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Acquisition of Business
 3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Acquisition of Business
Acquisition of Business

In December 2018, the Company acquired 69 Applebee’s restaurants in North Carolina and South Carolina from a former Applebee's franchisee for a total purchase price of $21.6 million. The Company entered into the transaction to resolve certain franchisee financial health issues in what the Company believes was the most expedient and favorable manner for the Company and the Applebee's system.

During the three months ended March 31, 2019, the Company completed the calculation of deferred income taxes related to the transaction and adjusted the preliminary purchase price as follows:
 
Preliminary Allocation
 
Adjustments
 
Adjusted Allocation
 
(In millions)
Reacquired franchise rights
$
11.6

 
$
—

 
$
11.6

Equipment and fixtures
10.0

 
—

 
10.0

Inventory
1.4

 
—

 
1.4

Deferred income taxes
—

 
1.5

 
1.5

Total identifiable assets acquired
23.0

 
1.5

 
24.5

 
 
 
 
 
 
Above-market leaseholds, net
(6.5
)
 
—

 
(6.5
)
Other liabilities
(1.0
)
 
—

 
(1.0
)
Net identifiable assets acquired
15.5

 
1.5

 
17.0

Goodwill
6.1

 
(1.5
)
 
4.6

Consideration transferred
$
21.6

 
$
—

 
$
21.6



In conjunction with the acquisition, the Company assumed capital (finance) lease obligations and related property under capital (finance) leases of $9.1 million. The Company also entered into new capital (finance) leases totaling $28.1 million of property under capital (finance) leases and capital (finance) lease obligations.