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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company is comprised of the following segments: (1) Wendy’s U.S., (2) Wendy’s International and (3) Global Real Estate & Development. Wendy’s U.S. includes the operation and franchising of Wendy’s restaurants in the U.S. and derives its revenues from sales at Company-operated restaurants and royalties, fees and advertising fund collections from franchised restaurants. Wendy’s International includes the operation and franchising of Wendy’s restaurants in countries and territories other than the U.S. and derives its revenues from sales at Company-operated restaurants and royalties, fees and advertising fund collections from franchised restaurants. Global Real Estate & Development includes real estate activity for owned sites and sites leased from third parties, which are leased and/or subleased to franchisees, and also includes our share of the income of our TimWen real estate joint venture. In addition, Global Real Estate & Development earns fees from facilitating Franchise Flips and providing other development-related services to franchisees. The Company measures segment profit using segment adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”). Segment adjusted EBITDA excludes certain unallocated general and administrative expenses and other items that vary from period to period without correlation to the Company’s core operating performance. When the Company’s chief operating decision maker reviews balance sheet information, it is at a consolidated level. The accounting policies of the Company’s segments are the same as those described in Note 1.

Revenues by segment are as follows:
Year Ended
202320222021
Wendy’s U.S.$1,815,845 $1,750,242 $1,567,496 
Wendy’s International130,548 106,705 86,369 
Global Real Estate & Development235,185 238,558 243,133 
Total revenues$2,181,578 $2,095,505 $1,896,998 
The following table reconciles profit by segment to the Company’s consolidated income before income taxes:
Year Ended
202320222021
Wendy’s U.S. (a)$528,352 $480,498 $450,117 
Wendy’s International (b)35,704 30,432 27,386 
Global Real Estate & Development103,484 108,700 106,113 
Total segment profit667,540 619,630 583,616 
Unallocated franchise support and other costs(831)(742)(753)
Advertising funds surplus (deficit)4,344 (8,325)2,770 
Unallocated general and administrative (c)(132,344)(130,103)(116,273)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)(135,789)(133,414)(125,540)
Amortization of cloud computing arrangements(12,778)(2,394)— 
System optimization gains, net880 6,779 33,545 
Reorganization and realignment costs(9,200)(698)(8,548)
Impairment of long-lived assets(1,401)(6,420)(2,251)
Unallocated other operating income, net1,563 9,001 394 
Interest expense, net(124,061)(122,319)(109,185)
Gain (loss) on early extinguishment of debt2,283 — (17,917)
Investment (loss) income, net(10,358)2,107 39 
Other income, net29,570 10,403 681 
Income before income taxes$279,418 $243,505 $240,578 
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(a)Wendy’s U.S. includes advertising funds expense of $11,000 and $25,000 for 2022 and 2021, respectively, related to the Company funding of incremental advertising.

(b)Wendy’s International includes advertising fund expense of $2,401 and $4,116 for 2023 and 2022, respectively, related to the Company’s funding of incremental advertising. In addition, Wendy’s International includes other international-related advertising deficit of $950 and $1,099 for 2023 and 2022, respectively.

(c)Includes corporate overhead costs, such as employee compensation and related benefits.
Net income of our TimWen equity method investment is included in segment profit for the Global Real Estate & Development segment and totaled $10,819, $9,422 and $11,203 during 2023, 2022 and 2021, respectively