Panera Bread 2011 Annual Report Download - page 65

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57
8. Goodwill
The following is a reconciliation of the beginning and ending balances of the Company’s goodwill by reportable segment at
December 27, 2011 and December 28, 2010 (in thousands):
Balance as of December 29, 2009. . . . . . . . . . . . . . .
Acquisition of Canada Franchisee . . . . . . . . . . . . . .
Acquisition of New Jersey Franchisee . . . . . . . . . . .
Currency translation . . . . . . . . . . . . . . . . . . . . . . . . .
Balance as of December 28, 2010. . . . . . . . . . . . . . .
Acquisition of Milwaukee Franchisee . . . . . . . . . . .
Acquisition of Indiana Franchisee . . . . . . . . . . . . . .
Currency translation . . . . . . . . . . . . . . . . . . . . . . . . .
Balance as of December 27, 2011. . . . . . . . . . . . . . .
Company Bakery-
Cafe Operations
$ 83,852
2,336
4,589
36
$ 90,813
10,560
3,097
(28)
$ 104,442
Franchise
Operations
$ 1,934
—
—
—
$ 1,934
—
—
—
$ 1,934
Fresh Dough
Operations
$ 1,695
—
—
—
$ 1,695
—
—
—
$ 1,695
Total
$ 87,481
2,336
4,589
36
$ 94,442
10,560
3,097
(28)
$ 108,071
The Company has not recorded a goodwill impairment charge in the fiscal years 2011, 2010, and 2009, respectively.
9. Other Intangible Assets
Other intangible assets consisted of the following (in thousands):
Trademark . . . . . . . . . . . . . . . . . .
Re-acquired territory rights . . . . .
Favorable leases . . . . . . . . . . . . . .
Total other intangible assets. . . . .
December 27, 2011
Gross
Carrying
Value
$ 5,610
68,129
4,996
$ 78,735
Accumulated
Amortization
$(1,250)
(8,537)
(1,679)
$(11,466)
Net
Carrying
Value
$ 4,360
59,592
3,317
$ 67,269
December 28, 2010
Gross
Carrying
Value
$ 5,610
43,729
4,836
$ 54,175
Accumulated
Amortization
$(996)
(3,757)
(1,020)
$(5,773)
Net
Carrying
Value
$ 4,614
39,972
3,816
$ 48,402
Amortization expense on these intangible assets for the fiscal years ended December 27, 2011, December 28, 2010, and
December 29, 2009, was approximately: $5.7 million, $2.0 million, and $1.3 million respectively. Future amortization expense
on these intangible assets as of December 27, 2011 is estimated to be approximately: $6.5 million in fiscal 2012, $6.4 million in
fiscal 2013, $6.2 million in fiscal 2014, $6.1 million in fiscal 2015, $6.1 million in fiscal 2016 and $36.0 million thereafter.