IHOP 2008 Annual Report Download - page 41
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• Beginning in the Form 10-K for the year ended December 31, 2008, consider expanding the
critical accounting policy for goodwill to include the annual assessment date and a description of
when an interim test is required, as well as a description of how the estimated fair value of
reporting units is determined and the significant assumptions used in the analysis.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
• Under ‘‘Results of Operations,’’ explain the factors that contribute to any material changes in
guest traffic as compared to prior periods.
• Provide additional disclosure under ‘‘Liquidity and Capital Resources’’ regarding liquidity
requirements as the Company manages its strategy to transition to a 98% franchise system, and
address the impact on the ability to service debt obligations if the Company delays or suspends
its transition strategy.
• Provide additional disclosure under ‘‘Debt Instruments and Related Covenants’’ of actual
covenants and restrictions included in debt instruments, including the nature and impact of cash
trapping events on liquidity. Describe what consideration the Company gave to disclosing and
analyzing factors that could reasonably likely result in non- compliance with these covenants.
In response to the Staff’s comment letters, the Company has included certain additional
disclosures and revised disclosures in this Annual Report on Form 10-K. The Company will continue to
respond to any additional comment letters that the Company receives from the Staff.
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