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Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 26, 2021
Significant Accounting Policies |
Schedule of net income attributable to Joint Ventures | Net income attributable to these joint ventures for the three and nine months ended September 26, 2021 and September 27, 2020 was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 26, | ​ | September 27, | ​ | September 26, | ​ | September 27,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Papa John’s International, Inc. | ​ | $ | 2,171 | ​ | $ | 1,292 | ​ | $ | 6,816 | ​ | $ | 4,743
Noncontrolling interests | ​ |  | 1,285 | ​ |  | 689 | ​ |  | 4,021 | ​ |  | 2,576
Total net income | ​ | $ | 3,456 | ​ | $ | 1,981 | ​ | $ | 10,837 | ​ | $ | 7,319
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 September 26, 2021 and December 27, 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Fair Value Measurements |
(in thousands) |  | Value |  | Level 1 |  | Level 2 |  | Level 3 |
September 26, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash surrender value of life insurance policies (a) | ​ | $ | 40,482 | ​ | $ | 40,482 | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps (b) | ​ | ​ | 8,162 | ​ | ​ | — | ​ | ​ | 8,162 | ​ | ​ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 27, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash surrender value of life insurance policies (a) | ​ | $ | 37,578 | ​ | $ | 37,578 | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps (b) | ​ | ​ | 13,452 | ​ | ​ | — | ​ | ​ | 13,452 | ​ | ​ | — | ​
(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”).
​ The fair value of certain assets and liabilities approximates carrying value because of the short-term nature of the accounts, including cash and cash equivalents, accounts receivable, net of allowances, and accounts payable. The carrying value of notes receivable, net of allowances, also approximates fair value. The Company’s revolving credit facilities and term debt under the Previous Credit Facility approximate carrying value due to their variable market-based interest rate. 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 26, 2021 and December 27, 2020, respectively: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 26, 2021 | ​ | December 27, 2020
​ | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
(in thousands) | ​ | Value | ​ | Value | ​ | Value | ​ | Value
3.875% Senior Notes | ​ | $ | 400,000 | ​ | $ | 401,000 | ​ | $ | — | ​ | $ | —
Schedule rollforward of the allowance for credit losses for accounts receivable, notes receivable and other assets |
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​
(in thousands) | ​ | Accounts Receivable | ​ | Notes Receivable
Balance at December 27, 2020 | ​ | $ | 3,622 | ​ | $ | 3,211
Current period benefit for expected credit losses | ​ | ​ | (80) | ​ | ​ | (563)
Write-offs charged against the allowance | ​ | ​ | (1,212) | ​ | ​ | (843)
Recoveries collected | ​ | ​ | — | ​ | ​ | (277)
Balance at September 26, 2021 | ​ | $ | 2,330 | ​ | $ | 1,528

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