Significant Accounting Policies (Tables)

9 Months Ended

Sep. 24, 2023

Accounting Policies [Abstract]

Schedule of net income attributable to joint ventures

Net income attributable to these joint ventures for the three and nine months ended September 24, 2023 and September 25, 2022 was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 24, 2023		September 25, 2022		September 24, 2023		September 25, 2022
Papa John’s International, Inc.	$	196	$	314	$	821	$	2,642
Noncontrolling interests	90		133		351		1,363
Total net income	$	286	$	447	$	1,172	$	4,005

Schedule of details for joint venture arrangements

The following summarizes the redemption feature, location and related accounting within the Condensed Consolidated Balance Sheets for these joint venture arrangements:

Type of Joint Venture Arrangement	Location within the Condensed Consolidated Balance Sheets	Recorded Value
Joint ventures with no redemption feature	Permanent equity	Carrying value
Joint ventures with option to require the Company to purchase the noncontrolling interest - not currently redeemable or redemption not probable	Temporary equity	Carrying value

Schedule of fair value measurements on a recurring basis

Our financial assets that were measured at fair value on a recurring basis as of September 24, 2023 and December 25, 2022 are as follows:

			Fair Value Measurements
(In thousands)	Carrying Value		Level 1		Level 2		Level 3
September 24, 2023
Financial assets:
Cash surrender value of life insurance policies (a)	$	26,984	$	26,984	$	—	$	—
Interest rate swaps (b)	$	785	$	—	$	785	$	—
December 25, 2022
Financial assets:
Cash surrender value of life insurance policies (a)	$	30,120	$	30,120	$	—	$	—
Interest rate swaps (b)	$	986	$	—	$	986	$	—

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(a)Represents life insurance policies held in our non-qualified deferred compensation plan.

(b)The fair value of our interest rate swaps is based on the sum of all future net present value cash flows. The future cash flows are derived based on the terms of our interest rate swaps, as well as considering published discount factors, and projected Secured Overnight Financing Rates (“SOFR”). Interest rate swaps entered into prior to 2023 were based on London Interbank Offered Rates (“LIBOR”).

The Company’s 3.875% senior notes are classified as a Level 2 fair value measurement since the Company estimates the fair value by using recent trading transactions, and have the following estimated fair values and carrying values (excluding the impact of unamortized debt issuance costs) as of September 24, 2023 and December 25, 2022:

	September 24, 2023				December 25, 2022
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
3.875% Senior Notes	$	400,000	$	333,000	$	400,000	$	339,500

Schedule of changes of the allowance for credit losses for accounts receivable and notes receivable

The following table summarizes changes in our allowances for credit losses for accounts receivable and notes receivable:

(In thousands)	Accounts Receivable		Notes Receivable
Balance at December 25, 2022	$	6,718	$	14,499
Current period provision for expected credit losses, net	1,234		114
Write-offs charged against the allowance	(1,496)		(147)
Balance at September 24, 2023	$	6,456	$	14,466