Wendy's 2011 Annual Report Download - page 56
Download and view the complete annual report
Please find page 56 of the 2011 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
 |
 |
(The Wendy’s Company)
• Quarterly cash dividends aggregating up to approximately $31.2 million as discussed below in “Dividends;”
• Net proceeds of $24.0 million from the sale of Jurlique International Pty Ltd. (“Jurlique”), one of our
investments, which was completed in February 2012; and
(Wendy’s Restaurants)
• Potential intercompany dividends and fees.
Based upon current levels of operations, the Companies expect that cash flows from Wendy’s operations and
available cash will provide sufficient liquidity to meet operating cash requirements for the next 12 months.
Capitalization
Year End 2011
Wendy’s
Restaurants
The Wendy’s
Company
Long-term debt, including current portion ............................ $1,345.7 $1,357.0
Invested equity ................................................. 1,799.7 —
Stockholders’ equity ............................................. — 1,996.1
$3,145.4 $3,353.1
Wendy’s Restaurants and The Wendy’s Company’s total capitalization at January 1, 2012 decreased $191.0
million and $382.5 million from $3,336.4 million and $3,735.6 million, each respectively, at January 2, 2011 and
was principally impacted by the following:
• The net decrease in long-term debt is principally due to a reduction of approximately $190 million resulting
from the sale of Arby’s;
(The Wendy’s Company)
• Repurchases of common stock of $157.6 million, including commissions of $0.6 million; and
• Dividends paid of $32.4 million;
Long-Term Debt, Including Current Portion
Year End
2011
Senior Notes ............................................................... $ 554.9
Term Loan ................................................................ 466.1
6.20% senior notes .......................................................... 224.6
7% debentures ............................................................. 82.3
Capitalized lease obligations, excluding interest .................................... 15.2
Sale-leaseback obligations, excluding interest ...................................... 1.5
Other .................................................................... 1.1
Total Wendy’s Restaurants long-term debt .................................... 1,345.7
6.54% aircraft term loan ...................................................... 11.3
Total The Wendy’s Company long-term debt ................................. $1,357.0
There were no material changes to the terms of any debt obligations since January 2, 2011. See Note 12 of the
Financial Statements and Supplementary Data contained in Item 8 of this document for more information related to
our long-term debt obligations.
52