IHOP 2008 Annual Report Download - page 125
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
12. Leases (Continued)
The following is the Company’s net investment in equipment leases receivable:
2008 2007
(In thousands)
Total minimum leases receivable ..................... $302,420 $ 326,641
Less unearned income ............................ (148,860) (166,641)
Net investment in equipment leases receivables .......... 153,560 160,000
Less current portion .............................. (7,022) (6,457)
Long-term equipment leases receivable ................ $146,538 $ 153,543
The following are minimum future lease payments on the Company’s noncancelable leases as
lessee at December 31, 2008:
Operating
Capital Leases Leases
(In thousands)
2009 ....................................... $ 24,731 $ 88,376
2010 ....................................... 25,013 86,926
2011 ....................................... 24,891 85,396
2012 ....................................... 24,728 85,426
2013 ....................................... 24,841 85,348
Thereafter ................................... 192,787 1,228,871
Total minimum lease payments .................... 316,991 $1,660,343
Less interest ................................. (148,876)
Capital lease obligations ......................... 168,115
Less current portion(1) ......................... (6,805)
Long-term capital lease obligations ................. $161,310
(1) Included in other accrued expenses on the consolidated balance sheet.
The asset cost and carrying amount on company-owned property leased at December 31, 2008, was
$90.7 million and $74.6 million, respectively. The asset cost and carrying amount on company-owned
property leased at December 31, 2007, was $91.4 million and $77.4 million, respectively. The asset cost
and carrying amounts represent the land and building asset values and net book values on sites leased
to franchisees.
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