XML 59 R5.htm IDEA: XBRL DOCUMENT v2.3.0.15
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands
9 Months Ended
Oct. 02, 2011
Oct. 03, 2010
The Wendy's Company [Member] | Segment, Continuing Operations [Member]
  
Adjustments to reconcile net loss to net cash provided by operating activities:  
Depreciation and amortization$ 90,972$ 96,452
Impairment of long-lived assets8,26221,403
Wendy's Restaurants, LLC [Member] | Segment, Continuing Operations [Member]
  
Adjustments to reconcile net loss to net cash provided by operating activities:  
Depreciation and amortization90,39095,055
Share-based compensation provision10,917[1]9,841[1]
Impairment of long-lived assets8,26221,403
Tax sharing payment to parent(13,078)[2]0[2]
Cash flows from investing activities:  
Proceeds from dispositions2,8652,174
Cash flows from financing activities:  
Dividends paid to The Wendy's Company0[3](443,700)[3]
The Wendy's Company [Member] | Segment, Discontinued Operations [Member]
  
Adjustments to reconcile net loss to net cash provided by operating activities:  
Loss on disposal of Arby’s8,8490
Wendy's Restaurants, LLC [Member] | Segment, Discontinued Operations [Member]
  
Adjustments to reconcile net loss to net cash provided by operating activities:  
Loss on disposal of Arby’s8,8490
The Wendy's Company [Member]
  
Cash flows from operating activities:  
Net (loss) income5,8916,433
Adjustments to reconcile net loss to net cash provided by operating activities:  
Depreciation and amortization113,085137,448
Net receipt of deferred vendor incentives13,87610,096
Share-based compensation provision13,75610,519
Distributions received from joint venture10,7849,718
Impairment of long-lived assets9,82041,424
Loss on disposal of Arby’s8,8490
Non-cash rent expense (credit)6,1697,152
Accretion of long-term debt6,13713,013
Write-off and amortization of deferred financing costs4,86310,391
Deferred income tax provision (benefit), net4,871(16,298)
Provision for doubtful accounts2,0047,586
Operating investment adjustments, net (see below)(145)(5,201)
Equity in earnings in joint ventures, net(7,817)(7,127)
Other, net128(2,171)
Changes in operating assets and liabilities, net:  
Accounts and notes receivable(6,550)(6,971)
Inventories(210)1,824
Prepaid expenses and other current assets(8,138)(6,853)
Accounts payable9,365(8,973)
Accrued expenses and other current liabilities(4,635)(34,533)
Net cash provided by operating activities182,103167,477
Cash flows from investing activities:  
Proceeds from sale of Arby’s, net103,1620
Proceeds from dispositions3,7994,394
Capital expenditures(91,913)(94,736)
Restaurant acquisitions(6,613)0
Franchise incentive loans(1,269)0
Other, net(245)407
Net cash provided by (used in) investing activities6,103(57,698)
Cash flows from financing activities:  
Proceeds from long-term debt0497,661
Repayments of long-term debt(36,611)(470,942)
Proceeds from stock option exercises5,3451,380
Repurchases of common stock(152,681)(173,537)
Dividends paid(24,584)(19,260)
Deferred financing costs(57)(16,286)
Other, net(753)(894)
Net cash used in financing activities(209,341)(181,878)
Net cash (used in) provided by operations before effect of exchange rate changes on cash(21,135)(72,099)
Effect of exchange rate changes on cash(2,556)894
Net increase (decrease) in cash and cash equivalents(23,691)(71,205)
Cash and cash equivalents at beginning of period512,508591,719
Cash and cash equivalents at end of period488,817520,514
Operating investment adjustments, net:  
Income on collection of DFR Notes0(4,909)
Other net recognized gains(145)(292)
Supplemental total of operating investment adjustments(145)(5,201)
Investment activities, net:  
Proceeds from sales of investments3651,810
Proceeds from repayment of DFR Notes030,752
Cost of securities0(325)
Investment in joint venture(1,183)0
Supplemental total of investment activities(818)32,237
Supplemental Cash Flow Information [Abstract]  
Interest96,760108,556
Income taxes, net of refunds11,52311,513
Total capital expenditures92,70799,553
Cash capital expenditures(91,913)(94,736)
Non-cash capitalized lease and certain sales-leaseback obligations7944,817
Indirect investment in Arby's19,0000
Wendy's Restaurants, LLC [Member]
  
Cash flows from operating activities:  
Net (loss) income12,3147,172
Adjustments to reconcile net loss to net cash provided by operating activities:  
Depreciation and amortization112,503136,051
Net receipt of deferred vendor incentives13,87610,096
Share-based compensation provision12,9739,841
Distributions received from joint venture10,7849,718
Impairment of long-lived assets9,82041,424
Loss on disposal of Arby’s8,8490
Non-cash rent expense (credit)6,1667,152
Accretion of long-term debt6,13713,013
Write-off and amortization of deferred financing costs4,85410,378
Deferred income tax provision (benefit), net8,600(4,918)
Tax sharing payable to parent, net2,437(8,673)
Provision for doubtful accounts2,0047,586
Other operating transactions with parent(4,366)(6,831)
Equity in earnings in joint ventures, net(7,817)(7,127)
Tax sharing payment to parent(13,078)0
Other, net191(1,731)
Changes in operating assets and liabilities, net:  
Accounts and notes receivable(6,664)(6,721)
Inventories(210)1,824
Prepaid expenses and other current assets(8,520)(7,386)
Accounts payable8,960(7,289)
Accrued expenses and other current liabilities(513)(32,616)
Net cash provided by operating activities179,300170,963
Cash flows from investing activities:  
Proceeds from sale of Arby’s, net103,1620
Proceeds from dispositions3,7994,394
Capital expenditures(91,913)(94,736)
Restaurant acquisitions(6,613)0
Franchise incentive loans(1,269)0
Other, net(245)1,369
Net cash provided by (used in) investing activities5,738(88,973)
Cash flows from financing activities:  
Proceeds from long-term debt0497,661
Repayments of long-term debt(35,594)(462,831)
Dividends paid to The Wendy's Company0(443,700)
Deferred financing costs(57)(16,286)
Net cash used in financing activities(35,651)(425,156)
Net cash (used in) provided by operations before effect of exchange rate changes on cash149,387(343,166)
Effect of exchange rate changes on cash(2,556)894
Net increase (decrease) in cash and cash equivalents146,831(342,272)
Cash and cash equivalents at beginning of period198,686538,864
Cash and cash equivalents at end of period345,517196,592
Investment activities, net:  
Investment in joint venture(1,183)0
Supplemental Cash Flow Information [Abstract]  
Interest96,097107,326
Income taxes, net of refunds9,5317,458
Total capital expenditures92,70799,553
Cash capital expenditures(91,913)(94,736)
Non-cash capitalized lease and certain sales-leaseback obligations7944,817
Indirect investment in Arby's$ 19,000$ 0
[1]Wendy’s Restaurants incurs share based compensation costs for The Wendy’s Company Common Stock awards issued to certain employees under The Wendy’s Company various equity plans. Such compensation cost is allocated by The Wendy’s Company to Wendy’s Restaurants and is correspondingly recorded as capital contributions from The Wendy’s Company.
[2]Wendy’s Restaurants made cash payments to The Wendy’s Company under a tax sharing agreement, as discussed in Note 8.
[3]Wendy’s Restaurants paid cash dividends to The Wendy’s Company which were charged to “Invested equity.”