Panera Bread 2010 Annual Report Download - page 69

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sets forth a summary of the changes in the fair value of the Company’s Level 3 financial asset for the period
indicated (in thousands):
December 29,
2009
Beginning balance ................................................... $4,126
Netrealizedandunrealizedgains ........................................ 1,339
Redemptions........................................................ (5,465)
Ending balance ...................................................... $ —
6. Inventories
Inventories consisted of the following (in thousands):
December 28,
2010
December 29,
2009
Food:
Fresh dough facilities:
Rawmaterials........................................ $ 2,338 $ 2,573
Finished goods ....................................... 261 275
Bakery-cafes:
Rawmaterials........................................ 8,780 7,304
Paper goods ............................................. 2,966 2,143
$14,345 $12,295
7. Property and Equipment
Major classes of property and equipment consisted of the following (in thousands):
December 28,
2010
December 29,
2009
Leasehold improvements ................................... $416,286 $ 375,689
Machinery and equipment .................................. 259,966 236,196
Furniture and fixtures ...................................... 78,349 68,172
External signage ......................................... 19,766 17,848
Smallwares ............................................. 18,758 16,144
Construction in progress .................................... 29,531 17,880
822,656 731,929
Less: accumulated depreciation ............................... (378,562) (328,145)
Property and equipment, net ................................. $444,094 $ 403,784
The Company recorded depreciation expense related to these assets of $66.7 million, $65.9 million, and
$65.9 million for the fiscal years ended December 28, 2010, December 29, 2009, and December 30, 2008,
respectively.
62
PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued)