for the three-year period, performance units earned will convert into unrestricted common stock.
The Compensation Committee may set a range of possible performance-based outcomes for performance units.
Depending on the achievement of the performance measures, the grantee may earn up to 200% of the target number of shares.
For awards with only performance conditions, we recognize compensation expense on a straight-line basis over the performance period using the grant date fair value of the award, which is based on the number of shares expected to be earned according to the level of achievement of performance goals.
If the number of shares expected to be earned were to change at any time during the performance period, we would make a cumulative adjustment to share-based compensation expense based on the revised number of shares expected to be earned.
The Company uses foreign currency debt and derivatives to hedge the foreign currency risk associated with certain royalties, intercompany fi nancings and long-term investments in foreign subsidiaries and affi liates.
This reduces the impact of fl uctuating foreign currencies on cash fl ows and shareholders’ equity.
Total foreign currency-denominated debt, including the effects of foreign currency exchange agreements, was $6.1 billion and $6.8 billion at December 31, 2007 and 2006, respectively.
In addition, where practical, the Company’s restaurants purchase goods and services in local currencies resulting in natural hedges.
The Company does not have signifi cant exposure to any individual counterparty and has master agreements that contain netting arrangements.
Certain of these agreements also require each party to post collateral if credit ratings fall below, or aggregate exposures exceed, certain contractual limits.
At December 31, 2007 and 2006, the Company was required to post collateral of $55 million and $49 million, respectively, which was used to reduce the carrying value of the derivatives recorded in other long-term liabilities.
The Company’s net asset exposure is diversifi ed among a broad basket of currencies.
The Company’s largest net asset exposures (defi ned as foreign currency assets less foreign currency liabilities) at year end were as follows:
## Table 1 ##
The Company prepared sensitivity analyses of its fi nancial instruments to determine the impact of hypothetical changes in interest rates and foreign currency exchange rates on the Company’s results of operations, cash fl ows and the fair value of its fi nancial instruments.
The interest rate analysis assumed a one percentage point adverse change in interest rates on all fi nancial instruments but did not consider the effects of the reduced level of economic activity that could exist in such an environment.
The foreign currency rate analysis assumed that each foreign currency rate would change by 10% in the same direction relative to the U. S.  Dollar on all fi nancial instruments; however, the analysis did not include the potential impact on sales levels, local currency prices or the effect of fl uctuating currencies on the Company’s anticipated foreign currency royalties and other payments received in the U. S.  Based on the results of these analyses of the Company’s fi nancial instruments, neither a one percentage point adverse change in interest rates from 2007 levels nor a 10% adverse change in foreign currency rates from 2007 levels would materially affect the Company’s results of operations, cash fl ows or the fair value of its fi nancial instruments.
Contractual obligations and commitments The Company has long-term contractual obligations primarily in the form of lease obligations (related to both Companyoperated and franchised restaurants) and debt obligations.
In addition, the Company has long-term revenue and cash fl ow streams that relate to its franchise arrangements.
Cash provided by operations (including cash provided by these franchise arrangements) along with the Company’s borrowing capacity and other sources of cash will be used to satisfy the obligations.
The following table summarizes the Company’s contractual obligations and their aggregate maturities as well as future minimum rent payments due to the Company under existing franchise arrangements as of December 31, 2007.
(See discussions of cash fl ows and fi nancial position and capital resources as well as the Notes to the consolidated fi nancial statements for further details. )
## Table 2 ##
(1) The maturities refl ect reclassifi cations of short-term obligations to long-term obligations of $1.3 billion, as they are supported by a long-term line of credit agreement expiring in 2012.
Debt obligations do not include $85 million of SFAS No.133 noncash fair value adjustments because these adjustments have no impact on the obligation at maturity, as well as $148 million of accrued interest.
The Company maintains certain supplemental benefi t plans that allow participants to (i) make tax-deferred contributions and (ii) receive Company-provided allocations that cannot be made under the qualifi ed benefi t plans because of IRS limitations.
The investment alternatives and returns are based on certain market-rate investment alternatives under the Company’s qualifi ed Profi t Sharing and Savings Plan.
Total liabilities for the supplemental plans were $415 million at December 31, 2007 and $379 million at December 31, 2006 and were included in other long-term liabilities in the Consolidated balance sheet.
Also included in other long-term liabilities at December 31, 2007 were gross unrecognized tax benefi ts of $250 million and liabilities for international retirement plans of $129 million.
In connection with the Latam transaction, the Company has agreed to indemnify the buyers for certain tax and other claims, certain of which are refl ected as liabilities in McDonald’s Consolidated balance sheet totaling $179 million at year-end 2007.
OTHER MATTERS Critical accounting policies and estimates Management’s discussion and analysis of fi nancial condition and results of operations is based upon the Company’s consolidated fi nancial statements, which have been prepared in accordance with accounting principles generally accepted in the U. S.  The preparation of these fi nancial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures.
On an ongoing basis, the Company evaluates its estimates and judgments based on historical experience and various other factors that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates under various assumptions or conditions.
Consolidated Operating Results
## Table 3 ##
nm Not meaningful.
IMPACT OF FOREIGN CURRENCY TRANSLATION ON REPORTED RESULTS While changing foreign currencies affect reported results, McDonald’s mitigates exposures, where practical, by financing in local currencies, hedging certain foreign-denominated cash flows, and purchasing goods and services in local currencies.
In 2010, foreign currency translation had a positive impact on consolidated operating results driven by stronger global curren cies, primarily the Australian Dollar and Canadian Dollar, partly offset by the weaker Euro.
In 2009, foreign currency translation had a negative impact on consolidated operating results, primarily driven by the Euro, British Pound, Russian Ruble, Australian Dollar and Canadian Dollar.
In 2008, foreign currency translation had a positive impact on consolidated operating results, driven by the stronger Euro and most other currencies, partly offset by the weaker British Pound.
Impact of foreign currency translation on reported results
## Table 4 ##
NET INCOME AND DILUTED EARNINGS PER COMMON SHARE In 2010, net income and diluted earnings per common share were $4.9 billion and $4.58.
Results for the year included after tax charges due to Impairment and other charges (credits), net of $25 million or $0.02 per share, primarily related to the Company’s share of restaurant closing costs in McDonald’s Japan (a 50%-owned affiliate) in conjunction with the first quarter strategic review of the market’s restaurant portfolio, partly offset by income related to the resolution of certain liabilities retained in connection with the 2007 Latin America developmental license transaction.
Foreign currency translation had a positive impact of $0.01 per share on diluted earnings per share for the year.
In 2009, net income and diluted earnings per common share were $4.6 billion and $4.11.
Results benefited by after tax income due to Impairment and other charges (credits), net of $91 million or $0.08 per share, primarily due to the resolution of
CONTRACTUAL OBLIGATIONS AND COMMITMENTS The Company has long-term contractual obligations primarily in the form of lease obligations (related to both Company-operated and franchised restaurants) and debt obligations.
In addition, the Company has long-term revenue and cash flow streams that relate to its franchise arrangements.
Cash provided by operations (including cash provided by these franchise arrangements) along with the Company’s borrowing capacity and other sources of cash will be used to satisfy the obligations.
The following table summarizes the Company’s contractual obligations and their aggregate maturities as well as future minimum rent payments due to the Company under existing franchise arrangements as of December 31, 2010.
See discussions of cash flows and financial position and capital resources as well as the Notes to the consolidated financial statements for further details.
## Table 5 ##
(1) The maturities reflect reclassifications of short-term obligations to long-term obligations of $1.2 billion, as they are supported by a long-term line of credit agreement expiring in March 2012.
Debt obligations do not include $77 million of noncash fair value hedging adjustments or $201 million of accrued interest.
The Company maintains certain supplemental benefit plans that allow participants to (i) make tax-deferred contributions and (ii) receive Company-provided allocations that cannot be made under the qualified benefit plans because of IRS limitations.
At December 31, 2010, total liabilities for the supplemental plans were $439 million.
In addition, total liabilities for international retirement plans were $153 million and the Company recorded gross unrecognized tax benefits of $573 million.
Other Matters CRITICAL ACCOUNTING POLICIES AND ESTIMATES Management’s discussion and analysis of financial condition and results of operations is based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the U. S.  The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures.
On an ongoing basis, the Company evaluates its estimates and judgments based on historical experience and various other factors that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates under various assumptions or conditions.
The Company reviews its financial reporting and disclosure practices and accounting policies quarterly to ensure that they provide accurate and transparent information relative to the current economic and business environment.
The Company believes that of its significant accounting policies, the following involve a higher degree of judgment and/or complexity: ?
Property and equipment Property and equipment are depreciated or amortized on a straight-line basis over their useful lives based on management’s estimates of the period over which the assets will generate revenue (not to exceed lease term plus options for leased property).
The useful lives are estimated based on historical experience with similar assets, taking into account anticipated technological or other changes.
The Company periodically reviews these lives relative to physical factors, economic factors and industry trends.
If there are changes in the planned use of property and equipment, or if technological changes occur more rapidly than anticipated, the useful lives assigned to these assets may need to be shortened, resulting in the accelerated recognition of depreciation and amortization expense or write-offs in future periods.  ?
Share-based compensation The Company has a share-based compensation plan which authorizes the granting of various equity-based incentives including stock options and restricted stock units (RSUs) to employees and nonemployee directors.
The expense for these equity-based incentives is based on their fair value at date of grant and generally amortized over their vesting period.
The fair value of each stock option granted is estimated on the date of grant using a closed-form pricing model.
The pricing model requires assumptions, which impact the assumed fair value, including the expected life of the stock option, the risk-free interest rate, expected volatility of the Company’s stock over the expected life and the expected dividend yield.
The Company uses historical data to determine these assumptions and if these assumptions change significantly for future grants, share-based compensation expense will fluctuate in future years.
The fair value of each RSU granted is equal to the market price of the Company’s stock at date of grant less the present value of expected dividends over the vesting period.  ?
Long-lived assets impairment review Long-lived assets (including goodwill) are reviewed for impairment annually in the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
In assessing the recoverability of the Company’s long-lived assets, the Company considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors.
Estimates of future cash flows are highly subjective judgments based on the Company’s experience and knowledge of its operations.
These estimates can be significantly impacted by many factors including changes in global and local business and economic conditions, operating costs, inflation, competition, and consumer and demographic trends.
A key assumption impacting estimated future cash flows is the estimated change in comparable sales.
If the Company’s estimates or underlying assumptions change in the future, the Company may be required to record impairment
Notes to Consolidated Financial Statements Summary of Significant Accounting Policies NATURE OF BUSINESS The Company franchises and operates McDonald’s restaurants in the global restaurant industry.
All restaurants are operated either by the Company or by franchisees, including conventional franchisees under franchise arrangements, and foreign affiliates and developmental licensees under license agreements.
The following table presents restaurant information by ownership type:
## Table 6 ##
CONSOLIDATION The consolidated financial statements include the accounts of the Company and its subsidiaries.
Investments in affiliates owned 50% or less (primarily McDonald’s Japan) are accounted for by the equity method.
In June 2009, the Financial Accounting Standards Board (FASB) issued amendments to the guidance on variable interest entities and consolidation, codified primarily in the Consolidation Topic of the FASB Accounting Standards Codification (ASC).
This guidance modifies the method for determining whether an entity is a variable interest entity as well as the methods permitted for determining the primary beneficiary of a variable interest entity.
In addition, this guidance requires ongoing reassessments of whether a company is the primary beneficiary of a variable interest entity and enhanced disclosures related to a company’s involvement with a variable interest entity.
The Company adopted this guidance as of January 1, 2010.
On an ongoing basis, the Company evaluates its business relationships such as those with franchisees, joint venture partners, developmental licensees, suppliers, and advertising cooperatives to identify potential variable interest entities.
Generally, these businesses qualify for a scope exception under the consolidation guidance.
The Company has concluded that consolidation of any such entity is not appropriate for the periods presented.
As a result, the adoption did not have any impact on the Company’s consolidated financial statements.
ESTIMATES IN FINANCIAL STATEMENTS The preparation of financial statements in conformity with accounting principles generally accepted in the U. S.  requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
REVENUE RECOGNITION The Company’s revenues consist of sales by Company-operated restaurants and fees from franchised restaurants operated by conventional franchisees, developmental licensees and foreign affiliates.
Sales by Company-operated restaurants are recognized on a cash basis.
The Company presents sales net of sales tax and other sales-related taxes.
Revenues from conventional franchised restaurants include rent and royalties based on a percent of sales with minimum rent payments, and initial fees.
Revenues from restaurants licensed to foreign affiliates and developmental licensees include a royalty based on a percent of sales, and may include initial fees.
Continuing rent and royalties are recognized in the period earned.
Initial fees are recognized upon opening of a restaurant or granting of a new franchise term, which is when the Company has performed substantially all initial services required by the franchise arrangement.
FOREIGN CURRENCY TRANSLATION Generally, the functional currency of operations outside the U. S.  is the respective local currency.
ADVERTISING COSTS Advertising costs included in operating expenses of Companyoperated restaurants primarily consist of contributions to advertising cooperatives and were (in millions): 2010–$687.0; 2009–$650.8; 2008–$703.4.
Production costs for radio and television advertising are expensed when the commercials are initially aired.
These production costs, primarily in the U. S. , as well as other marketing-related expenses included in selling, general & administrative expenses were (in millions): 2010–$94.5; 2009–$94.7; 2008–$79.2.
In addition, significant advertising costs are incurred by franchisees through contributions to advertising cooperatives in individual markets.
SHARE-BASED COMPENSATION Share-based compensation includes the portion vesting of all share-based payments granted based on the grant date fair value.
Share-based compensation expense and the effect on diluted earnings per common share were as follows:

<table><tr><td></td><td>2016</td><td>2015 (in thousands)</td><td>2014</td></tr><tr><td>Share-based compensation expense</td><td>$30,809</td><td>$21,056</td><td>$29,793</td></tr><tr><td>Income tax benefit</td><td>$9,879</td><td>$6,907</td><td>$7,126</td></tr></table>
<table><tr><td><i>IN MILLIONS OF U.S. DOLLARS</i></td><td>2007</td><td>2006</td></tr><tr><td>Euro</td><td>$3,999</td><td>$2,758</td></tr><tr><td>Australian Dollars</td><td>1,147</td><td>837</td></tr><tr><td>Canadian Dollars</td><td>929</td><td>1,099</td></tr><tr><td>British Pounds Sterling</td><td>634</td><td>770</td></tr><tr><td>Russian Ruble</td><td>463</td><td>359</td></tr></table>
<table><tr><td></td><td colspan="2"><i>Contractual cash outflows</i></td><td><i></i></td><td rowspan="3"><i>Contractual cash inflows</i> <i>Minimum rent under</i> <i>franchise arrangements</i></td></tr><tr><td></td><td rowspan="2"><i>Operating</i> <i>leases</i></td><td rowspan="2"><i>Debt</i> <i>obligations<sup></sup></i></td><td><i></i></td></tr><tr><td><i>IN MILLIONS</i></td><td><i><sup>-1</sup></i></td></tr><tr><td>2008</td><td>$ 1,054</td><td>$ 1,991</td><td></td><td>$ 2,054</td></tr><tr><td>2009</td><td>974</td><td>449</td><td></td><td>1,990</td></tr><tr><td>2010</td><td>898</td><td>540</td><td></td><td>1,920</td></tr><tr><td>2011</td><td>822</td><td>552</td><td></td><td>1,834</td></tr><tr><td>2012</td><td>757</td><td>2,217</td><td></td><td>1,768</td></tr><tr><td>Thereafter</td><td>6,009</td><td>3,467</td><td></td><td>12,532</td></tr><tr><td>Total</td><td>$ 10,514</td><td>$ 9,216</td><td></td><td>$ 22,098</td></tr></table>
<table><tr><td></td><td colspan="2">2010</td><td colspan="2">2009</td><td rowspan="2">2008 Amount</td></tr><tr><td><i>Dollars in millions, except per share data</i></td><td>Amount</td><td>Increase/ (decrease)</td><td>Amount</td><td>Increase/ (decrease)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales by Company-operated restaurants</td><td>$16,233</td><td>5%</td><td>$15,459</td><td>-7%</td><td>$16,561</td></tr><tr><td>Revenues from franchised restaurants</td><td>7,842</td><td>8</td><td>7,286</td><td>5</td><td>6,961</td></tr><tr><td> Total revenues</td><td>24,075</td><td>6</td><td>22,745</td><td>-3</td><td>23,522</td></tr><tr><td> Operating costs and expenses</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Company-operated restaurant expenses</td><td>13,060</td><td>3</td><td>12,651</td><td>-7</td><td>13,653</td></tr><tr><td>Franchised restaurants—occupancy expenses</td><td>1,378</td><td>6</td><td>1,302</td><td>6</td><td>1,230</td></tr><tr><td>Selling, general & administrative expenses</td><td>2,333</td><td>4</td><td>2,234</td><td>-5</td><td>2,355</td></tr><tr><td>Impairment and other charges (credits), net</td><td>29</td><td>nm</td><td>-61</td><td>nm</td><td>6</td></tr><tr><td>Other operating (income) expense, net</td><td>-198</td><td>11</td><td>-222</td><td>-35</td><td>-165</td></tr><tr><td> Total operating costs and expenses</td><td>16,602</td><td>4</td><td>15,904</td><td>-7</td><td>17,079</td></tr><tr><td> Operating income</td><td>7,473</td><td>9</td><td>6,841</td><td>6</td><td>6,443</td></tr><tr><td>Interest expense</td><td>451</td><td>-5</td><td>473</td><td>-9</td><td>523</td></tr><tr><td>Nonoperating (income) expense, net</td><td>22</td><td>nm</td><td>-24</td><td>69</td><td>-78</td></tr><tr><td>Gain on sale of investment</td><td></td><td>nm</td><td>-95</td><td>41</td><td>-160</td></tr><tr><td> Income before provision for income taxes</td><td>7,000</td><td>8</td><td>6,487</td><td>5</td><td>6,158</td></tr><tr><td>Provision for income taxes</td><td>2,054</td><td>6</td><td>1,936</td><td>5</td><td>1,845</td></tr><tr><td> Net income</td><td>$4,946</td><td>9%</td><td>$4,551</td><td>6%</td><td>$4,313</td></tr><tr><td> Earnings per common share—diluted</td><td>$4.58</td><td>11%</td><td>$4.11</td><td>9%</td><td>$3.76</td></tr><tr><td> Weighted-average common shares outstanding—diluted</td><td>1,080.3</td><td></td><td>1,107.4</td><td></td><td>1,146.0</td></tr></table>
<table><tr><td></td><td></td><td colspan="2"><i>Reported amount</i></td><td colspan="3">Currency translation benefit/(cost)</td></tr><tr><td><i>In millions, except per share data</i></td><td> <i>2010</i></td><td><i>2009</i></td><td><i>2008</i></td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Revenues</td><td>$24,075</td><td>$22,745</td><td>$23,522</td><td>$188</td><td>$-1,340</td><td>$441</td></tr><tr><td>Company-operated margins</td><td>3,173</td><td>2,807</td><td>2,908</td><td>35</td><td>-178</td><td>63</td></tr><tr><td>Franchised margins</td><td>6,464</td><td>5,985</td><td>5,731</td><td>-14</td><td>-176</td><td>120</td></tr><tr><td>Selling, general & administrative expenses</td><td>2,333</td><td>2,234</td><td>2,355</td><td>-12</td><td>75</td><td>-21</td></tr><tr><td>Operating income</td><td>7,473</td><td>6,841</td><td>6,443</td><td>13</td><td>-273</td><td>163</td></tr><tr><td>Net income</td><td>4,946</td><td>4,551</td><td>4,313</td><td>13</td><td>-164</td><td>103</td></tr><tr><td>Earnings per common share—diluted</td><td>4.58</td><td>4.11</td><td>3.76</td><td>0.01</td><td>-0.15</td><td>0.09</td></tr></table>
<table><tr><td></td><td colspan="2"><i>Contractual cash outflows</i></td><td rowspan="2"><i>Contractual cash inflows</i> <i>Minimum rent underfranchise arrangements</i></td></tr><tr><td><i>In millions</i></td><td><i>Operatingleases</i></td><td><i>Debtobligations<sup>-1</sup></i></td></tr><tr><td>2011</td><td>$1,200</td><td>$8</td><td>$2,349</td></tr><tr><td>2012</td><td>1,116</td><td>2,212</td><td>2,289</td></tr><tr><td>2013</td><td>1,034</td><td>1,007</td><td>2,216</td></tr><tr><td>2014</td><td>926</td><td>708</td><td>2,120</td></tr><tr><td>2015</td><td>827</td><td>675</td><td>2,001</td></tr><tr><td>Thereafter</td><td>6,018</td><td>6,818</td><td>15,379</td></tr><tr><td>Total</td><td>$11,121</td><td>$11,428</td><td>$26,354</td></tr></table>
<table><tr><td><i>Restaurants at December 31,</i></td><td> <i>2010</i></td><td><i>2009</i></td><td><i>2008</i></td></tr><tr><td>Conventional franchised</td><td> 19,279</td><td>19,020</td><td>18,402</td></tr><tr><td>Developmental licensed</td><td> 3,485</td><td>3,160</td><td>2,926</td></tr><tr><td>Foreign affiliated</td><td> 3,574</td><td>4,036</td><td>4,137</td></tr><tr><td>Franchised</td><td> 26,338</td><td>26,216</td><td>25,465</td></tr><tr><td>Company-operated</td><td> 6,399</td><td>6,262</td><td>6,502</td></tr><tr><td> Systemwide restaurants</td><td> 32,737</td><td>32,478</td><td>31,967</td></tr></table>

Question: Which year is Interest expense for Amount the least?
Answer: 2010