The Wendy's is a holding company. Through its subsidiaries, Co. is primarily engaged in the business of operating, developing and franchising a system of quick-service restaurants. Co.'s segments are: Wendy's U.S., which includes the operation and franchising of Wendy's restaurants in the U.S.; Wendy's International, which includes the operation and franchising of Wendy's restaurants in countries and territories other than the U.S.; and Global Real Estate and Development, which includes real estate activity for owned sites and sites leased from third parties that are leased and/or subleased to franchisees, and also includes Co.'s share of its Canadian restaurant real estate joint venture.

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