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These excerpts taken from the WEN 10-K filed Mar 14, 2008. Undesignated
Total Return Swaps
As of
December 31, 2007 and 2006, the Company held two total return swaps with
aggregate notional amounts of $14.5 million and $15.6 million and a negative
fair value of $0.8 million and a positive fair value of $0.8 million recorded in
derivative assets and liabilities in the consolidated balance sheet,
respectively. Total return swaps represent financial instruments, which provide
the holder with a total return on an underlying asset (for example, a syndicated
bank loan or bond) offset by the cost of financing. For the years ended December
31, 2007 and 2006, the Company recognized a net loss of $0.7 million and a net
gain of $1.8 million in net gain (loss) on derivatives, respectively, related to
total return swaps.
Undesignated Total Return Swaps As of December 31, 2007 and 2006, the Company held two total return swaps with aggregate notional amounts of $14.5 million and $15.6 million and a negative fair value of $0.8 million and a positive fair value of $0.8 million recorded in derivative assets and liabilities in the consolidated balance sheet, respectively. Total return swaps represent financial instruments, which provide the holder with a total return on an underlying asset (for example, a syndicated bank loan or bond) offset by the cost of financing. For the years ended December 31, 2007 and 2006, the Company recognized a net loss of $0.7 million and a net gain of $1.8 million in net gain (loss) on derivatives, respectively, related to total return swaps. | EXCERPTS ON THIS PAGE:
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