Investments

Equity Investments

Wendy’s has a 50% share in a partnership 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 Tim Hortons USA Inc.) In addition, the Company has a 20% share in a joint venture for the operation of Wendy’s restaurants in Brazil (the “Brazil JV”). The Company has significant influence over these investees. Such investments are accounted for using the equity method of accounting, under which our results of operations include our share of the income (loss) of the investees in “Other operating expense, net.”

Presented below is activity related to our investment in TimWen and the Brazil JV included in our condensed consolidated financial statements:



	Six Months Ended
	July 3, 2016			June 28, 2015
Balance at beginning of period	$	55,541		$	69,790

Investment	113			—

Equity in earnings for the period	5,410			5,712
Amortization of purchase price adjustments (a)	(1,135		)	(1,167		)
	4,275			4,545
Distributions received	(5,786		)	(5,825		)
Foreign currency translation adjustment included in “Other comprehensive income (loss), net”	3,952			(3,971		)
Balance at end of period	$	58,095		$	64,539

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(a)	Purchase price adjustments which impacted the carrying value of the Company’s investment in TimWen are being amortized over the average original aggregate life of 21 years.