Burger King 2013 Annual Report Download - page 77
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Table of Contents
Intangible assets, net and goodwill consist of the following (in millions):
Identifiable assets subject to amortization:
Franchise agreements $ 491.3 $ (66.0) $ 425.3 $ 485.6 $ (46.2) $ 439.4 20.6 Years
Favorable leases 158.4 (48.5) 109.9 183.1 (40.2) 142.9 9.5 Years
Subtotal 649.7 (114.5) 535.2 668.7 (86.4) 582.3 18.3 Years
Indefinite lived intangible assets - Brand $2,260.8 $ — $2,260.8 $2,228.9 $ — $2,228.9
Intangible assets, net $2,796.0 $2,811.2
Goodwill $630.0 $619.2
We recorded amortization expense on intangible assets of $36.3 million for 2013, $38.2 million for 2012 and $40.2 million for 2011.
As of December 31, 2013, the estimated future amortization expense on intangible assets is as follows (in millions):
2014 $ 34.6
2015 33.8
2016 33.1
2017 32.5
2018 31.3
Thereafter 369.9
Total $535.2
The changes in the carrying amount of goodwill during 2013 and 2012 by geographic segment are as follows (in millions):
Balances at December 31, 2011 $ 254.8 $198.8 $137.9 $66.2 $657.7
Impact from refranchisings (23.8) (1.1) — (3.7) (28.6)
Effects of foreign currency adjustments — 3.9 — — 3.9
Transfer from (to) assets held for sale — — (13.8) — (13.8)
Balances at December 31, 2012 231.0 201.6 124.1 62.5 619.2
Impact from refranchisings (0.1) (2.2) — — (2.3)
Effects of foreign currency adjustments — 8.5 — — 8.5
Transfer from (to) assets held for sale — — 4.6 — 4.6
Balances at December 31, 2013 $230.9 $ 207.9 $128.7 $62.5 $630.0
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Source: Burger King Worldwide, Inc., 10-K, February 21, 2014 Powered by Morningstar® Document Research℠
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