Financing Obligations

6 Months Ended

Jun. 30, 2011

Financing Obligations

Financing Obligations

6. Financing Obligations

As of June 30, 2011, future minimum lease payments under financing obligations during the initial terms of the leases related to sale-leaseback transactions are as follows:

Fiscal Years	(In millions)
Remainder of 2011	$	11.2
2012(1)	20.7
2013	23.0
2014	23.2
2015	23.3
Thereafter	278.9
Total minimum lease payments	380.3
Less interest	(170.1		)
Total financing obligations	210.2
Less current portion(2)	(5.9		)
Long-term financing obligations	$	204.3

(1) Due to the varying closing dates of the Company’s fiscal years, 11 monthly payments will be made in fiscal 2012.

(2) Included in “current maturities of capital lease and financing obligations” on the consolidated balance sheet.

During the six months ended June 30, 2011, the Company’s continuing involvement with 17 properties subject to financing obligations was ended by assignment of the lease obligations to a qualified franchisee. As a result, the Company’s financing obligations were reduced by $32.7 million.