Investments

9 Months Ended

Oct. 03, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment

(6) Investments

Equity Method 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:

	Nine Months Ended
	October 3, 2021		September 27, 2020
Balance at beginning of period	$	44,574	$	45,310
Equity in earnings for the period	8,005		6,113
Amortization of purchase price adjustments (a)	(2,392)		(1,671)
	5,613		4,442
Distributions received	(9,174)		(5,629)
Foreign currency translation adjustment included in “Other comprehensive (loss) income” and other	343		(701)
Balance at end of period	$	41,356	$	43,422

_______________

(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.