Our unallocated corporate expenses include stock compensation, pension and contribution to the Graco Foundation as well as acquisition transaction cost. Acquisition expenses were $7 million in total for the quarter this year, an increase of $5 million from the prior year. We see unallocated corporate expense running at $5.5 million to $6 million per quarter going forward. Included in other income are $4 million of dividend, post tax, received from the Liquid Finishing business as required to be held separate from Graco and which is accounted for as a cost method investment. Interest expense increased $4 million for the quarter due to higher levels of borrowings. The effective tax rate of 32% is consistent with the second quarter last year. This year's rate is reduced by the effect of the investment income from the Liquid Finishing business that is held separate. Last year's rate was reduced by the effect of the federal R&D credit that is not available in 2012. Again, there is additional detail in the slides that accompany our call and note the major items that affected the quarter.

Read the rest of this transcript for free on seekingalpha.com

If you liked this article you might like

These 5 Stocks Are About to Turn Toxic

Here's Why These Four Stocks Are Poised to Climb Higher

Here are Four Stocks That Could Rebound This Fall

Market Seems Quite Illiquid, So Watch Out

Sell These 5 Stocks Now Before It's Too Late