Intangible Assets, net and Goodwill

Intangible assets, net and goodwill consist of the following (in millions):



	As of
	September 30, 2018							December 31, 2017
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Identifiable assets subject to amortization:
Franchise agreements	$	717.1	$	(187.7	)	$	529.4	$	724.7	$	(168.0	)	$	556.7
Favorable leases	428.5		(201.4		)	227.1		455.7		(193.7		)	262.0
Subtotal	1,145.6		(389.1		)	756.5		1,180.4		(361.7		)	818.7
Indefinite lived intangible assets:
Tim Hortons brand	$	6,570.7	$	—		$	6,570.7	$	6,727.1	$	—		$	6,727.1
Burger King brand	2,138.9		—			2,138.9		2,161.5		—			2,161.5
Popeyes brand	1,354.9		—			1,354.9		1,354.9		—			1,354.9
Subtotal	10,064.5		—			10,064.5		10,243.5		—			10,243.5
Intangible assets, net						$	10,821.0						$	11,062.2

Goodwill
Tim Hortons segment	$	4,229.9						$	4,325.8
Burger King segment	604.3							610.7
Popeyes segment	845.8							845.8
Total	$	5,680.0						$	5,782.3

Amortization expense on intangible assets totaled $17.3 million for the three months ended September 30, 2018 and $18.7 million for the same period in the prior year. Amortization expense on intangible assets totaled $53.0 million for the nine months ended September 30, 2018 and $54.2 million for the same period in the prior year. The change in the brands and goodwill balances during the nine months ended September 30, 2018 was due to the impact of foreign currency translation.