Investments

Investment in Joint Venture with Tim Hortons Inc.

Wendy’s is a partner in a Canadian restaurant real estate joint venture (“TimWen”) with Tim Hortons Inc. Wendy’s 50% share of the joint venture is accounted for using the equity method of accounting. Our equity in earnings from TimWen is included in “Other operating (income) expense, net.”

Presented below is an unaudited summary of activity related to our investment in TimWen included in our unaudited condensed consolidated financial statements:



	Three Months Ended
	March 30, 2014			March 31, 2013
Balance at beginning of period	$	79,810		$	89,370

Equity in earnings for the period	2,815			3,124
Amortization of purchase price adjustments (a)	(659		)	(777		)
	2,156			2,347
Distributions received	(3,164		)	(2,701		)
Foreign currency translation adjustment included in “Other comprehensive loss, net”	(2,548		)	(1,877		)
Balance at end of period (b)	$	76,254		$	87,139

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(a)	Based upon an average original aggregate life of 21 years.


(b)	Included in “Investments.”

Presented below is a summary of certain unaudited interim income statement information of TimWen:



	Three Months Ended
	March 30, 2014		March 31, 2013
Revenues	$	8,292	$	9,024
Income before income taxes and net income	5,630		6,247