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Goodwill and Intangible Assets
 6 Months Ended
Jul. 03, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net
Intangible Assets, Net:
The following table presents our indefinite and definite-lived intangible assets at July 3, 2016:
 
Weighted Average Life (Years)
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
 
 
 
(in thousands)
Chuck E. Cheese's tradename
Indefinite
 
$
400,000

 

 
$
400,000

Peter Piper Pizza tradename
Indefinite
 
26,700

 

 
26,700

Favorable lease agreements (1)
10
 
14,880

 
(4,715
)
 
10,165

Franchise agreements
25
 
53,300

 
(4,124
)
 
49,176

 
 
 
$
494,880

 
$
(8,839
)
 
$
486,041

__________________
(1)
In connection with the Merger and the acquisition of Peter Piper Pizza (“PPP”), we also recorded unfavorable lease liabilities of $10.2 million and $3.9 million, respectively, which are included in “Other current liabilities” and “Other noncurrent liabilities” in our Consolidated Balance Sheets. Such amounts are being amortized over a weighted average life of 10 years, and are included in “Rent expense” in our Consolidated Statements of Earnings.
Amortization expense related to favorable lease agreements was $0.5 million for both the three months ended July 3, 2016 and June 28, 2015 and $1.0 million for both the six months ended July 3, 2016 and June 28, 2015, and is included in “Rent expense” in our Consolidated Statements of Earnings. Amortization expense related to franchise agreements was $0.5 million for both the three months ended July 3, 2016 and June 28, 2015, and $1.0 million for both the six months ended July 3, 2016 and June 28, 2015 and is included in “General and administrative expenses” in our Consolidated Statements of Earnings.