Wendy's 2010 Annual Report Download - page 63

(Wendy’s/Arby’s Restaurants)
• Potential intercompany dividends and fees.
Based upon current levels of operations, the Companies expect that cash flows from operations and available
cash will provide sufficient liquidity to meet operating cash requirements for at least the next 12 months.
Capitalization
Year End 2010
Wendy’s/Arby’s
Restaurants Wendy’s/Arby’s
Long-term debt, including current portion ....................... $1,559.7 $1,572.4
Stockholders’ equity / Invested equity
Common stock ........................................ — 47.0
Additional paid-in capital ................................. — 2,771.1
Other capital .......................................... 2,423.5 —
Accumulated deficit ..................................... (499.5) (412.5)
Advances to Wendy’s/Arby’s .............................. (155.0) —
Common stock held in treasury ............................ — (249.5)
Accumulated other comprehensive income ................... 7.7 7.1
$3,336.4 $3,735.6
Wendy’s/Arby’s and Wendy’s/Arby’s Restaurants’ total capitalization at January 2, 2011 decreased $123.6
million and $363.4 million from $3,859.2 million and $3,699.8 million, each respectively, at January 3, 2010 and
was principally impacted by the following:
• The net increase in long-term debt is principally due to the Credit Agreement entered into in May 2010 as
further discussed below in “Long-term Debt—Credit Agreement” partially offset by the $250.8 million
repayment of the prior senior secured term loan and $215.0 million from the redemption of the Wendy’s
6.25% senior notes;
(Wendy’s/Arby’s)
• Repurchases of Common Stock of $173.5 million, including commissions of $0.7 million;
• Cash dividends paid of $27.6 million;
• Net loss of $4.3 million;
(Wendy’s/Arby’s Restaurants)
• Intercompany cash dividend payments of $443.7 million to Wendy’s/Arby’s; and
• Net loss of $2.6 million.
Long-term Debt
Year End
2010
Senior Notes ............................................................... $ 553.3
Term Loan ................................................................ 495.2
6.20% senior notes .......................................................... 217.8
Sale-leaseback obligations, excluding interest ...................................... 121.9
Capitalized lease obligations, excluding interest .................................... 86.7
7% Debentures ............................................................. 81.2
Other .................................................................... 3.6
Total Wendy’s/Arby’s Restaurants .............................................. 1,559.7
6.54% aircraft term loan ...................................................... 12.7
Total Wendy’s/Arby’s Group .............................................. $1,572.4
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