XML 48 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Current Assets
12 Months Ended
Dec. 31, 2011
Assets, Current [Abstract]  
Other Current Assets
Other Current Assets
Other current assets consist of the following at:
 
 
December 31,
2011
 
December 31,
2010
 
(In thousands)
Land held for sale
$
10,141

 
$
11,089

Prepaid expenses
8,202

 
8,070

Notes receivable (See Note 3)
3,104

 
3,966

Other current assets
1,186

 
1,131

Total
$
22,633

 
$
24,256


Land held for sale represents the Company’s purchase of various parcels of real estate as part of its program to incent franchise development in strategic markets for certain brands. The Company has acquired this real estate with the intent to resell it to third-party developers for the construction of hotels operated under the Company’s brands. During the first quarter of 2011, the Company determined that one parcel of land no longer met the criteria to be classified as a current asset held for sale. As a result, the Company reclassified this land to other long-term assets on the Company’s consolidated balance sheets at the lower of its carrying amount or fair value. The Company determined that the carrying amount of the land exceeded its estimated fair value by approximately $1.8 million based on comparable sales. As a result, in the first quarter of 2011, the Company reduced the carrying amount of the land to its estimated fair value and recognized a $1.8 million loss in other gains and losses in the consolidated statements of income.
 
 
Fair Value Measurements Using
 
($ in millions)
Description
December 31, 2011
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total  Gains
(Losses)
 
 
 
 
 
 
 
 
 
 
Land held for sale(1)
$
1.3

 
$

 
$
1.3

 
$

 
$
(1.8
)
 ___________________
(1)
Included in Other Assets