Intangible Assets, net and Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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


	As of December 31,
	2021						2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Identifiable assets subject to amortization:
Franchise agreements	$	722	$	(290)	$	432	$	735	$	(264)	$	471
Favorable leases	104		(63)		41		117		(66)		51
Subtotal	826		(353)		473		852		(330)		522
Indefinite-lived intangible assets:
Tim Hortons brand	$	6,695	$	—	$	6,695	$	6,650	$	—	$	6,650
Burger King brand	2,126		—		2,126		2,174		—		2,174
Popeyes brand	1,355		—		1,355		1,355		—		1,355
Firehouse Subs brand	768		—		768		—		—		—
Subtotal	10,944		—		10,944		10,179		—		10,179
Intangible assets, net					$	11,417					$	10,701

Goodwill
Tim Hortons segment	$	4,306					$	4,279
Burger King segment	601						614
Popeyes segment	846						846
Firehouse segment	253						—
Total	$	6,006					$	5,739

Amortization expense on intangible assets totaled $41 million for 2021, $43 million for 2020, and $44 million for 2019. The change in the brands and goodwill balances during 2021 was due to the acquisition of Firehouse Subs and the impact of foreign currency translation.

As of December 31, 2021, the estimated future amortization expense on identifiable assets subject to amortization is as follows (in millions):


Twelve-months ended December 31,	Amount
2022	$	39
2023	37
2024	36
2025	34
2026	34
Thereafter	293
Total	$	473