Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets, net (Tables)

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Goodwill and Intangible Assets, net (Tables)
 12 Months Ended
Jan. 01, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Components of Intangible Assets
The following is a summary of the components of intangible assets and the related amortization expense and impairment charges:

January 1, 2024
(in thousands)
Weighted Average Remaining Useful Life (years)
 Amount Accumulated Amortization
Accumulated Impairment Charges
Net Carrying Value
Franchise agreements 4.0 $ 24,839  $ (10,793) $ —  14,046 
BurgerFi trade names / trademarks 27.0 83,033  (8,419) —  74,614 
Anthony's trade names / trademarks 27.8 60,690  (4,383) —  56,307 
Other intangibles 7.0 9,018  (1,241) (7,706) 71 
  Subtotal 177,580  (24,836) (7,706) 145,038 
Liquor licenses $5,930 —  (113) 5,818 
Total intangible assets, net $ 183,510  $ (24,836) $ (7,818) $ 150,856 
January 2, 2023
(in thousands)
Weighted Average Remaining Useful Life (years)
 Amount Accumulated Amortization
Accumulated Impairment Charges
 Net Carrying Value
Franchise agreements 5.0 $ 24,839  $ (7,244) $ —  $ 17,595 
BurgerFi trade names / trademarks 28.0 83,033  (5,650) —  77,383 
Anthony's trade names / trademarks 28.8 60,690  (2,359) —  58,331 
Other intangibles 8.0 9,018  (1,091) (7,706) 221 
  Subtotal 177,580  (16,344) (7,706) 153,530 
Liquor licenses 6,678  —  6,678 
Total intangible assets, net $ 184,258  $ (16,344) $ (7,706) $ 160,208 
Schedule of Goodwill
The following table represents changes to the Company's goodwill balances during the years ended January 1, 2024 and January 2, 2023:
Reporting Unit
(in thousands) BurgerFi Anthony's Total Goodwill
Balance at December 31, 2021 $ 17,505  $ 80,495  $ 98,000 
Adjustment to goodwill acquired —  190  190 
Impairment loss
 (17,505) (49,064) (66,569)
Balance at January 2, 2023 and January 1, 2024
 $ —  $ 31,621  $ 31,621 
The following presents information about the Company’s goodwill on the dates indicated:
(in thousands) Anthony’s Segment
BurgerFi Segment
Total
Balance as of December 31, 2021
Goodwill
 $ 80,684  $ 123,981  $ 204,665 
Accumulated impairment losses
 (49,064) (123,981) (173,045)
Goodwill, net as of January 2, 2023
 $ 31,621  $ —  $ 31,621 
Goodwill
 $ 80,684  $ 123,981  $ 204,665 
Accumulated impairment losses
 (49,064) $ (123,981) (173,045)
Goodwill, net as of January 1, 2024
 $ 31,621  $ —  $ 31,621 
Summary of Components of Related Amortization Expense The estimated aggregate amortization expense for intangible assets over the next five fiscal years and thereafter is as follows:
(in thousands)
2024 $ 8,353 
2025 8,353 
2026 8,353 
2027 8,205 
2028 4,804 
Thereafter 106,970 
Total $ 145,038