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 income, net.”

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



	Three Months Ended
	April 1, 2018			April 2, 2017
Balance at beginning of period	$	55,363		$	54,545

Investment	12			58

Equity in earnings for the period	2,420			2,415
Amortization of purchase price adjustments (a)	(596		)	(569		)
	1,824			1,846
Distributions received	(2,907		)	(2,439		)
Foreign currency translation adjustment included in “Other comprehensive (loss) income, net” and other	(1,262		)	508
Balance at end of period	$	53,030		$	54,518

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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.