Intangible Assets, net and Goodwill

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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


	As of
	March 31, 2023						December 31, 2022
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Identifiable assets subject to amortization:
Franchise agreements	$	722	$	(322)	$	400	$	720	$	(313)	$	407
Favorable leases	88		(57)		31		90		(57)		33
Subtotal	810		(379)		431		810		(370)		440
Indefinite-lived intangible assets:
Tim Hortons brand	$	6,308	$	—	$	6,308	$	6,292	$	—	$	6,292
Burger King brand	2,095		—		2,095		2,088		—		2,088
Popeyes brand	1,355		—		1,355		1,355		—		1,355
Firehouse Subs brand	816		—		816		816		—		816
Subtotal	10,574		—		10,574		10,551		—		10,551
Intangible assets, net					$	11,005					$	10,991

Goodwill:
Tim Hortons segment	$	4,069					$	4,059
Burger King segment	592						590
Popeyes segment	846						846
Firehouse Subs segment	193						193
Total	$	5,700					$	5,688

Amortization expense on intangible assets totaled $9 million and $10 million for the three months ended March 31, 2023 and 2022, respectively. The change in brands and goodwill balances during the three months ended March 31, 2023 was due to the impact of foreign currency translation.