IHOP 2010 Annual Report Download - page 109
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
3. Receivables
2010 2009
(In millions)
Accounts receivable .................................. $ 55.2 $ 53.2
Gift card receivables .................................. 25.5 22.7
Credit card receivables ................................ 5.4 7.5
Notes receivable ..................................... 8.1 17.7
Equipment leases receivable ............................ 139.0 146.5
Direct financing leases receivable ........................ 104.6 111.3
Other ............................................ 7.1 9.0
344.9 367.9
Less: allowance for doubtful accounts ..................... (6.2) (3.4)
338.7 364.5
Less: current portion ................................. (98.8) (104.7)
Long-term receivables ................................. $239.9 $ 259.8
Accounts receivable primarily includes receivables due from franchisees and distributors. Gift card
receivables consist primarily of amounts due from third-party vendors. Credit card receivables consist
primarily of amounts due from credit card companies used by the Company to process customer
transactions. Notes receivable include IHOP franchise fee notes in the amount of $6.3 million and
$10.4 million at December 31, 2010 and 2009, respectively. IHOP franchise fee notes have a term of
five to eight years and are due in equal weekly installments, primarily bear interest averaging 7.67%
and 8.32% per annum at December 31, 2010 and 2009, respectively, and are collateralized by the
franchise. The term of an equipment lease contract coincides with the term of the corresponding
restaurant building lease. Equipment lease contracts are due in equal weekly installments, primarily
bear interest averaging 10.13% and 10.15% per annum at December 31, 2010 and 2009, respectively,
and are collateralized by the equipment. Interest is not charged on gift card receivables and credit card
receivables. Where applicable, franchise fee notes, equipment contracts and building leases contain
cross-default provisions wherein a default under one constitutes a default under all. There is not a
disproportionate concentration of credit risk in any geographic area.
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