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Update to Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 28, 2020
Update to Significant Accounting Policies |
Schedule of net income attributable to Joint Ventures | Net income attributable to these joint ventures for the three and six months ended June 28, 2020 and June 30, 2019 was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 28, | ​ | June 30, | ​ | June 28, | ​ | June 30, | ​
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Papa John’s International, Inc. | ​ | $ | 2,320 | ​ | $ | 708 | ​ | $ | 3,451 | ​ | $ | 1,172 | ​
Noncontrolling interests | ​ |  | 1,337 | ​ |  | 322 | ​ |  | 1,887 | ​ |  | 455 | ​
Total net income | ​ | $ | 3,657 | ​ | $ | 1,030 | ​ | $ | 5,338 | ​ | $ | 1,627 | ​
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 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 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | Our financial assets and liabilities that were measured at fair value on a recurring basis as of June 28, 2020 and December 29, 2019 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Fair Value Measurements |
​ |  | Value |  | Level 1 |  | Level 2 |  | Level 3 |
June 28, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash surrender value of life insurance policies (a) | ​ | $ | 32,155 | ​ | $ | 32,155 | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps (b) | ​ |  | 17,050 | ​ |  | — | ​ |  | 17,050 | ​ |  | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 29, 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash surrender value of life insurance policies (a) | ​ | $ | 33,220 | ​ | $ | 33,220 | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps (b) | ​ |  | 6,168 | ​ |  | — | ​ |  | 6,168 | ​ |  | — | ​
(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”).
Schedule rollforward of the allowance for credit losses for accounts receivable, notes receivable and other assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
(in thousands) | Accounts Receivable | ​ | Notes Receivable | ​ | Interest Receivable
Balance at December 29, 2019 | $ | 7,341 | ​ | $ | 3,572 | ​ | $ | 910
Cumulative effect of adoption of ASU 2016-13 | ​ | 912 | ​ | ​ | 463 | ​ | ​ | -
Balance at December 30, 2019 | ​ | 8,253 | ​ | ​ | 4,035 | ​ | ​ | 910
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current period provision for expected credit losses | ​ | 833 | ​ | ​ | 74 | ​ | ​ | 144
Write-offs charged against the allowance | ​ | (431) | ​ | ​ | (10) | ​ | ​ | -
Recoveries collected | ​ | - | ​ | ​ | (56) | ​ | ​ | -
Transfers | ​ | - | ​ | ​ | 1,054 | ​ | ​ | (1,054)
Balance at June 28, 2020 | $ | 8,655 | ​ | $ | 5,097 | ​ | $ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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