IHOP 2011 Annual Report Download - page 100

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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
82
As of December 31, 2011, future minimum lease payments under financing obligations during the initial terms of the
leases related to the sale-leaseback transactions are as follows:
Fiscal Years
2012 (1)
2013
2014
2015 (1)
2016
Thereafter
Total minimum lease payments
Less interest
Total financing obligations
Less current portion (2)
Long-term financing obligations
(In millions)
$ 16.6
18.4
18.6
20.2
18.6
217.9
310.3
(143.7)
166.6
(3.9)
$ 162.7
___________________________________
(1) Due to the varying closing date of the Company's fiscal year, 11 monthly payments will be made in fiscal 2012 and 13 monthly
payments will be made in fiscal 2015.
(2) Included in current maturities of capital lease and financing obligations on the consolidated balance sheet.
10. Leases
The Company leases the majority of all IHOP restaurants. The restaurants are subleased to IHOP franchisees or in a few
instances operated by the Company. These noncancelable leases and subleases consist primarily of land, buildings and
improvements.
The following is the Company's net investment in direct financing lease receivables:
Total minimum rents receivable
Less unearned income
Net investment in direct financing lease receivables
Less current portion
Long-term direct financing lease receivables
December 31,
2011
(In millions)
$ 180.0
(80.0)
100.0
(5.4)
$ 94.6
2010
$ 198.0
(93.4)
104.6
(4.6)
$ 100.0
Contingent rental income, which is the amount above and beyond base rent, for the years ended December 31, 2011, 2010
and 2009 was $13.1 million, $14.4 million and $15.6 million, respectively.
The following is the Company's net investment in equipment leases receivable:
Total minimum leases receivable
Less unearned income
Net investment in equipment leases receivables
Less current portion
Long-term equipment leases receivable
December 31,
2011
(In millions)
$ 234.2
(102.7)
131.5
(6.5)
$ 125.0
2010
$ 259.7
(120.7)
139.0
(6.9)
$ 132.1