XML 17 R17.htm IDEA: XBRL DOCUMENT v2.3.0.15
Government Obligations
9 Months Ended
Sep. 25, 2011
GOVERNMENT OBLIGATIONS [Abstract] 
Government Obligations [Text Block]
GOVERNMENT OBLIGATIONS
We entered into agreements with the City of Chicago and the State of Illinois in 2001 relating to an undeveloped property located in Chicago, Illinois that we acquired in that year. Pursuant to those agreements, the City of Chicago paid on our behalf a portion of the acquisition price of the property in the form of cash and the issuance of a note. The State of Illinois also provided a grant to us. Under these agreements, we were required to fulfill specified obligations relating to the development of the property and retention of a specified number of employees.
In February 2011, we entered into an agreement to sell the property for $5.0 million in cash. Our obligation to sell the property was contingent upon the assumption by the buyer and our release from the government obligations described above, which totaled approximately $19.8 million as of June 26, 2011. These amounts were included in other current liabilities in our consolidated balance sheet as of that date.
We closed the sale of the undeveloped property in September 2011 and received gross proceeds of $4 million, representing the remaining balance of the $5 million purchase price payable to us. In connection with the sale, the buyer assumed all of the government obligations described above and we were released from all but $3.3 million of those obligations. At closing, the buyer agreed to indemnify us fully from any and all liability relating to the $3.3 million of obligations from which we were not released.
As a result of the sale transaction, we reduced our other current liabilities by approximately $16.5 million to reflect the government obligations from which we were released. The government obligations of $3.3 million from which we were not released remain as other current liabilities in the accompanying balance sheet as of September 25, 2011, and we have recorded a corresponding receivable of $3.3 million in other assets to reflect our right to receive indemnification from the buyer.