|
3. OTHER FINANCIAL STATEMENT DATA
The following provides additional information concerning selected balance sheet accounts as of June 30, 2012 and 2011:
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
|
|
(Dollars in thousands)
|
|
|
Accounts receivable |
|
$ |
32,810 |
|
$ |
28,631 |
|
|
Less allowance for doubtful accounts |
|
|
(1,232 |
) |
|
(1,482 |
) |
| |
|
|
|
|
|
|
|
|
$ |
31,578 |
|
$ |
27,149 |
|
| |
|
|
|
|
|
|
Other current assets: |
|
|
|
|
|
|
|
|
Prepaids |
|
$ |
32,179 |
|
$ |
29,705 |
|
|
Notes receivable, primarily affiliates |
|
|
29,043 |
|
|
2,413 |
|
| |
|
|
|
|
|
|
|
|
$ |
61,222 |
|
$ |
32,118 |
|
| |
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
Land |
|
$ |
3,864 |
|
$ |
3,864 |
|
|
Buildings and improvements |
|
|
48,017 |
|
|
47,907 |
|
|
Equipment, furniture and leasehold improvements |
|
|
794,353 |
|
|
775,527 |
|
|
Internal use software |
|
|
106,264 |
|
|
94,507 |
|
|
Equipment, furniture and leasehold improvements under capital leases |
|
|
84,757 |
|
|
88,297 |
|
| |
|
|
|
|
|
|
|
|
|
1,037,255 |
|
|
1,010,102 |
|
|
Less accumulated depreciation and amortization |
|
|
(656,512 |
) |
|
(611,669 |
) |
|
Less amortization of equipment, furniture and leasehold improvements under capital leases |
|
|
(57,683 |
) |
|
(50,622 |
) |
| |
|
|
|
|
|
|
|
|
$ |
323,060 |
|
$ |
347,811 |
|
| |
|
|
|
|
|
|
Investment in and loans to affiliates: |
|
|
|
|
|
|
|
|
Equity-method investments |
|
$ |
166,176 |
|
$ |
258,930 |
|
|
Noncurrent loans to affiliates |
|
|
— |
|
|
2,210 |
|
| |
|
|
|
|
|
|
|
|
$ |
166,176 |
|
$ |
261,140 |
|
| |
|
|
|
|
|
|
Other assets: |
|
|
|
|
|
|
|
|
Notes receivable, net |
|
$ |
1,584 |
|
$ |
1,072 |
|
|
Other noncurrent assets |
|
|
57,904 |
|
|
57,328 |
|
| |
|
|
|
|
|
|
|
|
$ |
59,488 |
|
$ |
58,400 |
|
| |
|
|
|
|
|
|
Accrued expenses: |
|
|
|
|
|
|
|
|
Payroll and payroll related costs |
|
$ |
80,649 |
|
$ |
89,788 |
|
|
Insurance |
|
|
19,410 |
|
|
19,127 |
|
|
Deferred compensation |
|
|
26,055 |
|
|
6,180 |
|
|
Deferred revenues |
|
|
9,054 |
|
|
8,313 |
|
|
Taxes payable |
|
|
5,673 |
|
|
8,113 |
|
|
Other |
|
|
31,741 |
|
|
35,800 |
|
| |
|
|
|
|
|
|
|
|
$ |
172,582 |
|
$ |
167,321 |
|
| |
|
|
|
|
|
|
Other noncurrent liabilities: |
|
|
|
|
|
|
|
|
Deferred income taxes |
|
$ |
38,266 |
|
$ |
55,208 |
|
|
Deferred rent |
|
|
52,773 |
|
|
53,102 |
|
|
Deferred benefits |
|
|
39,178 |
|
|
58,150 |
|
|
Insurance |
|
|
32,459 |
|
|
30,925 |
|
|
Equity put options |
|
|
794 |
|
|
22,700 |
|
|
Other |
|
|
8,509 |
|
|
17,210 |
|
| |
|
|
|
|
|
|
|
|
$ |
171,979 |
|
$ |
237,295 |
|
| |
|
|
|
|
|
The following provides additional information concerning the other intangibles, net, balance sheet account as of June 30, 2012 and 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2012 |
|
June 30, 2011 |
|
|
|
Cost |
|
Accumulated
Amortization |
|
Net |
|
Cost |
|
Accumulated
Amortization |
|
Net |
|
|
|
(Dollars in thousands)
|
|
|
Amortized intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand assets and trade names |
|
$ |
79,995 |
|
$ |
(16,325 |
) |
$ |
63,670 |
|
$ |
80,310 |
|
$ |
(14,329 |
) |
$ |
65,981 |
|
|
Guest lists |
|
|
53,189 |
|
|
(39,676 |
) |
|
13,513 |
|
|
53,188 |
|
|
(34,096 |
) |
|
19,092 |
|
|
Franchise agreements |
|
|
22,335 |
|
|
(9,768 |
) |
|
12,567 |
|
|
22,221 |
|
|
(8,909 |
) |
|
13,312 |
|
|
Lease intangibles |
|
|
14,896 |
|
|
(5,885 |
) |
|
9,011 |
|
|
14,948 |
|
|
(5,168 |
) |
|
9,780 |
|
|
Non-compete agreements |
|
|
207 |
|
|
(117 |
) |
|
90 |
|
|
353 |
|
|
(232 |
) |
|
121 |
|
|
Other |
|
|
4,539 |
|
|
(1,600 |
) |
|
2,939 |
|
|
4,429 |
|
|
(1,387 |
) |
|
3,042 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
175,161 |
|
$ |
(73,371 |
) |
$ |
101,790 |
|
$ |
175,449 |
|
$ |
(64,121 |
) |
$ |
111,328 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
All intangible assets have been assigned an estimated finite useful life, and are amortized on a straight-line basis over the number of years that approximate their expected period of benefit (ranging from one to 40 years). The cost of intangible assets is amortized to earnings in proportion to the amount of economic benefits obtained by the Company in that reporting period. The weighted average amortization periods, in total and by major intangible asset class, are as follows:
|
|
|
|
|
|
|
|
|
|
Weighted
Average
Amortization
Period June 30, |
|
|
|
2012 |
|
2011 |
|
|
|
(In years)
|
|
|
Amortized intangible assets: |
|
|
|
|
|
|
|
|
Brand assets and trade names |
|
|
39 |
|
|
39 |
|
|
Guest lists |
|
|
10 |
|
|
10 |
|
|
Franchise agreements |
|
|
22 |
|
|
22 |
|
|
Lease intangibles |
|
|
20 |
|
|
20 |
|
|
Non-compete agreements |
|
|
6 |
|
|
5 |
|
|
Other |
|
|
21 |
|
|
25 |
|
| |
|
|
|
|
|
|
Total |
|
|
26 |
|
|
26 |
|
| |
|
|
|
|
|
Total amortization expense related to amortizable intangible assets during the years ended June 30, 2012, 2011, and 2010 was approximately $9.7, $9.8, and $9.9 million, respectively. As of June 30, 2012, future estimated amortization expense related to amortizable intangible assets is estimated to be:
|
|
|
|
|
|
Fiscal Year |
|
(Dollars in thousands) |
|
|
2013 |
|
$ |
9,413 |
|
|
2014 |
|
|
9,199 |
|
|
2015 |
|
|
6,157 |
|
|
2016 |
|
|
3,999 |
|
|
2017 |
|
|
3,996 |
|
The following provides supplemental disclosures of cash flow activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended June 30, |
|
|
|
2012 |
|
2011 |
|
2010 |
|
|
|
(Dollars in thousands)
|
|
|
Cash paid (received) during the year for: |
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
28,448 |
|
$ |
33,493 |
|
$ |
53,547 |
|
|
Income taxes, net of refunds |
|
|
14,754 |
|
|
(15,083 |
) |
|
17,058 |
|
Significant non-cash investing and financing activities include the following:
The Company did not finance capital expenditures through capital leases during fiscal year 2012. In fiscal years 2011 and 2010, the Company financed capital expenditures totaling $6.0, and $7.9 million, respectively, through capital leases. |