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Discontinued Operations (Tables) - Bakery
 12 Months Ended
Dec. 31, 2017
Discontinued Operations  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations  
Schedule of income from discontinued operations
The following table presents the Bakery’s results of operations and the gain on disposal, which have been included in discontinued operations:
 
Year Ended
 
2015
Revenues (a)
$
25,885

Cost of sales (b)
(7,543
)
 
18,342

General and administrative
(1,093
)
Depreciation and amortization (c)
(2,297
)
Other expense, net (d)
(19
)
Income from discontinued operations before income taxes
14,933

Provision for income taxes
(4,439
)
Income from discontinued operations, net of income taxes
10,494

Gain on disposal of discontinued operations before income taxes
25,529

Provision for income taxes on gain on disposal
(14,860
)
Gain on disposal of discontinued operations, net of income taxes
10,669

Net income from discontinued operations
$
21,163

_______________

(a)
Includes sales of sandwich buns and related products previously reported in “Sales” as well as rental income.

(b)
2015 includes employee separation-related costs of $791 as a result of the sale of the Bakery.

In December of 2013, The New Bakery Co. of Ohio, Inc. (the “Bakery Company”), a 100% owned subsidiary of Wendy’s, now known as The Bakery Company, LLC, terminated its participation in a multiemployer pension plan and assumed an estimated withdrawal liability of $13,500. During the first quarter of 2015, the Company began negotiating the potential sale of the Bakery Company which would result in the buyer re-entering the multiemployer pension plan. As a result, the Company concluded that its loss contingency for the pension withdrawal payments was no longer probable and, as such, reversed $12,486 of the outstanding withdrawal liability to “Cost of sales” during the first quarter of 2015.

(c)
Included in “Depreciation and amortization” in our consolidated statements of cash flows for the periods presented.

(d)
Includes net gains on sales of other assets.  During 2015, the Bakery received cash proceeds of $50, resulting in net gains on sales of other assets of $32.
Discontinued Operations, Disposed of by Sale  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations  
Schedule of income from discontinued operations
The following table summarizes the gain on the disposal of the Bakery, which has been included in discontinued operations:
 
Year Ended
 
2015
Proceeds from sale of the Bakery (a)
$
78,408

Net working capital (b)
(5,655
)
Net properties sold (c)
(30,664
)
Goodwill allocated to the sale of the Bakery
(12,067
)
Other (d)
(2,684
)
 
27,338

Post-closing adjustments on the sale of the Bakery
(1,809
)
Gain on disposal of discontinued operations before income taxes
25,529

Provision for income taxes (e)
(14,860
)
Gain on disposal of discontinued operations, net of income taxes
$
10,669

_______________

(a)
Represents net proceeds received, which includes the purchase price of $78,500 less transaction closing costs paid directly by the Buyer on the Company’s behalf.

(b)
Primarily represents accounts receivable, inventory, prepaid expenses and accounts payable.

(c)
Net properties sold consisted primarily of buildings, equipment and capital leases for transportation equipment.

(d)
Primarily includes the recognition of the Company’s obligation, pursuant to the sale agreement, to provide health insurance benefits to the Bakery’s employees through December 31, 2015 of $1,993 and transaction closing costs paid directly by the Company.

(e)
Includes the impact of non-deductible goodwill disposed of as a result of the sale.