Wendy's 2015 Annual Report Download - page 96

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THE WENDY’S COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
(11) Accrued Expenses and Other Current Liabilities
Year End
2015 2014
Accrued compensation and related benefits .......................... $ 60,566 $ 41,260
Accrued taxes ................................................ 19,925 23,471
Other ...................................................... 43,913 61,149
$ 124,404 $ 125,880
(12) Long-Term Debt
Long-term debt consisted of the following:
Year End
2015 2014
Series 2015-1 Class A-2 Notes:
Series 2015-1 Class A-2-I Notes (a) ........................... $ 872,813 $ —
Series 2015-1 Class A-2-II Notes (a) ........................... 897,750 —
Series 2015-1 Class A-2-III Notes (a) .......................... 498,750 —
Term A Loans, repaid in June 2015 (a) ......................... — 541,733
Term B Loans, repaid in June 2015 (a) ............................. — 759,758
7% debentures, due in 2025 (b) .................................. 87,057 85,853
Capital lease obligations, due through 2045 ......................... 109,173 59,073
Unamortized debt issuance costs (c) ............................... (39,430) (8,243)
2,426,113 1,438,174
Less amounts payable within one year .............................. (23,290) (53,202)
Total long-term debt .................................... $2,402,823 $1,384,972
Aggregate annual maturities of long-term debt, excluding the effect of purchase accounting adjustments, as of
January 3, 2016 were as follows:
Fiscal Year
2016 ................................................................... $ 23,290
2017 ................................................................... 23,408
2018 ................................................................... 24,555
2019 ................................................................... 862,944
2020 ................................................................... 16,182
Thereafter ............................................................... 1,528,107
$2,478,486
(a) On June 1, 2015, Wendy’s Funding, LLC (“Wendy’s Funding” or the “Master Issuer”), a limited-purpose,
bankruptcy-remote, wholly-owned indirect subsidiary of The Wendy’s Company, entered into a base indenture
and a related supplemental indenture (collectively, the “Indenture”) under which the Master Issuer may issue
multiple series of notes. On the same date, the Master Issuer issued Series 2015-1 3.371% Fixed Rate Senior
Secured Notes, Class A-2-I (the “Class A-2-I Notes”) with an initial principal amount of $875,000,
Series 2015-1 4.080% Fixed Rate Senior Secured Notes, Class A-2-II (the “Class A-2-II Notes”) with an initial
principal amount of $900,000 and the Series 2015-1 4.497% Fixed Rate Senior Secured Notes, Class A-2-III,
(the “Class A-2-III Notes”) with an initial principal amount of $500,000 (collectively, the “Series 2015-1
Class A-2 Notes”). In addition, the Master Issuer entered into a revolving financing facility of Series 2015-1
Variable Funding Senior Secured Notes, Class A-1 (the “Series 2015-1 Class A-1 Notes” and, together with the
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