Significant Accounting Policies (Tables)

6 Months Ended

Jun. 29, 2025

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 29, 2025 and June 30, 2024 was as follows:

	Three Months Ended				Six Months Ended
(In thousands)	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024
Papa John’s International, Inc.	$	327	$	739	$	602	$	1,331
Redeemable noncontrolling interests	22		91		52		190
Nonredeemable noncontrolling interests	118		202		209		381
Total net income	$	467	$	1,032	$	863	$	1,902

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 29, 2025 and December 29, 2024 are as follows:

			Fair Value Measurements
(In thousands)	Carrying Value		Level 1		Level 2		Level 3
June 29, 2025
Financial assets:
Cash surrender value of life insurance policies (a)	$	27,344	$	27,344	$	—	$	—
Interest rate swaps (b)	$	233	$	—	$	233	$	—
Financial liabilities:
Interest rate swaps (b)	$	858	$	—	$	858	$	—
December 29, 2024
Financial assets:
Cash surrender value of life insurance policies (a)	$	30,775	$	30,775	$	—	$	—
Financial liabilities:
Interest rate swaps (b)	$	161	$	—	$	161	$	—

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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 on the new interest rate swaps executed during the second quarter of 2025.

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 29, 2025 and December 29, 2024:

	June 29, 2025				December 29, 2024
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
3.875% Senior Notes	$	400,000	$	387,000	$	400,000	$	356,000

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 29, 2024	$	8,468	$	15,238
Current period provision for expected credit losses, net	1,632		1,795
Write-offs charged against the allowance	(934)		—
Balance at June 29, 2025	$	9,166	$	17,033