Wendy's 2008 Annual Report Download - page 135

(13) Fair Value of Financial Instruments
The carrying amounts and estimated fair values of the Company’s financial instruments for which the
disclosure of fair values is required were as follows:
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
2008 2007
Year-End
Financial assets:
Cash and cash equivalents (a) ...................... $ 90,102 $ 90,102 $ 78,116 $ 78,116
Restricted cash equivalents (Note 7) (a):
Current . ...................................... 20,792 20,792 — —
Non-current ................................... 34,032 34,032 45,295 45,295
Short-term investments (Note 6) (b). ............... 162 162 2,608 2,608
DFR Preferred Stock (Notes 3 and 8) (c) . .......... — — 70,378 70,378
DFR Notes receivable (Note 4) (d)................. 25,344 25,344 46,219 46,219
Non-current Cost Investments (Note 8) for which it is:
Practicable to estimate fair value (e) . . . .......... 12,010 11,927 12,686 17,490
Not practicable to estimate fair value (f) ......... 788 1,308
Restricted investments (Notes 6 and 8) (b) ......... 30,271 30,271 55,675 55,675
Swap agreements (Note 12) (g) .................... — — 116 116
Financial liabilities:
Swap agreements (Note 12) (g) .................... — — 360 360
Long-term debt, including current portion (Note 10):
Senior secured term loan, weighted average
effective interest of 5.73% as of December 28,
2008 (b) .................................... 385,030 238,718 555,050 555,050
6.20% senior notes, due in 2014 (b) . . . .......... 199,111 214,710 — —
6.25% senior notes, due in 2011 (b) . . . .......... 188,933 198,151
Sale-leaseback obligations due through 2028 (h). . . 123,829 136,707 105,897 112,851
Capitalized lease obligations due through 2036 (h) 106,841 111,788 72,355 76,582
7% Debentures, due in 2025 (b) ................ 78,974 89,503 — —
6.54% Secured bank term loan, due in 2013 (h) . . 19,790 21,072 — —
Notes payable, weighted average interest of
7.27% as of December 28, 2008 due through
2014 (h) .................................... 5,298 5,553 — —
5% convertible notes due in 2023 (i) . . .......... 2,100 1,934 2,100 2,058
Other . . . ...................................... 1,671 1,775 3,931 4,029
Total long-term debt, including current portion 1,111,577 1,019,911 739,333 750,570
Securities sold with an obligation to purchase-
restricted (Note 8) (b) ........................ 16,626 16,626 — —
Other derivatives in liability positions-restricted
(Notes 8 and 12) (b) ......................... 2,979 2,979 310 310
Guarantees of (Note 26):
Lease obligations for Arby’s restaurants not operated
by the Company (j) ............................ 460 460 540 540
Debt obligations of AmeriGas Eagle Propane, L.P. (k).. — 690 — 690
Franchisee loans obligations (l)..................... 706 706 — —
(a) The carrying amounts approximated fair value due to the short-term maturities of the cash equivalents or
restricted cash equivalents.
(footnotes continued on next page)
127
Wendy’s/Arby’s Group, Inc. and Subsidiaries
(Formerly Triarc Companies, Inc.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)