IHOP 2009 Annual Report Download - page 129
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
10. Leases (Continued)
The following are minimum future lease payments on the Company’s noncancelable leases as
lessee at December 31, 2009:
Operating
Capital Leases Leases
(In millions)
2010 ......................................... $ 25.0 $ 88.7
2011 ......................................... 24.9 88.3
2012 ......................................... 24.7 86.5
2013 ......................................... 24.8 88.4
2014 ......................................... 25.0 88.1
Thereafter .................................... 165.9 1,096.6
Total minimum lease payments ..................... 290.3 $1,536.6
Less interest ................................... (129.5)
Capital lease obligations .......................... 160.8
Less current portion(1) ........................... (8.0)
Long-term capital lease obligations .................. $152.8
(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, 2009, was
$92.0 million and $74.7 million, respectively. The asset cost and carrying amount on company-owned
property leased at December 31, 2008, was $95.4 million and $79.5 million, respectively. The asset cost
and carrying amounts represent the land and building asset values and net book values on sites leased
to franchisees.
The minimum future lease payments shown above have not been reduced by the following future
minimum rents to be received on noncancelable subleases and leases of owned property at
December 31, 2009:
Direct
Financing Operating
Leases Leases
(In millions)
2010 ........................................... $ 18.4 $ 96.2
2011 ........................................... 18.5 96.2
2012 ........................................... 18.6 96.8
2013 ........................................... 18.7 97.6
2014 ........................................... 18.7 97.8
Thereafter ....................................... 128.0 1,063.2
Total minimum rents receivable ........................ $220.9 $1,547.8
The Company has noncancelable leases, expiring at various dates through 2032, which require
payment of contingent rents based upon a percentage of sales of the related restaurant as well as
property taxes, insurance and other charges. Subleases to franchisees of properties under such leases
110