Wendy's 2014 Annual Report Download - page 51

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Long-Term Debt, Including Current Portion
Year End
2014
Term A Loans .............................................................. $ 541.7
Term B Loans .............................................................. 759.8
7% debentures ............................................................. 85.8
Capital lease obligations ...................................................... 60.8
Total long-term debt, including current portion ................................ $1,448.1
There were no material changes to the terms of any debt obligations since December 29, 2013. See Note 10 of
the Financial Statements and Supplementary Data contained in Item 8 herein, for further information related to our
long-term debt obligations.
Contractual Obligations
The following table summarizes the expected payments under our outstanding contractual obligations at
December 28, 2014:
Fiscal Years
2015 2016-2017 2018-2019 After 2019 Total
Long-term debt obligations (a) ....................... $105.7 $234.4 $1,194.6 $ 142.0 $1,676.7
Capital lease obligations (b) .......................... 7.6 13.6 15.3 107.1 143.6
Operating lease obligations (c) ........................ 70.1 127.9 120.9 787.3 1,106.2
Purchase obligations (d) ............................ 67.4 19.5 10.8 11.9 109.6
Other .......................................... 16.4 5.0 1.4 0.3 23.1
Total (e) .................................... $267.2 $400.4 $1,343.0 $1,048.6 $3,059.2
(a) Excludes capital lease obligations, which are shown separately in the table. The table includes interest of
approximately $275.2 million. These amounts exclude the fair value adjustment related to Wendy’s 7%
debentures assumed in the Wendy’s merger.
(b) Excludes related sublease rental receipts of $173.3 million on capital lease obligations. The table includes interest
of approximately $82.8 million for capital lease obligations.
(c) Represents the minimum lease cash payments for operating lease obligations. Excludes aggregate related sublease
rental receipts of $593.4 million on operating lease obligations.
(d) Includes (1) $45.6 million for the remaining beverage purchase requirement under a beverage agreement,
(2) $45.4 million for capital expenditures, (3) $16.3 million for utility commitments and (4) $2.3 million of
other purchase obligations.
(e) Excludes obligation for unrecognized tax benefits, including interest and penalties, of $29.3 million. We are
unable to predict when and if cash payments will be required.
Capital Expenditures
In 2014, cash capital expenditures amounted to $298.5 million and non-cash capital expenditures, consisting of
capitalized lease obligations, amounted to $22.3 million. In 2015, we expect that cash capital expenditures will
amount to approximately $270.0 million, principally relating to (1) reimaging company-owned restaurants, (2) the
opening of an estimated 20 new Image Activation company-owned restaurants, (3) technology, including
consumer-facing restaurant technology, (4) maintenance capital expenditures for our company-owned restaurants
and (5) various other capital projects. As of December 28, 2014, the Company had $45.4 million of outstanding
commitments, included in “Accounts payable,” for capital expenditures expected to be paid in 2015.
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