What was the reported amount of 'Due from affiliates' for Hardee's Restaurants LLC?
Hardees Franchise · 2025 FDDAnswer from 2025 FDD Document
855 | $ | 59,155 | | Income taxes | | 6,390 | | 5,737 | | Non-cash activities: | | | | | | Operating lease assets obtained in exchange for new operating lease liabilities | | 53,232 | | 65,562 | | Contributed property and equipment (1) | | 30,130 | | 28,511 | | Contributed other assets (1) | | 6,681 | | 3,730 | | Contributed assets for the CKE Restaurants Acquisition (see Note 5) (1) | | 111 | | 3,438 |
(1) Contributed property and equipment, contributed other assets and contributed assets for the CKE Restaurants Acquisition represent assets purchased by CKE Restaurants and certain of its wholly owned subsidiaries on behalf of the CKE Securitization Entities pursuant to the Management Agreement. For accounting purposes, these purchases are treated as non-cash contributions to the CKE Securitization Entities.
THE CKE SECURITIZATION ENTITIES COMBINING CONSOLIDATING BALANCE SHEET (In thousands)
January 31, 2025
| Carl's Jr. Restaurants LLC | Carl's Jr. Funding LLC | Carl's Jr. SPV Guarantor LLC | Hardee's Restaurants LLC | Hardee's Funding LLC | Hardee's SPV Guarantor LLC | Eliminations | The CKE Securitization Entities | |
|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| Current assets: | ф 1.24 7 | -a • | - $ 3.393 | , e 2.20 5 | Ф | s | e 10.501 | |
| Cash and cash equivalents | 52 $ — | - $ 3,397 | 7 $ 3,385 | » — | » — | $ 10,581 | ||
| Cash and cash equivalents - restricted | 18,1 | - - | _ | _ | 18,147 | |||
| Accounts receivable, net | , | - 12,702 | _ | (06, 071) | 23,790 | |||
| Due from affiliates | * | * | - 57,488 | _ | (86,871) | 2,458 | ||
| Inventories | - 2,459 | _ | _ | 2,987 | ||||
| Prepaid expenses | - 539 | _ | _ | 721 | ||||
| Other current assets | _ | |||||||
| Total current assets | · · · · · · · · · · · · · · · · · · · | 14 | - 76,585 | , | _ | (86,871) | 58,684 | |
| Property and equipment, net | · · · · · · · · · · · · · · · · · · · | - 259,388 | _ | _ | 343,242 | |||
| Operating lease assets | · · · · · · · · · · · · · · · · · · · | - 87,023 | _ | _ | 370,418 | |||
| Intangible assets, net | - 388,702 | _ | _ | 760,749 | ||||
| Other assets, net | 16,104 | - 22,269 | 38,373 | |||||
| Total assets | $ 781,599 | $ 39,14 | - $ 833,967 | $ 3,627 | $ | $ (86,871) | $ 1,571,466 | |
| LIADH ITHEC AND MEMBERS' DEFICIT | ||||||||
| LIABILITIES AND MEMBERS' DEFICIT Current liabilities: | ||||||||
| Current portion of long-term debt | s | · $ 5.90 | 00 $ _ | - s - | - $ 5.900 | s | s | $ 11,800 |
| Current portion of finance leases | -,- | - 921 | , | _ | _ | 1,512 | ||
| Current portion of operating leases | _ | - 15,846 | _ | _ | 73,887 | |||
| Accounts payable | ' | 3 - | - 1,470 | _ | _ | 3.073 | ||
| Due to affiliates | ' | _ | - 7,533 | (86,871) | 2,141 | |||
| Other current liabilities | · · · · · · · · · · · · · · · · · · · | - 19,945 - 19,945 | · · · · · · · · · · · · · · · · · · · | (60,671) | 36,700 | |||
| Total current liabilities | - 45,715 | (86,871) | 129,113 | |||||
| Long-term debt, less current portion | ' | , | - 45,715 | , | _ | (80,871) | 1,112,394 | |
| Finance leases, less current portion | ' | _ | - - 15,783 | · · · · · · · · · · · · · · · · · · · | _ | _ | 21,279 | |
| • | _ | - 13,783 - 77,068 | _ | _ | 314,846 | |||
| Operating leases, less current portion | · · · · · · · · · · · · · · · · · · · | _ | ||||||
| Other long-term liabilities | - 171,552 | (9/, 971) | 235,470 | |||||
| Total liabilities | 378,238 | 622,0 | - | 310,118 | 589,566 | · | (86,871) | 1,813,102 |
| Members' equity (deficit): | 402.261 | (500.0) | 17) | 500.046 | (505.020) | (241, 626) | ||
| Members' equity (deficit) | 403,361 | 523,849 | (241,636) | |||||
| Total liabilities and members' deficit | $ 781,599 | $ 39,14 | - $ 833,967 | $ 3,627 | $ (86,871) | $ 1,571,466 |
THE CKE SECURITIZATION ENTITIES COMBINING CONSOLIDATING BALANCE SHEET
(In thousands)
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Source: Item 21 — Financial Statements (FDD pages 84–85)
What This Means (2025 FDD)
According to Hardee's 2025 Franchise Disclosure Document, Hardee's Restaurants LLC reported two different 'Due from affiliates' amounts in their balance sheets. The first balance sheet shows $52,060 'Due from affiliates'.
The second balance sheet shows $56,241 'Due from affiliates'. These figures represent the amounts owed to Hardee's Restaurants LLC by its affiliated entities.
It is important to note that these figures can fluctuate, and a prospective franchisee should inquire about the nature of these affiliate transactions and their potential impact on Hardee's financial stability.