Wendy's 2008 Annual Report Download - page 134
Download and view the complete annual report
Please find page 134 of the 2008 Wendy's 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.-
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 -
133 -
134 -
135 -
136 -
137 -
138 -
139 -
140 -
141 -
142 -
143 -
144 -
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
 |
 |
comprehensive income (loss).” If a hedge or portion thereof had been determined to be ineffective, any changes
in fair value would have been recognized in the Company’s results of operations.
The Company’s cash flow hedges included the Swap Agreements and the equity in DFR’s cash flow
hedges. The following is a summary of the components of the net change in unrealized gains and losses on cash
flow hedges included in comprehensive income (loss):
2008 2007 2006
Unrealized holding gains (losses) arising during the year............. $251 $ (826) $ 2,084
Equity in change in unrealized holding gains (losses) arising during
the year....................................................... 3 (1,087) (272)
Reclassifications of prior year unrealized holding gains into net
income or loss................................................. — (1,951) (1,488)
254 (3,864) 324
Income tax (provision) benefit ..................................... (99) 1,472 (135)
$155 $(2,392) $ 189
The notional amounts and the carrying amounts of the Company’s derivatives described above as of
December 28, 2008, all of which are in “Other liabilities” in the accompanying consolidated balance sheet, are
as follows:
Notional
Amount
Carrying
Amount
Year-End 2008
Put options on equity securities.......................................... $ (111) $ (7)
Total return swaps on equity securities . . ................................. 14,715 $(2,979)
Recognized net gains (losses) on the Company’s derivatives were classified in the accompanying
consolidated statements of operations as follows:
2008 2007 2006
Interest expense:
Swap Agreements .......................................... $(1,797) $ 1,917 $1,513
Investment income, net:
Put and call option combinations on equity securities ......... 2,411 3,315 305
Total return swaps on equity securities ...................... (5,165) 2,144 43
Put options ............................................... 1,036 (1,036) —
Trading derivatives ........................................ — (741) 2,878
Other..................................................... — — (59)
Other income (expense), net:
Foreign currency put and call arrangement settled in 2007
(Note 22)............................................... — (877) (420)
$(3,515) $ 4,722 $4,260
126
Wendy’s/Arby’s Group, Inc. and Subsidiaries
(Formerly Triarc Companies, Inc.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)