Burger King 2012 Annual Report Download - page 87
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Table of Contents
Prepaid and other current assets, net consist of the following (in millions):
Prepaid expenses $23.3 $18.5
Refundable and prepaid income taxes 28.5 21.1
Inventories 6.7 13.7
Deferred financing costs — current portion 8.9 12.6
Assets held for sale 23.9 —
Interest rate caps — current portion — 3.3
Total Prepaids and other current assets $ 91.3 $69.2
At December 31, 2012, assets held for sale consisted primarily of goodwill and machinery and equipment to be sold in connection with refranchisings.
We did not have assets classified as held for sale at December 31, 2011.
Property and equipment, net, along with their estimated useful lives, consist of the following (in millions):
Land $446.7 $450.0
Buildings and improvements(1) (up to 40 years) 486.3 468.7
Machinery and equipment(2) (up to 18 years) 69.4 157.4
Furniture, fixtures, and other (up to 10 years) 51.1 40.9
Construction in progress 32.5 59.6
1,086.0 1,176.6
Accumulated depreciation and amortization(3) (200.8) (150.1)
Property and equipment, net $885.2 $1,026.5
(1) Buildings and improvements include assets under capital leases of $65.9 million as of December 31, 2012 and $54.3 million as of December 31,
2011.
(2) Machinery and equipment include assets under capital leases of $3.7 million as of December 31, 2012 and $0.2 million as of December 31, 2011.
(3) Accumulated depreciation related to assets under capital leases totaled $25.6 million as of December 31, 2012 and $14.2 million as of December 31,
2011.
Depreciation and amortization expense on property and equipment totaled $102.2 million for 2012, $124.6 million for 2011, $25.5 million for the
period of October 19, 2010 to December 31, 2010, $33.2 million for the period of July 1, 2010 to October 18, 2010 and $120.6 million for Fiscal 2010.
Construction in progress represents new restaurant and equipment construction, reimaging of restaurants and software.
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Source: Burger King Worldwide, Inc., 10-K, February 22, 2013 Powered by Morningstar® Document Research℠
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