Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Reconciliation of Revenue from Segments to Consolidated

Revenues by segment are as follows:


	Year Ended
	2023		2022		2021
Wendy’s U.S.	$	1,815,845	$	1,750,242	$	1,567,496
Wendy’s International	130,548		106,705		86,369
Global Real Estate & Development	235,185		238,558		243,133
Total revenues	$	2,181,578	$	2,095,505	$	1,896,998

Reconciliation of Profit from Segments to Consolidated

The following table reconciles profit by segment to the Company’s consolidated income before income taxes:


	Year Ended
	2023		2022		2021
Wendy’s U.S. (a)	$	528,352	$	480,498	$	450,117
Wendy’s International (b)	35,704		30,432		27,386
Global Real Estate & Development	103,484		108,700		106,113
Total segment profit	667,540		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, net	880		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, net	1,563		9,001		394
Interest expense, net	(124,061)		(122,319)		(109,185)
Gain (loss) on early extinguishment of debt	2,283		—		(17,917)
Investment (loss) income, net	(10,358)		2,107		39
Other income, net	29,570		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.