Dunkin' Donuts 2012 Annual Report Download - page 75

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-65-
advertising in certain markets. The Company also made net contributions to the advertising funds of $808 thousand, $289
thousand, and $537 thousand for fiscal years 2012, 2011, and 2010, respectively, based on retail sales as owner and operator of
company-owned restaurants.
(5) Property and equipment
Property and equipment at December 29, 2012 and December 31, 2011 consisted of the following (in thousands):
December 29,
2012
December 31,
2011
Land $ 31,080 30,706
Buildings 45,447 43,380
Leasehold improvements 158,797 161,167
Store, production, and other equipment 50,046 50,105
Construction in progress 5,549 3,543
Property and equipment, gross 290,919 288,901
Accumulated depreciation and amortization (109,747)(103,541)
Property and equipment, net $ 181,172 185,360
The Company recognized impairment charges on leasehold improvements, typically due to termination of the underlying lease
agreement, and other corporately-held assets of $319 thousand, $1.4 million, and $4.8 million during fiscal years 2012, 2011,
and 2010, respectively, which are included in impairment charges in the consolidated statements of operations.
(6) Investments in joint ventures
The Company’s ownership interests in its joint ventures as of December 29, 2012 and December 31, 2011 were as follows:
Ownership
Entity
December 29,
2012
December 31,
2011
BR Japan 43.3% 43.3%
BR Korea 33.3% 33.3%
Summary financial information for the joint venture operations on an aggregated basis was as follows (in thousands):
December 29,
2012
December 31,
2011
Current assets $ 248,371 195,977
Current liabilities 102,787 92,758
Working capital 145,584 103,219
Property, plant, and equipment, net 144,570 147,929
Other assets 163,511 156,061
Long-term liabilities 62,351 55,514
Joint venture equity $ 391,314 351,695
Fiscal year ended
December 29,
2012
December 31,
2011
December 25,
2010
Revenues $ 687,676 659,319 580,671
Net income 51,046 44,156 47,664