Wendy's 2013 Annual Report Download - page 102

THE WENDY’S COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
Repurchases of Common Stock
In November 2012, our Board of Directors authorized the repurchase of up to $100,000 of our common stock
through December 29, 2013, when and if market conditions warrant and to the extent legally permissible. During
2013, the Company repurchased 8,720 shares with an aggregate purchase price of $69,167, excluding commissions of
$153. The authorization for the repurchase program expired at the end of the 2013 fiscal year. No repurchases were
made during the year ended December 30, 2012.
Under the prior repurchase program, which expired at the end of fiscal 2011, our Board of Directors had
authorized in aggregate the repurchase of $495,000 of our common stock. During 2011, the Company repurchased
30,983 shares with an aggregate purchase price of $157,014, excluding commissions of $542.
In January 2014, our Board of Directors authorized a new repurchase program for up to $275,000 of our
common stock through the end of fiscal year 2014, when and if market conditions warrant and to the extent legally
permissible. As part of the repurchase program, the Board of Directors also authorized the commencement of a
modified Dutch auction tender offer to repurchase shares of our common stock for an aggregate purchase price of up
to $275,000.
On February 11, 2014, the tender offer expired and on February 19, 2014, the Company repurchased
29,730 shares for an aggregate purchase price of $275,000. As a result, the repurchase program authorized in January
2014 has been completed. The Company incurred costs of approximately $1,800 in connection with the tender offer,
which will be recorded to “Additional paid-in capital.”
Preferred Stock
There were 100,000 shares authorized and no shares issued of preferred stock throughout 2013, 2012 and
2011.
Accumulated Other Comprehensive (Loss) Income
The following table provides a rollforward of the components of accumulated other comprehensive (loss)
income attributable to The Wendy’s Company, net of tax as applicable:
Foreign
Currency
Translation
Cash Flow
Hedges Pension Total
Balance at January 2, 2011 ................................... $ 7,970 $ — $ (953) $ 7,017
Current-period other comprehensive loss .................... (6,869) — (46) (6,915)
Balance at January 1, 2012 ................................... 1,101 — (999) 102
Current-period other comprehensive income (loss) ............ 6,096 — (217) 5,879
Balance at December 30, 2012 ............................... 7,197 — (1,216) 5,981
Current-period other comprehensive (loss) income ............ (17,000) 744 (62) (16,318)
Balance at December 29, 2013 ............................... $ (9,803) $744 $(1,278) $(10,337)
The cumulative gains and losses on these items are included in “Accumulated other comprehensive (loss)
income” in the consolidated balance sheets and consolidated statements of stockholders’ equity.
Restricted Net Assets of Subsidiaries
Restricted net assets of consolidated subsidiaries were approximately $975,000, representing approximately
51% of The Wendy’s Company consolidated stockholders’ equity as of December 29, 2013 and consisted of net
assets of Wendy’s which were restricted as to transfer to The Wendy’s Company in the form of cash dividends, loans
or advances under the covenants of the Restated Credit Agreement.
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