Investments

9 Months Ended

Sep. 29, 2024

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


	September 29, 2024		December 31, 2023
Equity method investment	$	30,040	$	32,727
Other investments in equity securities	1,718		1,718
	$	31,758	$	34,445

Equity Method Investment

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:


	Nine Months Ended
	September 29, 2024		October 1, 2023
Balance at beginning of period	$	32,727	$	33,921

Equity in earnings for the period	10,493		10,012
Amortization of purchase price adjustments (a)	(1,870)		(2,051)
	8,623		7,961
Distributions received	(10,678)		(9,310)
Foreign currency translation adjustment included in “Other comprehensive income (loss)”	(632)		151
Balance at end of period	$	30,040	$	32,723

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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 nine months ended October 1, 2023, the Company recorded impairment charges of $10,389 for the difference between the estimated fair value and the carrying value of an investment in equity securities.