v3.26.1
Significant Accounting Policies (Tables)
6 Months Ended
Jun. 28, 2026
Accounting Policies [Abstract]  
Schedule of net income (loss) attributable to joint ventures
Net income (loss) attributable to these joint ventures for the three and six months ended June 28, 2026 and June 29, 2025 was as follows:
Three Months EndedSix Months Ended
(In thousands) June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Papa John’s International, Inc.$391 $327 $(344)$602 
Redeemable noncontrolling interests72 22 137 52 
Nonredeemable noncontrolling interests95 118 (287)209 
Total net income (loss)$558 $467 $(494)$863 
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 ArrangementLocation within the Condensed Consolidated Balance SheetsRecorded Value
Joint ventures with no redemption featurePermanent equityCarrying value
Joint ventures with option to require the Company to purchase the noncontrolling interest - not currently redeemable or redemption not probableTemporary equityCarrying 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 28, 2026 and December 28, 2025 are as follows:
Fair Value Measurements
(In thousands)Carrying
Value
Level 1Level 2Level 3
June 28, 2026
Financial assets:
Cash surrender value of life insurance policies (a)
$27,757 $27,757 $— $— 
Interest rate swaps (b)
$499 $— $499 $— 
December 28, 2025
Financial assets:
Cash surrender value of life insurance policies (a)
$29,432 $29,432 $— $— 
Financial liabilities:
Interest rate swaps (b)
$807 $— $807 $— 
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(a)Represents life insurance policies held in our non-qualified deferred compensation plan, which are classified as Other assets on the Condensed Consolidated Balance Sheets
(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”). See “Note 8. Debt” for further discussion.
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 28, 2026 and December 28, 2025:
June 28, 2026December 28, 2025
(In thousands)Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
3.875% Senior Notes
$400,000 $383,100 $400,000 $380,000 
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 ReceivableNotes Receivable
Balance at December 28, 2025$12,129 $17,777 
Current period provision for expected credit losses, net3,687 (35)
Write-offs charged against the allowance(1,516)(575)
Balance at June 28, 2026$14,300 $17,167