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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 27, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table reflects the changes in carrying amounts of goodwill and goodwill by segment:
|  | December 27, 2023 |  | December 28, 2022
|  | (In thousands)
Balance, beginning of year | $ | 72,740 |  |  | $ | 36,884 |
Additions related to acquisition of Keke’s | — |  |  | 35,213 |
Adjustments related to the acquisition of a Denny’s franchise unit | — |  |  | 643 |
Reclassifications to assets held for sale | (469) |  |  | — |
Impairment charges related to Keke’s | $ | (6,363) |  |  | $ | — |
Balance, end of year (1) | $ | 65,908 |  |  | $ | 72,740 |
Goodwill by segment |  |  |
Denny’s | $ | 37,527 |  |  | $ | 37,527 |
Other | 28,381 |  |  | 35,213 |
Total goodwill | $ | 65,908 |  |  | $ | 72,740 |
(1) | Net of accumulated impairment losses of $6.4 million.
Intangible assets consist of the following:
| December 27, 2023 | December 28, 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
| (In thousands)
Intangible assets with indefinite lives: |  |  |  |  |  |  |
Trade names | $ | 79,687 |  |  | $ | — |  |  | $ | 79,687 |  |  | $ | — |
Liquor licenses | 120 |  |  | — |  |  | 120 |  |  | — |
Intangible assets with definite lives: |  |  |  |  |  |  |
Reacquired franchise rights | 9,470 |  |  | 5,614 |  |  | 10,489 |  |  | 5,697 |
Franchise agreements | 10,700 |  |  | 935 |  |  | 10,700 |  |  | 265 |
Intangible assets, net | $ | 99,977 |  |  | $ | 6,549 |  |  | $ | 100,996 |  |  | $ | 5,962 |
The weighted-average life of reacquired franchise rights is six years. The weighted-average life of franchise agreements is 14 years. The amortization expense for definite-lived intangibles and other assets for 2023, 2022 and 2021 was $2.2 million, $2.0 million and $2.1 million, respectively. Estimated amortization expense for intangible assets with definite lives in the next five years is as follows:
| (In thousands)
2024 | $ | 1,525 |
2025 | 1,469 |
2026 | 1,302 |
2027 | 1,255 |
2028 | 1,081 |
We performed an annual impairment test of goodwill and other intangible assets with indefinite lives as of December 27, 2023 and determined that a portion of the goodwill related to Keke’s was impaired as a result of lower than forecasted sales and cash flows. Near-term sales and cash flows in 2023 were impacted by reduced tourism in Florida as well as a slower pace of restaurant development than originally anticipated. In addition, investments in general and administrative expenses to support the growth of the brand and an extended development cycle have also impacted near-term cash flow projections. Accordingly, we recognized $6.4 million of impairment charges related to the Keke’s goodwill. See Note 8. The balance of this goodwill is included in the Other segment. As it relates to the remainder of goodwill and other intangible assets with indefinite lives, we concluded that the fair value of these assets substantially exceeded their carrying values. However, we recorded less than $0.1 million of impairment related to reacquired franchise rights during the year ended December 27, 2023. See Note 14.

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