Wendy's 2012 Annual Report Download - page 83
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THE WENDY’S COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
Investment in Joint Venture in Japan
During the second quarter of 2011, Wendy’s entered into the Japan JV. Wendy’s 49% share of the joint
venture is accounted for using the equity method of accounting and our equity in losses is included in “Other
operating expense, net.”
Presented below is activity related to our portion of the Japan JV included in our consolidated balance sheets
and consolidated statements of operations as of and for the years ended December 30, 2012 and January 1, 2012.
Year Ended
2012 2011
Balance at beginning of period ......................................... $ 77 $ —
Initial investment ................................................... — 1,183
Equity in losses for the period ......................................... (1,827) (1,106)
Balance at end of period (a) ........................................... $(1,750) $ 77
(a) Included in “Other liabilities” in 2012 and in “Investments” in 2011.
Presented below is a summary of the financial information of the Japan JV, including the balance sheets as of
December 30, 2012 and January 1, 2012, and certain income statement information for the years ended
December 30, 2012 and January 1, 2012.
Year End
2012 2011
Balance sheet information:
Current assets:
Cash ......................................................... $ 347 $ 686
Inventories .................................................... 23 39
Prepaid expenses and other current assets ............................. 265 281
Total current assets ............................................ 635 1,006
Properties ....................................................... 1,343 2,625
Deposits and other assets ............................................ 703 493
Total assets .................................................. $2,681 $4,124
Current liabilities:
Current portion of long-term debt .................................. $1,443 $ 414
Accounts payable ................................................ 342 1,193
Accrued expenses and other current liabilities .......................... 92 76
Total current liabilities ......................................... 1,877 1,683
Long-term debt ................................................... 4,912 1,689
Other liabilities ................................................... 614 526
Partners’ (deficit) equity ............................................ (4,722) 226
Total liabilities and partners’ equity ................................ $2,681 $4,124
Year Ended
2012 2011
Income statement information:
Revenues ..................................................... $2,322 $ 69
Loss before income taxes and net loss ................................ (5,322) (2,293)
80