XML 27 R17.htm IDEA: XBRL DOCUMENT v3.22.2
Intangible Assets, net and Goodwill
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net and Goodwill Intangible Assets, net and Goodwill
Intangible assets, net and goodwill consist of the following (in millions):

As of
June 30, 2022December 31, 2021
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$724 $(298)$426 $722 $(290)$432 
   Favorable leases94 (57)37 104 (63)41 
      Subtotal818 (355)463 826 (353)473 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,586 $— $6,586 $6,695 $— $6,695 
   Burger King brand
2,076 — 2,076 2,126 — 2,126 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 768 — 768 
      Subtotal10,833 — 10,833 10,944 — 10,944 
Intangible assets, net$11,296 $11,417 
Goodwill
   Tim Hortons segment$4,239 $4,306 
   Burger King segment587 601 
   Popeyes segment846 846 
   Firehouse Subs segment 194 253 
      Total$5,866 $6,006 
Amortization expense on intangible assets totaled $10 million and $11 million for the three months ended June 30, 2022 and 2021, respectively. Amortization expense on intangible assets totaled $20 million and $21 million for the six months ended June 30, 2022 and 2021, respectively. The change in the franchise agreements, brands and goodwill balances during the six months ended June 30, 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.