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Acquisition of Business
 12 Months Ended
Dec. 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 an Applebee's franchisee for a total purchase price of $21.6 million. The Company entered into the transaction to resolve certain franchisee health issues in what the Company believes was the most expedient and favorable manner for the Company. Indirect costs of $1.1 million related to the transaction were charged as general and administrative expenses.

A preliminary purchase price allocation was made as of December 31, 2018. During 2019, the Company completed the calculation of deferred income taxes related to the transaction and adjusted the preliminary purchase price allocation as follows:
 
Preliminary Allocation
 
Adjustments
 
Final 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 finance lease obligations and related property under finance leases of $9.1 million. The Company also entered into new finance leases totaling $28.1 million of property under finance leases and finance lease obligations. The net liability for above-market leaseholds in included in other non-current liabilities in the Consolidated Balance Sheet and is being amortized over a weighted average life of 11 years.
  
The results of operation of these restaurants are included in the Company's consolidated results from the acquisition date. The Company has not presented pro forma results of the restaurants for periods prior to the acquisition because the business is not significant as measured by the amount of the Company's investment in and assets of the business relative to the Company's Consolidated Balance Sheet and by the income before income taxes of the business relative to the Company's average income before income taxes for the most recent five-year period excluding loss years.