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Papa John's Marketing Fund, Inc. | 3 Months Ended
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Mar. 26, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Papa John's Marketing Fund, Inc. | 4. Papa John’s Marketing Fund, Inc. PJMF, which is a consolidated VIE where the Company has been identified as the primary beneficiary, 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. PJMF also has a wholly-owned subsidiary, Papa Card, Inc., which administers the Company’s gift card programs. Assets and liabilities of PJMF, which are utilized solely for the Company’s advertising and promotional programs, were as follows in the Condensed Consolidated Balance Sheets (in thousands):
|  | March 26, 2023 |  | December 25, 2022
Assets |  |  |  |
Current assets: |  |  |  |
Cash and cash equivalents |  | $ | 16,076 |  |  | $ | 17,174 |
Accounts receivable, net |  | 14,254 |  |  | 14,780 |
Prepaid expenses and other current assets |  | 7,638 |  |  | 1,815 |
Total current assets |  | 37,968 |  |  | 33,769 |
Deferred income taxes |  | 655 |  |  | 655 |
Total assets |  | $ | 38,623 |  |  | $ | 34,424 |
Liabilities |  |  |  |
Current liabilities: |  |  |  |
Accounts payable |  | $ | 13,589 |  |  | $ | 12,428 |
Income and other taxes payable |  | 13 |  |  | 8 |
Accrued expenses and other current liabilities |  | 13,911 |  |  | 17,928 |
Current portion of long-term debt |  | 8,200 |  |  | — |
Current deferred revenue |  | 4,381 |  |  | 4,395 |
Total current liabilities |  | 40,094 |  |  | 34,759 |
Deferred revenue |  | 1,800 |  |  | 2,503 |
Total liabilities |  | $ | 41,894 |  |  | $ | 37,262 |

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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 + Details
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