Burger King 2013 Annual Report Download - page 76
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Table of Contents
The change in allowances for doubtful accounts is as follows (in millions):
Beginning balance $ 19.7 $ 21.3
Bad debt expense (recoveries), net 2.0 (0.8)
Write-offs and other (5.9) (0.8)
Ending balance $15.8 $19.7
Prepaid and other current assets, net consist of the following (in millions):
Prepaid expenses $ 34.2 $ 23.3
Refundable and prepaid income taxes 25.3 28.5
Inventories 1.2 6.7
Deferred financing costs - current portion 9.1 8.9
Assets held for sale — 23.9
Total Prepaids and other current assets $69.8 $ 91.3
At December 31, 2012, assets held for sale consisted primarily of goodwill and machinery and equipment to be sold in connection with refranchisings.
Property and equipment, net, along with their estimated useful lives, consist of the following (in millions):
Land $ 444.3 $ 446.7
Buildings and improvements (1) (up to 40 years) 431.6 469.7
Machinery and equipment (2) (up to 18 years) 26.2 69.4
Furniture, fixtures, and other (up to 10 years) 68.3 51.1
Construction in progress 19.0 32.5
989.4 1,069.4
Accumulated depreciation and amortization (3) (187.9) (184.2)
Property and equipment, net $ 801.5 $885.2
(1) Buildings and improvements include assets under capital leases of $47.9 million as of December 31, 2013 and $49.3 million as of December 31, 2012.
(2) Machinery and equipment include assets under capital leases of $2.1 million as of December 31, 2013 and $3.7 million as of December 31, 2012.
(3) Accumulated depreciation related to assets under capital leases totaled $13.6 million as of December 31, 2013 and $9.0 million as of December 31,
2012.
Depreciation and amortization expense on property and equipment totaled $49.7 million for 2013, $102.2 million for 2012 and $124.6 million for
2011.
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 21, 2014 Powered by Morningstar® Document Research℠
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