Wendy's 2008 Annual Report Download - page 160
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The expected benefits to be paid by the Company’s remaining defined benefit plans over the next five
fiscal years and in the aggregate for the five fiscal years thereafter are as follows:
Fiscal Year(s)
2009 . ............................................................................ $ 329
2010 . ............................................................................ 333
2011 . ............................................................................ 340
2012 . ............................................................................ 341
2013 . ............................................................................ 335
2014-2018 ....................................................................... 1,577
(25) Lease Commitments
The Company leases real property, leasehold interests, and restaurant, transportation, and office
equipment. Some leases which relate to restaurant operations provide for contingent rentals based on sales
volume. Certain leases also provide for payments of other costs such as real estate taxes, insurance and common
area maintenance which are not included in rental expense or the future minimum rental payments set forth
below. The Company assumed numerous leases in connection with the Wendy’s Merger consisting of the
Capitalized Lease Obligations and operating leases.
Rental expense under operating leases, which include Wendy’s since the Wendy’s Merger, consists of the
following components:
2008 2007 2006
Minimum rentals ............................................ $94,547 $79,484 $77,360
Contingent rentals ........................................... 4,989 2,711 3,172
99,536 82,195 80,532
Less sublease income ......................................... 4,771 9,131 8,957
$94,765 $73,064 $71,575
The Company’s future minimum rental payments and sublease rental receipts, for noncancelable leases
having an initial lease term in excess of one year as of December 28, 2008, are as follows:
Fiscal Year
Sale-Leaseback
Obligations
Capitalized
Leases
Operating
Leases (a)
Sale-Leaseback
Obligations
Capitalized
Leases
Operating
Leases (a)
Rental Payments Sublease Rental Receipts
2009..................... $ 14,250 $ 29,147 $ 159,464 $ 996 $ 485 $ 16,859
2010..................... 12,850 15,437 144,576 996 475 15,696
2011..................... 14,207 17,813 134,831 996 475 14,499
2012..................... 16,372 11,728 120,869 996 475 11,983
2013..................... 14,511 11,156 115,002 975 475 9,847
Thereafter ................ 157,863 111,860 1,181,553 4,889 2,700 67,724
Total minimum payments. . 230,053 197,141 1,856,295 9,848 5,085 136,608
Less amounts representing
interest, with interest
rates of between 3% and
22%................... 106,224 90,300
Present value of minimum
sale-leaseback and
capitalized lease
payments............... $123,829 $106,841
152
Wendy’s/Arby’s Group, Inc. and Subsidiaries
(Formerly Triarc Companies, Inc.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)