Investments

Investment in TimWen

Wendy’s is a partner in a Canadian restaurant real estate joint venture (“TimWen”) with a subsidiary of Restaurant Brands International Inc., a quick-service restaurant company that owns the Tim Hortons^® brand. (Tim Hortons is a registered trademark of The TDL Group Corp./Groupe TDL Corporation.) 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 expense, net.” As described in Note 2, the Company is in the process of selling its company-owned restaurants in Canada to franchisees; however it plans to retain its ownership in TimWen.

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



	Three Months Ended
	March 29, 2015			March 30, 2014
Balance at beginning of period	$	69,790		$	79,810

Equity in earnings for the period	2,625			2,815
Amortization of purchase price adjustments (a)	(583		)	(659		)
	2,042			2,156
Distributions received	(2,378		)	(3,164		)
Foreign currency translation adjustment included in “Other comprehensive loss, net”	(5,476		)	(2,548		)
Balance at end of period	$	63,978		$	76,254

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