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Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 27, 2022
Significant Accounting Policies |
Schedule of net income attributable to Joint Ventures | Net income attributable to these joint ventures for the three months ended March 27, 2022 and March 28, 2021 was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 27, | ​ | March 28,
​ |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Papa John’s International, Inc. | ​ | $ | 1,621 | ​ | $ | 2,349
Noncontrolling interests | ​ |  | 933 | ​ |  | 1,400
Total net income | ​ | $ | 2,554 | ​ | $ | 3,749
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 March 27, 2022 and December 26, 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Fair Value Measurements |
(in thousands) |  | Value |  | Level 1 |  | Level 2 |  | Level 3 |
March 27, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash surrender value of life insurance policies (a) | ​ | $ | 34,205 | ​ | $ | 34,205 | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps (b) | ​ | $ | 1,528 | ​ | $ | — | ​ | $ | 1,528 | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 26, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash surrender value of life insurance policies (a) | ​ | $ | 41,904 | ​ | $ | 41,904 | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps (b) | ​ | $ | 5,536 | ​ | $ | — | ​ | $ | 5,536 | ​ | $ | — | ​
(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 under its credit agreement approximate carrying value due to its 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 has the following estimated fair values and carrying values (excluding the impact of unamortized debt issuance costs) as of March 27, 2022 and December 26, 2021, respectively: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 27, 2022 | ​ | December 26, 2021
​ | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
(in thousands) | ​ | Value | ​ | Value | ​ | Value | ​ | Value
3.875% Senior Notes | ​ | $ | 400,000 | ​ | $ | 362,000 | ​ | $ | 400,000 | ​ | $ | 396,000
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 26, 2021 | ​ | $ | 2,364 | ​ | $ | 1,500
Current period provision for expected credit losses (1) | ​ | ​ | 2,613 | ​ | ​ | 12,560
Write-offs charged against the allowance | ​ | ​ | (126) | ​ | ​ | —
Recoveries collected | ​ | ​ | — | ​ | ​ | (6)
Balance at March 27, 2022 | ​ | $ | 4,851 | ​ | $ | 14,054
​
| (1) | The Company recorded $14.6 million of one-time, non-cash reserves for certain accounts receivable and notes receivable primarily associated with a master franchisee with operations principally in Russia.

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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=123874694&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=123874694&loc=d3e19207-110258 + Details
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