Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.19.3.a.u2
Goodwill and Intangible Assets
 12 Months Ended
Dec. 29, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Goodwill and Intangible Assets
The following table presents goodwill as of December 29, 2019 and December 30, 2018 (in thousands):
 
 
2019
 
2018
Balance, beginning
 
$
95,838

 
$
96,979

Foreign currency translation adjustment
 
559

 
(1,141
)
Balance, end
 
$
96,397

 
$
95,838


The Company recorded no goodwill impairment losses in the period presented in the table above or any prior periods.
The following table presents intangible assets as of December 29, 2019 and December 30, 2018 (in thousands):
 
 
December 29, 2019
 
December 30, 2018
 
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Intangible assets subject to amortization:
 
 
 
 
 
 
 
 
 
 
 
 
Franchise rights
 
$
53,336

 
$
(35,896
)
 
$
17,440

 
$
54,404

 
$
(33,160
)
 
$
21,244

Leasehold interests
 
13,001

 
(8,794
)
 
4,207

 
13,001

 
(8,136
)
 
4,865

Liquor licenses and other
 
10,737

 
(9,869
)
 
868

 
10,810

 
(9,770
)
 
1,040

 
 
$
77,074

 
$
(54,559
)
 
$
22,515

 
$
78,215

 
$
(51,066
)
 
$
27,149

Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Liquor licenses and other
 
$
7,460

 
$
—

 
$
7,460

 
$
7,460

 
$
—

 
$
7,460

Intangible assets, net
 
$
84,534

 
$
(54,559
)
 
$
29,975

 
$
85,675

 
$
(51,066
)
 
$
34,609


No impairment charges were recorded related to indefinite-lived intangibles in 2019, 2018, and 2017. There were immaterial impairments of franchise rights and liquor licenses subject to amortization related to the 29 restaurants impaired in 2019, immaterial impairments of franchise rights, leasehold interests, and liquor licenses subject to amortization related to the 41 restaurants impaired in 2018, and immaterial impairments of franchise rights and liquor licenses subject to amortization related to the 13 restaurants impaired in 2017, which are discussed in Note 4, Other Charges. There were no other impairments of intangible assets subject to amortization in 2019, 2018, or 2017.
The aggregate amortization expense related to intangible assets subject to amortization for 2019, 2018, and 2017 was $4.4 million, $4.3 million, and $4.9 million, respectively.
The estimated aggregate future amortization expense as of December 29, 2019 is as follows (in thousands):
2020
 
$
3,684

2021
 
3,258

2022
 
2,830

2023
 
2,593

2024
 
2,300

Thereafter
 
7,850

 
 
$
22,515