Long-Term Debt

3 Months Ended

Apr. 02, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

Long-term debt consisted of the following:

	April 2, 2023		January 1, 2023
Series 2022-1 Class A-2 Notes:
4.236% Series 2022-1 Class A-2-I Notes, anticipated repayment date 2029	$	99,250	$	99,500
4.535% Series 2022-1 Class A-2-II Notes, anticipated repayment date 2032	397,000		398,000
Series 2021-1 Class A-2 Notes:
2.370% Series 2021-1 Class A-2-I Notes, anticipated repayment date 2029	442,125		443,250
2.775% Series 2021-1 Class A-2-II Notes, anticipated repayment date 2031	638,625		640,250
Series 2019-1 Class A-2 Notes:
3.783% Series 2019-1 Class A-2-I Notes, anticipated repayment date 2026	363,000		364,000
4.080% Series 2019-1 Class A-2-II Notes, anticipated repayment date 2029	408,375		409,500
Series 2018-1 Class A-2 Notes:
3.884% Series 2018-1 Class A-2-II Notes, anticipated repayment date 2028	450,063		451,250
7% debentures, due in 2025 (a)	56,264		86,369
Unamortized debt issuance costs	(38,959)		(40,673)
	2,815,743		2,851,446
Less amounts payable within one year	(29,250)		(29,250)
Total long-term debt	$	2,786,493	$	2,822,196

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(a)Wendy’s 7% debentures are unsecured and were reduced to fair value in connection with the Wendy’s Merger. The fair value adjustment is being accreted and the related charge included in “Interest expense, net” until the debentures mature. During the three months ended April 2, 2023, Wendy’s repurchased $31,571 in principal of its 7% debentures at par value. As a result, the Company recognized a loss on early extinguishment of debt of $1,266 during the three months ended April 2, 2023.