Fair Value Measurements (Tables)

9 Months Ended

Sep. 28, 2025

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments:


	September 28, 2025				December 29, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Measurements
Financial assets
Cash equivalents	$	146,711	$	146,711	$	319,212	$	319,212	Level 1
Other investments in equity securities (a)	—		—		1,718		1,718		Level 2

Financial liabilities
Series 2022-1 Class A-2-I Notes (b)	96,750		94,892		97,500		93,744		Level 2
Series 2022-1 Class A-2-II Notes (b)	383,134		372,866		386,134		371,855		Level 2
Series 2021-1 Class A-2-I Notes (b)	415,394		384,572		418,769		376,256		Level 2
Series 2021-1 Class A-2-II Notes (b)	622,155		557,700		627,030		551,981		Level 2
Series 2019-1 Class A-2-I Notes (b)	350,673		346,465		353,673		345,093		Level 2
Series 2019-1 Class A-2-II Notes (b)	395,248		378,608		398,623		387,039		Level 2
Series 2018-1 Class A-2-II Notes (b)	432,787		426,512		436,349		418,027		Level 2
U.S. advertising fund revolving line of credit	15,000		15,000		—		—		Level 2
7% debentures, due in 2025 (b)	49,413		50,077		48,913		50,034		Level 2

_______________

(a)The fair value of our other investments in equity securities is based on our review of information provided by the investment manager, which is based on observable price changes in orderly transactions for a similar investment of the same issuer.

(b)The fair values were based on quoted market prices in markets that are not considered active markets.

Fair value of assets and liabilities (other than cash and cash equivalents) measured at fair value on a nonrecurring basis


			Fair Value Measurements
	September 28, 2025		Level 1		Level 2		Level 3
Held and used	$	1,052	$	—	$	—	$	1,052
Held for sale	1,934		—		—		1,934
Total	$	2,986	$	—	$	—	$	2,986


			Fair Value Measurements
	December 29, 2024		Level 1		Level 2		Level 3
Held and used	$	2,391	$	—	$	—	$	2,391
Held for sale	1,558		—		—		1,558
Total	$	3,949	$	—	$	—	$	3,949

Wendy's Co 10-Q