Wendy's 2013 Annual Report Download - page 87

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THE WENDY’S COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
Presented below is activity related to our portion of TimWen included in our consolidated balance sheets and
consolidated statements of operations as of and for the years ended December 29, 2013, December 30, 2012 and
January 1, 2012.
Year Ended
2013 2012 2011
Balance at beginning of period ............................. $89,370 $ 91,742 $ 98,631
Equity in earnings for the period ........................... 13,793 13,680 13,505
Amortization of purchase price adjustments (a) ................ (2,981) (3,129) (2,934)
10,812 10,551 10,571
Distributions received ................................... (14,116) (15,274) (14,942)
Foreign currency translation adjustment included in “Other
comprehensive (loss) income, net” ........................ (6,256) 2,351 (2,518)
Balance at end of period (b) ............................... $79,810 $ 89,370 $ 91,742
(a) Based upon an average original aggregate life of 21 years.
(b) Included in “Investments.”
Presented below is a summary of the financial information of TimWen, including the balance sheets as of
December 29, 2013 and December 30, 2012 and certain income statement information for the years ended
December 29, 2013, December 30, 2012 and January 1, 2012. The summary balance sheet financial information
does not distinguish between current and long-term assets and liabilities.
Year End
2013 2012
Balance sheet information:
Properties .................................................... $64,520 $73,013
Cash and cash equivalents ........................................ 3,339 3,538
Accounts receivable ............................................. 2,924 3,274
Other ....................................................... 2,268 2,516
$73,051 $82,341
Accounts payable and accrued liabilities ............................. $ 1,127 $ 3,215
Other liabilities ................................................ 7,256 8,561
Partners’ equity ................................................ 64,668 70,565
$73,051 $82,341
Year Ended
2013 2012 2011
Income statement information:
Revenues ......................................... $38,751 $ 39,702 $ 39,374
Income before income taxes and net income .............. 27,586 27,377 27,358
Joint Venture in Japan
A wholly-owned subsidiary of Wendy’s entered into a joint venture for the operation of Wendy’s restaurants in
Japan (the “Japan JV”) with Ernest M. Higa and Higa Industries, Ltd., a corporation organized under the laws of
Japan (collectively, the “Higa Partners”) during the second quarter of 2011. Our initial investment in the Japan JV of
$1,183 was included in “Investment in joint venture” in our consolidated statement of cash flows for the year ended
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