Wendy's 2011 Annual Report Download - page 97
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THE WENDY’S COMPANY AND SUBSIDIARIES
WENDY’S RESTAURANTS, LLC AND SUBSIDIARIES
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
(10) Goodwill and Other Intangible Assets
At January 1, 2012 and January 2, 2011, substantially all of our goodwill was associated with Wendy’s North
America restaurants. The following is a summary of the components of goodwill:
2011 2010
Balance at beginning of year:
Wendy’s Restaurants goodwill ................................... $1,370,996 $1,368,371
Accumulated impairment losses .................................. (482,075) (482,075)
Total Wendy’s Restaurants goodwill ........................... 888,921 886,296
Corporate goodwill adjustment ................................... (5,277) (5,277)
Total The Wendy’s Company goodwill ........................ 883,644 881,019
Changes in goodwill:
Arby’s goodwill sold, net of accumulated impairment losses of $482,075 . . . (17,617) —
Other restaurant acquisitions and dispositions ....................... 5,626 —
Currency translation adjustment .................................. (1,222) 2,625
Balance at end of year:
Wendy’s Restaurants goodwill ................................... 875,708 1,370,996
Accumulated impairment losses .................................. — (482,075)
Total Wendy’s Restaurants goodwill ........................... 875,708 888,921
Corporate goodwill adjustment ................................... (5,277) (5,277)
Total The Wendy’s Company goodwill ........................ $ 870,431 $ 883,644
The following is a summary of the components of other intangible assets:
Year End 2011 Year End 2010
Cost
Accumulated
Amortization Net Cost
Accumulated
Amortization Net
Non-amortizable:
Wendy’s trademarks ......... $ 903,000 $ — $ 903,000 $ 903,000 $ — $ 903,000
Amortizable:
Franchise agreements ......... 353,262 54,853 298,409 353,771 38,077 315,694
Favorable leases ............. 108,304 24,961 83,343 134,445 27,867 106,578
Reacquired rights under
franchise agreements ....... 1,215 1 1,214 15,716 4,172 11,544
Computer software .......... 36,817 18,495 18,322 39,649 17,891 21,758
$1,402,598 $98,310 $1,304,288 $1,446,581 $88,007 $1,358,574
Aggregate amortization expense:
Actual for fiscal year (a):
2009 ........................................................ $ 34,398
2010 ........................................................ 36,662
2011 ........................................................ 33,181
Estimate for fiscal year:
2012 ........................................................ $ 29,248
2013 ........................................................ 28,457
2014 ........................................................ 27,548
2015 ........................................................ 25,261
2016 ........................................................ 23,315
Thereafter .................................................... 267,459
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