IHOP 2010 Annual Report Download - page 115
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
7. Other Intangible Assets (Continued)
Gross and net carrying amounts of intangible assets subject to amortization at December 31, 2010
and 2009 are as follows:
December 31, 20010 December 31, 2009
Accumulated Accumulated
Gross Amortization Net Gross Amortization Net
(In millions)
Franchising rights . . $200.4 $(31.1) $169.3 $200.5 $(21.0) $179.5
Recipes and menus . 15.7 (6.8) 8.9 15.7 (4.5) 11.2
Leaseholds/other . . . 5.6 (3.2) 2.4 6.2 (2.8) 3.4
Total ............. $221.7 $(41.1) $180.6 $222.4 $(28.3) $194.1
8. Debt
Debt consists of the following components:
2010 2009
(In millions)
Senior Secured Credit Facility, due October 2017, at a variable interest rate of
6.0% as of December 31, 2010 .................................... $ 844.0 $ —
Senior Notes due October 2018, at a fixed rate of 9.5% .................... 825.0 —
Series 2007-1 Class A-2-II-A Fixed Rate Term Senior Notes due December 2037,
at a fixed rate of 7.1767% (inclusive of an insurance premium of 0.75%) ..... — 599.1
Series 2007-1 Class A-2-II-X Fixed Rate Term Senior Notes due December 2037,
at a fixed rate of 7.0588% ....................................... — 434.2
Series 2007-1 Class M-1 Fixed Rate Term Subordinated Notes due December
2037, at a fixed rate of 8.4044% ................................... — 104.0
Series 2007-1 Class A-1 Variable Funding Senior Notes, final maturity date
December 2037, at a rate of 2.89% as of December 31, 2009 .............. — 100.0
Series 2007-1 Fixed Rate Notes due March 2037, at a fixed rate of 5.744%
(inclusive of an insurance premium of 0.60%) ......................... — 175.0
Series 2007-2 Variable Funding Notes, final maturity date March 2037, at a rate of
0.3% as of December 31, 2009 .................................... — 25.0
Series 2007-3 Fixed Rate Term Notes due December 2037, at a fixed rate of
7.0588% .................................................... — 245.0
Discount ...................................................... (28.5) (19.9)
Total debt ..................................................... 1,640.5 1,662.4
Less current maturities ........................................... (9.0) (25.2)
Long-term debt ................................................. $1,631.5 $1,637.2
Long-Term Debt Instruments Outstanding
In October 2010, the Company effected a series of transactions that culminated in the retirement
of all long-term debt instruments that had been outstanding at December 31, 2009 and the release from
99