Wendy's 2012 Annual Report Download - page 82
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THE WENDY’S COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
Investment in Joint Venture with Tim Hortons Inc.
Wendy’s is a partner in TimWen and our 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.” The
carrying value of our investment in TimWen exceeded our interest in the underlying equity of the joint venture by
$54,088 and $55,805 as of December 30, 2012 and January 1, 2012, respectively, primarily due to purchase price
adjustments from the Wendy’s merger.
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 30, 2012, January 1, 2012 and
January 2, 2011.
Year Ended
2012 2011 2010
Balance at beginning of period ............................. $91,742 $ 98,631 $ 97,476
Equity in earnings for the period ........................... 13,680 13,505 12,316
Amortization of purchase price adjustments (a) ................ (3,129) (2,934) (2,857)
10,551 10,571 9,459
Distributions received ................................... (15,274) (14,942) (13,980)
Foreign currency translation adjustment included in “Other
comprehensive income (loss), net” ........................ 2,351 (2,518) 5,676
Balance at end of period (b) ............................... $89,370 $ 91,742 $ 98,631
(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 30, 2012 and January 1, 2012 and certain income statement information for the years ended
December 30, 2012, January 1, 2012 and January 2, 2011. The summary balance sheet financial information does
not distinguish between current and long-term assets and liabilities.
Year End
2012 2011
Balance sheet information:
Properties .................................................... $73,013 $73,394
Cash and cash equivalents ........................................ 3,538 2,621
Accounts receivable ............................................. 3,274 4,231
Other ....................................................... 2,516 2,565
$82,341 $82,811
Accounts payable and accrued liabilities ............................. $ 3,215 $ 2,281
Other liabilities ................................................ 8,561 8,655
Partners’ equity ................................................ 70,565 71,875
$82,341 $82,811
Year Ended
2012 2011 2010
Income statement information:
Revenues ........................................... $39,702 $39,374 $37,242
Income before income taxes and net income ................ 27,377 27,358 24,247
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