GNC 2008 Annual Report Download - page 91

Table of Contents
GENERAL NUTRITION CENTERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at each respective period consisted of the following:
Successor Predecessor
December 31, December 31,
2007 2006
(in thousands)
Land, buildings and improvements $ 59,381 $ 60,283
Machinery and equipment 52,066 79,488
Leasehold improvements 54,897 52,859
Furniture and fixtures 33,711 59,741
Software 8,138 15,075
Construction in progress 2,527 1,262
Total property, plant and equipment $ 210,720 $ 268,708
Less: accumulated depreciation (19,872) (100,000)
Net property, plant and equipment $ 190,848 $ 168,708
General Nutrition, Incorporated, a subsidiary of the Company, is a 50% limited partner in a partnership that owns and manages the building
that houses the Company's corporate headquarters. The Company occupies the majority of the available lease space of the building. The
general partner is responsible for the operation and management of the property and reports the results of the partnership to the Company. The
Company has consolidated the limited partnership, net of elimination adjustments, in the accompanying financial statements. Minority interest
has been reflected in the accompanying financial statements as the partnership had sustained cumulative net losses from inception; however,
during 2007, an insignificant net profit was realized.
NOTE 9. OTHER LONG-TERM ASSETS
Other assets at each respective period consisted of the following:
Successor Predecessor
December 31, December 31,
2007 2006
(in thousands)
Long-term franchise notes receivables $ 1,413 $ 3,912
Less: allowance for doubtful accounts (282) (893)
Long-term deposit 2,516 3,047
Other 1,446 58
$ 5,093 $ 6,124
Annual maturities of the Company's long term and current (see current portion in Note 6, "Other Current Assets") franchise notes receivable
at December 31, 2007 are as follows:
Years ending December 31, Receivables
(in thousands)
2008 $ 1,598
2009 776
2010 250
2011 150
2012 237
Thereafter —
Total $ 3,011
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