(4) Hawaii Acquisition On December 12, 2017, the Company completed the acquisition of substantially all of the assets of the Hawaiian Restaurants for a cash purchase price of $35.4 million. The acquisition was funded with borrowings under the Companys senior credit facility. The results of operations, financial position and cash flows of the Hawaiian Restaurants are included in the Companys consolidated financial statements as of the date of the acquisition. The assets and liabilities of the Hawaiian Restaurants were recorded at their respective fair values as of the date of the acquisition. The fair values recorded for the assets of the Hawaiian Restaurants, including working capital, restaurant related fixed assets, leasehold improvements, franchise rights and goodwill, were based on preliminary valuations and were subject to adjustments as additional information is obtained. The Company confirmed the fair values using a combination of internal analysis and third party valuations. The Company finalized its evaluation of the fair values recorded for the Hawaiian Restaurants during the fourth quarter of fiscal year 2018 and no adjustments were required. The allocation of the purchase price is as follows (in thousands): Balances at December 12, 2017 Current assets $ 755 Property and equipment 7,355 Goodwill 12,229 Franchise rights 14,800 Other intangibles 230 Other assets 843 Total assets acquired $ 36,212 Current liabilities 84 Other liabilities 750 Total liabilities assumed $ 834 Net assets acquired $ 35,378 Goodwill was measured as the excess of the consideration transferred over the net of the amounts assigned the identifiable assets acquired and the liabilities assumed as of the acquisition date. The goodwill for the Hawaiian Restaurants, which is included with the goodwill for the reporting unit identified as the steakhouse operating segment, is reviewed for potential impairment annually or more frequently if triggering events are detected. Reacquired franchise rights are amortized over the remaining terms of the related franchise agreements, not including renewal options. Property and equipment are depreciated over a period of three to twenty years. As a result of the acquisition and related integration efforts, we incurred expenses of approximately $1.5 million in the fiscal year 2018 and $619 thousand during the fiscal year 2017, which are included in general and administrative expenses in the Companys consolidated statements of income. Pro-forma financial information reflecting the impact of the Hawaiian Restaurants for periods prior to the acquisition is not presented due to the immaterial impact of the financial results of the Hawaiian Restaurants on the Companys consolidated financial statements.