Receivables



	2012			2011
	(In millions)
Accounts receivable	$	67.4		$	57.3
Gift card receivables	44.6			37.7
Credit card receivables	0.4			3.3
Notes receivable	2.2			1.8
Financing receivables:
Equipment leases receivable	122.4			131.5
Direct financing leases receivable	95.1			100.0
Franchise fee notes receivable	2.7			4.3
Other	8.8			9.9
	343.6			345.8
Less: allowance for doubtful accounts	(2.7		)	(3.6		)
	340.9			342.2
Less: current portion	(128.6		)	(115.7		)
Long-term receivables	$	212.3		$	226.5

Accounts receivable primarily includes receivables due from franchisees and distributors. Gift card receivables consist primarily of amounts due from third-party vendors. Credit card receivables consist primarily of amounts due from credit card companies used by the Company to process customer transactions. Interest is not charged on gift card and credit card receivables.

Financing receivables primarily relate to IHOP franchise development activity prior to 2003 when IHOP typically leased or purchased the restaurant site, built and equipped the restaurant then franchised the restaurant to a franchisee. IHOP provided the financing for the franchise fee, leasing of the equipment and leasing or subleasing the site. Equipment lease contracts are due in equal weekly installments, primarily bear interest averaging 9.84% and 9.92% per annum at December 31, 2012 and 2011, respectively, and are collateralized by the equipment. The term of an equipment lease contract coincides with the term of the corresponding restaurant building lease. The IHOP franchise fee notes have a term of five to eight years and are due in equal weekly installments, primarily bear interest averaging 6.8% and 7.4% per annum at December 31, 2012 and 2011, respectively, and are collateralized by the franchise. Where applicable, franchise fee notes, equipment contracts and building leases contain cross-default provisions wherein a default under one constitutes a default under all. There is not a disproportionate concentration of credit risk in any geographic area.

The primary indicator of the credit quality of financing receivables is delinquency. As of December 31, 2012, approximately $0.4 million of financing receivables were delinquent more than 90 days.

The following table summarizes the activity in the allowance for doubtful accounts:



Allowance for Doubtful Accounts	(In millions)
Balance at December 31, 2009	$	3.4
Provision	3.4
Charge-offs	(0.8		)
Recoveries	0.2
Balance at December 31, 2010	6.2
Provision	0.4
Charge-offs	(3.1		)
Recoveries	0.1
Balance at December 31, 2011	3.6
Provision	0.5
Charge-offs	(1.9		)
Recoveries	0.5
Balance at December 31, 2012	$	2.7

As of December 31, 2012, approximately $0.5 million of the allowance for doubtful accounts related to financing receivables.