WeightWatchers 2012 Annual Report Download - page 97

Download and view the complete annual report

Please find page 97 of the 2012 WeightWatchers annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Estimated amortization expense of existing finite-lived intangible assets for the next five fiscal years is as
follows:
2013 ............................................................. $20,735
2014 ............................................................. $17,177
2015 ............................................................. $10,947
2016 ............................................................. $ 3,190
2017 ............................................................. $ 357
5. Property and Equipment
The components of property and equipment were:
December 29,
2012
December 31,
2011
Equipment ................................................. $113,301 $ 95,928
Leasehold improvements ...................................... 70,229 44,322
183,530 140,250
Less: Accumulated depreciation and amortization .................. (111,762) (99,178)
$ 71,768 $ 41,072
Depreciation and amortization expense of property and equipment for the fiscal years ended December 29,
2012, December 31, 2011 and January 1, 2011 was $18,844, $14,450 and $14,118, respectively.
6. Long-Term Debt
The components of the Company’s long-term debt were as follows:
December 29,
2012
December 31,
2011
Balance
Effective
Rate Balance
Effective
Rate
Revolver A-1 due June 30, 2014 ........................... $ 6,374 3.12% $ 0 0.00%
Revolver A-2 due March 15, 2017 ......................... 23,626 2.56% 0 0.00%
Term A-1 Loan due January 26, 2013 ...................... 38,226 1.53% 148,749 1.30%
Term B Loan due January 26, 2014 ........................ 129,445 1.90% 238,125 1.65%
Term C Loan due June 30, 2015 ........................... 113,808 2.72% 426,075 2.55%
Term D Loan due June 30, 2016 ........................... 118,217 2.77% 238,852 2.56%
Term E Loan due March 15, 2017 ......................... 1,154,651 2.53% 0 0.00%
Term F Loan due March 15, 2019 ......................... 822,017 3.92% 0 0.00%
Total Debt ........................................ 2,406,364 2.91% 1,051,801 2.15%
Less Current Portion .................................... 114,695 124,933
Total Long-Term Debt .............................. $2,291,669 $ 926,868
The Company’s credit facilities consist of certain term loan facilities and revolving credit facilities
(collectively, the “WWI Credit Facility”). During the first quarter of fiscal 2012, the composition of the WWI
F-15