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These excerpts taken from the WEN 10-K filed Mar 14, 2008. Undesignated
Interest Rate Swaps
As of
December 31, 2007 and 2006, the Company held 76 and five undesignated interest
rate swaps with notional amounts of $2.9 billion and $141.0 million,
respectively. Accordingly, changes in fair value of these derivatives are
recorded in net gain (loss) on derivatives in the consolidated statement of
operations. As of December 31, 2007 and 2006, the undesignated interest rate
swaps had a gross positive fair value of $3.0 million and $0.2 million and gross
negative fair value of $80.7 million and $1.0 million, respectively, recorded in
derivative assets and liabilities in the consolidated balance sheet. The
weighted average fixed rate payable on the undesignated interest rate swaps as
of December 31, 2007 and 2006 was 4.94% and 5.17%, respectively. For the years
ended December 31, 2007 and 2006, the Company recognized a net loss of $50.0
million and net gain of $2.6 million in net gain (loss) on derivatives,
respectively, related to undesignated interest rate swaps.
Undesignated Interest Rate Swaps As of December 31, 2007 and 2006, the Company held 76 and five undesignated interest rate swaps with notional amounts of $2.9 billion and $141.0 million, respectively. Accordingly, changes in fair value of these derivatives are recorded in net gain (loss) on derivatives in the consolidated statement of operations. As of December 31, 2007 and 2006, the undesignated interest rate swaps had a gross positive fair value of $3.0 million and $0.2 million and gross negative fair value of $80.7 million and $1.0 million, respectively, recorded in derivative assets and liabilities in the consolidated balance sheet. The weighted average fixed rate payable on the undesignated interest rate swaps as of December 31, 2007 and 2006 was 4.94% and 5.17%, respectively. For the years ended December 31, 2007 and 2006, the Company recognized a net loss of $50.0 million and net gain of $2.6 million in net gain (loss) on derivatives, respectively, related to undesignated interest rate swaps. | EXCERPTS ON THIS PAGE:
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