Investments

3 Months Ended

Mar. 31, 2024

The following is a summary of the carrying value of our investments:


	March 31, 2024		December 31, 2023
Equity method investments	$	31,512	$	32,727
Other investments in equity securities	1,718		1,718
	$	33,230	$	34,445

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.). The Company has significant influence over this investee. Such investment is accounted for using the equity method, under which our results of operations include our share of the income of the investee in “Other operating income, net.”

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


	Three Months Ended
	March 31, 2024		April 2, 2023
Balance at beginning of period	$	32,727	$	33,921

Equity in earnings for the period	3,151		2,783
Amortization of purchase price adjustments (a)	(629)		(684)
	2,522		2,099
Distributions received	(2,952)		(2,493)
Foreign currency translation adjustment included in “Other comprehensive (loss) income”	(785)		10
Balance at end of period	$	31,512	$	33,537

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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.

Other Investments in Equity Securities

During the three months ended April 2, 2023, the Company recorded an impairment charge of $3,562 for the difference between the estimated fair value and the carrying value of an investment in equity securities.