Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.20.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 27, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The following table presents goodwill as of December 27, 2020 and December 29, 2019 (in thousands):
2020 2019
Balance, beginning $ 96,397  $ 95,838 
Foreign currency translation adjustment (983) 559 
Goodwill impairment(1)
(95,414) — 
Balance, end $ —  $ 96,397 
———————————————————
(1) See Note 2, COVID-19 Pandemic, for further discussion of goodwill impairment recognized during 2020.
The following table presents intangible assets as of December 27, 2020 and December 29, 2019 (in thousands):
December 27, 2020 December 29, 2019
Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount		 Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount
Intangible assets subject to amortization:
Franchise rights $ 49,972  $ (36,815) $ 13,157  $ 53,336  $ (35,896) $ 17,440 
Leasehold interests 13,001  (9,254) 3,747  13,001  (8,794) 4,207 
Liquor licenses and other 9,714  (9,364) 350  10,737  (9,869) 868 
$ 72,687  $ (55,433) $ 17,254  $ 77,074  $ (54,559) $ 22,515 
Indefinite-lived intangible assets:
Liquor licenses and other $ 7,460  $ —  $ 7,460  $ 7,460  $ —  $ 7,460 
Intangible assets, net $ 80,147  $ (55,433) $ 24,714  $ 84,534  $ (54,559) $ 29,975 
Immaterial impairment charges were recorded related to finite-lived intangibles resulting from the continuing and projected future results at Company-owned restaurants in 2020, 2019, and 2018, and no impairment charges were recorded related to indefinite-lived intangibles in 2020, 2019, and 2018.
The aggregate amortization expense related to intangible assets subject to amortization for 2020, 2019, and 2018 was $4.4 million, $4.4 million, and $4.3 million.
The estimated aggregate future amortization expense as of December 27, 2020 is as follows (in thousands):
2021 $ 2,903 
2022 2,490 
2023 2,349 
2024 2,098 
2025 1,758 
Thereafter 5,656 
$ 17,254