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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2024
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 30, 2024 and June 25, 2023 was as follows:
|  | Three Months Ended |  | Six Months Ended
(In thousands) |  | June 30, 2024 |  | June 25, 2023 |  | June 30, 2024 |  | June 25, 2023
Papa John’s International, Inc. |  | $ | 739 |  |  | $ | 228 |  |  | $ | 1,331 |  |  | $ | 625 |
Redeemable noncontrolling interests |  | 91 |  |  | 59 |  |  | 190 |  |  | 105 |
Nonredeemable noncontrolling interests |  | 202 |  |  | 32 |  |  | 381 |  |  | 156 |
Total net income |  | $ | 1,032 |  |  | $ | 319 |  |  | $ | 1,902 |  |  | $ | 886 |
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 Condensed Consolidated 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 fair value measurements on a recurring basis | Our financial assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 are as follows:
|  |  |  | Fair Value Measurements
(In thousands) |  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2024 |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |
Cash surrender value of life insurance policies (a) |  | $ | 29,349 |  |  | $ | 29,349 |  |  | $ | — |  |  | $ | — |
Interest rate swaps (b) |  | $ | 364 |  |  | $ | — |  |  | $ | 364 |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |
Cash surrender value of life insurance policies (a) |  | $ | 29,449 |  |  | $ | 29,449 |  |  | $ | — |  |  | $ | — |
Interest rate swaps (b) |  | $ | 107 |  |  | $ | — |  |  | $ | 107 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |
Interest rate swaps (b) |  | $ | 483 |  |  | $ | — |  |  | $ | 483 |  |  | $ | — |
___________________________________ (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 Secured Overnight Financing Rates (“SOFR”). Interest rate swaps entered into prior to 2023 were based on 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 have the following estimated fair values and carrying values (excluding the impact of unamortized debt issuance costs) as of June 30, 2024 and December 31, 2023:
|  | June 30, 2024 |  | December 31, 2023
(In thousands) |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
3.875% Senior Notes |  | $ | 400,000 |  |  | $ | 353,000 |  |  | $ | 400,000 |  |  | $ | 352,500 |
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 31, 2023 |  | $ | 8,353 |  |  | $ | 16,092 |
Current period provision for expected credit losses, net |  | 1,073 |  |  | 1,324 |
Write-offs charged against the allowance |  | (1,181) |  |  | — |
Balance at June 30, 2024 |  | $ | 8,245 |  |  | $ | 17,416 |

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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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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