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v3.19.1

Update to Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2019
Update to Significant Accounting Policies |
Schedule of Impact of Corrections to Fiscal Year 2018 | The immaterial impacts of this error correction in fiscal year 2018 are as follows:
Condensed Consolidated Balance Sheet (unaudited) |  |  |
|  | December 30, 2018 |
(In thousands) |  | As Reported |  | Change |  | As Restated |
Cash and cash equivalents |  | $ | 19,468 |  | $ | 13,790 |  | $ | 33,258 |
Accounts receivable, net |  |  | 67,854 |  |  | 10,264 |  |  | 78,118 |
Income tax receivable |  |  | 16,073 |  |  | 73 |  |  | 16,146 |
Prepaid expenses |  |  | 29,935 |  |  | 441 |  |  | 30,376 |
Other current assets |  |  | 5,677 |  |  | 1 |  |  | 5,678 |
Total current assets |  |  | 171,708 |  |  | 24,569 |  |  | 196,277 |
Deferred income taxes, net |  |  | 756 |  |  | 381 |  |  | 1,137 |
Total assets |  |  | 570,947 |  |  | 24,950 |  |  | 595,897 |
Accounts payable |  |  | 29,891 |  |  | (2,785) |  |  | 27,106 |
Accrued expenses and other current liabilities |  |  | 105,712 |  |  | 23,455 |  |  | 129,167 |
Deferred revenue current |  |  | 2,443 |  |  | 155 |  |  | 2,598 |
Current portion of long-term debt |  |  | 20,000 |  |  | 9 |  |  | 20,009 |
Total current liabilities |  |  | 164,636 |  |  | 20,834 |  |  | 185,470 |
Deferred revenue |  |  | 14,679 |  |  | 5,995 |  |  | 20,674 |
Total liabilities |  |  | 867,617 |  |  | 26,829 |  |  | 894,446 |
Retained earnings |  |  | 244,061 |  |  | (1,879) |  |  | 242,182 |
Total stockholders' equity (deficit) |  |  | (302,134) |  |  | (1,879) |  |  | (304,013) |
Total liabilities, redeemable noncontrolling interests, Series B preferred stock and stockholders' equity (deficit) |  |  | 570,947 |  |  | 24,950 |  |  | 595,897 |
Condensed Consolidated Statements of Operations: |  |
|  | Three Months Ended April 1, 2018
(In thousands, except per share amounts) |  | As Reported |  | Change |  | As Restated
Other revenues |  | $ | 20,494 |  | $ | 22,753 |  | $ | 43,247
Total revenues |  |  | 427,369 |  |  | 22,753 |  |  | 450,122
Domestic Company-owned restaurant expenses |  |  | 157,319 |  |  | 255 |  |  | 157,574
Other expenses |  |  | 20,958 |  |  | 21,409 |  |  | 42,367
General and administrative expenses |  |  | 39,729 |  |  | 267 |  |  | 39,996
Total costs and expenses |  |  | 400,256 |  |  | 21,931 |  |  | 422,187
Operating income |  |  | 27,317 |  |  | 822 |  |  | 28,139
Net interest expense |  |  | (4,955) |  |  | (120) |  |  | (5,075)
(Loss) income before income taxes |  |  | 22,362 |  |  | 702 |  |  | 23,064
Income tax expense |  |  | 4,982 |  |  | (4) |  |  | 4,978
Net (loss) income before attribution to noncontrolling interests |  |  | 17,380 |  |  | 706 |  |  | 18,086
Net (loss) income attributable to the Company |  |  | 16,737 |  |  | 706 |  |  | 17,443
Net (loss) income attributable to common shareholders |  |  | 16,662 |  |  | 706 |  |  | 17,368
Basic (loss) earnings per common share |  |  | 0.50 |  |  | 0.02 |  |  | 0.52
Diluted (loss) earnings per common share |  |  | 0.50 |  |  | 0.02 |  |  | 0.52
Condensed Consolidated Statement of Cash Flows |  |
|  | Three Months Ended April 1, 2018
(In thousands, except per share amounts) |  | As Reported |  | Change |  | As Restated
Operating activities |  |
Net income before attribution to noncontrolling interests |  | $ | 17,380 |  | $ | 706 |  | $ | 18,086
Accounts receivable |  |  | 86 |  |  | 2,589 |  |  | 2,675
Income tax receivable |  |  | 3,903 |  |  | (4) |  |  | 3,899
Prepaid expenses |  |  | (217) |  |  | 772 |  |  | 555
Other current assets |  |  | 5,097 |  |  | (6,361) |  |  | (1,264)
Other assets and liabilities |  |  | (514) |  |  | 989 |  |  | 475
Accounts payable |  |  | 1,209 |  |  | 1,354 |  |  | 2,563
Income and other taxes payable |  |  | (466) |  |  | - |  |  | (466)
Accrued expenses and other current liabilities |  |  | (3,103) |  |  | (656) |  |  | (3,759)
Deferred revenue |  |  | 220 |  |  | (3,694) |  |  | (3,474)
Net cash provided by operating activities |  |  | 41,036 |  |  | (4,305) |  |  | 36,731
Financing activities |  |  |  |  |  |  |  |  |
Net proceeds (repayments) of revolving credit facilities |  |  | 127,000 |  |  | 13,308 |  |  | 140,308
Net cash used in financing activities |  |  | (27,122) |  |  | 13,308 |  |  | (13,814)
Change in cash and cash equivalents |  |  | 9,590 |  |  | 9,003 |  |  | 18,593
Cash and cash equivalents at beginning of period |  |  | 22,345 |  |  | 5,546 |  |  | 27,891
Cash and cash equivalents at end of period |  |  | 31,935 |  |  | 14,549 |  |  | 46,484
Schedule of Income Before Income Taxes Attributable to Joint Ventures | The income before income taxes attributable to these joint ventures for the three months ended March 31, 2019 and April 1, 2018 was as follows (in thousands):
|  | Three Months Ended |
|  | March 31, |  | April 1, |
|  | 2019 |  | 2018 |
Papa John’s International, Inc. |  | $ | 464 |  | $ | 1,295 |
Noncontrolling interests |  |  | 133 |  |  | 643 |
Total income before income taxes |  | $ | 597 |  | $ | 1,938 |
Schedule of Joint Ventures in Which There are Noncontrolling Interests | 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 Balance Sheets |  | Recorded Value
Joint venture with no redemption feature |  | Permanent equity |  | Carrying value
Joint ventures with option to require the Company to purchase the noncontrolling interest - not currently redeemable |  | Temporary equity |  | Carrying value
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | Our financial assets that were measured at fair value on a recurring basis as of March 31, 2019 and December 30, 2018 are as follows (in thousands):
|  | Carrying |  | Fair Value Measurements |
|  | Value |  | Level 1 |  | Level 2 |  | Level 3 |
March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash surrender value of life insurance policies (a) |  | $ | 31,080 |  | $ | 31,080 |  | $ | — |  | $ | — |
Interest rate swaps (b) |  |  | 396 |  |  | — |  |  | 396 |  |  | — |
December 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash surrender value of life insurance policies (a) |  | $ | 27,751 |  | $ | 27,751 |  | $ | — |  | $ | — |
Interest rate swaps (b) |  |  | 4,905 |  |  | — |  |  | 4,905 |  |  | — |
| (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 London Interbank Offered Rates (“LIBOR”).

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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