Baskin Robbins 2013 Annual Report Download - page 78

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-68-
other current liabilities in the consolidated balance sheets. The Company retained the remaining 20% ownership of the
Australia JV, and therefore accounts for the Australia JV in accordance with the equity method.
Summary financial information for the equity method investments on an aggregated basis was as follows (in thousands):
December 28,
2013
December 29,
2012
Current assets $ 261,546 248,371
Current liabilities 106,280 102,787
Working capital 155,266 145,584
Property, plant, and equipment, net 139,378 144,570
Other assets 173,491 163,511
Long-term liabilities 52,389 62,351
Equity of equity method investments $ 415,746 391,314
Fiscal year ended
December 28,
2013
December 29,
2012
December 31,
2011
Revenues $ 673,537 687,676 659,319
Net income 51,407 51,046 44,156
The comparison between the carrying value of our investments in BR Japan and BR Korea and the underlying equity in net
assets of those investments is presented in the table below (in thousands):
BR Japan BR Korea
December 28,
2013
December 29,
2012
December 28,
2013
December 29,
2012
Carrying value of investment $ 79,472 95,776 91,121 77,749
Underlying equity in net assets of investment 45,682 54,410 100,766 88,514
Carrying value in excess of (less than) the underlying
equity in net assets(a) $ 33,790 41,366 (9,645)(10,765)
(a) The excess carrying values over the underlying equity in net assets of BR Japan is primarily comprised of amortizable
franchise rights and related tax liabilities and nonamortizable goodwill, all of which were established in the BCT
Acquisition. The deficit of cost relative to the underlying equity in net assets of BR Korea is primarily comprised of an
impairment of long-lived assets, net of tax, recorded in fiscal year 2011.
The carrying value of our investments in the Spain JV and the Australia JV was not material for any period presented.
The aggregate fair value of the Company's investment in BR Japan, based on its quoted market price on the last business day of
the year, is approximately $163.9 million. No quoted market prices are available for the Company's other equity method
investments.
Net income (loss) of equity method investments in the consolidated statements of operations for fiscal years 2013, 2012, and
2011 includes $505 thousand, $689 thousand, and $868 thousand, respectively, of net expense related to the amortization of
intangible franchise rights and related deferred tax liabilities noted above. As required under the equity method of accounting,
such net expense is recorded in the consolidated statements of operations directly to net income (loss) of equity method
investments and not shown as a component of amortization expense.