Burger King 2011 Annual Report Download - page 88

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Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
Amounts recorded in the consolidated statements of operations representing our contributions to the Savings Plan and the ERP on behalf of restaurant and
corporate employees for 2011 was $4.2 million, $0.8 million for the period of October 19, 2010 through December 31, 2010, $2.7 million for the period of
July 1, 2010 through October 18, 2010, $6.7 million for Fiscal 2010 and $6.4 million for Fiscal 2009. Our contributions made on behalf of restaurant employees
are classified as payroll and employee benefit expenses in our consolidated statements of operations, while our contributions made on behalf of corporate
employees are classified as selling, general and administrative expenses in our consolidated statements of operations.
New Accounting Pronouncements
In July 2010, the FASB issued an accounting standards update that amends accounting guidance for receivables by requiring additional disclosures about
the credit quality of financing receivables and the related allowance for credit losses. The amendments in this accounting standards update are effective for
annual reporting periods ending on or after December 31, 2011, which for us was December 31, 2011. The adoption of the amendments in this accounting
standard update did not have a significant impact on our consolidated financial position, results of operations or cash flows.
Note 3. Trade and Notes Receivable, net
Trade and notes receivable, net, consists of the following (in millions):
Successor Predecessor
As of December 31, As of June 30,
2011 2010 2010
Trade accounts receivable $ 173.5 $ 167.7 $ 158.7
Notes receivable, current portion 0.6 6.5 4.8
174.1 174.2 163.5
Allowance for doubtful accounts (21.3) (20.7) (20.6)
Total, net $ 152.8 $ 153.5 $ 142.9
The change in allowances for doubtful accounts is as follows (in millions):
Successor Predecessor
2011
October 19, 2010 to
December 31, 2010
July 1, 2010 to
October 18, 2010 Fiscal 2010 Fiscal 2009
Beginning balance $ 20.7 $ 21.0 $ 20.6 $ 21.8 $ 23.0
Bad debt expense (recoveries), net 6.1 2.8 2.1 0.8 0.7
Write-offs and other (5.5) (3.1) (1.7) (2.0) (1.9)
Ending balance $ 21.3 $ 20.7 $ 21.0 $ 20.6 $ 21.8
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Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠