Intangible Assets, net and Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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


	As of
	March 31, 2022						December 31, 2021
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Identifiable assets subject to amortization:
Franchise agreements	$	718	$	(295)	$	423	$	722	$	(290)	$	432
Favorable leases	101		(62)		39		104		(63)		41
Subtotal	819		(357)		462		826		(353)		473
Indefinite-lived intangible assets:
Tim Hortons brand	$	6,757	$	—	$	6,757	$	6,695	$	—	$	6,695
Burger King brand	2,109		—		2,109		2,126		—		2,126
Popeyes brand	1,355		—		1,355		1,355		—		1,355
Firehouse Subs brand	768		—		768		768		—		768
Subtotal	10,989		—		10,989		10,944		—		10,944
Intangible assets, net					$	11,451					$	11,417

Goodwill
Tim Hortons segment	$	4,344					$	4,306
Burger King segment	596						601
Popeyes segment	846						846
Firehouse Subs segment	264						253
Total	$	6,050					$	6,006

Amortization expense on intangible assets totaled $10 million for the three months ended March 31, 2022 and 2021. The change in the brands and goodwill balances during the three months ended March 31, 2022 was due to the impact of foreign currency translation and the impact of adjustments to the preliminary allocation of consideration to the net tangible and intangible assets acquired in the Firehouse Acquisition.