$WEN
Wendy's Co

2015 Q2 Form 10-Q Financial Statement

#000003069715000007 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $489.5M $506.1M
YoY Change -3.27% -22.21%
Cost Of Revenue $315.1M $335.1M
YoY Change -5.97% -29.19%
Gross Profit $174.4M $170.9M
YoY Change 2.03% -3.56%
Gross Profit Margin 35.63% 33.78%
Selling, General & Admin $60.80M $66.40M
YoY Change -8.43% -11.23%
% of Gross Profit 34.86% 38.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.90M $39.50M
YoY Change 6.08% 1.02%
% of Gross Profit 24.02% 23.11%
Operating Expenses $109.5M $109.9M
YoY Change -0.36% -3.51%
Operating Profit $64.31M $61.17M
YoY Change 5.13% 7.33%
Interest Expense $17.20M $13.08M
YoY Change 31.48% -31.01%
% of Operating Profit 26.75% 21.39%
Other Income/Expense, Net $272.0K $856.0K
YoY Change -68.22% 1683.33%
Pretax Income $40.08M $48.94M
YoY Change -18.1% 186.97%
Income Tax $15.26M $21.62M
% Of Pretax Income 38.07% 44.16%
Net Earnings $40.20M $29.01M
YoY Change 38.57% 137.3%
Net Earnings / Revenue 8.21% 5.73%
Basic Earnings Per Share $0.11 $0.08
Diluted Earnings Per Share $0.11 $0.08
COMMON SHARES
Basic Shares Outstanding 363.8M shares 366.7M shares
Diluted Shares Outstanding 370.5M shares 372.2M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.198B $371.7M
YoY Change 222.2% -23.99%
Cash & Equivalents $1.198B $371.7M
Short-Term Investments
Other Short-Term Assets $280.0M $220.2M
YoY Change 27.16% 5.21%
Inventory $5.791M $9.049M
Prepaid Expenses
Receivables $70.50M $72.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.554B $672.9M
YoY Change 130.92% -13.26%
LONG-TERM ASSETS
Property, Plant & Equipment $1.254B $1.188B
YoY Change 5.63% -3.17%
Goodwill $795.7M $828.3M
YoY Change -3.93% -5.11%
Intangibles $1.359B $1.343B
YoY Change 1.25% 3.24%
Long-Term Investments $70.70M $82.10M
YoY Change -13.89% -23.56%
Other Assets $72.20M $43.48M
YoY Change 66.05% 29.97%
Total Long-Term Assets $3.553B $3.484B
YoY Change 1.97% -1.6%
TOTAL ASSETS
Total Short-Term Assets $1.554B $672.9M
Total Long-Term Assets $3.553B $3.484B
Total Assets $5.107B $4.157B
YoY Change 22.84% -3.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $67.35M $74.04M
YoY Change -9.04% -14.55%
Accrued Expenses $130.2M $140.2M
YoY Change -7.15% 9.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.60M $37.70M
YoY Change -53.32% -84.85%
Total Short-Term Liabilities $297.9M $321.0M
YoY Change -7.2% -40.0%
LONG-TERM LIABILITIES
Long-Term Debt $2.380B $1.416B
YoY Change 68.02% 15.88%
Other Long-Term Liabilities $217.0M $191.7M
YoY Change 13.19% 23.5%
Total Long-Term Liabilities $217.0M $191.7M
YoY Change 13.19% 23.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $297.9M $321.0M
Total Long-Term Liabilities $217.0M $191.7M
Total Liabilities $3.368B $512.7M
YoY Change 556.92% -25.72%
SHAREHOLDERS EQUITY
Retained Earnings -$418.4M -$453.6M
YoY Change -7.75% -6.31%
Common Stock $47.04M $47.04M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $723.3M $666.6M
YoY Change 8.5% 77.21%
Treasury Stock Shares 106.3M shares 103.5M shares
Shareholders Equity $1.738B $1.744B
YoY Change
Total Liabilities & Shareholders Equity $5.107B $4.157B
YoY Change 22.84% -3.7%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $40.20M $29.01M
YoY Change 38.57% 137.3%
Depreciation, Depletion And Amortization $41.90M $39.50M
YoY Change 6.08% 1.02%
Cash From Operating Activities $31.40M $66.30M
YoY Change -52.64% -40.16%
INVESTING ACTIVITIES
Capital Expenditures -$69.20M -$61.40M
YoY Change 12.7% 46.89%
Acquisitions
YoY Change
Other Investing Activities $112.4M $7.900M
YoY Change 1322.78% -40.15%
Cash From Investing Activities $43.10M -$53.60M
YoY Change -180.41% 87.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 918.8M -27.70M
YoY Change -3416.97% 36.45%
NET CHANGE
Cash From Operating Activities 31.40M 66.30M
Cash From Investing Activities 43.10M -53.60M
Cash From Financing Activities 918.8M -27.70M
Net Change In Cash 993.3M -15.00M
YoY Change -6722.0% -124.23%
FREE CASH FLOW
Cash From Operating Activities $31.40M $66.30M
Capital Expenditures -$69.20M -$61.40M
Free Cash Flow $100.6M $127.7M
YoY Change -21.22% -16.32%

Facts In Submission

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CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
302000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3789000 USD
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.442
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.416
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.381
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.344
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
6443000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
5825000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
17667000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
46374000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
17667000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
46374000 USD
CY2014Q2 us-gaap Franchise Revenue
FranchiseRevenue
98428000 USD
us-gaap Franchise Revenue
FranchiseRevenue
188807000 USD
CY2015Q2 us-gaap Franchise Revenue
FranchiseRevenue
104486000 USD
us-gaap Franchise Revenue
FranchiseRevenue
198686000 USD
us-gaap Gain Loss On Cash Flow Hedge Ineffectiveness Net
GainLossOnCashFlowHedgeIneffectivenessNet
0 USD
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 USD
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
27338000 USD
CY2014Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1418000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
74395000 USD
CY2015Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
15654000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
14849000 USD
CY2014Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2015Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-7295000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-7295000 USD
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
66433000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
136044000 USD
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
60771000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
120469000 USD
CY2014Q4 us-gaap Goodwill
Goodwill
822562000 USD
CY2015Q2 us-gaap Goodwill
Goodwill
795737000 USD
CY2014 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
17139000 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
10803000 USD
CY2014Q2 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 USD
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
332000 USD
CY2014 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
2474000 USD
CY2015Q2 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
394000 USD
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
1152000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
48942000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
123795000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
40084000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
65491000 USD
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.01
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.04
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.07
CY2014Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1351307000 USD
CY2015Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1359485000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
27327000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
72336000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
24825000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
42975000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.07
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.19
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.07
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.12
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.07
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.19
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.07
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.12
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
1680000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
2974000 USD
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
15370000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
24727000 USD
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.01
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.04
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.07
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21615000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51459000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15259000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22516000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6699000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
11845000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3699000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
10664000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
9650000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
14876000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-42401000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-29108000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1200000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-168000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
7197000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3869000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1750000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-484000 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
0 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
27190000 USD
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5460000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6630000 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6776000 shares
CY2014Q2 us-gaap Interest Expense
InterestExpense
13083000 USD
us-gaap Interest Expense
InterestExpense
26025000 USD
CY2015Q2 us-gaap Interest Expense
InterestExpense
17201000 USD
us-gaap Interest Expense
InterestExpense
29944000 USD
us-gaap Interest Paid
InterestPaid
26225000 USD
us-gaap Interest Paid
InterestPaid
27452000 USD
CY2014Q4 us-gaap Inventory Net
InventoryNet
6861000 USD
CY2015Q2 us-gaap Inventory Net
InventoryNet
5791000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
2420023000 USD
CY2015Q2 us-gaap Liabilities
Liabilities
3368119000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4137599000 USD
CY2015Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
5106545000 USD
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
340224000 USD
CY2015Q2 us-gaap Liabilities Current
LiabilitiesCurrent
297900000 USD
CY2014Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
18525000 USD
CY2015Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
0 USD
CY2014Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Noncurrent
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent
1151000 USD
CY2015Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Noncurrent
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent
0 USD
CY2014Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1384972000 USD
CY2015Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
2379782000 USD
CY2014Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
53202000 USD
CY2015Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
17595000 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1513543000 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
862906000 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
24532000 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
23420000 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
23229000 USD
CY2014Q4 us-gaap Long Term Investments
LongTermInvestments
74054000 USD
CY2015Q2 us-gaap Long Term Investments
LongTermInvestments
70715000 USD
CY2015Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
2664000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-291942000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
896238000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2139000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15272000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
81009000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
53114000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
29007000 USD
us-gaap Net Income Loss
NetIncomeLoss
75310000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
40195000 USD
us-gaap Net Income Loss
NetIncomeLoss
67702000 USD
us-gaap Notes Issued1
NotesIssued1
0 USD
us-gaap Notes Issued1
NotesIssued1
2023000 USD
CY2014Q4 us-gaap Number Of Interest Rate Derivatives Held
NumberOfInterestRateDerivativesHeld
7 cash_flow_hedge
CY2015Q2 us-gaap Number Of Interest Rate Derivatives Held
NumberOfInterestRateDerivativesHeld
7 cash_flow_hedge
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
61169000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
148443000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
64308000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
102219000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
56272000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
72200000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-1105000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-15139000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
8195000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
975000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
203000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-213000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
124000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1960000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2418000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
4901000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-12494000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
6235000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1105000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
4925000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-15139000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-338000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
24000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2442000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-1234000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-1521000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
12000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-1490000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
199833000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
216987000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
7831000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1060000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
856000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1377000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
272000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
511000 USD
CY2014Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-8760000 USD
CY2015Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-15504000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1441000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-919000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
277275000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
63206000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
130548000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
72258000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
115543000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
78408000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2275000000 USD
us-gaap Restructuring Charges
RestructuringCharges
15987000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
116204000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
38697000 USD
CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
6279000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
39374000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
36648000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
40189000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2335000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1232000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
400000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
2000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
114521000 USD
us-gaap Restructuring Charges
RestructuringCharges
10892000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-445917000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-418410000 USD
CY2014Q2 us-gaap Revenues
Revenues
506079000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
23800000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
19688000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1241170000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1254489000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
-13882000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
-8396000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
19486000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1302055000 USD
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
27190000 USD
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
1276000 USD
us-gaap Revenues
Revenues
1014529000 USD
CY2015Q2 us-gaap Revenues
Revenues
489534000 USD
us-gaap Revenues
Revenues
941303000 USD
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
407651000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
825722000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
385048000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
742617000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
15158000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
12242000 USD
CY2013 us-gaap Significant Changes Franchises Sold
SignificantChangesFranchisesSold
244 stores
CY2014Q2 us-gaap Significant Changes Franchises Sold
SignificantChangesFranchisesSold
0 stores
us-gaap Significant Changes Franchises Sold
SignificantChangesFranchisesSold
178 stores
CY2014 us-gaap Significant Changes Franchises Sold
SignificantChangesFranchisesSold
255 stores
us-gaap Significant Changes Franchises Sold
SignificantChangesFranchisesSold
100 stores
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1397000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1393000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
23412000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
15278000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1717576000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
1738426000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1929486000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
723279000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
277275000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
63206000 USD
us-gaap Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
-7275000 USD
us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
3686000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
372172000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
380762000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
370542000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
371875000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
366712000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
374132000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
363766000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
365175000 shares
CY2014Q4 wen Advertising Funds Restricted Assets
AdvertisingFundsRestrictedAssets
65308000 USD
CY2015Q2 wen Advertising Funds Restricted Assets
AdvertisingFundsRestrictedAssets
82783000 USD
CY2015Q1 wen Significant Changes Planned Franchisesto Sell
SignificantChangesPlannedFranchisestoSell
540 stores
wen State Income Tax Benefitfrom Tax Examination
StateIncomeTaxBenefitfromTaxExamination
1872000 USD
CY2014Q2 wen Totalof Income Statement Line Items Affectedby Prior Period Reclassifications
TotalofIncomeStatementLineItemsAffectedbyPriorPeriodReclassifications
-5338000 USD
wen Totalof Income Statement Line Items Affectedby Prior Period Reclassifications
TotalofIncomeStatementLineItemsAffectedbyPriorPeriodReclassifications
47042000 USD
wen Unrecognized Tax Benefits Decrease Resultingfrom Unfavorable Court Decisions
UnrecognizedTaxBenefitsDecreaseResultingfromUnfavorableCourtDecisions
1274000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1717576000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1738426000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-87000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-103000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
104614000 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
106336000 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
679220000 USD
CY2014Q4 wen Advertising Funds Restricted Liabilities
AdvertisingFundsRestrictedLiabilities
65308000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1744366000 USD
CY2015Q2 wen Advertising Funds Restricted Liabilities
AdvertisingFundsRestrictedLiabilities
82783000 USD
wen Cashand Cash Equivalents Period Increase Decreaseincluding Discontinued Operation
CashandCashEquivalentsPeriodIncreaseDecreaseincludingDiscontinuedOperation
-208492000 USD
wen Cashand Cash Equivalents Period Increase Decreaseincluding Discontinued Operation
CashandCashEquivalentsPeriodIncreaseDecreaseincludingDiscontinuedOperation
930291000 USD
CY2015Q2 wen Debt Maturitiesfor Remainderof Current Fiscal Year
DebtMaturitiesforRemainderofCurrentFiscalYear
5837000 USD
wen Equity In Earnings For Period Net Of Amortization Of Purchase Price Adjustments
EquityInEarningsForPeriodNetOfAmortizationOfPurchasePriceAdjustments
4872000 USD
wen Equity In Earnings For Period Net Of Amortization Of Purchase Price Adjustments
EquityInEarningsForPeriodNetOfAmortizationOfPurchasePriceAdjustments
4545000 USD
CY2015Q1 wen Futurecompanyownedrestaurantownershippercentage
Futurecompanyownedrestaurantownershippercentage
0.05
wen Gain Losson Saleof Property Plantand Equipmentincluding Discontinued Operations
GainLossonSaleofPropertyPlantandEquipmentincludingDiscontinuedOperations
74432000 USD
wen Gain Losson Saleof Property Plantand Equipmentincluding Discontinued Operations
GainLossonSaleofPropertyPlantandEquipmentincludingDiscontinuedOperations
14881000 USD
wen Noncash Rent Expense Income
NoncashRentExpenseIncome
2528000 USD
wen Noncash Rent Expense Income
NoncashRentExpenseIncome
2607000 USD
CY2014Q4 wen Number Of Restaurants Classified As Assets Held For Sale
NumberOfRestaurantsClassifiedAsAssetsHeldForSale
106 stores
CY2015Q2 wen Number Of Restaurants Classified As Assets Held For Sale
NumberOfRestaurantsClassifiedAsAssetsHeldForSale
97 stores
wen Paymentsforterminationofcashflowhedge Operating
PaymentsforterminationofcashflowhedgeOperating
0 USD
wen Paymentsforterminationofcashflowhedge Operating
PaymentsforterminationofcashflowhedgeOperating
7337000 USD
CY2015Q2 wen Percentageof Membership Interests Sold
PercentageofMembershipInterestsSold
1
CY2015Q2 wen Percentageof Outstanding Shares Ownedbythe Trian Group
PercentageofOutstandingSharesOwnedbytheTrianGroup
0.248
CY2014Q2 wen Prior Period Reclassificationof System Optimization Remeasurement
PriorPeriodReclassificationofSystemOptimizationRemeasurement
0 USD
wen Prior Period Reclassificationof System Optimization Remeasurement
PriorPeriodReclassificationofSystemOptimizationRemeasurement
0 USD
CY2014Q2 wen Prior Period Reclassificationsof Gainon Property Plant Equipment Net
PriorPeriodReclassificationsofGainonPropertyPlantEquipmentNet
0 USD
wen Prior Period Reclassificationsof Gainon Property Plant Equipment Net
PriorPeriodReclassificationsofGainonPropertyPlantEquipmentNet
0 USD
CY2015Q2 wen Severance Related Costs Associatedwith Discontinued Operation
SeveranceRelatedCostsAssociatedwithDiscontinuedOperation
791000 USD
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Multiemployer Pension Plan</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As further described in the Form 10-K, in December 2013, The New Bakery Co. of Ohio, Inc. (the &#8220;Bakery Company&#8221;), a 100% owned subsidiary of Wendy&#8217;s, now known as The New Bakery Company, LLC, terminated its participation in the Bakery and Confectionery Union and Industry International Pension Fund (the &#8220;Union Pension Fund&#8221;) and formally notified the plan&#8217;s trustees of its withdrawal from the plan. The Union Pension Fund administrator acknowledged the withdrawal, which required Wendy&#8217;s to assume an estimated withdrawal liability of </font><font style="font-family:inherit;font-size:10pt;">$13,500</font><font style="font-family:inherit;font-size:10pt;"> based on the applicable requirements of the Employee Retirement Income Security Act, as amended, and which was included in &#8220;Cost of sales&#8221; during the fourth quarter of 2013. As a result, Wendy&#8217;s made payments to the Union Pension Fund aggregating </font><font style="font-family:inherit;font-size:10pt;">$1,014</font><font style="font-family:inherit;font-size:10pt;"> during 2014 and 2015 which were recorded as reductions to the withdrawal liability. The Bakers Local No. 57, Bakery, Confectionery, Tobacco Workers &amp; Grain Millers International Union of America, AFL-CIO (the &#8220;Union&#8221;) filed a charge with the National Labor Relations Board (the &#8220;NLRB&#8221;) related to the Bakery Company&#8217;s withdrawal from the Union Pension Fund. On July 22, 2014, The New Bakery of Zanesville, LLC (&#8220;Zanesville&#8221;), a 100% owned subsidiary of Wendy&#8217;s, and the Union entered into a settlement agreement with the NLRB.&#160; The terms of the settlement include an agreement by Zanesville and the Union to recommence negotiations. On March 27, 2015, Zanesville and the Union signed a memorandum of agreement outlining the terms for a new collective bargaining agreement, including re-entering the Union Pension Fund and signing the collective bargaining agreement on or about May 15, 2015. The terms of the collective bargaining agreement were ratified by the Union and became effective upon execution of the collective bargaining agreement. During the first quarter of 2015, the Company began negotiating the potential sale of the Bakery Company which would result in the buyer signing the collective bargaining agreement and re-entering the Union Pension Fund. As a result, the Company concluded that its loss contingency for the pension withdrawal payments was no longer probable and, as such, reversed </font><font style="font-family:inherit;font-size:10pt;">$12,486</font><font style="font-family:inherit;font-size:10pt;"> of the outstanding withdrawal liability to &#8220;Cost of sales&#8221; during the first quarter of 2015. </font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the second quarter of 2015, with negotiations ongoing, Zanesville and the Union agreed to an extension of the May 15, 2015 deadline for re-entering the Union Pension Fund. On May 15, 2015, in preparation for the sale of the Bakery, Zanesville merged into the Bakery Company. The Bakery Company was sold on May 31, 2015 and subsequently the Bakery Company signed the collective bargaining agreement and re-entered the Union Pension Fund. As a result of the sale, Wendy&#8217;s no longer has any obligations related to the Union Pension Fund. See Note 2 for more information on the sale of the Bakery.</font></div></div>

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