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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 26, 2022
Accounting Policies [Abstract] |
Schedule of net income attributable to joint ventures | Net income attributable to these joint ventures for the three and six months ended June 26, 2022 and June 27, 2021 was as follows (in thousands):
| Three Months Ended |  | Six Months Ended
| June 26, 2022 |  | June 27, 2021 |  | June 26, 2022 |  | June 27, 2021
Papa John’s International, Inc. | $ | 706 |  |  | $ | 2,296 |  |  | $ | 2,327 |  |  | $ | 4,645 |
Noncontrolling interests | 297 |  |  | 1,336 |  |  | 1,230 |  |  | 2,736 |
Total net income | $ | 1,003 |  |  | $ | 3,632 |  |  | $ | 3,557 |  |  | $ | 7,381 |
Schedule of details for joint venture arrangements | 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 26, 2022 and December 26, 2021 are as follows:
|  |  |  | Fair Value Measurements
(in thousands) |  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
June 26, 2022 |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |
Cash surrender value of life insurance policies (a) |  | $ | 29,514 |  |  | $ | 29,514 |  |  | $ | — |  |  | $ | — |
Interest rate swaps (b) |  | $ | 672 |  |  | $ | — |  |  | $ | 672 |  |  | $ | — |
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 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 June 26, 2022 and December 26, 2021, respectively:
|  | June 26, 2022 |  | December 26, 2021
(in thousands) |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
3.875% Senior Notes |  | $ | 400,000 |  |  | $ | 332,000 |  |  | $ | 400,000 |  |  | $ | 396,000 |
Schedule of changes of the allowance for credit losses for accounts receivable and notes receivable | The following table summarizes changes in our allowances for credit losses for accounts receivable and notes receivable:
(in thousands) |  | Accounts Receivable |  | Notes Receivable
Balance at December 26, 2021 |  | $ | 2,364 |  |  | $ | 1,500 |
Current period provision for expected credit losses (1) |  | 3,019 |  |  | 12,534 |
Write-offs charged against the allowance |  | (275) |  |  | — |
Recoveries collected |  | — |  |  | (14) |
Balance at June 26, 2022 |  | $ | 5,108 |  |  | $ | 14,020 |
| (1) | The Company recorded $14.6 million of one-time, non-cash reserves in the first quarter of 2022 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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