Popeyes Acquisition On March 27, 2017 , we completed the acquisition of all of the outstanding shares of common stock of Popeyes Louisiana Kitchen, Inc. (the Popeyes Acquisition). Popeyes Louisiana Kitchen, Inc. is one of the worlds largest chicken quick service restaurant companies and its global footprint complements RBIs existing portfolio. Like our other brands, the Popeyes brand is managed independently, while benefiting from our global scale and resources. The Popeyes Acquisition was accounted for as a business combination using the acquisition method of accounting. Total consideration in connection with the Popeyes Acquisition was $1,655 million , which includes $33 million for the settlement of equity awards. The consideration was funded through (1) cash on hand of approximately $355 million , and (2) $1,300 million from incremental borrowings under our Term Loan Facility  see Note 9, Long-Term Debt . Fees and expenses related to the Popeyes Acquisition and related financings totaled $34 million consisting primarily of professional fees and compensation related expenses, all of which are classified as selling, general and administrative expenses in the accompanying consolidated statements of operations. These fees and expenses were funded through cash on hand. The final 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 $ 64 Property and equipment 114 Intangible assets 1,405 Other assets 1 Total current liabilities (73 ) Total debt and capital lease obligations (159 ) Deferred income taxes (523 ) Other liabilities (20 ) Total identifiable net assets 809 Goodwill 846 Total consideration $ 1,655 Intangible assets include $1,355 million related to the Popeyes brand, $41 million related to franchise agreements and $9 million related to favorable leases. The Popeyes brand has been assigned an indefinite life and, therefore, will not be amortized, but rather tested annually for impairment. Franchise agreements have a weighted average amortization period of 17 years. Favorable leases have a weighted average amortization period of 14 years. Goodwill attributable to the Popeyes Acquisition will not be amortizable or deductible for tax purposes. Goodwill is considered to represent the value associated with the workforce and synergies anticipated to be realized as a combined company. The Popeyes Acquisition is not material to our consolidated financial statements, and therefore, supplemental pro forma financial information related to the acquisition is not included herein.