Popeye's 2015 Annual Report Download - page 71

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Popeyes Louisiana Kitchen, Inc.
Notes to Consolidated Financial Statements
For Fiscal Years 2015, 2014, and 2013 — (Continued)
Note 5— Property and Equipment, Net
(in millions) 2015 2014
Land $ 19.3 $ 19.2
Buildings and improvements 82.4 75.9
Equipment 42.3 40.0
Properties held for sale and other 0.1 0.1
144.1 135.2
Less accumulated depreciation and amortization (46.4)(39.5)
Total $ 97.7 $ 95.7
The increase in property and equipment, net in 2015 was primarily due to the construction of five new company-operated
restaurants.
At December 27, 2015 and December 28, 2014, property and equipment, net included capital lease assets with a gross book
value of $1.8 million and accumulated amortization of $0.3 million.
Note 6 — Trademarks and Other Intangible Assets, Net
(in millions) 2015 2014
Indefinite lived intangible assets:
Trademarks $ 50.0 $ 50.0
Recipes and formulas 41.8 41.8
Other 0.6 0.6
92.4 92.4
Amortizable intangible assets:
Re-acquired franchise rights 7.1 7.1
Accumulated amortization (5.3)(4.8)
1.8 2.3
Total $ 94.2 $ 94.7
Amortization expense was approximately $0.5 million for 2015, 2014, and 2013, respectively. Estimated amortization expense
is expected to be approximately $0.5 million in 2016 through 2017, $0.4 million in 2018, $0.2 million in 2019, and $0.2 million
in 2020. The remaining weighted average amortization period for these assets is 5 years.
Note 7 — Other Current Liabilities
(in millions) 2015 2014
Accrued wages, bonuses and severances $ 8.7 $ 8.5
Other 5.2 3.9
Total $ 13.9 $ 12.4
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