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, a wholly-owned subsidiary of Wendy’s 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 (income), 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 2, 2017			July 3, 2016
Balance at beginning of period	$	54,545		$	55,541

Investment	375			113

Equity in earnings for the period	4,915			5,410
Amortization of purchase price adjustments (a)	(1,129		)	(1,135		)
	3,786			4,275
Distributions received	(5,524		)	(5,786		)
Foreign currency translation adjustment included in “Other comprehensive income, net”	2,110			3,952
Balance at end of period	$	55,292		$	58,095

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