The Wendy's Company (WEN) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 29, 2024	Oct. 24, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2024
Document Transition Report	false
Entity File Number	1-2207
Entity Registrant Name	THE WENDY’S COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-0471180
Entity Address, Address Line One	One Dave Thomas Blvd.
Entity Address, City or Town	Dublin
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43017
City Area Code	614
Local Phone Number	764-3100
Title of 12(b) Security	Common Stock, $.10 par value
Trading Symbol	WEN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000030697
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		203,845,085

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 482,224	$ 516,037
Restricted cash	35,180	35,848
Accounts and notes receivable, net	111,413	121,683
Inventories	6,251	6,690
Prepaid expenses and other current assets	32,816	39,640
Advertising funds restricted assets	115,329	117,755
Total current assets	783,213	837,653
Properties	894,200	891,080
Finance lease assets	235,780	228,936
Operating lease assets	686,286	705,615
Goodwill	773,187	773,727
Other intangible assets	1,199,413	1,219,129
Investments	31,758	34,445
Net investment in sales-type and direct financing leases	285,711	313,664
Other assets	183,675	178,577
Total assets	5,073,223	5,182,826
Current liabilities:
Current portion of long-term debt	29,250	29,250
Current portion of finance lease liabilities	21,952	20,250
Current portion of operating lease liabilities	50,578	49,353
Accounts payable	29,047	27,370
Accrued expenses and other current liabilities	128,734	135,149
Advertising funds restricted liabilities	113,511	120,558
Total current liabilities	373,072	381,930
Long-term debt	2,716,486	2,732,814
Long-term finance lease liabilities	567,242	568,767
Long-term operating lease liabilities	712,570	739,340
Deferred income taxes	270,089	270,353
Deferred franchise fees	89,300	90,132
Other liabilities	84,611	89,711
Total liabilities	4,813,370	4,873,047
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.10 par value; 1,500,000 shares authorized; 470,424 shares issued; 203,089 and 205,397 shares outstanding, respectively	47,042	47,042
Additional paid-in capital	2,967,927	2,960,035
Retained earnings	403,259	409,863
Common stock held in treasury, at cost; 267,335 and 265,027 shares, respectively	(3,097,785)	(3,048,786)
Accumulated other comprehensive loss	(60,590)	(58,375)
Total stockholders’ equity	259,853	309,779
Total liabilities and stockholders’ equity	$ 5,073,223	$ 5,182,826
Common Stock, Par Value	$ 0.10	$ 0.10
Common Stock, Shares Authorized	1,500,000	1,500,000
Common Stock, Shares Issued	470,424	470,424
Common Stock, Shares Outstanding	203,089	205,397
Treasury Stock, Shares	267,335	265,027

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Revenues:
Revenues	$ 566,739	$ 550,555	$ 1,672,219	$ 1,640,927
Costs and expenses:
Cost of sales	195,638	199,522	587,637	597,068
Franchise support and other costs	16,047	14,806	47,011	41,853
Franchise Rental Expense	32,237	31,876	96,405	94,901
Advertising funds expense	129,732	107,895	357,923	319,174
General and administrative	62,794	59,288	188,047	184,306
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)	36,996	34,288	110,006	101,258
Amortization of cloud computing arrangements	3,576	3,844	10,637	7,692
System optimization gains, net	(420)	(120)	(573)	(119)
Reorganization and realignment costs	354	611	8,479	8,100
Impairment of long-lived assets	178	59	2,873	513
Other operating income, net	(5,068)	(3,117)	(11,564)	(9,174)
Costs and expenses	472,064	448,952	1,396,881	1,345,572
Operating profit	94,675	101,603	275,338	295,355
Interest expense, net	(31,270)	(30,957)	(92,800)	(93,798)
Loss on early extinguishment of debt	0	(319)	0	(1,585)
Investment income (loss), net	0	0	11	(10,389)
Other income, net	6,246	7,637	19,382	22,546
Income before income taxes	69,651	77,964	201,931	212,129
Provision for income taxes	(19,427)	(19,915)	(55,071)	(54,627)
Net income	$ 50,224	$ 58,049	$ 146,860	$ 157,502
Net income per share:
Basic	$ 0.25	$ 0.28	$ 0.72	$ 0.75
Diluted	$ 0.25	$ 0.28	$ 0.71	$ 0.74
Sales
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	$ 230,403	$ 234,721	$ 693,081	$ 703,358
Franchise royalty revenue and fees
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	153,868	149,345	458,038	444,070
Franchise rental income
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	59,314	57,567	177,938	173,407
Advertising funds revenue
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	$ 123,154	$ 108,922	$ 343,162	$ 320,092

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Net income	$ 50,224	$ 58,049	$ 146,860	$ 157,502
Other comprehensive income (loss):
Foreign currency translation adjustment	4,382	(4,533)	(2,215)	574
Other comprehensive income (loss)	4,382	(4,533)	(2,215)	574
Comprehensive income	$ 54,606	$ 53,516	$ 144,645	$ 158,076

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Common Stock Held in Treasury	Accumulated Other Comprehensive Loss
Stockholders' Equity, beginning of period at Jan. 01, 2023	$ 465,720	$ 47,042	$ 2,937,885	$ 414,749	$ (2,869,780)	$ (64,176)
Increase (Decrease) in Stockholders' Equity
Net income	39,821	0	0	39,821	0	0
Other comprehensive income (loss)	158	0	0	0	0	158
Cash dividends	(53,103)	0	0	(53,103)	0	0
Repurchases of common stock	(38,810)	0	0	0	(38,810)	0
Share-based compensation	4,609	0	4,609	0	0	0
Common stock issued upon exercises of stock options	2,616	0	808	0	1,808	0
Common stock issued upon vesting of restricted shares	(1,544)	0	(2,222)	0	678	0
Other	90	0	58	(22)	54	0
Stockholders' Equity, end of period at Apr. 02, 2023	419,557	47,042	2,941,138	401,445	(2,906,050)	(64,018)
Stockholders' Equity, beginning of period at Jan. 01, 2023	465,720	47,042	2,937,885	414,749	(2,869,780)	(64,176)
Increase (Decrease) in Stockholders' Equity
Net income	157,502
Other comprehensive income (loss)	574
Stockholders' Equity, end of period at Oct. 01, 2023	342,564	47,042	2,950,916	414,324	(3,006,116)	(63,602)
Stockholders' Equity, beginning of period at Apr. 02, 2023	419,557	47,042	2,941,138	401,445	(2,906,050)	(64,018)
Increase (Decrease) in Stockholders' Equity
Net income	59,632	0	0	59,632	0	0
Other comprehensive income (loss)	4,949	0	0	0	0	4,949
Cash dividends	(52,612)	0	0	(52,612)	0	0
Repurchases of common stock	(50,183)	0	0	0	(50,183)	0
Share-based compensation	5,609	0	5,609	0	0	0
Common stock issued upon exercises of stock options	4,965	0	1,136	0	3,829	0
Common stock issued upon vesting of restricted shares	(899)	0	(2,182)	0	1,283	0
Other	97	0	53	(16)	60	0
Stockholders' Equity, end of period at Jul. 02, 2023	391,115	47,042	2,945,754	408,449	(2,951,061)	(59,069)
Increase (Decrease) in Stockholders' Equity
Net income	58,049	0	0	58,049	0	0
Other comprehensive income (loss)	(4,533)	0	0	0	0	(4,533)
Cash dividends	(52,156)	0	0	(52,156)	0	0
Repurchases of common stock	(56,714)	0	0	0	(56,714)	0
Share-based compensation	6,551	0	6,551	0	0	0
Common stock issued upon exercises of stock options	1,104	0	210	0	894	0
Common stock issued upon vesting of restricted shares	(956)	0	(1,658)	0	702	0
Other	104	0	59	(18)	63	0
Stockholders' Equity, end of period at Oct. 01, 2023	342,564	47,042	2,950,916	414,324	(3,006,116)	(63,602)
Stockholders' Equity, beginning of period at Dec. 31, 2023	309,779	47,042	2,960,035	409,863	(3,048,786)	(58,375)
Increase (Decrease) in Stockholders' Equity
Net income	41,993	0	0	41,993	0	0
Other comprehensive income (loss)	(4,586)	0	0	0	0	(4,586)
Cash dividends	(51,374)	0	0	(51,374)	0	0
Repurchases of common stock	(7,216)	0	0	0	(7,216)	0
Share-based compensation	5,853	0	5,853	0	0	0
Common stock issued upon exercises of stock options	1,215	0	179	0	1,036	0
Common stock issued upon vesting of restricted shares	(2,077)	0	(3,855)	0	1,778	0
Other	67	0	29	(17)	55	0
Stockholders' Equity, end of period at Mar. 31, 2024	293,654	47,042	2,962,241	400,465	(3,053,133)	(62,961)
Stockholders' Equity, beginning of period at Dec. 31, 2023	309,779	47,042	2,960,035	409,863	(3,048,786)	(58,375)
Increase (Decrease) in Stockholders' Equity
Net income	146,860
Other comprehensive income (loss)	(2,215)
Stockholders' Equity, end of period at Sep. 29, 2024	259,853	47,042	2,967,927	403,259	(3,097,785)	(60,590)
Stockholders' Equity, beginning of period at Mar. 31, 2024	293,654	47,042	2,962,241	400,465	(3,053,133)	(62,961)
Increase (Decrease) in Stockholders' Equity
Net income	54,643	0	0	54,643	0	0
Other comprehensive income (loss)	(2,011)	0	0	0	0	(2,011)
Cash dividends	(51,252)	0	0	(51,252)	0	0
Repurchases of common stock	(27,493)	0	0	0	(27,493)	0
Share-based compensation	5,824	0	5,824	0	0	0
Common stock issued upon exercises of stock options	740	0	(134)	0	874	0
Common stock issued upon vesting of restricted shares	(426)	0	(3,484)	0	3,058	0
Other	74	0	32	(20)	62	0
Stockholders' Equity, end of period at Jun. 30, 2024	273,753	47,042	2,964,479	403,836	(3,076,632)	(64,972)
Increase (Decrease) in Stockholders' Equity
Net income	50,224	0	0	50,224	0	0
Other comprehensive income (loss)	4,382	0	0	0	0	4,382
Cash dividends	(50,785)	0	0	(50,785)	0	0
Repurchases of common stock	(25,418)	0	0	0	(25,418)	0
Share-based compensation	6,814	0	6,814	0	0	0
Common stock issued upon exercises of stock options	2,391	0	258	0	2,133	0
Common stock issued upon vesting of restricted shares	(1,585)	0	(3,654)	0	2,069	0
Other	77	0	30	(16)	63	0
Stockholders' Equity, end of period at Sep. 29, 2024	$ 259,853	$ 47,042	$ 2,967,927	$ 403,259	$ (3,097,785)	$ (60,590)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Cash flows from operating activities:
Net income	$ 146,860	$ 157,502
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)	110,006	101,258
Amortization of cloud computing arrangements	10,637	7,692
Share-based compensation	18,491	16,769
Impairment of long-lived assets	2,873	513
Deferred income tax	(465)	(502)
Non-cash rental expense, net	31,973	30,724
Change in operating lease liabilities	(36,461)	(35,319)
Net receipt of deferred vendor incentives	1,449	4,007
System optimization (gains), net	(573)	(119)
Distributions received from joint ventures, net of equity in earnings	2,055	1,349
Long-term debt-related activities, net	5,609	7,310
Cloud computing arrangements expenditures	(10,583)	(25,154)
Changes in operating assets and liabilities and other, net	4,810	3,495
Net cash provided by operating activities	286,681	269,525
Cash flows from investing activities:
Capital expenditures	(52,361)	(55,689)
Franchise development fund	(21,040)	(1,947)
Dispositions	3,222	280
Notes receivable, net	1,383	1,825
Net cash used in investing activities	(68,796)	(55,531)
Cash flows from financing activities:
Repayments of long-term debt	(21,937)	(61,280)
Repayments of finance lease liabilities	(15,421)	(16,947)
Repurchases of common stock	(60,056)	(142,413)
Dividends	(153,411)	(157,871)
Proceeds from stock option exercises	4,651	9,113
Payments related to tax withholding for share-based compensation	(4,395)	(3,827)
Net cash used in financing activities	(250,569)	(373,225)
Net cash used in operations before effect of exchange rate changes on cash	(32,684)	(159,231)
Effect of exchange rate changes on cash	(1,603)	307
Net decrease in cash, cash equivalents and restricted cash	(34,287)	(158,924)
Cash, cash equivalents and restricted cash at beginning of period	588,816	831,801
Cash, cash equivalents and restricted cash at end of period	$ 554,529	$ 672,877

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) of The Wendy’s Company (“The Wendy’s Company” and, together with its subsidiaries, the “Company,” “we,” “us” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and, therefore, do not include all information and footnotes required by GAAP for complete financial statements. In our opinion, the Financial Statements contain all adjustments of a normal recurring nature necessary to present fairly our financial position as of September 29, 2024, the results of our operations for the three and nine months ended September 29, 2024 and October 1, 2023 and cash flows for the nine months ended September 29, 2024 and October 1, 2023. The results of operations for the nine months ended September 29, 2024 are not necessarily indicative of the results to be expected for the full 2024 fiscal year. The Financial Statements should be read in conjunction with the audited consolidated financial statements for The Wendy’s Company and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”). The principal 100% owned subsidiary of the Company is Wendy’s International, LLC and its subsidiaries (“Wendy’s”). The Company manages and internally reports its business in the following segments: (1) Wendy’s U.S., (2) Wendy’s International and (3) Global Real Estate & Development. See Note 16 for further information. We report on a fiscal year consisting of 52 or 53 weeks ending on the Sunday closest to or on December 31. All three- and nine-month periods presented herein contain 13 weeks and 39 weeks, respectively. All references to years, quarters and months relate to fiscal periods rather than calendar periods. Our significant interim accounting policies include the recognition of advertising funds expense in proportion to advertising funds revenue.

Revenue

Revenue	9 Months Ended
	Sep. 29, 2024
Revenue [Abstract]
Revenue	Revenue Disaggregation of Revenue The following tables disaggregate revenue by segment and source: Wendy’s U.S. Wendy’s International Global Real Estate & Development Total Three Months Ended September 29, 2024 Sales at Company-operated restaurants $ 222,745 $ 7,658 $ — $ 230,403 Franchise royalty revenue 114,379 18,222 — 132,601 Franchise fees 17,859 2,306 1,102 21,267 Franchise rental income — — 59,314 59,314 Advertising funds revenue 113,742 9,412 — 123,154 Total revenues $ 468,725 $ 37,598 $ 60,416 $ 566,739 Three Months Ended October 1, 2023 Sales at Company-operated restaurants $ 227,674 $ 7,047 $ — $ 234,721 Franchise royalty revenue 112,698 17,390 — 130,088 Franchise fees 17,079 1,597 581 19,257 Franchise rental income — — 57,567 57,567 Advertising funds revenue 99,789 9,133 — 108,922 Total revenues $ 457,240 $ 35,167 $ 58,148 $ 550,555 Wendy’s U.S. Wendy’s International Global Real Estate & Development Total Nine Months Ended September 29, 2024 Sales at Company-operated restaurants $ 673,364 $ 19,717 $ — $ 693,081 Franchise royalty revenue 341,229 53,370 — 394,599 Franchise fees 53,511 6,584 3,344 63,439 Franchise rental income — — 177,938 177,938 Advertising funds revenue 316,059 27,103 — 343,162 Total revenues $ 1,384,163 $ 106,774 $ 181,282 $ 1,672,219 Nine Months Ended October 1, 2023 Sales at Company-operated restaurants $ 685,168 $ 18,190 $ — $ 703,358 Franchise royalty revenue 333,958 50,408 — 384,366 Franchise fees 51,812 4,515 3,377 59,704 Franchise rental income — — 173,407 173,407 Advertising funds revenue 296,043 24,049 — 320,092 Total revenues $ 1,366,981 $ 97,162 $ 176,784 $ 1,640,927 Contract Balances The following table provides information about receivables and contract liabilities (deferred franchise fees) from contracts with customers: September 29, December 31, 2023 (a) Receivables, which are included in “Accounts and notes receivable, net” (b) $ 54,814 $ 55,293 Receivables, which are included in “Advertising funds restricted assets” 68,354 76,838 Deferred franchise fees (c) 100,754 100,805 _______________ (a) Excludes funds collected from the sale of gift cards, which are primarily reimbursed to franchisees upon redemption at franchised restaurants and do not ultimately result in the recognition of revenue in the Company’s condensed consolidated statements of operations. (b) Includes receivables related to “Sales” and “Franchise royalty revenue and fees.” (c) Deferred franchise fees are included in “Accrued expenses and other current liabilities” and “Deferred franchise fees” and totaled $11,454 and $89,300, respectively, as of September 29, 2024, and $10,673 and $90,132, respectively, as of December 31, 2023. Significant changes in deferred franchise fees are as follows: Nine Months Ended September 29, October 1, Deferred franchise fees at beginning of period $ 100,805 $ 99,208 Revenue recognized during the period (8,873) (9,016) New deferrals due to cash received and other 8,822 9,697 Deferred franchise fees at end of period $ 100,754 $ 99,889 Anticipated Future Recognition of Deferred Franchise Fees The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period: Estimate for fiscal year: 2024 (a) $ 6,427 2025 6,685 2026 6,546 2027 6,439 2028 6,320 Thereafter 68,337 $ 100,754 _______________ (a) Represents franchise fees expected to be recognized for the remainder of 2024, which includes development-related franchise fees expected to be recognized over a duration of one year or less.

System Optimization Gains, Net

System Optimization Gains, Net	9 Months Ended
	Sep. 29, 2024
System Optimization
System optimization gains, net
System Optimization Gains, Net	System Optimization Gains, Net The Company’s system optimization initiative included a shift from Company-operated restaurants to franchised restaurants over time, through acquisitions and dispositions, as well as facilitating franchisee-to-franchisee restaurant transfers (“Franchise Flips”). As of September 29, 2024, Company-operated restaurant ownership was approximately 5% of the total system. While the Company has no plans to move its ownership away from approximately 5% of the total system, the Company expects to continue to optimize the Wendy’s system through Franchise Flips, as well as evaluating strategic acquisitions of franchised restaurants and strategic dispositions of Company-operated restaurants to existing and new franchisees, to further strengthen the franchisee base, drive new restaurant development and accelerate reimages. During the nine months ended September 29, 2024 and October 1, 2023, the Company facilitated 14 and 88 Franchise Flips, respectively. Additionally, during the nine months ended September 29, 2024, the Company completed the sale of one Company-operated restaurant to a franchisee. No Company-operated restaurants were sold to or purchased from franchisees during the nine months ended October 1, 2023. Gains and losses recognized on dispositions are recorded to “System optimization gains, net” in our condensed consolidated statements of operations. Costs related to acquisitions and dispositions under our system optimization initiative are recorded to “Reorganization and realignment costs,” which are further described in Note 4. All other costs incurred related to facilitating Franchise Flips are recorded to “Franchise support and other costs.” The following is a summary of the disposition activity recorded as a result of our system optimization initiative: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Number of restaurants sold to franchisees 1 — 1 — Proceeds from sales of restaurants $ 834 $ — $ 834 $ — Net assets sold (a) (725) — (725) — Other 6 — 6 — 115 — 115 — Post-closing adjustments on sales of restaurants (b) 440 537 694 537 Gain on sales of restaurants, net 555 537 809 537 Loss on sales of other assets, net (c) (135) (417) (236) (418) System optimization gains, net $ 420 $ 120 $ 573 $ 119 _______________ (a) Net assets sold consisted primarily of land. (b) Represents the recognition of deferred gains as a result of the resolution of certain contingencies related to the extension of lease terms for restaurants previously sold to franchisees. (c) During the three and nine months ended September 29, 2024, the Company received net cash proceeds of $1,787 and $2,388, respectively, primarily from the sale of surplus and other properties. During the nine months ended October 1, 2023, the Company received net cash proceeds of $280 primarily from the sale of surplus and other properties. Assets Held for Sale As of September 29, 2024 and December 31, 2023, the Company had assets held for sale of $2,517 and $2,689, respectively, primarily consisting of surplus properties. Assets held for sale are included in “Prepaid expenses and other current assets.”

Reorganization and Realignment

Reorganization and Realignment Costs	9 Months Ended
	Sep. 29, 2024
Restructuring and Related Activities [Abstract]
Reorganization and Realignment Costs	Reorganization and Realignment Costs The following is a summary of the initiatives included in “Reorganization and realignment costs:” Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Organizational redesign $ 296 $ 579 $ 8,327 $ 7,986 Other reorganization and realignment plans 58 32 152 114 Reorganization and realignment costs $ 354 $ 611 $ 8,479 $ 8,100 Organizational Redesign In February 2023, the Board of Directors approved a plan to redesign the Company’s organizational structure to better support the execution of the Company’s long-term growth strategy by maximizing organizational efficiency and streamlining decision making (the “Organizational Redesign Plan”). As a result of the Organizational Redesign Plan, the Company held its general and administrative expense in 2023 relatively flat compared with 2022. Additionally, in January 2024, the Board of Directors announced the appointment of Kirk Tanner as the Company’s new President and Chief Executive Officer, effective February 5, 2024. Mr. Tanner succeeded Todd A. Penegor, the Company’s previous President and Chief Executive Officer, who departed from the Company in February 2024. The Company expects to incur total costs of approximately $18,000 related to the Organizational Redesign Plan, including costs related to the succession of the President and Chief Executive Officer role. During the nine months ended September 29, 2024 and October 1, 2023, the Company recognized costs totaling $8,327 and $7,986, respectively, which primarily included severance and related employee costs. The Company expects to incur additional costs aggregating approximately $800, comprised primarily of share-based compensation. The Company expects costs related to the Organizational Redesign Plan to continue into 2026. The following is a summary of the costs recorded as a result of the Organizational Redesign Plan: Three Months Ended Nine Months Ended Total Incurred Since Inception September 29, October 1, September 29, October 1, Severance and related employee costs $ 12 $ 114 $ 7,322 $ 5,674 $ 13,565 Recruitment and relocation costs 75 140 157 304 711 Third-party and other costs 57 173 120 904 1,117 144 427 7,599 6,882 15,393 Share-based compensation (a) 152 152 728 1,104 1,998 Total organizational redesign $ 296 $ 579 $ 8,327 $ 7,986 $ 17,391 _______________ (a) Primarily represents the accelerated recognition of share-based compensation resulting from the termination of employees under the Organizational Redesign Plan. As of September 29, 2024, the accruals for the Organizational Redesign Plan are included in “Accrued expenses and other current liabilities” and “Other liabilities” and totaled $4,210 and $1,215, respectively. The tables below present a rollforward of our accruals for the Organizational Redesign Plan. Balance December 31, Charges Payments Balance September 29, Severance and related employee costs $ 1,692 $ 7,322 $ (3,589) $ 5,425 Recruitment and relocation costs — 157 (157) — Third-party and other costs — 120 (120) — $ 1,692 $ 7,599 $ (3,866) $ 5,425 Balance Charges Payments Balance Severance and related employee costs $ — $ 5,674 $ (3,524) $ 2,150 Recruitment and relocation costs — 304 (304) — Third-party and other costs — 904 (904) — $ — $ 6,882 $ (4,732) $ 2,150 Other Reorganization and Realignment Plans Costs incurred under the Company’s other reorganization and realignment plans were not material during the nine months ended September 29, 2024 and October 1, 2023. The Company does not expect to incur any material additional costs under these plans.

Investments

Investments	9 Months Ended
	Sep. 29, 2024
Investments [Abstract]
Investments	Investments The following is a summary of the carrying value of our investments: September 29, December 31, 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, October 1, 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 _______________ (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.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques under the accounting guidance related to fair value measurements are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. These inputs are classified into the following hierarchy: • Level 1 Inputs - Quoted prices for identical assets or liabilities in active markets. • Level 2 Inputs - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs - Pricing inputs are unobservable for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value require significant management judgment or estimation. Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: September 29, December 31, Carrying Fair Carrying Fair Fair Value Financial assets Cash equivalents $ 333,761 $ 333,761 $ 365,901 $ 365,901 Level 1 Other investments in equity securities (a) 1,718 1,718 1,718 1,718 Level 2 Financial liabilities (b) Series 2022-1 Class A-2-I Notes 97,750 95,635 98,500 92,289 Level 2 Series 2022-1 Class A-2-II Notes 387,134 367,777 390,134 370,577 Level 2 Series 2021-1 Class A-2-I Notes 419,894 379,609 423,269 362,572 Level 2 Series 2021-1 Class A-2-II Notes 628,655 553,411 633,530 530,581 Level 2 Series 2019-1 Class A-2-I Notes 354,673 348,204 357,673 341,606 Level 2 Series 2019-1 Class A-2-II Notes 399,748 388,131 403,123 374,058 Level 2 Series 2018-1 Class A-2-II Notes 437,537 425,767 441,099 412,754 Level 2 7% debentures, due in 2025 48,744 49,586 48,237 49,431 Level 2 _______________ (a) The fair value of our other investments in equity securities is based on our review of information provided by the investment manager, which is based on observable price changes in orderly transactions for a similar investment of the same issuer. (b) The fair values were based on quoted market prices in markets that are not considered active markets. The carrying amounts of cash, accounts payable and accrued expenses approximate fair value due to the short-term nature of those items. The carrying amounts of accounts and notes receivable, net (both current and non-current) approximate fair value due to the effect of the related allowance for doubtful accounts. Our cash equivalents are the only financial assets measured and recorded at fair value on a recurring basis. Non-Recurring Fair Value Measurements Assets and liabilities remeasured to fair value on a non-recurring basis resulted in impairment that we have recorded to “Impairment of long-lived assets” in our condensed consolidated statements of operations. Total impairment losses may reflect the impact of remeasuring long-lived assets held and used (including land, buildings, leasehold improvements, favorable lease assets and right-of-use assets) to fair value as a result of (1) the deterioration in operating performance of certain Company-operated restaurants and (2) the Company’s decision to lease and/or sublease the land and/or buildings to franchisees in connection with the sale or anticipated sale of restaurants, including any subsequent lease modifications. The fair values of long-lived assets held and used presented in the tables below represent the remaining carrying value and were estimated based on either discounted cash flows of future anticipated lease and sublease income or discounted cash flows of future anticipated Company-operated restaurant performance. Total impairment losses may also include the impact of remeasuring long-lived assets held for sale. The fair values of long-lived assets held for sale presented in the tables below represent the remaining carrying value and were estimated based on current market values. See Note 7 for further information on impairment of our long-lived assets. Fair Value Measurements September 29, Level 1 Level 2 Level 3 Held and used $ 2,372 $ — $ — $ 2,372 Held for sale 2,241 — — 2,241 Total $ 4,613 $ — $ — $ 4,613 Fair Value Measurements December 31, Level 1 Level 2 Level 3 Held and used $ 1,212 $ — $ — $ 1,212 Held for sale 1,044 — — 1,044 Total $ 2,256 $ — $ — $ 2,256

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets	9 Months Ended
	Sep. 29, 2024
Asset Impairment Charges [Abstract]
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company records impairment charges as a result of (1) the deterioration in operating performance of certain Company-operated restaurants, (2) the Company’s decision to lease and/or sublease properties to franchisees in connection with the sale or anticipated sale of Company-operated restaurants, including any subsequent lease modifications and (3) classifying surplus properties as held for sale. The following is a summary of impairment losses recorded, which represent the excess of the carrying amount over the fair value of the affected assets and are included in “Impairment of long-lived assets:” Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Company-operated restaurants $ — $ — $ 2,418 $ 428 Surplus properties 178 59 455 85 $ 178 $ 59 $ 2,873 $ 513

Income Taxes

Income Taxes	9 Months Ended
	Sep. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three months ended September 29, 2024 and October 1, 2023 was 27.9% and 25.5%, respectively. The Company’s effective tax rate varied from the U.S. federal statutory rate of 21% for the three months ended September 29, 2024 primarily due to state income taxes and the tax effects of our foreign operations. The Company’s effective tax rate for the nine months ended September 29, 2024 and October 1, 2023 was 27.3% and 25.8%, respectively. The Company’s effective tax rate varied from the U.S. federal statutory rate of 21% for the nine months ended September 29, 2024 primarily due to state income taxes and the tax effects of our foreign operations. There were no significant changes to the unrecognized tax benefits or related interest and penalties for the three and nine months ended September 29, 2024. During the next twelve months, we believe it is reasonably possible the Company will reduce unrecognized tax benefits by up to $220 due to lapses of statutes of limitations. The current portion of refundable income taxes was $9,307 and $5,284 as of September 29, 2024 and December 31, 2023, respectively, and is included in “Accounts and notes receivable, net.” There were no long-term refundable income taxes as of September 29, 2024 or December 31, 2023.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 29, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The calculation of basic and diluted net income per share was as follows: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Net income $ 50,224 $ 58,049 $ 146,860 $ 157,502 Common stock: Weighted average basic shares outstanding 203,264 208,834 204,518 210,668 Dilutive effect of stock options and restricted shares 990 1,768 1,285 2,185 Weighted average diluted shares outstanding 204,254 210,602 205,803 212,853 Net income per share: Basic $ .25 $ .28 $ .72 $ .75 Diluted $ .25 $ .28 $ .71 $ .74 Basic net income per share for the three and nine months ended September 29, 2024 and October 1, 2023 was computed by dividing net income amounts by the weighted average number of shares of common stock outstanding. Diluted net income per share was computed by dividing net income by the weighted average number of basic shares outstanding plus the potential common share effect of dilutive stock options and restricted shares. We excluded potential common shares of 8,605 and 7,667 for the three and nine months ended September 29, 2024, respectively, and 5,204 and 4,719 for the three and nine months ended October 1, 2023, respectively, from our diluted net income per share calculation as they would have had anti-dilutive effects.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 29, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Dividends During each of the first, second, and third quarters of 2024 and 2023, the Company paid dividends per share of $.25. Repurchases of Common Stock In January 2023, our Board of Directors authorized a repurchase program for up to $500,000 of our common stock through February 28, 2027, when and if market conditions warrant and to the extent legally permissible (the “January 2023 Authorization”). During the nine months ended September 29, 2024, the Company repurchased 3,447 shares under the January 2023 Authorization with an aggregate purchase price of $59,637, of which $203 was accrued as of September 29, 2024, and excluding excise tax of $441 and commissions of $49. As of September 29, 2024, the Company had $250,363 of availability remaining under the January 2023 Authorization. Subsequent to September 29, 2024 through October 24, 2024, the Company repurchased 150 shares under the January 2023 Authorization with an aggregate purchase price of $2,679, excluding applicable excise tax and commissions. During the nine months ended October 1, 2023, the Company repurchased 6,730 shares under the January 2023 Authorization with an aggregate purchase price of $144,320, of which $2,001 was accrued as of October 1, 2023, and excluding excise tax of $1,293 and commissions of $94. Accumulated Other Comprehensive Loss The following table provides a rollforward of accumulated other comprehensive loss, which is entirely comprised of foreign currency translation: Nine Months Ended September 29, October 1, Balance at beginning of period $ (58,375) $ (64,176) Foreign currency translation (2,215) 574 Balance at end of period $ (60,590) $ (63,602)

Leases

Leases	9 Months Ended
	Sep. 29, 2024
Leases [Abstract]
Leases, Company as Lessee	Leases Nature of Leases The Company operates restaurants that are located on sites owned by us and sites leased by us from third parties. In addition, the Company owns sites and leases sites from third parties, which it leases and/or subleases to franchisees. The Company also leases restaurant, office and transportation equipment. As of September 29, 2024, the nature of restaurants operated by the Company and its franchisees was as follows: September 29, Company-operated restaurants: Owned land and building 154 Owned building and held long-term land leases 145 Leased land and building 112 Total Company-operated restaurants 411 Franchisee-operated restaurants: Company-owned properties leased to franchisees 492 Company-leased properties subleased to franchisees 1,161 Other franchisee-operated restaurants 5,228 Total franchisee-operated restaurants 6,881 Total Company-operated and franchisee-operated restaurants 7,292 Company as Lessee The components of lease cost are as follows: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Finance lease cost: Amortization of finance lease assets $ 4,779 $ 4,111 $ 13,448 $ 12,232 Interest on finance lease liabilities 10,921 10,664 32,278 32,157 15,700 14,775 45,726 44,389 Operating lease cost 21,496 21,577 64,721 64,455 Variable lease cost (a) 17,087 16,889 50,940 50,489 Short-term lease cost 1,478 1,466 4,098 4,433 Total operating lease cost (b) 40,061 39,932 119,759 119,377 Total lease cost $ 55,761 $ 54,707 $ 165,485 $ 163,766 _______________ (a) Includes expenses for executory costs of $10,108 and $9,777 for the three months ended September 29, 2024 and October 1, 2023, respectively, and $30,362 and $29,797 for the nine months ended September 29, 2024 and October 1, 2023, respectively, for which the Company is reimbursed by sublessees. (b) Includes $32,197 and $31,824 for the three months ended September 29, 2024 and October 1, 2023, respectively, and $96,270 and $94,751 for the nine months ended September 29, 2024 and October 1, 2023, respectively, recorded to “Franchise rental expense” for leased properties that are subsequently leased to franchisees. Also includes $7,299 and $7,570 for the three months ended September 29, 2024 and October 1, 2023, respectively, and $22,089 and $22,981 for the nine months ended September 29, 2024 and October 1, 2023, respectively, recorded to “Cost of sales” for leases for Company-operated restaurants.
Leases, Company as Lessor	Company as Lessor The components of lease income are as follows: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Sales-type and direct-financing leases: Selling profit $ 67 $ 354 $ 139 $ 1,555 Interest income (a) 7,110 7,853 22,007 23,583 Operating lease income 41,882 40,567 126,329 123,352 Variable lease income 17,432 17,000 51,609 50,055 Franchise rental income (b) $ 59,314 $ 57,567 $ 177,938 $ 173,407 _______________ (a) Included in “Interest expense, net.” (b) Includes sublease income of $43,698 and $42,545 recognized during the three months ended September 29, 2024 and October 1, 2023, respectively, and $131,530 and $128,457 recognized during the nine months ended September 29, 2024 and October 1, 2023, respectively. Sublease income includes lessees’ variable payments to the Company for executory costs of $10,112 and $9,811 for the three months ended September 29, 2024 and October 1, 2023,

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 29, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table includes supplemental non-cash investing and financing activities: Nine Months Ended September 29, October 1, Supplemental non-cash investing and financing activities: Capital expenditures included in accounts payable $ 10,734 $ 10,856 Finance leases 21,531 13,436 The following table includes a reconciliation of cash, cash equivalents and restricted cash: September 29, December 31, Reconciliation of cash, cash equivalents and restricted cash at end of period: Cash and cash equivalents $ 482,224 $ 516,037 Restricted cash 35,180 35,848 Restricted cash, included in Advertising funds restricted assets 37,125 36,931 Total cash, cash equivalents and restricted cash $ 554,529 $ 588,816

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 29, 2024
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties Except as described below, the Company did not have any significant changes in or transactions with its related parties during the current fiscal period since those reported in the Form 10-K. TimWen Lease and Management Fee Payments A wholly-owned subsidiary of Wendy’s leases restaurant facilities from TimWen, which are then subleased to franchisees for the operation of Wendy’s/Tim Hortons combo units in Canada. Wendy’s paid TimWen $16,065 and $15,713 under these lease agreements during the nine months ended September 29, 2024 and October 1, 2023, respectively, which is recorded to “Franchise rental expense.” In addition, TimWen paid Wendy’s a management fee under the TimWen joint venture agreement of $179 and $181 during the nine months ended September 29, 2024 and October 1, 2023, respectively, which is included as a reduction to “General and administrative.” Transactions with QSCC Wendy’s has a purchasing co-op relationship structure with its franchisees that establishes Quality Supply Chain Co-op, Inc. (“QSCC”). QSCC manages, for the Wendy’s system in the U.S. and Canada, contracts for the purchase and distribution of food, proprietary paper, operating supplies and equipment under national agreements with pricing based upon total system volume. QSCC’s supply chain management facilitates continuity of supply and provides consolidated purchasing efficiencies while monitoring and seeking to minimize possible obsolete inventory throughout the Wendy’s supply chain in the U.S. and Canada. Wendy’s and its franchisees pay sourcing fees to third-party vendors on certain products sourced by QSCC. Such sourcing fees are remitted by these vendors to QSCC and are the primary means of funding QSCC’s operations. In addition, QSCC collects certain rebates, price variance and other recoveries, technology fees, convention fees and other funding from third-party vendors as part of the administration and management of the Wendy’s supply chain in the U.S. and Canada. Should QSCC’s sourcing fees exceed its expected needs, QSCC’s board of directors may return some or all of the excess to its members in the form of a patronage dividend. Wendy’s recorded its share of patronage dividends of $3,493 during the nine months ended September 29, 2024, of which $2,909 is included in “Other operating income, net” and $584 is included as a reduction of “Cost of sales.” Wendy’s recorded its share of patronage dividends of $363 during the nine months ended October 1, 2023, all of which is included as a reduction of “Cost of sales.” Transactions with Yellow Cab Certain family members and/or affiliates of Mr. Nelson Peltz, our former Chairman, Mr. Peter May, our Senior Vice Chairman, and Mr. Matthew Peltz, our Vice Chairman, hold minority ownership interests in Yellow Cab Holdings, LLC (“Yellow Cab”), a Wendy’s franchisee, that as of September 29, 2024 owns and operates 87 Wendy’s restaurants, and/or certain of the operating companies managed by Yellow Cab. During the nine months ended September 29, 2024 and October 1, 2023, the Company recognized $11,397 and $11,143, respectively, in royalty, advertising fund, lease and other income from Yellow Cab and related entities. In all transactions involving Yellow Cab, the Company’s standard franchisee recruiting and approval processes were followed, no modifications were made to the Company’s standard franchise agreements or related documents, and all deal terms and transaction documents were negotiated and executed on an arm’s-length basis, consistent with the Company’s comparable franchise transactions and relationships. As of September 29, 2024 and December 31, 2023, $1,099 and $1,153, respectively, was due from Yellow Cab for such income, which is included in “Accounts and notes receivable, net” and “Advertising funds restricted assets.” Transactions with AMC In February 2023, Ms. Kristin Dolan, a director of the Company, was appointed as the Chief Executive Officer of AMC Networks Inc. (“AMC”). During the nine months ended September 29, 2024 and October 1, 2023, the Company purchased approximately $1,600 and $1,800, respectively, of advertising time from a subsidiary of AMC. The Company’s advertising spend with AMC was made in the ordinary course of business and approved on an arm’s-length basis, consistent with the Company’s comparable advertising decisions. As of December 31, 2023, approximately $584 was due to AMC for such advertising time, which is included in “Advertising funds restricted liabilities.” There were no amounts due to AMC as of September 29, 2024.

Guarantees and Other Commitment

Guarantees and Other Commitments and Contingencies	9 Months Ended
	Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Other Commitments and Contingencies	Guarantees and Other Commitments and Contingencies Except as described below, the Company did not have any significant changes in guarantees and other commitments and contingencies during the current fiscal period since those reported in the Form 10-K. Refer to the Form 10-K for further information regarding the Company’s additional commitments and obligations. Franchisee Incentive Programs To promote new restaurant development, Wendy’s has provided franchisees with certain incentive programs for qualifying new restaurants. In July and September 2024, Wendy’s announced a new development incentive structure in the U.S. and Canada and select international markets, respectively, that provides for reductions in royalty and national advertising fees for qualifying new restaurants for two, three or four years of operation based on the number of restaurants committed to under the development agreement. Lease Guarantees Wendy’s has guaranteed the performance of certain leases and other obligations, primarily from former Company-operated restaurant locations now operated by franchisees, amounting to $86,450 as of September 29, 2024. These leases extend through 2045. We have had no judgments against us as guarantor of these leases as of September 29, 2024. In the event of default by a franchise owner where Wendy’s is called upon to perform under its guarantee, Wendy’s has the ability to pursue repayment from the franchise owner. The liability recorded for our probable exposure associated with these lease guarantees was not material as of September 29, 2024. Letters of Credit As of September 29, 2024, the Company had outstanding letters of credit with various parties totaling $28,673. Substantially all of the outstanding letters of credit include amounts outstanding against the 2021-1 Variable Funding Senior Secured Notes, Class A-1. We do not expect any material loss to result from these letters of credit. Purchase and Capital Commitments The Company has material purchase requirements under a marketing agreement with two national broadcasters and a beverage agreement with a vendor. In August 2024, the Company amended its contract with the beverage vendor, which now expires upon reaching a threshold usage requirement or, if certain undertakings are not fulfilled, at the later of reaching a threshold usage requirement or December 31, 2034. Our total purchase requirements under the marketing agreement and the amended beverage agreement are estimated to be approximately $107,500 over the remaining life of the contracts.

Legal and Environmental Matters

Legal and Environmental Matters	9 Months Ended
	Sep. 29, 2024
Loss Contingency [Abstract]
Legal and Environmental Matters	Legal and Environmental Matters The Company is involved in litigation and claims incidental to our business. We provide accruals for such litigation and claims when we determine it is probable that a liability has been incurred and the loss is reasonably estimable. The Company believes it has adequate accruals for all of our legal and environmental matters. We cannot estimate the aggregate possible range of loss for our existing litigation and claims due to various reasons, including, but not limited to, many proceedings being in preliminary stages, with various motions either yet to be submitted or pending, discovery yet to occur and significant factual matters unresolved. In addition, most cases seek an indeterminate amount of damages and many involve multiple parties. Predicting the outcomes of settlement discussions or judicial or arbitral decisions is thus inherently difficult and future developments could cause these actions or claims, individually or in aggregate, to have a material adverse effect on the Company’s financial condition, results of operations, or cash flows of a particular reporting period.

Segment Information (Notes)

Segment Information (Notes)	9 Months Ended
	Sep. 29, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Revenues by segment are as follows: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Wendy’s U.S. $ 468,725 $ 457,240 $ 1,384,163 $ 1,366,981 Wendy’s International 37,598 35,167 106,774 97,162 Global Real Estate & Development 60,416 58,148 181,282 176,784 Total revenues $ 566,739 $ 550,555 $ 1,672,219 $ 1,640,927 The following table reconciles profit by segment to the Company’s consolidated income before income taxes: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Wendy’s U.S. (a) $ 129,790 $ 134,887 $ 392,323 $ 403,064 Wendy’s International (b) 11,046 10,831 32,411 26,808 Global Real Estate & Development 27,237 24,418 79,480 76,020 Total segment profit 168,073 170,136 $ 504,214 $ 505,892 Unallocated franchise support and other costs (900) (29) (1,117) (6) Advertising funds deficit 190 1,088 651 3,509 Unallocated general and administrative (c) (32,443) (30,962) (98,289) (96,776) Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) (36,996) (34,288) (110,006) (101,258) Amortization of cloud computing arrangements (3,576) (3,844) (10,637) (7,692) System optimization gains, net 420 120 573 119 Reorganization and realignment costs (354) (611) (8,479) (8,100) Impairment of long-lived assets (178) (59) (2,873) (513) Unallocated other operating income, net 439 52 1,301 180 Interest expense, net (31,270) (30,957) (92,800) (93,798) Loss on early extinguishment of debt — (319) — (1,585) Investment income (loss), net — — 11 (10,389) Other income, net 6,246 7,637 19,382 22,546 Income before income taxes $ 69,651 $ 77,964 $ 201,931 $ 212,129 _______________ (a) Wendy’s U.S. includes advertising funds expense of $5,977 and $13,386 for the three and nine months ended September 29, 2024 related to the Company’s funding of incremental advertising. (b) Wendy’s International includes advertising funds expense of $622 and $1,387 for the three and nine months ended September 29, 2024, respectively, and $596 and $1,802 for the three and nine months ended October 1, 2023, respectively, related to the Company’s funding of incremental advertising in Canada. In addition, Wendy’s International includes other international-related advertising (deficit) surplus of $(170) and $(640) for the three and nine months ended September 29, 2024, respectively, and $535 and $(789) for the three and nine months ended October 1, 2023, respectively. (c) Includes corporate overhead costs, such as employee compensation and related benefits.

New Accounting Standards

New Accounting Standards	9 Months Ended
	Sep. 29, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards New Accounting Standard Adopted Common-Control Lease Arrangements In March 2023, the Financial Accounting Standards Board (“FASB”) issued an update to amend certain lease accounting guidance that applies to arrangements between related parties under common control. The amendment requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the useful life of the improvements to the common-control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease. The Company adopted this amendment during the first quarter of 2024. The adoption of this amendment did not have a material impact on our condensed consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 29, 2024
Revenue [Abstract]
Disaggregation of Revenue	The following tables disaggregate revenue by segment and source: Wendy’s U.S. Wendy’s International Global Real Estate & Development Total Three Months Ended September 29, 2024 Sales at Company-operated restaurants $ 222,745 $ 7,658 $ — $ 230,403 Franchise royalty revenue 114,379 18,222 — 132,601 Franchise fees 17,859 2,306 1,102 21,267 Franchise rental income — — 59,314 59,314 Advertising funds revenue 113,742 9,412 — 123,154 Total revenues $ 468,725 $ 37,598 $ 60,416 $ 566,739 Three Months Ended October 1, 2023 Sales at Company-operated restaurants $ 227,674 $ 7,047 $ — $ 234,721 Franchise royalty revenue 112,698 17,390 — 130,088 Franchise fees 17,079 1,597 581 19,257 Franchise rental income — — 57,567 57,567 Advertising funds revenue 99,789 9,133 — 108,922 Total revenues $ 457,240 $ 35,167 $ 58,148 $ 550,555 Wendy’s U.S. Wendy’s International Global Real Estate & Development Total Nine Months Ended September 29, 2024 Sales at Company-operated restaurants $ 673,364 $ 19,717 $ — $ 693,081 Franchise royalty revenue 341,229 53,370 — 394,599 Franchise fees 53,511 6,584 3,344 63,439 Franchise rental income — — 177,938 177,938 Advertising funds revenue 316,059 27,103 — 343,162 Total revenues $ 1,384,163 $ 106,774 $ 181,282 $ 1,672,219 Nine Months Ended October 1, 2023 Sales at Company-operated restaurants $ 685,168 $ 18,190 $ — $ 703,358 Franchise royalty revenue 333,958 50,408 — 384,366 Franchise fees 51,812 4,515 3,377 59,704 Franchise rental income — — 173,407 173,407 Advertising funds revenue 296,043 24,049 — 320,092 Total revenues $ 1,366,981 $ 97,162 $ 176,784 $ 1,640,927
Contract Balances, assets and liabilities	The following table provides information about receivables and contract liabilities (deferred franchise fees) from contracts with customers: September 29, December 31, 2023 (a) Receivables, which are included in “Accounts and notes receivable, net” (b) $ 54,814 $ 55,293 Receivables, which are included in “Advertising funds restricted assets” 68,354 76,838 Deferred franchise fees (c) 100,754 100,805 _______________ (a) Excludes funds collected from the sale of gift cards, which are primarily reimbursed to franchisees upon redemption at franchised restaurants and do not ultimately result in the recognition of revenue in the Company’s condensed consolidated statements of operations. (b) Includes receivables related to “Sales” and “Franchise royalty revenue and fees.” (c) Deferred franchise fees are included in “Accrued expenses and other current liabilities” and “Deferred franchise fees” and totaled $11,454 and $89,300, respectively, as of September 29, 2024, and $10,673 and $90,132, respectively, as of December 31, 2023.
Contract Balances, deferred franchise fee rollforward	Significant changes in deferred franchise fees are as follows: Nine Months Ended September 29, October 1, Deferred franchise fees at beginning of period $ 100,805 $ 99,208 Revenue recognized during the period (8,873) (9,016) New deferrals due to cash received and other 8,822 9,697 Deferred franchise fees at end of period $ 100,754 $ 99,889
Anticipated Future Recognition of Deferred Franchise Fees	The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period: Estimate for fiscal year: 2024 (a) $ 6,427 2025 6,685 2026 6,546 2027 6,439 2028 6,320 Thereafter 68,337 $ 100,754 _______________ (a) Represents franchise fees expected to be recognized for the remainder of 2024, which includes development-related franchise fees expected to be recognized over a duration of one year or less.

System Optimization Gains, Net

System Optimization Gains, Net (Tables)	9 Months Ended
	Sep. 29, 2024
System Optimization Initiative
System optimization gains, net
Summary of Disposition Activity	The following is a summary of the disposition activity recorded as a result of our system optimization initiative: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Number of restaurants sold to franchisees 1 — 1 — Proceeds from sales of restaurants $ 834 $ — $ 834 $ — Net assets sold (a) (725) — (725) — Other 6 — 6 — 115 — 115 — Post-closing adjustments on sales of restaurants (b) 440 537 694 537 Gain on sales of restaurants, net 555 537 809 537 Loss on sales of other assets, net (c) (135) (417) (236) (418) System optimization gains, net $ 420 $ 120 $ 573 $ 119 _______________ (a) Net assets sold consisted primarily of land. (b) Represents the recognition of deferred gains as a result of the resolution of certain contingencies related to the extension of lease terms for restaurants previously sold to franchisees. (c)

Reorganization and Realignmen_2

Reorganization and Realignment Costs (Tables)	9 Months Ended
	Sep. 29, 2024
Restructuring Cost and Reserve
Restructuring and Related Costs	The following is a summary of the initiatives included in “Reorganization and realignment costs:” Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Organizational redesign $ 296 $ 579 $ 8,327 $ 7,986 Other reorganization and realignment plans 58 32 152 114 Reorganization and realignment costs $ 354 $ 611 $ 8,479 $ 8,100
Organizational Redesign
Restructuring Cost and Reserve
Restructuring and Related Costs	The following is a summary of the costs recorded as a result of the Organizational Redesign Plan: Three Months Ended Nine Months Ended Total Incurred Since Inception September 29, October 1, September 29, October 1, Severance and related employee costs $ 12 $ 114 $ 7,322 $ 5,674 $ 13,565 Recruitment and relocation costs 75 140 157 304 711 Third-party and other costs 57 173 120 904 1,117 144 427 7,599 6,882 15,393 Share-based compensation (a) 152 152 728 1,104 1,998 Total organizational redesign $ 296 $ 579 $ 8,327 $ 7,986 $ 17,391 _______________ (a) Primarily represents the accelerated recognition of share-based compensation resulting from the termination of employees under the Organizational Redesign Plan.
Schedule of Restructuring Reserve by Type of Cost	As of September 29, 2024, the accruals for the Organizational Redesign Plan are included in “Accrued expenses and other current liabilities” and “Other liabilities” and totaled $4,210 and $1,215, respectively. The tables below present a rollforward of our accruals for the Organizational Redesign Plan. Balance December 31, Charges Payments Balance September 29, Severance and related employee costs $ 1,692 $ 7,322 $ (3,589) $ 5,425 Recruitment and relocation costs — 157 (157) — Third-party and other costs — 120 (120) — $ 1,692 $ 7,599 $ (3,866) $ 5,425 Balance Charges Payments Balance Severance and related employee costs $ — $ 5,674 $ (3,524) $ 2,150 Recruitment and relocation costs — 304 (304) — Third-party and other costs — 904 (904) — $ — $ 6,882 $ (4,732) $ 2,150

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 29, 2024
Schedule of Equity Method Investments
Schedule of Equity Method Investments and Other Investments in Equity Securities	The following is a summary of the carrying value of our investments: September 29, December 31, Equity method investment $ 30,040 $ 32,727 Other investments in equity securities 1,718 1,718 $ 31,758 $ 34,445
Schedule of Equity Method Investments	Presented below is activity related to our investment in TimWen included in our condensed consolidated financial statements: Nine Months Ended September 29, October 1, 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 _______________ (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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: September 29, December 31, Carrying Fair Carrying Fair Fair Value Financial assets Cash equivalents $ 333,761 $ 333,761 $ 365,901 $ 365,901 Level 1 Other investments in equity securities (a) 1,718 1,718 1,718 1,718 Level 2 Financial liabilities (b) Series 2022-1 Class A-2-I Notes 97,750 95,635 98,500 92,289 Level 2 Series 2022-1 Class A-2-II Notes 387,134 367,777 390,134 370,577 Level 2 Series 2021-1 Class A-2-I Notes 419,894 379,609 423,269 362,572 Level 2 Series 2021-1 Class A-2-II Notes 628,655 553,411 633,530 530,581 Level 2 Series 2019-1 Class A-2-I Notes 354,673 348,204 357,673 341,606 Level 2 Series 2019-1 Class A-2-II Notes 399,748 388,131 403,123 374,058 Level 2 Series 2018-1 Class A-2-II Notes 437,537 425,767 441,099 412,754 Level 2 7% debentures, due in 2025 48,744 49,586 48,237 49,431 Level 2 _______________ (a) The fair value of our other investments in equity securities is based on our review of information provided by the investment manager, which is based on observable price changes in orderly transactions for a similar investment of the same issuer. (b) The fair values were based on quoted market prices in markets that are not considered active markets.
Fair value of assets and liabilities (other than cash and cash equivalents) measured at fair value on a nonrecurring basis	Fair Value Measurements September 29, Level 1 Level 2 Level 3 Held and used $ 2,372 $ — $ — $ 2,372 Held for sale 2,241 — — 2,241 Total $ 4,613 $ — $ — $ 4,613 Fair Value Measurements December 31, Level 1 Level 2 Level 3 Held and used $ 1,212 $ — $ — $ 1,212 Held for sale 1,044 — — 1,044 Total $ 2,256 $ — $ — $ 2,256

Impairment of Long-Lived Asse_2

Impairment of Long-Lived Assets (Tables)	9 Months Ended
	Sep. 29, 2024
Asset Impairment Charges [Abstract]
Impairment of Long-Lived Assets	The following is a summary of impairment losses recorded, which represent the excess of the carrying amount over the fair value of the affected assets and are included in “Impairment of long-lived assets:” Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Company-operated restaurants $ — $ — $ 2,418 $ 428 Surplus properties 178 59 455 85 $ 178 $ 59 $ 2,873 $ 513

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 29, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted net income per share was as follows: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Net income $ 50,224 $ 58,049 $ 146,860 $ 157,502 Common stock: Weighted average basic shares outstanding 203,264 208,834 204,518 210,668 Dilutive effect of stock options and restricted shares 990 1,768 1,285 2,185 Weighted average diluted shares outstanding 204,254 210,602 205,803 212,853 Net income per share: Basic $ .25 $ .28 $ .72 $ .75 Diluted $ .25 $ .28 $ .71 $ .74

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 29, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table provides a rollforward of accumulated other comprehensive loss, which is entirely comprised of foreign currency translation: Nine Months Ended September 29, October 1, Balance at beginning of period $ (58,375) $ (64,176) Foreign currency translation (2,215) 574 Balance at end of period $ (60,590) $ (63,602)

Leases (Tables)

Leases (Tables)	3 Months Ended	9 Months Ended
	Sep. 29, 2024	Sep. 29, 2024
Leases [Abstract]
Schedule of Real Estate Properties	As of September 29, 2024, the nature of restaurants operated by the Company and its franchisees was as follows: September 29, Company-operated restaurants: Owned land and building 154 Owned building and held long-term land leases 145 Leased land and building 112 Total Company-operated restaurants 411 Franchisee-operated restaurants: Company-owned properties leased to franchisees 492 Company-leased properties subleased to franchisees 1,161 Other franchisee-operated restaurants 5,228 Total franchisee-operated restaurants 6,881 Total Company-operated and franchisee-operated restaurants 7,292
Lease, Cost		The components of lease cost are as follows: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Finance lease cost: Amortization of finance lease assets $ 4,779 $ 4,111 $ 13,448 $ 12,232 Interest on finance lease liabilities 10,921 10,664 32,278 32,157 15,700 14,775 45,726 44,389 Operating lease cost 21,496 21,577 64,721 64,455 Variable lease cost (a) 17,087 16,889 50,940 50,489 Short-term lease cost 1,478 1,466 4,098 4,433 Total operating lease cost (b) 40,061 39,932 119,759 119,377 Total lease cost $ 55,761 $ 54,707 $ 165,485 $ 163,766 _______________ (a) Includes expenses for executory costs of $10,108 and $9,777 for the three months ended September 29, 2024 and October 1, 2023, respectively, and $30,362 and $29,797 for the nine months ended September 29, 2024 and October 1, 2023, respectively, for which the Company is reimbursed by sublessees. (b) Includes $32,197 and $31,824 for the three months ended September 29, 2024 and October 1, 2023, respectively, and $96,270 and $94,751 for the nine months ended September 29, 2024 and October 1, 2023, respectively, recorded to “Franchise rental expense” for leased properties that are subsequently leased to franchisees. Also includes $7,299 and $7,570 for the three months ended September 29, 2024 and October 1, 2023, respectively, and $22,089 and $22,981 for the nine months ended September 29, 2024 and October 1, 2023, respectively, recorded to “Cost of sales” for leases for Company-operated restaurants.
Lease, Income		The components of lease income are as follows: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Sales-type and direct-financing leases: Selling profit $ 67 $ 354 $ 139 $ 1,555 Interest income (a) 7,110 7,853 22,007 23,583 Operating lease income 41,882 40,567 126,329 123,352 Variable lease income 17,432 17,000 51,609 50,055 Franchise rental income (b) $ 59,314 $ 57,567 $ 177,938 $ 173,407 _______________ (a) Included in “Interest expense, net.” (b) Includes sublease income of $43,698 and $42,545 recognized during the three months ended September 29, 2024 and October 1, 2023, respectively, and $131,530 and $128,457 recognized during the nine months ended September 29, 2024 and October 1, 2023, respectively. Sublease income includes lessees’ variable payments to the Company for executory costs of $10,112 and $9,811 for the three months ended September 29, 2024 and October 1, 2023,

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 29, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table includes supplemental non-cash investing and financing activities: Nine Months Ended September 29, October 1, Supplemental non-cash investing and financing activities: Capital expenditures included in accounts payable $ 10,734 $ 10,856 Finance leases 21,531 13,436 The following table includes a reconciliation of cash, cash equivalents and restricted cash: September 29, December 31, Reconciliation of cash, cash equivalents and restricted cash at end of period: Cash and cash equivalents $ 482,224 $ 516,037 Restricted cash 35,180 35,848 Restricted cash, included in Advertising funds restricted assets 37,125 36,931 Total cash, cash equivalents and restricted cash $ 554,529 $ 588,816

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 29, 2024
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	Revenues by segment are as follows: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Wendy’s U.S. $ 468,725 $ 457,240 $ 1,384,163 $ 1,366,981 Wendy’s International 37,598 35,167 106,774 97,162 Global Real Estate & Development 60,416 58,148 181,282 176,784 Total revenues $ 566,739 $ 550,555 $ 1,672,219 $ 1,640,927
Reconciliation of Profit from Segments to Consolidated	The following table reconciles profit by segment to the Company’s consolidated income before income taxes: Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, Wendy’s U.S. (a) $ 129,790 $ 134,887 $ 392,323 $ 403,064 Wendy’s International (b) 11,046 10,831 32,411 26,808 Global Real Estate & Development 27,237 24,418 79,480 76,020 Total segment profit 168,073 170,136 $ 504,214 $ 505,892 Unallocated franchise support and other costs (900) (29) (1,117) (6) Advertising funds deficit 190 1,088 651 3,509 Unallocated general and administrative (c) (32,443) (30,962) (98,289) (96,776) Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) (36,996) (34,288) (110,006) (101,258) Amortization of cloud computing arrangements (3,576) (3,844) (10,637) (7,692) System optimization gains, net 420 120 573 119 Reorganization and realignment costs (354) (611) (8,479) (8,100) Impairment of long-lived assets (178) (59) (2,873) (513) Unallocated other operating income, net 439 52 1,301 180 Interest expense, net (31,270) (30,957) (92,800) (93,798) Loss on early extinguishment of debt — (319) — (1,585) Investment income (loss), net — — 11 (10,389) Other income, net 6,246 7,637 19,382 22,546 Income before income taxes $ 69,651 $ 77,964 $ 201,931 $ 212,129 _______________ (a) Wendy’s U.S. includes advertising funds expense of $5,977 and $13,386 for the three and nine months ended September 29, 2024 related to the Company’s funding of incremental advertising. (b) Wendy’s International includes advertising funds expense of $622 and $1,387 for the three and nine months ended September 29, 2024, respectively, and $596 and $1,802 for the three and nine months ended October 1, 2023, respectively, related to the Company’s funding of incremental advertising in Canada. In addition, Wendy’s International includes other international-related advertising (deficit) surplus of $(170) and $(640) for the three and nine months ended September 29, 2024, respectively, and $535 and $(789) for the three and nine months ended October 1, 2023, respectively. (c) Includes corporate overhead costs, such as employee compensation and related benefits.

Revenue Disaggregation of Reven

Revenue Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Disaggregation of Revenue
Total revenues	$ 566,739	$ 550,555	$ 1,672,219	$ 1,640,927
Sales at Company-operated restaurants
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	230,403	234,721	693,081	703,358
Franchise royalty revenue
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	132,601	130,088	394,599	384,366
Franchise fees
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	21,267	19,257	63,439	59,704
Franchise rental income
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	59,314	57,567	177,938	173,407
Advertising funds revenue
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	123,154	108,922	343,162	320,092
Wendy's U.S.
Disaggregation of Revenue
Total revenues	468,725	457,240	1,384,163	1,366,981
Wendy's U.S. | Sales at Company-operated restaurants
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	222,745	227,674	673,364	685,168
Wendy's U.S. | Franchise royalty revenue
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	114,379	112,698	341,229	333,958
Wendy's U.S. | Franchise fees
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	17,859	17,079	53,511	51,812
Wendy's U.S. | Franchise rental income
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Wendy's U.S. | Advertising funds revenue
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	113,742	99,789	316,059	296,043
Wendy's International
Disaggregation of Revenue
Total revenues	37,598	35,167	106,774	97,162
Wendy's International | Sales at Company-operated restaurants
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	7,658	7,047	19,717	18,190
Wendy's International | Franchise royalty revenue
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	18,222	17,390	53,370	50,408
Wendy's International | Franchise fees
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	2,306	1,597	6,584	4,515
Wendy's International | Franchise rental income
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Wendy's International | Advertising funds revenue
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	9,412	9,133	27,103	24,049
Global Real Estate & Development
Disaggregation of Revenue
Total revenues	60,416	58,148	181,282	176,784
Global Real Estate & Development | Sales at Company-operated restaurants
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Global Real Estate & Development | Franchise royalty revenue
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Global Real Estate & Development | Franchise fees
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	1,102	581	3,344	3,377
Global Real Estate & Development | Franchise rental income
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	59,314	57,567	177,938	173,407
Global Real Estate & Development | Advertising funds revenue
Disaggregation of Revenue
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0	$ 0	$ 0	$ 0

Revenue Contract Balances (Deta

Revenue Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Dec. 31, 2023
Contract balances
Deferred franchise fees at beginning of period	$ 100,805	$ 99,208
Revenue recognized during the period	(8,873)	(9,016)
New deferrals due to cash received and other	8,822	9,697
Deferred franchise fees at end of period	100,754	$ 99,889
Deferred franchise fees, noncurrent	89,300		$ 90,132
Accounts and notes receivable, net | Short-term Contract with Customer
Contract balances
Receivables, Net, Current	54,814		55,293
Advertising funds restricted assets | Short-term Contract with Customer
Contract balances
Receivables, Net, Current	68,354		76,838
Accrued expenses and other current liabilities
Contract balances
Deferred franchise fees, current	11,454		10,673
Deferred franchise fees
Contract balances
Deferred franchise fees, noncurrent	$ 89,300		$ 90,132

Revenue Anticipated Future Reco

Revenue Anticipated Future Recognition of Deferred Franchise Fees (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Revenue, Anticipated Future Recognition of Deferred Franchise Fees
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount	$ 100,754
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-09-30
Revenue, Anticipated Future Recognition of Deferred Franchise Fees
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount	$ 6,427
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-12-30
Revenue, Anticipated Future Recognition of Deferred Franchise Fees
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount	$ 6,685
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-12-29
Revenue, Anticipated Future Recognition of Deferred Franchise Fees
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount	$ 6,546
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-04
Revenue, Anticipated Future Recognition of Deferred Franchise Fees
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount	$ 6,439
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-03
Revenue, Anticipated Future Recognition of Deferred Franchise Fees
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount	$ 6,320
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01
Revenue, Anticipated Future Recognition of Deferred Franchise Fees
Revenue, Anticipated Future Recognition of Deferred Franchise Fees, Amount	$ 68,337
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	0 years

System Optimization Gains, Ne_2

System Optimization Gains, Net Summary of Disposition Activity (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024 USD ($) number_of_restaurants	Oct. 01, 2023 USD ($) number_of_restaurants	Sep. 29, 2024 USD ($) number_of_restaurants	Oct. 01, 2023 USD ($) number_of_restaurants
System optimization gains, net
Company-operated restaurant ownership percentage	5%		5%
Proceeds from sales of restaurants			$ 3,222	$ 280
System optimization gains, net	$ 420	$ 120	$ 573	$ 119
Sale of franchise-operated restaurants to franchisees
System optimization gains, net
Number of restaurants sold to franchisees | number_of_restaurants			14	88
Sale of Company-Operated Restaurants to Franchisees [Member]
System optimization gains, net
Number of restaurants sold to franchisees | number_of_restaurants	1	0	1	0
Proceeds from sales of restaurants	$ 834	$ 0	$ 834	$ 0
Net Assets Sold	725	0	725	0
Other gain (loss) on disposition, net	6	0	6	0
Gain (Loss) on Disposition of Assets Before Post Closing Purchase Price Adjustments	115	0	115	0
Post closing adjustments on sales of restaurants	440	537	694	537
System optimization gains, net	555	537	809	537
Sale of other assets
System optimization gains, net
Proceeds from sales of restaurants	1,787		2,388	280
System optimization gains, net	$ (135)	$ (417)	$ (236)	$ (418)

System Optimization Gains, Ne_3

System Optimization Gains, Net Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Other assets held for sale
Long lived assets held for sale
Assets held for sale	$ 2,517	$ 2,689

Reorganization and Realignmen_3

Reorganization and Realignment Costs Summary (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Restructuring Cost and Reserve
Reorganization and realignment costs	$ 354	$ 611	$ 8,479	$ 8,100
Organizational redesign
Restructuring Cost and Reserve
Reorganization and realignment costs	296	579	8,327	7,986
Other reorganization and realignment plans
Restructuring Cost and Reserve
Reorganization and realignment costs	$ 58	$ 32	$ 152	$ 114

Reorganization and Realignmen_4

Reorganization and Realignment Costs Organizational Redesign (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Restructuring Cost and Reserve
Reorganization and realignment costs	$ 354	$ 611	$ 8,479	$ 8,100
Organizational Redesign
Restructuring Cost and Reserve
Restructuring and Related Cost, Incurred Cost	144	427	7,599	6,882
Reorganization and realignment costs	296	579	8,327	7,986
Restructuring and Related Cost, Cost Incurred to Date	15,393		15,393
Restructuring Charges, Incurred to Date	17,391		17,391
Organizational Redesign | Minimum
Restructuring Cost and Reserve
Restructuring and Related Cost, Expected Cost	18,000		18,000
Restructuring and Related Cost, Expected Cost Remaining	800		800
Organizational Redesign | Severance and related employee costs
Restructuring Cost and Reserve
Restructuring and Related Cost, Incurred Cost	12	114	7,322	5,674
Restructuring and Related Cost, Cost Incurred to Date	13,565		13,565
Organizational Redesign | Recruitment and relocation costs
Restructuring Cost and Reserve
Restructuring and Related Cost, Incurred Cost	75	140	157	304
Restructuring and Related Cost, Cost Incurred to Date	711		711
Organizational Redesign | Third-party and other costs
Restructuring Cost and Reserve
Restructuring and Related Cost, Incurred Cost	57	173	120	904
Restructuring and Related Cost, Cost Incurred to Date	1,117		1,117
Organizational Redesign | Share-based compensation
Restructuring Cost and Reserve
Restructuring and Related Cost, Incurred Cost	152	$ 152	728	$ 1,104
Restructuring and Related Cost, Cost Incurred to Date	$ 1,998		$ 1,998

Reorganization and Realignmen_5

Reorganization and Realignment Costs Organizational Redesign Accrual Rollforward (Details) - Organizational Redesign - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Restructuring Cost and Reserve
Beginning balance			$ 1,692	$ 0
Charges	$ 144	$ 427	7,599	6,882
Payments			(3,866)	(4,732)
Ending balance	5,425	2,150	5,425	2,150
Severance and related employee costs
Restructuring Cost and Reserve
Beginning balance			1,692	0
Charges	12	114	7,322	5,674
Payments			(3,589)	(3,524)
Ending balance	5,425	2,150	5,425	2,150
Recruitment and relocation costs
Restructuring Cost and Reserve
Beginning balance			0	0
Charges	75	140	157	304
Payments			(157)	(304)
Ending balance	0	0	0	0
Third-party and other costs
Restructuring Cost and Reserve
Beginning balance			0	0
Charges	57	173	120	904
Payments			(120)	(904)
Ending balance	0	0	0	0
Share-based compensation
Restructuring Cost and Reserve
Charges	152	$ 152	728	$ 1,104
Accrued expenses and other current liabilities
Restructuring Cost and Reserve
Ending balance	4,210		4,210
Other liabilities
Restructuring Cost and Reserve
Ending balance	$ 1,215		$ 1,215

Investments Carrying Value of I

Investments Carrying Value of Investments (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023	Oct. 01, 2023	Jan. 01, 2023
Schedule of Investments
Other investments in equity securities	$ 1,718	$ 1,718
Investments	31,758	34,445
TimWen Investment
Schedule of Investments
Equity method investments	$ 30,040	$ 32,727	$ 32,723	$ 33,921

Investments Equity Method Inves

Investments Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Schedule of Equity Method Investments
Foreign currency translation adjustment included in “Other comprehensive income (loss)” and other	$ 4,382	$ (4,533)	$ (2,215)	$ 574
TimWen
Schedule of Equity Method Investments
Equity Method Investment, Ownership Percentage	50%		50%
Equity Method Investment, Purchase Price Adjustment, Amortization Period			21 years	21 years
TimWen and Brazil JV
Schedule of Equity Method Investments
Balance at beginning of period			$ 32,727	$ 33,921
Equity in earnings for the period			10,493	10,012
Amortization of purchase price adjustments			(1,870)	(2,051)
Equity in earnings for the period, net of amortization of purchase price adjustments			8,623	7,961
Distributions received			(10,678)	(9,310)
Foreign currency translation adjustment included in “Other comprehensive income (loss)” and other			(632)	151
Balance at end of period	$ 30,040	$ 32,723	$ 30,040	$ 32,723

Investments Other Investments i

Investments Other Investments in Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Investment Income, Net [Abstract]
Investment income (loss), net	$ 0	$ 0	$ 11	$ (10,389)

Fair Value Measurements Financi

Fair Value Measurements Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other investments in equity securities	$ 1,718	$ 1,718
7% debentures
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt Instrument, Interest Rate, Stated Percentage	7%	7%
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents	$ 333,761	$ 365,901
Other investments in equity securities	1,718	1,718
Reported Value Measurement | Series 2022-1 Class A-2-I Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	97,750	98,500
Reported Value Measurement | Series 2022-1 Class A-2-II Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	387,134	390,134
Reported Value Measurement | Series 2021-1 Class A-2-I Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	419,894	423,269
Reported Value Measurement | Series 2021-1 Class A-2-II Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	628,655	633,530
Reported Value Measurement | Series 2019-1 Class A-2-I Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	354,673	357,673
Reported Value Measurement | Series 2019-1 Class A-2-II Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	399,748	403,123
Reported Value Measurement | Series 2018-1 Class A-2-II Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	437,537	441,099
Reported Value Measurement | 7% debentures
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	48,744	48,237
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents	333,761	365,901
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other investments in equity securities	1,718	1,718
Estimate of Fair Value Measurement | Series 2022-1 Class A-2-I Notes | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	95,635	92,289
Estimate of Fair Value Measurement | Series 2022-1 Class A-2-II Notes | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	367,777	370,577
Estimate of Fair Value Measurement | Series 2021-1 Class A-2-I Notes | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	379,609	362,572
Estimate of Fair Value Measurement | Series 2021-1 Class A-2-II Notes | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	553,411	530,581
Estimate of Fair Value Measurement | Series 2019-1 Class A-2-I Notes | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	348,204	341,606
Estimate of Fair Value Measurement | Series 2019-1 Class A-2-II Notes | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	388,131	374,058
Estimate of Fair Value Measurement | Series 2018-1 Class A-2-II Notes | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	425,767	412,754
Estimate of Fair Value Measurement | 7% debentures | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument	$ 49,586	$ 49,431

Fair Value Measurements Non-Rec

Fair Value Measurements Non-Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis
Assets Held and used, Long Lived, Fair Value Disclosure	$ 2,372	$ 1,212
Assets Held for sale, Long Lived, Fair Value Disclosure	2,241	1,044
Total	4,613	2,256
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis
Assets Held and used, Long Lived, Fair Value Disclosure	0	0
Assets Held for sale, Long Lived, Fair Value Disclosure	0	0
Total	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis
Assets Held and used, Long Lived, Fair Value Disclosure	0	0
Assets Held for sale, Long Lived, Fair Value Disclosure	0	0
Total	0	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis
Assets Held and used, Long Lived, Fair Value Disclosure	2,372	1,212
Assets Held for sale, Long Lived, Fair Value Disclosure	2,241	1,044
Total	$ 4,613	$ 2,256

Impairment of Long-Lived Asse_3

Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Impairment of Long-Lived Assets
Impairment of long-lived assets	$ 178	$ 59	$ 2,873	$ 513
Company-operated restaurants
Impairment of Long-Lived Assets
Impairment of long-lived assets	0	0	2,418	428
Surplus properties
Impairment of Long-Lived Assets
Impairment of long-lived assets	$ 178	$ 59	$ 455	$ 85

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Dec. 31, 2023
Effective Income Tax Rate	27.90%	25.50%	27.30%	25.80%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%		21%
Significant changes to unrecognized tax benefits	$ 0		$ 0
Significant changes to interest and penalties related to unrecognized tax benefits	0		0
Reasonably possible decrease in unrecognized tax benefits	220		220
Income Taxes Receivable, Current	9,307		9,307		$ 5,284
Income Taxes Receivable, Noncurrent	$ 0		$ 0		$ 0

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Oct. 01, 2023	Jul. 02, 2023	Apr. 02, 2023	Sep. 29, 2024	Oct. 01, 2023
Earnings Per Share [Abstract]
Net income	$ 50,224	$ 54,643	$ 41,993	$ 58,049	$ 59,632	$ 39,821	$ 146,860	$ 157,502
Weighted average basic shares outstanding	203,264			208,834			204,518	210,668
Dilutive effect of stock options and restricted shares	990			1,768			1,285	2,185
Weighted average diluted shares outstanding	204,254			210,602			205,803	212,853
Basic net income per share	$ 0.25			$ 0.28			$ 0.72	$ 0.75
Diluted net income per share	$ 0.25			$ 0.28			$ 0.71	$ 0.74
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,605			5,204			7,667	4,719

Stockholders' Equity Dividends

Stockholders' Equity Dividends (Details) - $ / shares	3 Months Ended
	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Oct. 01, 2023	Jul. 02, 2023	Apr. 02, 2023
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25

Stockholders' Equity Repurchase

Stockholders' Equity Repurchases of Common Stock (Details) - January 2023 Share Repurchase Program - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 24, 2024	Sep. 29, 2024	Oct. 01, 2023	Jan. 31, 2023
Equity, Class of Treasury Stock
Stock Repurchase Program, Authorized Amount				$ 500,000
Treasury Stock, Shares, Acquired		3,447	6,730
Treasury Stock, Value, Acquired, Cost Method, excluding Commissions		$ 59,637	$ 144,320
Stock Repurchase Program, Repurchase Accrual		203	2,001
Stock Repurchase Program, Excise Tax Accrual		441	1,293
Stock Repurchase Program, Cost Incurred		49	$ 94
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 250,363
Subsequent Event
Equity, Class of Treasury Stock
Treasury Stock, Shares, Acquired	150
Treasury Stock, Value, Acquired, Cost Method, excluding Commissions	$ 2,679

Stockholders' Equity Accumulate

Stockholders' Equity Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Oct. 01, 2023	Jul. 02, 2023	Apr. 02, 2023	Sep. 29, 2024	Oct. 01, 2023
Accumulated Other Comprehensive Loss
Balance at beginning of period			$ (58,375)			$ (64,176)	$ (58,375)	$ (64,176)
Foreign currency translation	$ 4,382	$ (2,011)	$ (4,586)	$ (4,533)	$ 4,949	$ 158	(2,215)	574
Balance at end of period	$ (60,590)			$ (63,602)			(60,590)	(63,602)
Foreign Currency Translation
Accumulated Other Comprehensive Loss
Foreign currency translation							$ (2,215)	$ 574

Leases Lessee Lease Narrative (

Leases Lessee Lease Narrative (Details)	Sep. 29, 2024 number_of_restaurants
Lessee, Lease, Description
Number of restaurants	7,292
Land And Building - Company Owned | Entity Operated Units
Lessee, Lease, Description
Number of restaurants	154
Building - Company Owned; Land - Leased | Entity Operated Units
Lessee, Lease, Description
Number of restaurants	145
Land And Building - Leased | Entity Operated Units
Lessee, Lease, Description
Number of restaurants	112
Entity Operated Units, Total [Member] | Entity Operated Units
Lessee, Lease, Description
Number of restaurants	411

Leases Lessor Lease Narrative (

Leases Lessor Lease Narrative (Details)	Sep. 29, 2024 number_of_restaurants
Lessor, Lease, Description
Number of restaurants	7,292
Land And Building - Company Owned | Franchised Units
Lessor, Lease, Description
Number of restaurants	492
Land And Building - Leased | Franchised Units
Lessor, Lease, Description
Number of restaurants	1,161
Franchised Units, Other [Member] | Franchised Units
Lessor, Lease, Description
Number of restaurants	5,228
Franchised Units, Total [Member] | Franchised Units
Lessor, Lease, Description
Number of restaurants	6,881

Leases Components of Lease Cost

Leases Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Lease, Cost
Amortization of finance lease assets	$ 4,779	$ 4,111	$ 13,448	$ 12,232
Interest on finance lease liabilities	10,921	10,664	32,278	32,157
Total finance lease cost	15,700	14,775	45,726	44,389
Operating lease cost	21,496	21,577	64,721	64,455
Variable lease cost	17,087	16,889	50,940	50,489
Short-term lease cost	1,478	1,466	4,098	4,433
Total operating lease cost	40,061	39,932	119,759	119,377
Total lease cost	55,761	54,707	165,485	163,766
Franchise rental expense
Lease, Cost
Total operating lease cost	32,197	31,824	96,270	94,751
Cost of sales
Lease, Cost
Total operating lease cost	7,299	7,570	22,089	22,981
Executory costs paid by lessee
Lease, Cost
Variable lease cost	$ 10,108	$ 9,777	$ 30,362	$ 29,797

Leases Components of Lease Inco

Leases Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Lessor Lease Income
Sales-type leases, selling profit	$ 67	$ 354	$ 139	$ 1,555
Sales-type and direct-financing leases, interest income	7,110	7,853	22,007	23,583
Operating lease income	41,882	40,567	126,329	123,352
Variable lease income	17,432	17,000	51,609	50,055
Franchise rental income	59,314	57,567	177,938	173,407
Sublease income	43,698	42,545	131,530	128,457
Executory costs paid to lessor
Lessor Lease Income
Sublease income	$ 10,112	$ 9,811	$ 30,356	$ 29,704

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Capital expenditures included in accounts payable	$ 10,734	$ 10,856
Finance leases	$ 21,531	$ 13,436

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023	Oct. 01, 2023	Jan. 01, 2023
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 482,224	$ 516,037
Restricted cash	35,180	35,848
Restricted cash, included in Advertising funds restricted assets	37,125	36,931
Total cash, cash equivalents and restricted cash	$ 554,529	$ 588,816	$ 672,877	$ 831,801

Transactions with Related Par_2

Transactions with Related Parties (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2024 USD ($) number_of_restaurants	Oct. 01, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction
Number of Restaurants | number_of_restaurants	7,292
Accounts payable	$ 29,047		$ 27,370
TimWen | Franchise Rental Expense
Related Party Transaction
Operating Costs and Expenses	16,065	$ 15,713
TimWen | Management Fee Income | General and administrative
Related Party Transaction
Other Operating Income	179	181
QSCC | Patronage Dividends
Related Party Transaction
Related Party Transaction, Purchases from Related Party	3,493	363
QSCC | Patronage Dividends | Other Operating Income (Expense)
Related Party Transaction
Related Party Transaction, Purchases from Related Party	2,909
QSCC | Patronage Dividends | Cost of sales
Related Party Transaction
Related Party Transaction, Purchases from Related Party	584
Yellow Cab | Royalty, Advertising Fund, Lease and Other Income
Related Party Transaction
Other Operating Income	11,397	11,143
Yellow Cab | Accounts and notes receivable, net and Advertising funds restricted assets | Royalty, Advertising Fund, Lease and Other Income
Related Party Transaction
Accounts receivable, net, current	$ 1,099		1,153
Yellow Cab | Franchised Units
Related Party Transaction
Number of Restaurants | number_of_restaurants	87
AMC | Advertising Funds Expense
Related Party Transaction
Related Party Transaction, Purchases from Related Party	$ 1,600	$ 1,800
AMC | Advertising funds restricted liabilities | Advertising Funds Expense
Related Party Transaction
Accounts payable	$ 0		$ 584

Guarantees and Other Commitme_2

Guarantees and Other Commitments and Contingencies Lease Guarantees (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Property Lease Guarantee
Guarantor Obligations
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 86,450

Guarantees and Other Commitme_3

Guarantees and Other Commitments and Contingencies Letters of Credit (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Guarantor Obligations
Letters of Credit Outstanding, Amount	$ 28,673

Guarantees and Other Commitme_4

Guarantees and Other Commitments and Contingencies Beverage & Marketing Agreements (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Beverage & Marketing Agreements [Member]
Long-Term Purchase Commitment [Line Items]
Unrecorded Unconditional Purchase Obligation, Including Lease Not yet Commenced, Total	$ 107,500

Segment Information Reconciliat

Segment Information Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Segment Reporting, Revenue Reconciling Item
Total revenues	$ 566,739	$ 550,555	$ 1,672,219	$ 1,640,927
Wendy's U.S.
Segment Reporting, Revenue Reconciling Item
Total revenues	468,725	457,240	1,384,163	1,366,981
Wendy's International
Segment Reporting, Revenue Reconciling Item
Total revenues	37,598	35,167	106,774	97,162
Global Real Estate & Development
Segment Reporting, Revenue Reconciling Item
Total revenues	$ 60,416	$ 58,148	$ 181,282	$ 176,784

Segment Information Reconcili_2

Segment Information Reconciliation of Profit from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated
Segment profit	$ 94,675	$ 101,603	$ 275,338	$ 295,355
Unallocated franchise support and other costs	(16,047)	(14,806)	(47,011)	(41,853)
Advertising funds deficit	190	1,088	651	3,509
General and Administrative Expense	(62,794)	(59,288)	(188,047)	(184,306)
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below)	(36,996)	(34,288)	(110,006)	(101,258)
Amortization of cloud computing arrangements	(3,576)	(3,844)	(10,637)	(7,692)
System optimization gains, net	420	120	573	119
Reorganization and realignment costs	(354)	(611)	(8,479)	(8,100)
Impairment of long-lived assets	(178)	(59)	(2,873)	(513)
Unallocated other operating income, net	5,068	3,117	11,564	9,174
Interest expense, net	(31,270)	(30,957)	(92,800)	(93,798)
Loss on early extinguishment of debt	0	(319)	0	(1,585)
Investment income (loss), net	0	0	11	(10,389)
Other income, net	6,246	7,637	19,382	22,546
Income before income taxes	69,651	77,964	201,931	212,129
Corporate and Other
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated
Unallocated franchise support and other costs	(900)	(29)	(1,117)	(6)
General and Administrative Expense	(32,443)	(30,962)	(98,289)	(96,776)
Unallocated other operating income, net	439	52	1,301	180
Operating Segments
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated
Segment profit	168,073	170,136	504,214	505,892
Operating Segments | Wendy's U.S.
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated
Segment profit	129,790	134,887	392,323	403,064
Advertising funds deficit	(5,977)		(13,386)
Operating Segments | Wendy's International
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated
Segment profit	11,046	10,831	32,411	26,808
Advertising funds deficit	(622)	(596)	(1,387)	(1,802)
Other international-related advertising deficit	(170)	535	(640)	(789)
Operating Segments | Global Real Estate & Development
Segment Reporting, Reconciling Item for Profit from Segment to Consolidated
Segment profit	$ 27,237	$ 24,418	$ 79,480	$ 76,020