Acquisitions

12 Months Ended

Jan. 03, 2016

Business Combinations [Abstract]

Acquisitions

Acquisitions

The table below presents the allocation of the total purchase price to the fair value of assets acquired and liabilities assumed for acquisitions of franchised restaurants:

	Year Ended
	2015			2014
Restaurants acquired from franchisees	4			27
Total consideration paid, net of cash received	$	1,232		$	27,630
Identifiable assets acquired and liabilities assumed:
Properties	1,303			9,498
Acquired franchise rights	760			6,650
Other assets	—			941
Capital leases obligations	(438		)	—
Unfavorable leases	(440		)	—
Other liabilities	(80		)	(565		)
Total identifiable net assets	1,105			16,524
	127			11,106
Gain on acquisition of restaurants (a)	—			349
Post-closing adjustments (b)	(1,535		)	—
Goodwill	$	(1,408	)	$	11,455

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(a) The fair value of the assets acquired in connection with the acquisition of three franchised restaurants during 2014 exceeded the total consideration resulting in a gain, which was included in “Other operating expense, net.”

(b) Post-closing adjustments in 2015 primarily represent an adjustment to the fair value of franchise rights acquired in connection with the acquisition of franchised restaurants during 2014.

During the fourth quarter of 2014, Wendy’s also acquired 18 restaurants for total net cash consideration of $26,324, which were immediately sold to a franchisee. As a result, no intangible assets or goodwill were recognized on this acquisition. The Company retained the land, building and leasehold improvements of $10,359, which have been leased to the franchisee.

In addition, during the year ended December 29, 2013, Wendy’s acquired one franchised restaurant; such transaction was not significant. See Note 8 for discussion of the step-acquisition of our investment in a joint venture in Japan.