Popeyes Acquisition (Tables)

6 Months Ended

Jun. 30, 2017

Business Combinations [Abstract]

Schedule of Preliminary Allocation of Consideration to Net Tangible and Intangible Assets Acquired

The preliminary allocation of consideration to the net tangible and intangible assets acquired is presented in the table below (in millions):

	March 27, 2017
Total current assets	$	80.0
Property and equipment	114.4
Intangible assets	1,372.9
Other assets	0.7
Total current liabilities	(74.7		)
Total debt and capital lease obligations	(159.0		)
Deferred income taxes	(524.2		)
Other liabilities	(23.2		)
Total identifiable net assets	786.9
Goodwill	867.8
Total consideration	$	1,654.7

Schedule of Adjustments to Net Assets

The adjustments to the preliminary estimate of net assets acquired resulted in a corresponding $210.5 million decrease in estimated goodwill due to the following changes to preliminary estimates of fair values and allocation of purchase price (in millions):

	Increase (Decrease) in Goodwill
Change in:
Total current assets	$	(15.6	)
Property and equipment	(17.9		)
Intangible assets	(352.9		)
Deferred income taxes	165.9
Other liabilities	10.0
Total decrease in goodwill	$	(210.5	)