| Segment Information |
Segment Information Revenues by segment are as follows: | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 31,
2024 | | April 2,
2023 | | | | | | Wendy’s U.S. | $ | 442,847 | | | $ | 440,988 | | | | | | | Wendy’s International | 32,815 | | | 29,280 | | | | | | | Global Real Estate & Development | 59,091 | | | 58,539 | | | | | | | Total revenues | $ | 534,753 | | | $ | 528,807 | | | | | |
The following table reconciles profit by segment to the Company’s consolidated income before income taxes: | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 31,
2024 | | April 2,
2023 | | | | | | Wendy’s U.S. (a) | $ | 125,824 | | | $ | 125,230 | | | | | | | Wendy’s International (b) | 10,690 | | | 7,446 | | | | | | | Global Real Estate & Development | 24,061 | | | 25,068 | | | | | | | Total segment profit | 160,575 | | | 157,744 | | | | | | | Unallocated franchise support and other costs | (26) | | | — | | | | | | | Advertising funds deficit | 207 | | | 1,106 | | | | | | | Unallocated general and administrative (c) | (33,390) | | | (32,161) | | | | | | | Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) | (35,518) | | | (33,472) | | | | | | | Amortization of cloud computing arrangements | (3,542) | | | (1,582) | | | | | | | System optimization (losses) gains, net | (127) | | | 5 | | | | | | | Reorganization and realignment costs | (5,673) | | | (6,808) | | | | | | | Impairment of long-lived assets | (2,006) | | | (376) | | | | | | | Unallocated other operating income, net | 656 | | | 22 | | | | | | | Interest expense, net | (30,535) | | | (31,705) | | | | | | | Loss on early extinguishment of debt | — | | | (1,266) | | | | | | | Investment loss, net | — | | | (3,562) | | | | | | | Other income, net | 6,836 | | | 7,336 | | | | | | | Income before income taxes | $ | 57,457 | | | $ | 55,281 | | | | | |
_______________ (a)Wendy’s U.S. includes advertising funds expense of $2,325 for the three months ended March 31, 2024 related to the Company’s funding of incremental advertising.
(b)Wendy’s International includes advertising funds expense of $162 and $548 for the three months ended March 31, 2024 and April 2, 2023, respectively, related to the Company’s funding of incremental advertising in Canada. In addition, Wendy’s International includes other international-related advertising deficit of $150 and $845 for the three months ended March 31, 2024 and April 2, 2023, respectively.
(c)Includes corporate overhead costs, such as employee compensation and related benefits.
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