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Papa John's Marketing Fund, Inc.

9 Months Ended

Sep. 27, 2020

Papa John's Marketing Fund, Inc.

Papa John's Marketing Fund, Inc.

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4. Papa John’s Marketing Fund, Inc.

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PJMF collects a percentage of revenues from Company-owned and franchised restaurants in the United States, for the purpose of designing and administering advertising and promotional programs for all participating domestic restaurants.  Contributions and expenditures are reported on a gross basis in the Condensed Consolidated Statements of Operations within Other revenues and Other expenses.

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Assets and liabilities of PJMF, which are restricted in their use, included in the Condensed Consolidated Balance Sheets were as follows (in thousands):

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​	​	September 27,		​	December 29,		​	​
​	​	2020		​	2019		​	​
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Assets	​	​	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​	​	​
Cash and cash equivalents	​	$	18,672	​	$	4,569	​	​
Accounts receivable, net	​	​	11,468	​	​	11,196	​	​
Income tax receivable	​	​	111	​	​	103	​	​
Prepaid expenses	​	​	1,278	​	​	1,316	​	​
Total current assets	​	​	31,529	​	​	17,184	​	​
Deferred income taxes, net	​	​	547	​	​	410	​	​
Total assets	​	$	32,076	​	$	17,594	​	​
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Liabilities	​	​	​	​	​	​	​	​
Current liabilities:	​	​	​	​	​	​	​	​
Accounts payable	​	$	-	​	$	764	​	​
Accrued expenses and other current liabilities	​	​	31,408	​	​	14,287	​	​
Current deferred revenue	​	​	2,855	​	​	3,252	​	​
Debt	​	​	-	​	​	-	​	​
Total current liabilities	​	​	34,263	​	​	18,303	​	​
Deferred revenue	​	​	1,805	​	​	2,094	​	​
Total liabilities	​	$	36,068	​	$	20,397	​	​

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479

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- References

No definition available.

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