Wendy's 2008 Annual Report Download - page 97

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December 28,
2008
December 30,
2007
December 31,
2006
Year Ended
Detail of cash flows related to investments (a):
Operating investment adjustments, net:
Other than temporary losses on investments (b)...... $112,741 $ 9,909 $ 4,120
Net recognized (gains) losses from trading securities,
derivatives, and securities sold short .............. (7,281) (3,686) 262
Other net recognized gains ........................ (103) (47,721) (10,822)
Proceeds from sales of trading securities and net
settlements of trading derivatives ................ — 6,017 7,411,584
Cost of trading securities purchased ................ — (230) (6,832,255)
Other, net ....................................... — 2,186 1,504
$ 105,357 $ (33,525) $ 574,393
Investing investment activities, net (a):
Proceeds from sales of available-for-sale securities and
other investments............................... $ 90,825 $161,857 $ 169,524
Proceeds from securities sold short ................. 45,923 — 8,624,893
Decrease (increase) in restricted cash collateralizing
securities obligations or held for investment....... 17,724 (34,297) 335,001
Cost of available-for-sale securities and other non-
trading investments purchased ................... (86,853) (76,029) (91,105)
Payments to cover short positions in securities....... (16,553) — (8,943,610)
Net payments under repurchase agreements ......... — — (521,356)
$ 51,066 $ 51,531 $ (426,653)
Supplemental disclosures of cash flow information:
Cash paid during the year in continuing operations for:
Interest . . . ....................................... $ 61,192 $ 57,309 $ 119,968
Income taxes, net of refunds ....................... $ 5,094 $ 5,455 $ 1,265
Supplemental schedule of noncash investing and financing
activities:
Total capital expenditures ......................... $115,419 $ 87,456 $ 97,946
Capital expenditures paid in cash................... $(106,989) $ (72,990) $ (80,250)
Non-cash capitalized lease and certain sales-leaseback
obligations ..................................... $ 8,430 $ 14,466 $ 17,696
Non-cash additions to long-term debt from
acquisitions .................................... $ 9,621 $ 3,366 $ 7,194
(a) Net cash provided by continuing operating activities for the year ended December 31, 2006 reflects the
significant net sales of trading securities and net settlements of trading derivatives, the proceeds from
which were principally used to cover short positions in securities and make payments under repurchase
agreements. These purchases and sales were principally transacted through an investment fund, Deerfield
Opportunities Fund, LLC (the “Opportunities Fund”), which employed leverage in its trading activities
and which, through September 29, 2006, was consolidated in these consolidated financial statements.
Wendy’s/Arby’s (collectively with its subsidiaries, the “Company”) effectively redeemed its investment in
the Opportunities Fund, which in turn had liquidated substantially all of its investment positions, effective
September 29, 2006. Accordingly, we no longer consolidate the cash flows of the Opportunities Fund
89
Wendy’s/Arby’s Group, Inc. and Subsidiaries
(Formerly Triarc Companies, Inc.)
CONSOLIDATED STATEMENTS OF CASH FLOWS—CONTINUED
(In Thousands)