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PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
54
6. Inventories
Inventories consisted of the following (in thousands):
December 25,
2012 December 27,
2011
Food:
Fresh dough facilities:
Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,418 $ 2,998
Finished goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 420 261
Bakery-cafes:
Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,727 11,048
Paper goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,149 2,709
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,714 $ 17,016
7. Property and Equipment, net
Major classes of property and equipment consisted of the following (in thousands):
December 25,
2012 December 27,
2011
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 542,081 $ 467,568
Machinery and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265,350 237,774
Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,044 109,869
Computer hardware and software. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,701 50,254
Construction in progress. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,189 42,069
Smallwares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,152 22,340
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,201 1,023
1,081,718 930,897
Less: accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (509,964)(438,875)
Property and equipment, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 571,754 $ 492,022
The Company recorded depreciation expense related to these assets of $82.7 million, $74.2 million, and $66.7 million for the
fiscal years ended December 25, 2012, December 27, 2011, and December 28, 2010, respectively.
8. Goodwill
The following is a reconciliation of the beginning and ending balances of the Company’s goodwill by reportable segment at
December 25, 2012 and December 27, 2011 (in thousands):
Company Bakery-
Cafe Operations Franchise
Operations
Fresh Dough
and Other Product
Operations Total
Balance as of December 28, 2010 . . . . . . . . . . $ 90,813 $ 1,934 $ 1,695 $ 94,442
Acquisition of Milwaukee Franchisee . . . . . . . 10,560 — — 10,560
Acquisition of Indiana Franchisee . . . . . . . . . . 3,097 — — 3,097
Currency translation . . . . . . . . . . . . . . . . . . . . . (28) — — (28)
Balance as of December 27, 2011 . . . . . . . . . . $ 104,442 $ 1,934 $ 1,695 $ 108,071
Acquisition of North Carolina Franchisee . . . . 13,509 — — 13,509
Currency translation . . . . . . . . . . . . . . . . . . . . . 65 — — 65
Measurement period adjustments . . . . . . . . . . . 258 — — 258
Balance as of December 25, 2012 . . . . . . . . . . $ 118,274 $ 1,934 $ 1,695 $ 121,903