GNC 2009 Annual Report Download - page 92
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Table of Contents
GENERAL NUTRITION CENTERS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Intangible assets other than goodwill consisted of the following at each respective period.
Retail Franchise Operating Franchise
Gold Card Brand Brand Agreements Rights Total
(in thousands)
Predecessor
Balance at December 31, 2006 $ — $ 67,476 $ 144,524 $ 21,352 $ 1,710 $ 235,062
Acquired franchise stores — — — — 207 207
Amortization expense — — — (609) (256) (865)
Balance at March 15, 2007 $ — $ 67,476 $ 144,524 $ 20,743 $ 1,661 $ 234,404
Successor
Balance at March 16, 2007 $ 3,300 $ 500,000 $ 220,000 $ 178,000 $ 1,661 $ 902,961
Purchase accounting adjustments 5,700 — — (7,000) — (1,300)
Acquired franchise stores — — — — 252 252
Other additions — — — 150 — 150
Amortization expense (2,959) — — (5,448) (784) (9,191)
Balance at December 31, 2007 $ 6,041 $ 500,000 $ 220,000 $ 165,702 $ 1,129 $ 892,872
Acquired franchise stores — — — — 195 195
Other additions — — 1,000 — 1,000
Amortization expense (3,585) — — (6,683) (623) (10,891)
Balance at December 31, 2008 $ 2,456 $ 500,000 $ 220,000 $ 160,019 $ 701 $ 883,176
The following table represents the gross carrying amount and accumulated amortization for each major intangible asset:
Estimated December 31, 2008 December 31, 2007
Life Accumulated Carrying Accumulated Carrying
in years Cost Amortization Amount Cost Amortization Amount
(in thousands)
Brands — retail — $ 500,000 $ — $ 500,000 $ 500,000 $ — $ 500,000
Brands — franchise — 220,000 — 220,000 220,000 — 220,000
Gold card — retail 3 3,500 (2,545) 955 3,500 (1,155) 2,345
Gold card — franchise 3 5,500 (3,999) 1,501 5,500 (1,804) 3,696
Retail agreements 25-35 31,000 (2,038) 28,962 31,000 (985) 30,015
Franchise agreements 25 70,000 (5,016) 64,984 70,000 (2,217) 67,783
Manufacturing agreements 25 70,000 (5,017) 64,983 70,000 (2,216) 67,784
Other intangibles 5 1,150 (60) 1,090 150 (30) 120
Franchise rights 1-5 2,108 (1,407) 701 1,913 (784) 1,129
$ 903,258 $ (20,082) $ 883,176 $ 902,063 $ (9,191) $ 892,872
The following table represents future estimated amortization expense of intangible assets with finite lives:
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