Investments

Investment in TimWen

Wendy’s is a partner 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 The TDL Group Corp./Groupe TDL Corporation.) Wendy’s 50% share of the joint venture is accounted for using the equity method of accounting. Our equity in earnings from TimWen is included in “Other operating expense, net.” As described in Note 3, the Company completed its plan to sell all of its company-owned restaurants in Canada to franchisees during the second quarter of 2015; however the Company plans to retain its ownership in TimWen.

Presented below is an unaudited summary of activity related to our investment in TimWen included in “Investments” in our condensed consolidated financial statements:



	Six Months Ended
	June 28, 2015			June 29, 2014
Balance at beginning of period	$	69,790		$	79,810

Equity in earnings for the period	5,712			6,197
Amortization of purchase price adjustments (a)	(1,167		)	(1,325		)
	4,545			4,872
Distributions received	(5,825		)	(6,443		)
Foreign currency translation adjustment included in “Other comprehensive income (loss), net”	(3,971		)	314
Balance at end of period	$	64,539		$	78,553

_______________


(a)	Based upon an average original aggregate life of 21 years.