Papa John's International (PZZA) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 29, 2019	Oct. 31, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Sep. 29, 2019
Entity Incorporation, State or Country Code	DE
Entity File Number	0-21660
Entity Tax Identification Number	61-1203323
Entity Address, Address Line One	2002 Papa John’s Boulevard
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40299-2367
City Area Code	502
Local Phone Number	261-7272
Title of 12(b) Security	Common stock, $0.01 par value
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	PZZA
Security Exchange Name	NASDAQ
Entity Registrant Name	PAPA JOHNS INTERNATIONAL INC
Entity Central Index Key	0000901491
Current Fiscal Year End Date	--12-29
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		31,946,162
Entity Shell Company	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018
Current assets:
Cash and cash equivalents	$ 28,368	$ 33,258
Accounts receivable, net	82,401	78,118
Notes receivable	5,806	5,498
Income tax receivable	5,905	16,146
Inventories	25,190	27,203
Prepaid expenses	18,450	30,376
Other current assets	21,125	5,678
Assets held for sale	7,139
Total current assets	194,384	196,277
Property and equipment, net	212,313	226,894
Finance lease right-of-use assets, net	9,870
Operating lease right-of-use assets	144,881
Notes receivable, less current portion, net	27,841	23,259
Goodwill	79,457	84,516
Deferred income taxes, net	1,197	1,137
Other assets	60,622	63,814
Total assets	730,565	595,897
Current liabilities:
Accounts payable	42,027	27,106
Income and other taxes payable	7,875	6,590
Accrued expenses and other current liabilities	115,026	129,167
Current deferred revenue	2,461	2,598
Current finance lease liabilities	1,748
Current operating lease liabilities	23,701
Current portion of long-term debt	29,051	20,009
Total current liabilities	221,889	185,470
Deferred revenue	16,671	20,674
Long-term finance lease liabilities	8,083
Long-term operating lease liabilities	121,320
Long-term debt, less current portion, net	346,064	601,126
Deferred income taxes, net	2,318	7,852
Other long-term liabilities	83,664	79,324
Total liabilities	800,009	894,446
Series B Convertible Preferred Stock; $0.01 par value; 260.0 shares authorized, 252.5 shares issued and outstanding at September 29, 2019; no shares issued at December 30, 2018	251,074
Redeemable noncontrolling interests	5,848	5,464
Stockholders' deficit:
Common stock ($0.01 par value per share; issued 44,313 at September 29, 2019 and 44,301 at December 30, 2018)	443	443
Additional paid-in capital	201,190	192,984
Accumulated other comprehensive loss	(13,896)	(3,143)
Retained earnings	218,524	242,182
Treasury stock (12,865 shares at September 29, 2019 and 12,929 shares at December 30, 2018, at cost)	(747,990)	(751,704)
Total stockholders' deficit	(341,729)	(319,238)
Noncontrolling interests in subsidiaries	15,363	15,225
Total Stockholders' deficit	(326,366)	(304,013)
Total liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders' deficit	$ 730,565	$ 595,897

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 29, 2019	Dec. 30, 2018
Condensed Consolidated Balance Sheets
Series B Convertible Preferred Stock, par value	$ 0.01	$ 0.01
Series B Convertible Preferred Stock, shares authorized	260,000	260,000
Series B Convertible Preferred Stock, shares issued	252,500	0
Series B Convertible Preferred Stock, shares outstanding	252,530	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	44,313,000	44,301,000
Treasury stock, shares	12,865,000	12,929,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Revenues:
Total revenues	$ 403,706	$ 385,231	$ 1,201,734	$ 1,265,305
Costs and expenses:
General and administrative expenses	53,503	55,711	153,356	134,679
Depreciation and amortization	11,832	11,585	35,102	34,855
Total costs and expenses	400,505	399,401	1,178,956	1,224,508
Refranchising gains (losses), net	1,726		1,889	(1,918)
Operating income (loss)	4,927	(14,170)	24,667	38,879
Net interest expense	(4,249)	(6,058)	(14,797)	(16,930)
Income (loss) before income taxes	678	(20,228)	9,870	21,949
Income tax expense (benefit)	421	(7,367)	2,535	4,651
Net (loss) income before attribution to noncontrolling interests	257	(12,861)	7,335	17,298
Net (loss) income attributable to noncontrolling interests	128	(439)	(327)	(1,956)
Net income (loss) attributable to the Company	385	(13,300)	7,008	15,342
Calculation of (loss) income for earnings per share:
Net income (loss) attributable to the Company	385	(13,300)	7,008	15,342
Preferred stock dividends and accretion	(3,473)		(9,029)
Net income attributable to participating securities				(147)
Net (loss) income attributable to common shareholders	$ (3,088)	$ (13,300)	$ (2,021)	$ 15,195
Basic (loss) earnings per common share	$ (0.10)	$ (0.42)	$ (0.06)	$ 0.47
Diluted (loss) earnings per common share	$ (0.10)	$ (0.42)	$ (0.06)	$ 0.47
Basic weighted average common shares outstanding	31,601	31,573	31,581	32,265
Diluted weighted average common shares outstanding	31,601	31,573	31,581	32,489
Dividends declared per common share	$ 0.225	$ 0.225	$ 0.675	$ 0.675
Domestic Company-owned restaurants
Revenues:
Total revenues	$ 165,135	$ 158,285	$ 490,594	$ 529,906
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	134,037	136,257	399,040	441,699
Refranchising gains (losses), net	1,700		1,900
North America franchising
Revenues:
Total revenues	15,924	12,806	53,215	61,524
North America commissary
Revenues:
Total revenues	154,703	146,240	450,735	461,408
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	144,624	137,928	419,925	432,909
International
Revenues:
Total revenues	24,679	25,653	75,843	84,836
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	13,557	15,184	42,514	52,462
Refranchising gains (losses), net				1,900
Other segment
Revenues:
Total revenues	43,265	42,247	131,347	127,631
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	$ 42,952	$ 42,736	$ 129,019	$ 127,904

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Condensed Consolidated Statements of Comprehensive (Loss) Income
Net income (loss) before attribution to noncontrolling interests	$ 257	$ (12,861)	$ 7,335	$ 17,298
Other comprehensive (loss) income, before tax:
Foreign currency translation adjustments	(1,642)	(154)	(1,446)	(3,466)
Interest rate swaps	(1,866)	1,960	(12,520)	11,512
Other comprehensive (loss) income, before tax	(3,508)	1,806	(13,966)	8,046
Income tax effect:
Foreign currency translation adjustments	379	35	334	780
Interest rate swaps	429	(477)	2,879	(2,649)
Income tax effect	808	(442)	3,213	(1,869)
Other comprehensive (loss) income, net of tax	(2,700)	1,364	(10,753)	6,177
Comprehensive (loss) income before attribution to noncontrolling interests	(2,443)	(11,497)	(3,418)	23,475
Less: comprehensive loss (income), redeemable noncontrolling interests	369	378	456	(26)
Less: comprehensive (income), nonredeemable noncontrolling interests	(241)	(817)	(783)	(1,930)
Comprehensive (loss) income attributable to the Company	$ (2,315)	$ (11,936)	$ (3,745)	$ 21,519

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) $ in Thousands	Jun. 15, 2018USD ($)restaurant	Sep. 29, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 29, 2019USD ($)	Sep. 30, 2018USD ($)
Consolidated Statements of Comprehensive Income (Unaudited)
Net Interest income (expense)		$ (4,249)	$ (6,058)	$ (14,797)	$ (16,930)
Income tax effects		421	(7,367)	2,535	4,651
Stores in Beijing and Tianjin, China
Consolidated Statements of Comprehensive Income (Unaudited)
Number of Restaurants Sold | restaurant	34
Other Comprehensive Income (Loss), Foreign Currency Transaction And Translation Reclassification Adjustment From AOCI	$ 1,300
Reversal of deferred tax related to foreign currency translation on refranchised stores	$ 300
Qualifying as hedges | Interest rate swap | Amount reclassified from AOCL
Consolidated Statements of Comprehensive Income (Unaudited)
Net Interest income (expense)		161	(19)	849	(216)
Income tax effects		$ (37)	$ 4	$ (195)	$ 50

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Noncontrolling Interests in Subsidiaries	Total
Cumulative effect of adoption of ASU 2014-09				$ (24,359)			$ (24,359)
Adjusted balance	$ 442	$ 184,785	$ (2,117)	267,892	$ (597,072)	$ 15,757	(130,313)
Balance at Dec. 31, 2017	$ 442	184,785	(2,117)	292,251	(597,072)	15,757	(105,954)
Balance (in shares) at Dec. 31, 2017	33,931
Net income (loss)				15,342		1,717	17,059
Other comprehensive income (loss)			6,177				6,177
Adoption of ASU 2018-02			(455)	455
Cash dividends on common stock		109		(21,850)			(21,741)
Exercise of stock options	$ 1	2,592					2,593
Exercise of stock options (in shares)	73
Tax effect of equity awards		(1,474)					(1,474)
Acquisition of Company common stock					(158,049)		(158,049)
Acquisition of Company common stock (in shares)	(2,698)
Stock-based compensation expense		7,073					7,073
Issuance of restricted stock		(2,893)			2,893
Issuance of restricted stock (in shares)	54
Distributions to noncontrolling interests						(2,686)	(2,686)
Other		(57)		2,758	333	621	3,655
Other (in shares)	6
Balance at Sep. 30, 2018	$ 443	190,135	3,605	264,597	(751,895)	15,409	(277,706)
Balance (in shares) at Sep. 30, 2018	31,366
Balance at Jul. 01, 2018	$ 443	188,026	2,240	282,739	(742,694)	16,135	(253,111)
Balance (in shares) at Jul. 01, 2018	31,548
Net income (loss)				(13,300)		818	(12,482)
Other comprehensive income (loss)			1,364				1,364
Cash dividends on common stock		36		(7,093)			(7,057)
Exercise of stock options		413					413
Exercise of stock options (in shares)	18
Tax effect of equity awards		(121)					(121)
Acquisition of Company common stock					(9,609)		(9,609)
Acquisition of Company common stock (in shares)	(207)
Stock-based compensation expense		2,144					2,144
Issuance of restricted stock		(347)			347
Issuance of restricted stock (in shares)	6
Distributions to noncontrolling interests						(1,576)	(1,576)
Other		(16)	1	2,251	61	32	2,329
Other (in shares)	1
Balance at Sep. 30, 2018	$ 443	190,135	3,605	264,597	(751,895)	15,409	(277,706)
Balance (in shares) at Sep. 30, 2018	31,366
Balance at Dec. 30, 2018	$ 443	192,984	(3,143)	242,182	(751,704)	15,225	(304,013)
Balance (in shares) at Dec. 30, 2018	31,372
Net income (loss)				7,008		783	7,791
Other comprehensive income (loss)			(10,753)				(10,753)
Cash dividends on common stock		174		(21,545)			(21,371)
Cash dividends on preferred stock				(6,608)			(6,608)
Dividends declared on preferred stock				(2,273)			(2,273)
Exercise of stock options		332					332
Exercise of stock options (in shares)	12
Tax effect of equity awards		(1,150)					(1,150)
Stock-based compensation expense		12,295					12,295
Issuance of restricted stock		(3,117)			3,117
Issuance of restricted stock (in shares)	54
Distributions to noncontrolling interests						(645)	(645)
Other		(328)		(240)	597		29
Other (in shares)	10
Balance at Sep. 29, 2019	$ 443	201,190	(13,896)	218,524	(747,990)	15,363	(326,366)
Balance (in shares) at Sep. 29, 2019	31,448
Balance at Jun. 30, 2019	$ 443	196,927	(11,196)	228,833	(748,657)	15,584	(318,066)
Balance (in shares) at Jun. 30, 2019	31,427
Net income (loss)				385		241	626
Other comprehensive income (loss)			(2,700)				(2,700)
Cash dividends on common stock		79		(7,182)			(7,103)
Cash dividends on preferred stock				(1,140)			(1,140)
Dividends declared on preferred stock				(2,273)			(2,273)
Exercise of stock options		239					239
Exercise of stock options (in shares)	9
Tax effect of equity awards		(255)					(255)
Stock-based compensation expense		4,764					4,764
Issuance of restricted stock		(547)			547
Issuance of restricted stock (in shares)	10
Distributions to noncontrolling interests						(462)	(462)
Other		(17)		(99)	120		4
Other (in shares)	2
Balance at Sep. 29, 2019	$ 443	$ 201,190	$ (13,896)	$ 218,524	$ (747,990)	$ 15,363	$ (326,366)
Balance (in shares) at Sep. 29, 2019	31,448

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Apr. 01, 2018	Sep. 29, 2019	Sep. 30, 2018
Income attributable to noncontrolling interests	$ (128)	$ 439		$ 327	$ 1,956
Income tax effects	421	(7,367)		2,535	4,651
Accumulated other comprehensive income (loss)	(13,896)	3,605		(13,896)	3,605
Net unrealized gain (loss) on the interest rate swap agreements	(5,923)	9,357		(5,923)	9,357
Unrealized foreign currency translation gains (losses)	$ (7,973)	$ (5,752)		$ (7,973)	$ (5,752)
Amount reclassified from AOCL | ASU 2018-02
Income tax effects			$ 455

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018
Operating activities
Net income before attribution to noncontrolling interests	$ 7,335	$ 17,298
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for uncollectible accounts and notes receivable	1,646	4,047
Depreciation and amortization	35,102	34,855
Deferred income taxes	(2,386)	(227)
Preferred stock option mark-to-market adjustment	5,914
Stock-based compensation expense	12,295	7,073
(Gain) loss on refranchising	(1,889)	1,918
Other	3,618	6,952
Changes in operating assets and liabilities:
Accounts receivable	(8,156)	11,083
Income tax receivable	10,241	(7,423)
Inventories	1,891	986
Prepaid expenses	11,926	8,097
Other current assets	(17,289)	3,534
Other assets and liabilities	(3,245)	(4,910)
Accounts payable	14,921	2,101
Income and other taxes payable	1,285	(1,597)
Accrued expenses and other current liabilities	(19,149)	23,105
Deferred revenue	(4,061)	(1,860)
Net cash provided by operating activities	49,999	105,032
Investing activities
Purchases of property and equipment	(27,547)	(30,593)
Loans issued	(7,073)	(3,511)
Repayments of loans issued	3,415	3,872
Proceeds from divestitures of restaurants	5,995	7,707
Other	1,068	160
Net cash used in investing activities	(24,142)	(22,365)
Financing activities
Proceeds from issuance of preferred stock	252,530
Repayments of term loan	(10,000)	(15,000)
Net (repayments) proceeds of revolving credit facility	(236,966)	121,476
Dividends paid to common stockholders	(21,371)	(21,861)
Dividends paid to preferred stockholders	(6,608)
Issuance costs associated with preferred stock	(7,535)
Tax payments for equity award issuances	(1,150)	(1,474)
Proceeds from exercise of stock options	332	2,592
Acquisition of Company common stock		(158,049)
Contributions from noncontrolling interest holders	840
Distributions to noncontrolling interest holders	(645)	(3,928)
Other	(101)	276
Net cash used in financing activities	(30,674)	(75,968)
Effect of exchange rate changes on cash and cash equivalents	(73)	(68)
Change in cash and cash equivalents	(4,890)	6,631
Cash and cash equivalents at beginning of period	33,258	27,891
Cash and cash equivalents at end of period	$ 28,368	$ 34,522

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 29, 2019
Basis of Presentation
Basis of Presentation	1. Basis of Presentation ​ The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 29, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending December 29, 2019. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K/A for Papa John’s International, Inc. (referred to as the “Company”, “Papa John’s” or in the first-person notations of “we”, “us” and “our”) for the year ended December 30, 2018. ​

Update to Significant Accountin

Update to Significant Accounting Policies	9 Months Ended
	Sep. 29, 2019
Update to Significant Accounting Policies
Update to Significant Accounting Policies	2. Update to Significant Accounting Policies ​ Use of Estimates ​ The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant items that are subject to such estimates and assumptions include allowance for doubtful accounts and notes receivable, intangible assets, contract assets and contract liabilities, including the online customer loyalty program obligation, right-of-use assets and lease liabilities, gift card breakage, insurance reserves and tax reserves. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates. ​ Restatement of Previously Issued Consolidated Financial Statements for Immaterial Error Correction ​ Papa John’s domestic restaurants, both Company-owned and franchised, participate in Papa John’s Marketing Fund, Inc. (“PJMF”), a nonstock corporation that is designed to break even as it spends all annual contributions received from the system. PJMF 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. PJMF is a variable interest entity (“VIE”) that funds its operations with ongoing financial support and contributions from the domestic restaurants, of which approximately 80 % are franchised. ​ During the first quarter of 2019, the Company reassessed the governance structure and operating procedures of PJMF and determined that the Company has the power to control certain significant activities of PJMF, as defined by Accounting Standards Codification 810 (“ASC 810”), Consolidations . Therefore, the Company is the primary beneficiary of the VIE, and per ASC 810, must consolidate the VIE. Prior to 2019, the Company did not consolidate PJMF. The Company has concluded the previous accounting policy to not consolidate PJMF was an immaterial error and has determined that PJMF should be consolidated. The Company has corrected this immaterial error by restating the 2018 condensed consolidated financial statements and related notes included herein to include PJMF. See Note 16 for the immaterial impacts of this error correction in fiscal year 2018. ​ Noncontrolling Interests ​ Papa John’s has four joint venture arrangements in which there are noncontrolling interests held by third parties that include 192 restaurants at September 29, 2019. At September 30, 2018, there were 183 restaurants held in joint ventures. ​ We are required to report the consolidated net income at amounts attributable to the Company and the noncontrolling interests. Additionally, disclosures are required to clearly identify and distinguish between the interests of the Company and the interests of the noncontrolling owners, including a disclosure on the face of the Condensed Consolidated Statements of Operations attributable to the noncontrolling interest holders. ​ The income before income taxes attributable to these joint ventures for the three and nine months ended September 29, 2019 and September 30, 2018 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 29, ​ September 30, ​ September 29, ​ September 30, ​ ​ 2019 2018 2019 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Papa John’s International, Inc. ​ $ 213 ​ $ 1,512 ​ $ 1,385 ​ $ 4,384 ​ Noncontrolling interests ​ (128) ​ 439 ​ 327 ​ 1,956 ​ Total income before income taxes ​ $ 85 ​ $ 1,951 ​ $ 1,712 ​ $ 6,340 ​ ​ 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 venture 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 ​ Revenue Recognition ​ Other Revenues ​ Franchise Marketing Fund revenues represent contributions collected by PJMF and various other international and domestic marketing funds (“Co-op” or “Co-operative”) where we have determined for purposes of accounting that we have control over the significant activities of the funds. PJMF funds its operations with ongoing financial support and contributions from the domestic restaurants, of which approximately 80 % are franchised restaurant members. Contributions are based on a percentage of monthly restaurant sales and are billed monthly. Advertising fund contributions and expenditures are reported on a gross basis in the Condensed Consolidated Statements of Operations. For interim reporting purposes, PJMF and Co-op advertising costs are accrued and expensed when the related franchise advertising revenues are recognized. ​ The Company and its franchisees sell gift cards that are redeemable for products in our restaurants. A subsidiary of PJMF manages the gift card program, and therefore, collects all funds from the activation of gift cards and reimburses franchisees for the redemption of gift cards in their restaurants. A liability for unredeemed gift cards is included in Deferred revenue in the Condensed Consolidated Balance Sheets. Gift card redemption revenues, which are based on a percentage of the franchise restaurant sales generated by the gift card, are recognized as gift cards are redeemed by customers. ​ There are no expiration dates and we do not deduct non-usage fees from outstanding gift cards. While the franchisees continue to honor all gift cards presented for payment, the likelihood of redemption may be determined to be remote for certain cards due to long periods of inactivity. In these circumstances, the Company recognizes breakage revenue for amounts not subject to unclaimed property laws. Based upon our analysis of historical gift card redemption patterns, we can reasonably estimate the amount of gift cards for which redemption is remote. Breakage revenue is recognized over time in proportion to estimated redemption patterns as Other revenue. Commissions on gift cards sold by third parties are recorded as a reduction to Deferred revenue and a reduction to Other revenue based upon estimated redemption patterns. ​ Deferred Income Tax Accounts and Tax Reserves ​ We are subject to income taxes in the United States and several foreign jurisdictions. We use an estimated annual effective rate based on expected annual income to determine our quarterly provision for income taxes. The effective income tax rate includes the estimated domestic state effective income tax rate and applicable foreign income tax rates. The effective income tax rate is also impacted by various permanent items and credits, net of any related valuation allowances, and can vary based on changes in estimated annual income. Discrete items are recorded in the quarter in which they occur. ​ Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Deferred tax assets are also recognized for the estimated future effects of tax attribute carryforwards (e.g., net operating losses, capital losses, and foreign tax credits). The effect on deferred taxes of changes in tax rates is recognized in the period in which the new tax rate is enacted. Valuation allowances are established when necessary on a jurisdictional basis to reduce deferred tax assets to the amounts we expect to realize. As of September 29, 2019, we had a net deferred liability of approximately ​ Tax authorities periodically audit the Company. We record reserves and related interest and penalties for identified exposures as income tax expense. We evaluate these issues on a quarterly basis to adjust for events, such as statute of limitations expirations, court or state rulings or audit settlements, which may impact our ultimate payment for such exposures. ​ Fair Value Measurements and Disclosures ​ The Company is required to determine the fair value of financial assets and liabilities based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. Fair value is a market-based measurement, not an entity-specific measurement. The fair value of certain assets and liabilities approximates carrying value because of the short-term nature of the accounts, including cash and cash equivalents, accounts receivable, net of allowances, and accounts payable. The carrying value of our notes receivable, net of allowances, also approximates fair value. The fair value of the amounts outstanding under our term debt and revolving credit facility approximate their carrying values due to the variable market-based interest rate (Level 2). ​ Certain assets and liabilities are measured at fair value on a recurring basis and are required to be classified and disclosed in one of the following categories: ​ ● Level 1: Quoted market prices in active markets for identical assets or liabilities. ● Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. ● Level 3: Unobservable inputs that are not corroborated by market data. ​ ​ ​ ​ ​ ​ ​ ​ Our financial assets and liabilities that were measured at fair value on a recurring basis as of September 29, 2019 and December 30, 2018 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements ​ Value Level 1 Level 2 Level 3 September 29, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 31,361 ​ $ 31,361 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ 7,950 ​ — ​ 7,950 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 27,751 ​ $ 27,751 ​ $ — ​ $ — ​ Interest rate swaps (b) ​ 4,905 ​ — ​ 4,905 ​ — ​ (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”). ​ Accounting Standards Adopted ​ Leases ​ In February 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” (“ASU 2016-02”), which amends leasing guidance by requiring companies to recognize a right-of-use asset and a lease liability for all operating and financing leases with lease terms greater than twelve months. The lease liability is equal to the present value of lease payments. The right-of-use lease asset is based on the lease liability, subject to adjustment for prepaid and deferred rent and tenant incentives. For income statement purposes, leases will continue to be classified as operating or financing with lease expense in both cases calculated substantially the same as under the prior leasing guidance. ​ The Company adopted Topic 842 as of December 31, 2018 (the first day of fiscal 2019). See Notes 3 and 4 for additional information. ​ Improvements to Non-employee Share-Based Payment Accounting ​ In June 2018, the FASB issued ASU 2018-07, “ Improvements to Non-employee Share-based Payment Accounting ” (“ASU 2018-07”). ASU 2018-07 amends ASC 718, “ Compensation - Stock Compensation ” (“ASC 718”), to simplify the accounting for share-based payments granted to non-employees for goods and services. ASU 2018-07 supersedes ASC 505-50, “ Equity-Based Payments to Non-employees ” (“ASC 505-50”) and aligns much of the accounting for share-based payments granted to non-employees for goods and services with the accounting for share-based payments granted to employees. ASU 2018-07 was effective for the Company beginning in fiscal 2019. There was no significant impact at adoption. ​ Accounting Standards to be Adopted in Future Periods ​ Financial Instruments – Credit Losses ​ In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ,” which requires measurement and recognition of expected versus incurred losses for financial assets held. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019. The Company is currently assessing the impact of adopting this standard on our consolidated financial statements. ​ Cloud Computing ​ In August 2018, the FASB issued ASU No. 2018-15 “ Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

Adoption of ASC 842, "Leases"

Adoption of ASC 842, "Leases"	9 Months Ended
	Sep. 29, 2019
Adoption of ASC 842, "Leases"
Adoption of ASC 842, "Leases"	3. Adoption of ASC 842, “Leases” ​ The Company adopted ASU 2016-02 “ Leases (Topic 842) ” along with related clarifications and improvements effective at the beginning of fiscal 2019, using the modified retrospective transition method. There was no cumulative-effect adjustment to the Company's Condensed Consolidated Balance Sheet as of December 31, 2018. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. ​ The Company has significant leases that include most domestic Company-owned restaurant and commissary locations. Other domestic leases include tractor and trailer leases and other equipment used by our commissaries. Additionally, the Company leases a significant number of restaurants within the United Kingdom; these restaurants are then subleased to the franchisees. These leases are classified as operating leases and are included in the Operating lease right-of-use assets, Current operating lease liabilities, and Long-term operating lease liabilities captions on the Company’s Condensed Consolidated Balance Sheet. There were no finance leases at the date of adoption of ASC 842. ​ Under the new guidance, right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease terms at the commencement dates. The Company uses its incremental borrowing rates as the discount rate for its leases, which is equal to the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. We have elected to use the portfolio approach in determining our incremental borrowing rate. The incremental borrowing rate for all existing leases as of the opening balance sheet date was based upon the remaining terms of the leases; the incremental borrowing rate for all new or amended leases is based upon the lease terms. The lease terms for all the Company’s leases include the contractually obligated period of the leases, plus any additional periods covered by Company options to extend the leases that the Company is reasonably certain to exercise. ​ The Company has elected the package of practical expedients permitted under the transition guidance, which among other things, allows us to carryforward our prior lease classifications under ASC 840, “ Leases (“Topic 840) . Based upon the practical expedient election, leases with an initial term of 12 months or less, but greater than one month, will not be recorded on the balance sheet for select asset classes. ​ Adoption of Topic 842 did not have a material impact on our operating results or cash flows. Operating lease expense is recognized on a straight-line basis over the lease term and is included in Operating costs or General and administrative expenses. Variable lease payments are expensed as incurred. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The effects of the changes made to the Company’s Condensed Consolidated Balance Sheet as of December 31, 2018 for the adoption of Topic 842 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Adjustments due to Topic 842 ​ ​ ​ Balance at Assets ​ ​ ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses $ 30,376 $ (4,669) ​ (a) $ 25,707 Other assets: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ - ​ 161,027 ​ (b) ​ 161,027 Liabilities and stockholders' deficit ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease liabilities ​ - ​ 25,348 ​ (c) ​ 25,348 Long-term liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Long-term operating lease liabilities ​ - ​ 137,511 ​ (d) ​ 137,511 Other long-term liabilities ​ 79,324 ​ (6,501) ​ (e) ​ 72,823 ​ (a) Represents the amount of first quarter 2019 rents that were prepaid as of December 30, 2018 and reclassified to operating lease right-of-use assets (b) Represents the recognition of operating lease right-of-use assets, which are calculated as the initial operating lease liabilities, reduced by the year-end 2018 net carrying amounts of prepaid and deferred rent and tenant incentive liabilities (c) Represents the current portion of operating lease liabilities (d) Represents the recognition of operating lease liabilities, net of current portion (e) Represents the net carrying amount of deferred rent liabilities and tenant incentive liabilities, which have been reclassified to operating lease right-of-use assets ​ Changes in lessor accounting under the new standard did not have a significant financial impact on the recognition of rental income.

Leases

Leases	9 Months Ended
	Sep. 29, 2019
Leases
Leases	4. Leases ​ The Company has significant leases that include most domestic Company-owned restaurant and commissary locations. Other domestic leases include tractor and trailer leases used by our distribution subsidiary as well as commissary equipment. Additionally, the Company leases a significant number of restaurants within the United Kingdom; these restaurants are then subleased to the franchisees. The Company’s leases have terms as follows: ​ ​ ​ ​ Average lease term Domestic Company-owned restaurants Five years, plus at least one renewal United Kingdom franchise-owned restaurants 15 years Domestic commissary locations 10 years, plus at least one renewal Domestic and international tractors and trailers Five to seven years Domestic and international commissary and office equipment Three to five years ​ All leases entered into prior to the adoption of ASC 842 were classified as operating leases. During the third quarter of 2019, the Company entered into new domestic tractor and trailer leases. These leases are classified as finance leases and are included in the Finance lease right-of-use assets, net, Current finance lease liabilities, and Long-term finance lease liabilities captions on the Company’s Condensed Consolidated Balance Sheet. ​ The Company determines if an arrangement is or contains a lease at contract inception and recognizes a right-of-use asset and a lease liability at the lease commencement date. Leases with an initial term of 12 months or less but greater than one month are not recorded on the balance sheet for select asset classes. The lease liability is measured at the present value of future lease payments as of the lease commencement date, or the opening balance sheet date for leases existing at adoption of Topic 842. The right-of-use asset recognized is based on the lease liability adjusted for prepaid and deferred rent and unamortized lease incentives. An operating lease right-of-use asset is amortized on a straight-line basis over the lease term and is recognized as a single lease cost against the operating lease liability. A finance lease right-of-use asset is amortized on a straight-line basis, with interest costs reported separately, over the lesser of the useful life of the leased asset or lease term. ​ Certain leases provide that the lease payments may be increased annually based on the fixed rate terms or adjustable terms such as the Consumer Price Index. Future base rent escalations that are not contractually quantifiable as of the lease commencement date are not included in our lease liability. ​ The following schedule details the total right-of-use assets and lease liabilities on the Condensed Consolidated Balance Sheet as of September 29, 2019 and the date of adoption on December 31, 2018 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 29, ​ ​ December 31, Leases Classification ​ ​ 2019 ​ ​ 2018 Assets ​ ​ ​ ​ ​ ​ ​ Finance lease assets, net Finance lease right-of-use assets, net ​ $ 9,870 ​ $ — Operating lease assets, net Operating lease right-of-use assets ​ ​ 144,881 ​ ​ 161,027 Operating lease assets, net Assets held for sale ​ ​ 2,336 ​ ​ — Total lease assets ​ ​ $ 157,087 ​ $ 161,027 Liabilities ​ ​ ​ ​ ​ ​ ​ Current finance lease liabilities Current finance lease liabilities ​ $ 1,748 ​ $ — Current operating lease liabilities Current operating lease liabilities ​ ​ 23,701 ​ ​ 25,348 Noncurrent finance lease liabilities Long-term finance lease liabilities ​ ​ 8,083 ​ ​ — Noncurrent operating lease liabilities Long-term operating lease liabilities ​ ​ 121,320 ​ ​ 137,511 Operating lease liabilities held for sale Accrued expenses and other current liabilities ​ ​ 2,420 ​ ​ — Total lease liabilities ​ ​ $ 157,272 ​ $ 162,859 ​ Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease expense is comprised of operating and finance lease costs, short-term lease costs, and variable lease costs, which are primarily comprised of common area maintenance, real estate taxes, and insurance for the Company’s real estate leases. Lease costs also include variable rent, which is primarily related to the Company’s supply chain tractor and trailer leases that are based on a rate per mile. Lease expense for the three- and nine-month periods ended September 29, 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended (in thousands) ​ ​ September 29, 2019 ​ ​ September 29, 2019 Finance lease: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 333 ​ $ 333 Interest on lease liabilities ​ ​ 108 ​ ​ 108 Operating lease: ​ ​ ​ ​ ​ ​ Operating lease cost ​ ​ 10,402 ​ ​ 31,816 Short-term lease cost ​ ​ 679 ​ ​ 2,308 Variable lease cost ​ ​ 2,203 ​ ​ 6,945 Total lease costs ​ $ 13,725 ​ $ 41,510 Sublease income ​ ​ (2,613) ​ ​ (7,778) Total lease costs, net of sublease income ​ $ 11,112 ​ $ 33,732 ​ Future minimum lease payments and sublease income under contractually-obligated leases as of September 29, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ Finance ​ Operating ​ Expected Remainder of 2019 ​ $ 579 ​ $ 7,027 ​ $ 2,195 2020 ​ ​ 2,315 ​ ​ 35,946 ​ ​ 8,772 2021 ​ ​ 2,315 ​ ​ 31,420 ​ ​ 8,419 2022 ​ ​ 2,315 ​ ​ 26,005 ​ ​ 8,073 2023 ​ ​ 2,315 ​ ​ 20,345 ​ ​ 7,782 Thereafter ​ ​ 1,605 ​ ​ 72,167 ​ ​ 47,687 Total future minimum lease payments ​ ​ 11,444 ​ ​ 192,910 ​ ​ 82,928 Less imputed interest ​ ​ (1,613) ​ ​ (45,469) ​ ​ — Less lease liabilities held for sale (1) ​ ​ — ​ ​ (2,420) ​ ​ — Total present value of Lease Liabilities ​ $ 9,831 ​ $ 145,021 ​ $ 82,928 (1) Operating lease liabilities of $2.4 million are separately reported in the Company’s Condensed Consolidated Balance Sheets under the caption “Accrued expenses and other current liabilities”. Future minimum lease payments and sublease income under contractually-obligated leases as of December 30, 2018 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ Operating ​ Expected 2019 ​ $ 40,834 ​ $ 8,079 2020 ​ ​ 36,631 ​ ​ 8,061 2021 ​ ​ 31,159 ​ ​ 7,818 2022 ​ ​ 25,188 ​ ​ 7,462 2023 ​ ​ 18,694 ​ ​ 7,182 Thereafter ​ ​ 57,304 ​ ​ 42,518 Total future minimum lease payments ​ $ 209,810 ​ $ 81,120 ​ Lessor Operating Leases We sublease certain retail space to our franchisees in the United Kingdom which are primarily operating leases. At September 29, 2019, we leased and subleased approximately 370 Papa John’s restaurants to franchisees in the United Kingdom. The initial lease terms on the franchised sites in the United Kingdom are generally 15 years . The Company has the option to negotiate an extension toward the end of the lease term at the landlord’s discretion. Rental income, primarily derived from properties leased and subleased to franchisees in the United Kingdom, is recognized on a straight-line basis over the respective operating lease terms, in accordance with Topic 842, similar to previous guidance. Lease Guarantees As a result of assigning our interest in obligations under property leases as a condition of the refranchising of certain restaurants, we are contingently liable for payment of approximately 103 domestic leases. These leases have varying terms, the latest of which expires in 2033. As of September 29, 2019, the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees was $14.8 million. This contingent liability is not included in the Condensed Consolidated Balance Sheet or future minimum lease obligation. The fair value of the guarantee is not material. ​ There were no leases recorded between related parties. ​ Supplemental Cash Flow & Other Information ​ Supplemental cash flow information related to leases for the periods reported is as follows: ​ ​ ​ ​ ​ ​ Nine Months Ended (in thousands, except for weighted-average amounts) ​ September 29, 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows from finance leases $ 108 Financing cash flows from finance leases ​ 371 Operating cash flows from operating leases ​ 30,342 Right-of-use assets obtained in exchange for new finance lease liabilities ​ 10,203 Right-of-use assets obtained in exchange for new operating lease liabilities ​ 13,335 Cash received from sublease income ​ 7,196 ​ ​ ​ Weighted-average remaining lease term (in years): ​ ​ Finance leases ​ 5.03 Operating leases ​ 6.98 Weighted-average discount rate: ​ ​ Finance leases ​ 6.40% Operating leases ​ 6.93% ​

Papa John's Marketing Fund, Inc

Papa John's Marketing Fund, Inc.	9 Months Ended
	Sep. 29, 2019
Papa John's Marketing Fund, Inc.
Papa John's Marketing Fund, Inc.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 . Papa John’s Marketing Fund, Inc. ​ PJMF 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. ​ Assets and liabilities of PJMF, which are restricted in their use, included in the Condensed Consolidated Balance Sheets were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 29, ​ December 30, ​ ​ ​ ​ 2019 ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 3,247 ​ $ 13,790 ​ ​ Accounts receivable, net ​ ​ 9,991 ​ ​ 10,264 ​ ​ Income tax receivable ​ ​ 124 ​ ​ 73 ​ ​ Prepaid expenses ​ ​ 1,981 ​ ​ 441 ​ ​ Other current assets ​ ​ 17,180 ​ ​ 1 ​ ​ Total current assets ​ ​ 32,523 ​ ​ 24,569 ​ ​ Deferred income taxes, net ​ ​ 381 ​ ​ 381 ​ ​ Total assets ​ $ 32,904 ​ $ 24,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 15,286 ​ $ 20 ​ ​ Accrued expenses and other current liabilities ​ ​ 7,190 ​ ​ 23,455 ​ ​ Deferred revenue current ​ ​ 111 ​ ​ 155 ​ ​ Debt ​ ​ 9,051 ​ ​ 9 ​ ​ Total current liabilities ​ ​ 31,638 ​ ​ 23,639 ​ ​ Deferred revenue ​ ​ 3,992 ​ ​ 5,995 ​ ​ Total liabilities ​ $ 35,630 ​ $ 29,634 ​ ​ ​

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 29, 2019
Revenue Recognition
Revenue Recognition	6. Revenue Recognition ​ Adoption of Topic 606 ​ The Company adopted Topic 606 in the first quarter of 2018 with an adjustment to retained earnings to reflect the cumulative impact of adoption. The correction of the immaterial error regarding the consolidation of PJMF impacted the cumulative adjustment from adoption as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2018 (In thousands) ​ As Reported ​ As Restated ​ ​ ​ ​ ​ ​ ​ Cumulative effect of adoption of Topic 606 ​ $ (21,528) ​ $ (24,359) ​ The change to the cumulative effect of adoption on retained earnings is the result of the consolidation of PJMF in the Company’s consolidated financial statements, as discussed in more detail in Notes 2 and 5. This included a change in the timing of breakage revenue and commission expense recognition under Topic 606. ​ The adoption of the new guidance changed the reporting of contributions made to PJMF from franchisees and the related advertising fund expenditures, which were not previously included in the Condensed Consolidated Statements of Operations. The new guidance requires these advertising fund contributions and expenditures to be reported on a gross basis in the Condensed Consolidated Statements of Operations. ​ Contract Balances ​ Our contract liabilities primarily relate to franchise fees and unredeemed gift card liabilities, which we classify as Deferred revenue and customer loyalty program obligations which are classified as Accrued expenses and other current liabilities. During the three and nine months ended September 29, 2019, the Company recognized $9.0 million and $24.7 million in revenue, respectively, related to deferred revenue and the customer loyalty program, compared to $3.6 million and $10.9 million for the three and nine months ended September 30, 2018, respectively. ​ The contract liability balances are included in the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities ​ ​ ​ September 29, 2019 ​ ​ December 30, 2018 ​ ​ Change Deferred revenue ​ $ 19,132 ​ $ 23,272 ​ $ (4,140) Customer loyalty program ​ ​ 14,580 ​ ​ 18,019 ​ ​ (3,439) Total contract liabilities ​ $ 33,712 ​ $ 41,291 ​ $ (7,579) ​ Our contract assets consist primarily of equipment incentives provided to franchisees. Equipment incentives are related to the future value of commissary revenue the Company will receive over the term of the agreement. ​ The contract assets were approximately $5.8 million and $6.6 million at September 29, 2019 and December 30, 2018, respectively. During the three and nine months ended September 29, 2019, revenue was reduced approximately $900,000 and $2.5 million, respectively, for the amortization of contract assets over the applicable contract terms. Contract assets are included in Other current assets and Other assets. ​ Transaction Price Allocated to the Remaining Performance Obligations ​ The following table (in thousands) includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied at the end of the reporting period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Obligations by Period ​ ​ Less than 1 Year ​ 1-2 Years ​ 2-3 Years ​ 3-4 Years ​ 4-5 Years ​ Thereafter ​ Total Franchise fees ​ $ 2,349 ​ $ 2,134 ​ $ 1,927 ​ $ 1,665 ​ $ 1,398 ​ $ 3,397 ​ $ 12,870 ​ Approximately $2.2 million of area development fees related to unopened stores and international unearned royalties are included in deferred revenue. Timing of revenue recognition is dependent upon the timing of store openings and franchisees’ revenues. Gift card liabilities of approximately $4.1 million, included in deferred revenue, will be recognized at Company-owned restaurant revenues when gift cards are redeemed. The Company will recognize redemption fee revenue in Other revenues when cards are redeemed at franchised restaurant locations. ​ As of September 29, 2019, the amount allocated to the Papa Rewards loyalty program is $14.6 million and is reflected in the Condensed Consolidated Balance Sheet as part of the contract liability included in Accrued expenses and other current liabilities. This will be recognized as revenue as the points are redeemed, or expire, which is expected to occur within the next year. ​ The Company applies the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

Stockholders' Deficit

Stockholders' Deficit	9 Months Ended
	Sep. 29, 2019
Stockholders' Deficit
Stockholders' Deficit	7. Stockholders’ Deficit ​ Shares Authorized and Outstanding ​ The Company has authorized 5.0 million shares of preferred stock, 100.0 million shares of common stock, and 260,000 shares of Series B Convertible Preferred Stock (the “Series B Preferred Stock”). The Company’s outstanding shares of common stock, net of repurchased common stock, were 31.4 million shares at both September 29, 2019 and December 30, 2018. The Company’s outstanding shares of Series B Preferred Stock were 252,530 at September 29, 2019 (none as of December 30, 2018). ​ Share Repurchase Program ​ Our Board of Directors previously authorized the repurchase of up to $2.075 billion of common stock under a share repurchase program that began on December 9, 1999 and expired on February 27, 2019. ​ Dividends ​ The Company recorded dividends of approximately $30.3 million in the nine months ended September 29, 2019 consisting of the following: ​ ● $21.4 million paid to common stockholders ($0.675 per share); ● $3.2 million in common stock “pass-through” dividends paid to Series B Preferred Stockholders on an as-converted basis ($0.675 per share); ● $3.4 million in preferred dividends on the Series B Preferred Stock (3.6% of the investment per annum). ● $2.3 million in preferred dividends on the Series B Preferred Stock were declared with a record date of September 16, 2019 and paid on October 1, 2019. ​ On October 22, 2019, our Board of Directors declared a fourth quarter dividend of $0.225 per common share (of which approximately $7.1 million will be paid to common stockholders and $1.1 million will be paid as “pass through” dividends to holders of Series B Preferred Stock on an “as converted basis”). The fourth quarter preferred dividend was also declared on . The common share dividend will be paid on . The fourth quarter preferred dividend of ​ Stockholder Rights Plan ​ On April 30, 2019, the Company’s stockholders ratified the adoption by the Board of Directors of the Rights Agreement, dated as of July 22, 2018, as amended on February 3, 2019, March 6, 2019, and October 23, 2019 (as amended, the “Rights Agreement”) . The original Rights Agreement adopted by the Board of Directors on July 22, 2018 had an expiration date of July 22, 2019 and a beneficial ownership trigger threshold of 15% in connection with the sale and issuance of the to Starboard described below, the original Rights Agreement was amended to exempt Starboard from being considered an “Acquiring Person” under the Rights Agreement solely as a result of its beneficial ownership of (i) shares of common stock beneficially owned by Starboard prior to the sale and issuance of the Series B Preferred Stock, (ii) shares of Series B Preferred Stock issued or issuable to Starboard under the terms of the Securities Purchase Agreement, and (iii) shares of the common stock (or in certain circumstances certain series of preferred stock) issuable upon conversion of the Series B Preferred Stock (or certain series of preferred stock issuable on conversion thereof) pursuant to the terms of the Certificate of Designation of Series B Preferred Stock. On March extend the term of the Rights Agreement to March 6, 2022, increase the beneficial ownership trigger threshold at which a person becomes an acquiring person from 15% to 20% , except for a “grandfathered person” provision, and make certain other changes. The Rights Agreement was further amended on October 23, 2019 to eliminate the “grandfathered person” provision since there are no stockholders that currently beneficially own 20% or more of the Company’s common stock. In connection with the adoption of the original Rights Agreement, on July 22, 2018, the Board of Directors authorized and declared a dividend to stockholders of record at the close of business on August 2, 2018 of one preferred share purchase right (a “Right”) for each outstanding share of Papa John’s common stock. Upon certain triggering events, each Right would entitle the holder to purchase from the Company one one-thousandth (subject to adjustment) of one share of Series A Junior Participating Preferred Stock, $0.01 par value per share of the Company (“ Series A Preferred Stock”) at an exercise price of $250.00 (the “Exercise Price”) per one one-thousandth of a share of Series A Preferred Stock. In addition, if a person or group acquires beneficial ownership of 20% or more of the Company’s common stock without prior board approval, each holder of a Right (other than the acquiring person or group whose Rights will become void) will have the right to purchase, upon payment of the Exercise Price and in accordance with the terms of the Rights Agreement , a number of shares of the Company’s common stock having a market value of twice the Exercise Price .

Series B Convertible Preferred

Series B Convertible Preferred Stock	9 Months Ended
	Sep. 29, 2019
Series B Convertible Preferred Stock
Series B Convertible Preferred Stock	8. Series B Convertible Preferred Stock ​ On February 3, 2019, the Company entered into a Securities Purchase Agreement with Starboard Value LP (together with its affiliates, “Starboard”) pursuant to which Starboard made a $200 million strategic investment in the Company’s newly designated Series B Preferred Stock, at a purchase price of $1,000 per share. In addition, on March 28, 2019, Starboard made an additional $50 million investment in the Series B Preferred Stock pursuant to an option that was included in the Securities Purchase Agreement. The Company also issued $2.5 million of Series B Preferred Stock on the same terms as Starboard to certain franchisees that represented to the Company that they qualify as an “accredited investor” as defined in Rule 501 of Regulation D promulgated under the Securities Act. The initial dividend rate on the Series B Preferred Stock is 3.6% per annum of the stated value of $1,000 per share (the “Stated Value”), payable quarterly in arrears. The Series B Preferred Stock also participates on an as-converted basis in any regular or special dividends paid to common stockholders. If at any time, the Company reduces the regular dividend paid to common stockholders, the Series B Preferred Stock dividend will remain the same as if the common stock dividend had not been reduced. The Series B Preferred Stock is convertible at the option of the holders at any time into shares of common stock based on the conversion rate determined by dividing the Stated Value by $50.06 . The Series B Preferred Stock is also redeemable for cash at the option of either party from and after the eight-year anniversary of issuance, subject to certain conditions. ​ The Series B Preferred Stock ranks (i) senior to all of the Common Stock and any other class or series of capital stock of the Company (including the Company’s Series A Junior Participating Preferred Stock), the terms of which do not expressly provide that such class or series ranks senior to or on a parity with the Series B Preferred Stock, (ii) on a parity basis with each other class or series of capital stock hereafter issued or authorized, the terms of which expressly provide that such class or series ranks on a parity basis with the Series B Preferred Stock and (iii) on a junior basis with each other class or series of capital stock now or hereafter issued or authorized, the terms of which expressly provide that such class or series ranks on a senior basis to the Series B Preferred Stock. ​ Holders of the Series B Preferred Stock have the right to vote with common stockholders on an as-converted basis on all matters, without regard to limitations on conversion other than the Exchange Cap, which is equal to the issuance of greater than 19.99% of the number of shares of common stock outstanding, and subject to certain limitations in the Certificate of Designation for the Series B Preferred Stock. ​ Upon consummation of a change of control of the Company, the holders of Series B Preferred Stock have the right to require the Company to repurchase the Series B Preferred Stock at an amount equal to the sum of (i) the greater of (A) the Stated Value of the Series B Preferred Stock being redeemed plus accrued and unpaid dividends and interest, and (B) the Change of Control As-Converted Value with respect to the Series B Preferred Shares being redeemed and (ii) the Make-Whole Amount (as each of these terms is defined in the Certificate of Designation). ​ Since the holders have the option to redeem their shares of Series B Preferred Stock from and after the eight-year anniversary of issuance, which right may or may not be exercised, the stock is considered contingently redeemable and, accordingly, is classified as temporary equity of $251.1 million on the Condensed Consolidated Balance Sheet as of September 29, 2019. This amount is reported net of $7.5 million of related issuance costs. In accordance with applicable accounting guidance, the Company also recorded a one-time mark-to-market temporary equity adjustment of $5.9 million for the increase in fair value for both the $50.0 million option exercised by Starboard and the shares purchased by franchisees for the period of time the option was outstanding. The mark-to-market temporary equity adjustment was recorded in General and administrative expenses for $5.6 million (Starboard) and as a reduction to North America franchise royalties and fees of $0.3 million (Franchisees) within the Condensed Consolidated Statement of Operations with no associated tax benefit. Over the initial eight-year term, the $251.1 million investment will be accreted to the related redemption value of approximately $252.5 million as an adjustment to Retained Earnings. ​ The Company paid dividends of approximately $6.6 million to holders of Series B Preferred Stock during the nine months ended September 29, 2019, which consisted of a $3.4 million preferred dividend and a $3.2 million “pass-through” dividend on an as-converted basis to common stock. The Company also declared a $2.3 million preferred dividend with a record date of September 16, 2019, which was paid on October 1, 2019. Dividends paid to holders of Series B Preferred Stock and the related accretion are subtracted from net (loss) income attributable to the Company in determining net (loss) income attributable to common stockholders. See Note 9 for additional information. ​

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 29, 2019
Earnings (Loss) Per Share
Earnings (Loss) Per Share	9. Earnings (Loss) Per Share ​ We compute earnings (loss) per share using the two-class method. The two-class method requires an earnings allocation formula that determines earnings (loss) per share for common stockholders and participating security holders according to dividends declared and participating rights in undistributed earnings. The Series B Preferred Stock and time-based restricted stock awards are participating securities because holders of such shares have non-forfeitable dividend rights and participate in undistributed earnings with common stock. Under the two-class method, total dividends provided to the holders of Series B Preferred Stock, including common dividends and undistributed earnings allocated to participating securities are subtracted from net income attributable to the Company in determining net income attributable to common stockholders. Additionally, any accretion to redemption value is treated as a deemed dividend in the two-class EPS calculation. ​ The calculations of basic and diluted (loss) earnings per common share are as follows (in thousands, except per-share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 29, ​ September 30, ​ September 29, ​ September 30, ​ ​ 2019 2018 2019 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic (loss) earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to the Company ​ $ 385 ​ $ (13,300) ​ $ 7,008 ​ $ 15,342 Preferred stock dividends and accretion ​ ​ (3,473) ​ ​ — ​ ​ (9,029) ​ ​ — Net income attributable to participating securities ​ — ​ — ​ — ​ (147) Net (loss) income attributable to common shareholders ​ $ (3,088) ​ $ (13,300) ​ $ (2,021) ​ $ 15,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 31,601 ​ 31,573 ​ 31,581 ​ 32,265 Basic (loss) earnings per common share ​ $ (0.10) ​ $ (0.42) ​ $ (0.06) ​ $ 0.47 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted (loss) earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income attributable to common shareholders ​ $ (3,088) ​ $ (13,300) ​ $ (2,021) ​ $ 15,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 31,601 ​ 31,573 ​ 31,581 ​ 32,265 Dilutive effect of outstanding equity awards (a) ​ — ​ — ​ — ​ 224 Diluted weighted average common shares outstanding (b) ​ 31,601 ​ 31,573 ​ 31,581 ​ 32,489 Diluted (loss) earnings per common share ​ $ (0.10) ​ $ (0.42) ​ $ (0.06) ​ $ 0.47 (a) Excludes 1,209 equity awards for the nine months ended September 30, 2018 as the effect of including such awards would have been anti-dilutive. (b) The Company had 252,530 shares of Series B Preferred Stock outstanding as of September 29, 2019. For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income attributable to common stockholders. The Company then applied the if-converted method to calculate dilution on the Series B Preferred Stock, which resulted in 5.0 million additional common shares. This calculation was anti-dilutive.

Divestitures

Divestitures	9 Months Ended
	Sep. 29, 2019
Divestitures
Divestitures	10. Divestitures ​ On August 1, 2019, the Company refranchised 19 Company-owned restaurants in Macon, Georgia for $5.6 million in cash proceeds. The assets and liabilities associated with the Macon stores were previously classified as Assets held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2019. The sale resulted in a pre-tax gain of $1.7 million shown in Refranchising gains (losses), net on the Condensed Consolidated Statement of Operations. ​ As a result of assigning our interest in obligations under property leases as a condition of the refranchising of the Macon market, we are contingently liable for payment on the 19 leases. These leases have varying terms, the latest of which expires in 2036. As of September 29, 2019, the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees was $5.7 million. The fair value of the guarantee is not material. ​ Subsequent to the third quarter, on September 30, 2019, the Company completed the refranchising of 23 Company-owned restaurants in South Florida for $7.5 million in cash proceeds. The assets and liabilities associated with the South Florida restaurants are classified as Assets held for sale in the Condensed Consolidated Balance Sheet as of September 29, 2019. Upon the reclassification of these assets to Assets held for sale, no loss was recognized as their fair value exceeded their carrying value. The Company expects to recognize a gain on the sale in the fourth quarter of 2019. The following table summarizes the associated assets and liabilities that are classified as Assets held for sale (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held for Sale ​ ​ September 29, 2019 Cash and cash equivalents ​ $ 13 Inventories ​ 119 Property and equipment, net ​ ​ 2,139 Right-of-use assets ​ 2,336 Goodwill ​ 2,532 Total assets held for sale ​ $ 7,139 ​ ​ ​ ​ Lease liabilities ​ $ 2,420 Total liabilities held for sale (a) ​ $ 2,420 ​ ​ ​ ​ ​ ​ ( (a) Liabilities held for sale are included under the caption “Accrued expenses and other current liabilities”. ​ The Company-owned restaurants classified as held for sale reported income before income taxes of $197,000 and $195,000 for the three months ended September 29, 2019 and September 30, 2018, respectively, and $968,000 and $906,000 for the nine months ended September 29, 2019 and September 30, 2018. All stores were included in the Domestic Company-owned restaurants segment.

Debt

Debt	9 Months Ended
	Sep. 29, 2019
Debt
Debt	11. Debt ​ Long-term debt, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 29, ​ ​ December 30, ​ ​ ​ ​ 2019 ​ ​ 2018 Outstanding debt ​ ​ $ 378,051 ​ $ 625,009 Unamortized debt issuance costs ​ ​ ​ (2,936) ​ ​ (3,874) Current portion of long-term debt ​ ​ ​ (29,051) ​ ​ (20,009) Total long-term debt, less current portion, net ​ ​ $ 346,064 ​ $ 601,126 ​ The Company has a secured revolving credit facility with available borrowings of $400.0 million (the “Revolving Facility”), of which $4.0 million was outstanding as of September 29, 2019, and a secured term loan facility with an outstanding balance of $365.0 million (the “Term Loan Facility”) and together with the Revolving Facility, the “PJI Facilities”. The PJI Facilities mature on August 30, 2022. The loans under the PJI Facilities accrue interest at a per annum rate equal to, at the Company’s election, either a LIBOR rate plus a margin ranging from The Credit Agreement governing the PJI Facilities (the “PJI Credit Agreement”) places certain customary restrictions upon the Company based on its financial covenants. These include limiting the repurchase of common stock and not increasing the cash dividend above the lesser of to 1.0. Quarterly amortization payments are required to be made on the Term Loan Facility in the amount of ​ The PJI Credit Agreement contains customary affirmative and negative covenants, including financial covenants requiring the maintenance of the Leverage Ratio and a specified fixed charge coverage ratio. The PJI Credit Agreement allows for a permitted Leverage Ratio of 5.25 to 1.0 beginning in the third quarter of 2018, decreasing over time to 4.00 to 1.0 by 2022; and a fixed charge coverage ratio of 2.00 to 1.0 beginning in the third quarter of 2018 and increasing over time to 2.50 to 1.0 in 2021 and thereafter. We were in compliance with these financial covenants at September 29, 2019. ​ Under the PJI Credit Agreement, we have the option to increase the Revolving Facility or the Term Loan Facility in an aggregate amount of up to $300.0 million, subject to the Leverage Ratio of the Company not exceeding 4.00 to 1.00. The Company and certain direct and indirect domestic subsidiaries are required to grant a security interest in substantially all of the capital stock and equity interests of their respective domestic and first tier material foreign subsidiaries to secure the obligations owed under the PJI Facilities. ​ Our outstanding debt of $369.0 million at September 29, 2019 under the PJI Facilities was composed of $365.0 million outstanding under the Term Loan Facility and $4.0 million outstanding under the Revolving Facility. Including outstanding letters of credit, the Company’s remaining availability under the PJI Facilities at September 29, 2019 was approximately $352.8 million. ​ As of September 29, 2019, the Company had approximately $2.9 million in unamortized debt issuance costs, which are being amortized into interest expense over the term of the PJI Facilities. ​ We attempt to minimize interest risk exposure by fixing our rate through the utilization of interest rate swaps, which are derivative financial instruments. Our swaps are entered into with financial institutions that participate in the PJI Credit Agreement. By using a derivative instrument to hedge exposures to changes in interest rates, we expose ourselves to credit risk. Credit risk is due to the possible failure of the counterparty to perform under the terms of the derivative contract. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ We use interest rate swaps to hedge against the effects of potential interest rate increases on borrowings under our PJI Facilities. In April 2019, we reduced the notional value of our swaps by $50.0 million as a result of paying down a substantial portion of debt under our Revolving Facility using the proceeds received from the sale of Series B Preferred Stock in March 2019. The termination of $50.0 million of notional swap value was not significant to our results of operations. As of September 29, 2019, we have the following interest rate swap agreements with a total notional value of $350 million: ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Dates Floating Rate Debt Fixed Rates April 30, 2018 through April 30, 2023 ​ $ 55 million ​ 2.33 % April 30, 2018 through April 30, 2023 ​ $ 35 million ​ 2.36 % April 30, 2018 through April 30, 2023 ​ $ 35 million ​ 2.34 % January 30, 2018 through August 30, 2022 ​ $ 100 million ​ 1.99 % January 30, 2018 through August 30, 2022 ​ $ 75 million ​ 1.99 % January 30, 2018 through August 30, 2022 ​ $ 50 million ​ 2.00 % ​ The gain or loss on the swaps is recognized in Accumulated other comprehensive loss and reclassified into earnings as adjustments to interest expense in the same period or periods during which the swaps affect earnings. Gains or losses on the swaps representing hedge components excluded from the assessment of effectiveness are recognized in current earnings. ​ The following table provides information on the location and amounts of our swaps in the accompanying condensed consolidated financial statements (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate Swap Derivatives ​ ​ Fair Value ​ Fair Value ​ ​ September 29, ​ December 30, Balance Sheet Location ​ 2019 ​ 2018 ​ ​ ​ ​ ​ ​ ​ Other current and long-term assets ​ $ — ​ $ 4,905 Other current and long-term liabilities ​ $ 7,950 ​ $ — ​ The effect of derivative instruments on the accompanying condensed consolidated financial statements is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ Amount of Gain ​ Total Net interest expense Derivatives - ​ Amount of Gain or ​ or (Loss) ​ or (Loss) ​ on Condensed Cash Flow ​ (Loss) Recognized ​ Reclassified from ​ Reclassified from ​ Consolidated Hedging ​ in AOCI/AOCL ​ AOCI/AOCL into ​ AOCI/AOCL into ​ Statements of Relationships ​ on Derivative ​ Income ​ Income ​ Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps for the three months ended: September 29, 2019 ​ $ (1,437) ​ Interest expense ​ $ 161 ​ $ (4,249) September 30, 2018 ​ $ 1,483 ​ Interest expense ​ $ (19) ​ $ (6,058) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps for the nine months ended: September 29, 2019 ​ $ (9,641) ​ ​ Interest expense ​ $ 849 ​ $ (14,797) September 30, 2018 ​ $ 8,863 ​ Interest expense ​ $ (216) ​ $ (16,930) ​ The weighted average interest rates on our PJI Facilities, including the impact of the interest rate swap agreements, were 3.8% and 4.2% for the three- and nine-month periods ended September 29, 2019, respectively, compared to 3.9% and 3.7 % for the three- and nine-month periods ended September 30, 2018. Interest paid, including payments made or received under the swaps, was $3.0 million and $6.0 million for the three months ended September 29, 2019 and September 30, 2018, respectively, and $14.1 million and $16.6 million for the nine months ended September 29, 2019 and September 30, 2018, respectively. As of September 29, 2019, the portion of the aggregate $7.9 million interest rate swap liability that would be reclassified into net interest expense during the next twelve months approximates $2.7 million. ​ PJMF has a $20.0 million revolving line of credit (the “PJMF Revolving Facility”) pursuant to a Revolving Loan Agreement, dated September 30, 2015 (as amended, the “PJMF Loan Agreement”) with U.S. Bank National Association, as lender (“U.S. Bank”). The PJMF Revolving Facility is secured by substantially all assets of PJMF. The PJMF Revolving Facility matures on December 27, 2019. The borrowings under the PJMF Revolving Facility accrue interest at a variable rate of the one-month LIBOR plus 1.75 %. The applicable interest rates on the PJMF Revolving Facility were 4.0% and 4.2% for the three and nine months ended September 29, 2019, respectively, compared to 3.7% and 3.5 % for the three and nine months ended September 30, 2018, respectively. As of September 29, 2019, the principal amount of debt outstanding under the PJMF Revolving Facility was $9.1 million and is classified as current debt. The PJMF operating results and the related debt outstanding do not impact the financial covenants under the PJI Credit Agreement.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 29, 2019
Commitments and Contingencies
Commitments and Contingencies	12. Commitments and Contingencies ​ Litigation ​ The Company is involved in a number of lawsuits, claims, investigations and proceedings consisting of intellectual property, employment, consumer, commercial and other matters arising in the ordinary course of business. In accordance with ASC 450, “ Contingencies Ameranth, Inc. vs Papa John’s International, Inc. for the claims against the Company. However, on September 25, 2018, the California Court granted the Company’s Motion for Summary Judgment and found that the Ameranth patent at issue was invalid. Ameranth filed an appeal on October 25, 2018, and the lower court’s ruling as to all patent invalidity claims related to the Company was affirmed on November 1, 2019. ​ Durling et al v. Papa John’s International, Inc. , is a conditionally certified collective action filed in May 2016 in the United States District Court for the Southern District of New York (“the New York Court”), alleging that corporate restaurant delivery drivers were not properly reimbursed for vehicle mileage and expenses in accordance with the Fair Labor Standards Act. In July 2018, the New York Court granted a motion to certify a conditional corporate collective class and the opt-in notice process has been completed. As of the close of the opt-in period on October 29, 2018, 9,571 drivers opted into the collective class. On February 5, 2019, the Court denied Plaintiffs’ request to amend their complaint. The Company continues to deny any liability or wrongdoing in this matter and intends to vigorously defend this action. The Company ​ Danker v. Papa John’s International, Inc. et al.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 29, 2019
Related Party Transactions
Related Party Transactions	13. Related Party Transactions ​ On June 11, 2019, the Company entered into a marketing endorsement agreement with ABG-Shaq, LLC (“ABG-Shaq”), an entity affiliated with Shaquille O’Neal, for the personal services of Mr. O’Neal with an effective date of March 15, 2019. Mr. O’Neal is a non-independent member of the Company’s board of directors. Pursuant to the endorsement agreement, the Company received the right and license to use Mr. O’Neal’s name and image in connection with the advertising, promotion and sale of Papa John’s-branded products. Mr. O’Neal will also provide brand ambassador services related to appearances, social media and public relations matters, and will collaborate with the Company to develop one or more co-branded products. ​ As consideration for the rights and services granted under the endorsement agreement, the Company agreed to pay to ABG-Shaq aggregate cash payments of $4.125 million over the three years of the endorsement agreement and has granted restricted stock units to Mr. O’Neal (as agent of ABG-Shaq) that were valued at $4.3 million on the grant date, which will vest over 3 years. The Company will also pay expenses related to the marketing and personal services provided by Mr. O’Neal. The costs of the endorsement agreement are funded by PJMF. ​ On May 27, 2019, Mr. O’Neal and the Company entered into a joint venture for the operation of nine Atlanta-area Papa John’s pizza restaurants that were previously Company-owned restaurants. The Company owns approximately 70% of the joint venture and Mr. O’Neal owns approximately 30% of the joint venture. Mr. O’Neal contributed approximately $840,000 representing his pro rata capital contribution.

Other General Expenses

Other General Expenses	9 Months Ended
	Sep. 29, 2019
Other General Expenses
Other General Expenses	14. Other General Expenses ​ Other general expenses are included within General and administrative expenses and primarily consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ Nine Months Ended ​ ​ September 29, ​ ​ September 30, ​ ​ ​ ​ September 29, ​ ​ September 30, ​ ​ 2019 ​ ​ 2018 ​ ​ ​ ​ 2019 ​ ​ 2018 Provision for uncollectible accounts and notes receivable (a) $ 736 ​ $ 388 ​ ​ ​ $ 1,276 ​ $ 2,724 (Gain) loss on disposition of fixed assets ​ (190) ​ ​ 1,037 ​ ​ ​ ​ 1,100 ​ ​ 1,497 Other (income) expense ​ (116) ​ ​ 774 ​ ​ ​ ​ (833) ​ ​ 1,534 Other general expenses ​ 430 ​ ​ 2,199 ​ ​ ​ ​ 1,543 ​ ​ 5,755 Special charges (b) (c) ​ 7,844 ​ ​ 14,949 ​ ​ ​ ​ 21,720 ​ ​ 14,949 Administrative expenses (d) ​ 45,229 ​ ​ 38,563 ​ ​ ​ ​ 130,093 ​ ​ 113,975 General and administrative expenses $ 53,503 ​ $ 55,711 ​ ​ ​ $ 153,356 ​ $ 134,679 ​ (a) Bad debt recorded on accounts receivable and notes receivable. (b) The three-month period ended September 29, 2019 includes a $5.0 million marketing fund investment and $2.4 million that primarily includes severance costs for the Company’s former CEO and costs related to the termination of a license agreement for intellectual property no longer being utilized. The nine-month period ended September 29, 2019 includes $7.5 million of marketing fund investments, $5.9 million of legal and advisory fees primarily associated with the review of a wide range of strategic opportunities that culminated in Starboard’s strategic investment in the Company by affiliates of Starboard and $5.9 million related to a one-time mark-to-market adjustment from the increase in value of the Starboard option to purchase Series B Preferred Stock that culminated in the purchase of $50.0 million of Series B Preferred Stock in late March. See Note 8 for additional information. (c) The three- and nine-month periods ended September 30, 2018 include $11.3 million of advisory and legal costs primarily associated with the review of a wide range of strategic opportunities that culminated in Starboard’s strategic investment in the Company by affiliates of Starboard and a third-party audit of the culture at Papa John’s commissioned by a Special Committee of the Board of Directors and $3.6 million of reimaging costs at nearly all domestic restaurants including costs to replace or write-off certain branded assets. (d) The increases in administrative expenses of $6.7 million and $16.2 million for the three- and nine- month periods ended September 29, 2019, respectively, compared to the prior year comparable periods were primarily due to higher management incentive costs and higher professional fees.

Segment Information

Segment Information	9 Months Ended
	Sep. 29, 2019
Segment Information
Segment Information	15. Segment Information ​ We have four reportable segments: domestic Company-owned restaurants, North America commissaries, North America franchising and international operations. The domestic Company-owned restaurant segment consists of the operations of all domestic (“domestic” is defined as contiguous United States) Company-owned restaurants and derives its revenues principally from retail sales of pizza and side items, including breadsticks, cheesesticks, chicken poppers and wings, dessert items and canned or bottled beverages. The North America commissary segment consists of the operations of our regional dough production and product distribution centers and derives its revenues principally from the sale and distribution of food and paper products to domestic Company-owned and franchised restaurants in the United States and Canada. The North America franchising segment consists of our franchise sales and support activities and derives its revenues from sales of franchise and development rights and collection of royalties from our franchisees located in the United States and Canada. The international segment principally consists of distribution sales to franchised Papa John’s restaurants located in the United Kingdom and our franchise sales, marketing and other support activities, which derive revenues from sales of franchise and development rights and the collection of royalties from our international franchisees. International franchisees are defined as all franchise operations outside of the United States and Canada. All other business units that do not meet the quantitative thresholds for determining reportable segments, which are not operating segments, we refer to as “all other,” which consists of operations that derive revenues from the sale, principally to Company-owned and franchised restaurants, of printing and promotional items, franchise contributions to North America marketing funds including PJMF and information systems and related services used in restaurant operations, including our point-of-sale system, online and other technology-based ordering platforms. ​ Generally, we evaluate performance and allocate resources based on profit or loss from operations before income taxes and intercompany eliminations. Certain administrative and capital costs are allocated to segments based upon predetermined rates or actual estimated resource usage. We account for intercompany sales and transfers as if the sales or transfers were to third parties and eliminate the activity in consolidation. ​ Our reportable segments are business units that provide different products or services. Separate management of each segment is required because each business unit is subject to different operational issues and strategies. No single external customer accounted for 10% or more of our consolidated revenues. ​ ​ Our segment information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 29, ​ September 30, ​ September 29, ​ September 30, (In thousands) ​ 2019 2018 2019 2018 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 165,135 ​ $ 158,285 ​ $ 490,594 ​ $ 529,906 North America commissaries ​ ​ 154,703 ​ 146,240 ​ 450,735 ​ 461,408 North America franchising ​ ​ 15,924 ​ 12,806 ​ 53,215 ​ 61,524 International ​ ​ 29,888 ​ 30,793 ​ 92,808 ​ 100,977 All others ​ ​ 38,056 ​ 37,107 ​ 114,382 ​ 111,490 Total revenues ​ ​ $ 403,706 ​ $ 385,231 ​ $ 1,201,734 ​ $ 1,265,305 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intersegment revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America commissaries ​ ​ $ 47,599 ​ $ 46,023 ​ $ 140,116 ​ $ 153,389 North America franchising ​ ​ 612 ​ 464 ​ 2,072 ​ 2,499 International ​ ​ — ​ 70 ​ 191 ​ 213 All others ​ ​ 19,362 ​ 14,122 ​ 52,758 ​ 46,599 Total intersegment revenues ​ ​ $ 67,573 ​ $ 60,679 ​ $ 195,137 ​ $ 202,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants (1) ​ ​ $ 9,162 ​ $ (183) ​ $ 21,471 ​ $ 15,350 North America commissaries ​ ​ 6,790 ​ 6,195 ​ 22,094 ​ 23,535 North America franchising (2) ​ ​ 14,092 ​ 9,394 ​ 47,693 ​ 53,133 International (3) ​ ​ 4,195 ​ 4,519 ​ 14,915 ​ 10,334 All others ​ ​ (866) ​ (2,776) ​ (2,581) ​ (5,304) Unallocated corporate expenses (4) ​ ​ (32,329) ​ (37,046) ​ (92,685) ​ (74,500) Elimination of intersegment (profits) ​ ​ (366) ​ (331) ​ (1,037) ​ (599) Total income (loss) before income taxes ​ ​ $ 678 ​ $ (20,228) ​ $ 9,870 ​ $ 21,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 221,320 ​ ​ ​ ​ ​ ​ ​ ​ ​ North America commissaries ​ ​ ​ 141,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ International ​ ​ ​ 15,737 ​ ​ ​ ​ ​ ​ ​ ​ ​ All others ​ ​ ​ 80,980 ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated corporate assets ​ ​ ​ 208,274 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation and amortization ​ ​ ​ (455,103) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net ​ ​ $ 212,313 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes refranchising gains of $1.7 million and $1.9 million for the three and nine months ended September 29, 2019, respectively. (2) Includes Special charges of $6.4 million and $14.0 million in North America franchising for the three and nine months ended September 29, 2019, respectively. Includes Special charges of $9.9 million in North America franchising for the three and nine months ended September 30, 2018. (3) Includes refranchising losses of $1.9 million for the nine months ended September 30, 2018. (4) ​ ​ ​ ​ ​ Disaggregation of Revenue ​ In the following tables, revenues are disaggregated by major product line. The tables also include a reconciliation of the disaggregated revenues by the reportable segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended September 29, 2019 Major Products/Services Lines ​ Domestic Company-owned restaurants ​ North America commissaries ​ North America franchising ​ International ​ All others ​ Total Company-owned restaurant sales $ 165,135 $ - $ - $ - $ - $ 165,135 Commissary sales ​ - ​ 202,302 ​ - ​ 15,195 ​ - ​ 217,497 Franchise royalties and fees ​ - ​ - ​ 16,536 ​ 9,484 ​ - ​ 26,020 Other revenues ​ - ​ - ​ - ​ 5,209 ​ 57,418 ​ 62,627 Eliminations ​ - ​ (47,599) ​ (612) ​ - ​ (19,362) ​ (67,573) Total segment revenues $ 165,135 $ 154,703 $ 15,924 $ 29,888 $ 38,056 $ 403,706 International other revenues (1) ​ - ​ - ​ - ​ (5,209) ​ 5,209 ​ - International eliminations (1) ​ - ​ - ​ - ​ - ​ - ​ - Total revenues $ 165,135 $ 154,703 $ 15,924 $ 24,679 $ 43,265 $ 403,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended September 30, 2018 Major Products/Services Lines ​ Domestic Company-owned restaurants ​ North America commissaries ​ North America franchising ​ International ​ All others ​ Total Company-owned restaurant sales $ 158,285 $ - $ - $ - $ - $ 158,285 Commissary sales ​ - ​ 192,263 ​ - ​ 16,512 ​ - ​ 208,775 Franchise royalties and fees ​ - ​ - ​ 13,270 ​ 9,141 ​ - ​ 22,411 Other revenues ​ - ​ - ​ - ​ 5,210 ​ 51,229 ​ 56,439 Eliminations ​ - ​ (46,023) ​ (464) ​ (70) ​ (14,122) ​ (60,679) Total segment revenues $ 158,285 $ 146,240 $ 12,806 $ 30,793 $ 37,107 $ 385,231 International other revenues (1) ​ - ​ - ​ - ​ (5,210) ​ 5,210 ​ - International eliminations (1) ​ - ​ - ​ - ​ 70 ​ (70) ​ - Total revenues $ 158,285 $ 146,240 $ 12,806 $ 25,653 $ 42,247 $ 385,231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Nine Months Ended September 29, 2019 Major Products/Services Lines ​ Domestic Company-owned restaurants ​ North America commissaries ​ North America franchising ​ International ​ All others ​ Total Company-owned restaurant sales $ 490,594 $ - $ - $ - $ - $ 490,594 Commissary sales ​ - ​ 590,851 ​ - ​ 47,009 ​ - ​ 637,860 Franchise royalties and fees ​ - ​ - ​ 55,287 ​ 28,834 ​ - ​ 84,121 Other revenues ​ - ​ - ​ - ​ 17,156 ​ 167,140 ​ 184,296 Eliminations ​ - ​ (140,116) ​ (2,072) ​ (191) ​ (52,758) ​ (195,137) Total segment revenues $ 490,594 $ 450,735 $ 53,215 $ 92,808 $ 114,382 $ 1,201,734 International other revenues (1) ​ - ​ - ​ - ​ (17,156) ​ 17,156 ​ - International eliminations (1) ​ - ​ - ​ - ​ 191 ​ (191) ​ - Total revenues $ 490,594 $ 450,735 $ 53,215 $ 75,843 $ 131,347 $ 1,201,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Nine Months Ended September 30, 2018 Major Products/Services Lines ​ Domestic Company-owned restaurants ​ North America commissaries ​ North America franchising ​ International ​ All others ​ Total Company-owned restaurant sales $ 529,906 $ - $ - $ 6,237 $ - $ 536,143 Commissary sales ​ - ​ 614,797 ​ - ​ 51,490 ​ - ​ 666,287 Franchise royalties and fees ​ - ​ - ​ 64,023 ​ 27,109 ​ - ​ 91,132 Other revenues ​ - ​ - ​ - ​ 16,354 ​ 158,089 ​ 174,443 Eliminations ​ - ​ (153,389) ​ (2,499) ​ (213) ​ (46,599) ​ (202,700) Total segment revenues $ 529,906 $ 461,408 $ 61,524 $ 100,977 $ 111,490 $ 1,265,305 International other revenues (1) ​ - ​ - ​ - ​ (16,354) ​ 16,354 ​ - International eliminations (1) ​ - ​ - ​ - ​ 213 ​ (213) ​ - Total revenues $ 529,906 $ 461,408 $ 61,524 $ 84,836 $ 127,631 $ 1,265,305 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other revenues as reported in the Condensed Consolidated Statements of Operations include $5.2 million and $17.0 million of revenue for the three and nine months ended September 29, 2019, respectively, and $5.1 million and $16.1 million for the three and nine months ended September 30, 2018, respectively, that are part of the international reporting segment. These amounts include marketing fund contributions and sublease rental income from international franchisees in the United Kingdom that provide no significant contribution to income before income taxes but must be reported on a gross basis under accounting requirements. The related expenses for these Other revenues are reported in Other expenses in the Condensed Consolidated Statements of Operations.

Restatement of 2018 Condensed C

Restatement of 2018 Condensed Consolidated Financial Statements	9 Months Ended
	Sep. 29, 2019
Restatement of 2018 Condensed Consolidated Financial Statements
Restatement of 2018 Condensed Consolidated Financial Statements	​ 16. Restatement of 2018 Condensed Consolidated Financial Statements ​ The following tables present the immaterial impact of consolidating PJMF in our 2018 condensed consolidated financial statements. See Notes 2 and 5 for additional information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Consolidated Balance Sheet (unaudited) ​ ​ ​ ​ ​ December 30, 2018 ​ (In thousands) ​ As Reported ​ Change ​ As Restated ​ Cash and cash equivalents ​ $ 19,468 ​ $ 13,790 ​ $ 33,258 ​ Accounts receivable, net ​ ​ 67,854 ​ ​ 10,264 ​ ​ 78,118 ​ Income tax receivable ​ ​ 16,073 ​ ​ 73 ​ ​ 16,146 ​ Prepaid expenses ​ ​ 29,935 ​ ​ 441 ​ ​ 30,376 ​ Other current assets ​ ​ 5,677 ​ ​ 1 ​ ​ 5,678 ​ Total current assets ​ ​ 171,708 ​ ​ 24,569 ​ ​ 196,277 ​ Deferred income taxes, net ​ ​ 756 ​ ​ 381 ​ ​ 1,137 ​ Total assets ​ ​ 570,947 ​ ​ 24,950 ​ ​ 595,897 ​ Accounts payable ​ ​ 29,891 ​ ​ (2,785) ​ ​ 27,106 ​ Accrued expenses and other current liabilities ​ ​ 105,712 ​ ​ 23,455 ​ ​ 129,167 ​ Current deferred revenue ​ ​ 2,443 ​ ​ 155 ​ ​ 2,598 ​ Current portion of long-term debt ​ ​ 20,000 ​ ​ 9 ​ ​ 20,009 ​ Total current liabilities ​ ​ 164,636 ​ ​ 20,834 ​ ​ 185,470 ​ Deferred revenue ​ ​ 14,679 ​ ​ 5,995 ​ ​ 20,674 ​ Total liabilities ​ ​ 867,617 ​ ​ 26,829 ​ ​ 894,446 ​ Retained earnings ​ ​ 244,061 ​ ​ (1,879) ​ ​ 242,182 ​ Total stockholders' deficit ​ ​ (302,134) ​ ​ (1,879) ​ ​ (304,013) ​ Total liabilities, Series B preferred stock, redeemable noncontrolling interests, and stockholders' deficit ​ ​ 570,947 ​ ​ 24,950 ​ ​ 595,897 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ ​ September 30, 2018 ​ ​ September 30, 2018 (In thousands, except per share amounts) ​ As Reported ​ Change ​ As Restated ​ ​ As Reported ​ Change ​ As Restated Condensed Consolidated Statements of Operations ​ ​ Other revenues ​ $ 21,023 ​ $ 21,224 ​ $ 42,247 ​ ​ $ 61,661 ​ $ 65,970 ​ $ 127,631 Total revenues ​ ​ 364,007 ​ ​ 21,224 ​ ​ 385,231 ​ ​ ​ 1,199,335 ​ ​ 65,970 ​ ​ 1,265,305 Domestic Company-owned restaurant expenses ​ ​ 135,836 ​ ​ 421 ​ ​ 136,257 ​ ​ ​ 440,936 ​ ​ 763 ​ ​ 441,699 Other expenses ​ ​ 22,002 ​ ​ 20,734 ​ ​ 42,736 ​ ​ ​ 63,658 ​ ​ 64,246 ​ ​ 127,904 General and administrative expenses ​ ​ 55,462 ​ ​ 249 ​ ​ 55,711 ​ ​ ​ 133,903 ​ ​ 776 ​ ​ 134,679 Total costs and expenses ​ ​ 377,997 ​ ​ 21,404 ​ ​ 399,401 ​ ​ ​ 1,158,723 ​ ​ 65,785 ​ ​ 1,224,508 Operating (loss) income ​ ​ (13,990) ​ ​ (180) ​ ​ (14,170) ​ ​ ​ 38,694 ​ ​ 185 ​ ​ 38,879 Net interest expense ​ ​ (5,963) ​ ​ (95) ​ ​ (6,058) ​ ​ ​ (16,580) ​ ​ (350) ​ ​ (16,930) (Loss) Income before income taxes ​ ​ (19,953) ​ ​ (275) ​ ​ (20,228) ​ ​ ​ 22,114 ​ ​ (165) ​ ​ 21,949 Income tax (benefit) expense ​ ​ (7,359) ​ ​ (8) ​ ​ (7,367) ​ ​ ​ 4,663 ​ ​ (12) ​ ​ 4,651 Net (loss) income before attribution to noncontrolling interests ​ ​ (12,594) ​ ​ (267) ​ ​ (12,861) ​ ​ ​ 17,451 ​ ​ (153) ​ ​ 17,298 Net (loss) income attributable to the Company ​ ​ (13,033) ​ ​ (267) ​ ​ (13,300) ​ ​ ​ 15,495 ​ ​ (153) ​ ​ 15,342 Net (loss) income attributable to common shareholders ​ ​ (13,033) ​ ​ (267) ​ ​ (13,300) ​ ​ ​ 15,348 ​ ​ (153) ​ ​ 15,195 Basic (loss) earnings per common share ​ ​ (0.41) ​ ​ (0.01) ​ ​ (0.42) ​ ​ ​ 0.48 ​ ​ (0.01) ​ ​ 0.47 Diluted (loss) earnings per common share ​ ​ (0.41) ​ ​ (0.01) ​ ​ (0.42) ​ ​ ​ 0.47 ​ ​ - ​ ​ 0.47 Condensed Consolidated Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income before attribution to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,451 ​ $ (153) ​ $ 17,298 Accounts receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,410 ​ ​ 3,673 ​ ​ 11,083 Income tax receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (7,373) ​ ​ (50) ​ ​ (7,423) Prepaid expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,663 ​ ​ 434 ​ ​ 8,097 Other current assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,016 ​ ​ (1,482) ​ ​ 3,534 Other assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,899) ​ ​ (11) ​ ​ (4,910) Accounts payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 769 ​ ​ 1,332 ​ ​ 2,101 Accrued expenses and other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,772 ​ ​ 4,333 ​ ​ 23,105 Deferred revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4) ​ ​ (1,856) ​ ​ (1,860) Net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 98,812 ​ ​ 6,220 ​ ​ 105,032 Financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net proceeds (repayments) of revolving credit facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 123,600 ​ ​ (2,124) ​ ​ 121,476 Net cash used in financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (73,844) ​ ​ (2,124) ​ ​ (75,968) Change in cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,535 ​ ​ 4,096 ​ ​ 6,631 Cash and cash equivalents at beginning of period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 22,345 ​ ​ 5,546 ​ ​ 27,891 Cash and cash equivalents at end of period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 24,880 ​ ​ 9,642 ​ ​ 34,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Year Ended ​ ​ December 30, 2018 ​ ​ December 30, 2018 (In thousands, except per share amounts) ​ As Reported ​ Change ​ As Restated ​ ​ As Reported ​ Change ​ As Restated Condensed Consolidated Statements of Operations ​ ​ Other revenues ​ $ 19,767 ​ $ 21,853 ​ $ 41,620 ​ ​ $ 81,428 ​ $ 87,823 ​ $ 169,251 Total revenues ​ ​ 373,981 ​ ​ 21,853 ​ ​ 395,834 ​ ​ ​ 1,573,316 ​ ​ 87,823 ​ ​ 1,661,139 Domestic Company-owned restaurant expenses ​ ​ 135,862 ​ ​ 96 ​ ​ 135,958 ​ ​ ​ 576,799 ​ ​ 859 ​ ​ 577,658 Other expenses ​ ​ 20,358 ​ ​ 20,562 ​ ​ 40,920 ​ ​ ​ 84,016 ​ ​ 84,808 ​ ​ 168,824 General and administrative expenses ​ ​ 58,648 ​ ​ 206 ​ ​ 58,854 ​ ​ ​ 192,551 ​ ​ 983 ​ ​ 193,534 Total costs and expenses ​ ​ 383,924 ​ ​ 20,864 ​ ​ 404,788 ​ ​ ​ 1,542,647 ​ ​ 86,650 ​ ​ 1,629,297 Operating (loss) income ​ ​ (8,314) ​ ​ 989 ​ ​ (7,325) ​ ​ ​ 30,380 ​ ​ 1,173 ​ ​ 31,553 Net interest expense ​ ​ (7,909) ​ ​ (17) ​ ​ (7,926) ​ ​ ​ (24,489) ​ ​ (367) ​ ​ (24,856) (Loss) Income before income taxes ​ ​ (16,224) ​ ​ 972 ​ ​ (15,252) ​ ​ ​ 5,891 ​ ​ 806 ​ ​ 6,697 Income tax (benefit) expense ​ ​ (2,018) ​ ​ (9) ​ ​ (2,027) ​ ​ ​ 2,646 ​ ​ (22) ​ ​ 2,624 Net (loss) income before attribution to noncontrolling interests ​ ​ (14,206) ​ ​ 981 ​ ​ (13,225) ​ ​ ​ 3,245 ​ ​ 828 ​ ​ 4,073 Net (loss) income attributable to the Company ​ ​ (13,849) ​ ​ 981 ​ ​ (12,868) ​ ​ ​ 1,646 ​ ​ 828 ​ ​ 2,474 Net (loss) income attributable to common shareholders ​ ​ (13,849) ​ ​ 981 ​ ​ (12,868) ​ ​ ​ 1,646 ​ ​ 828 ​ ​ 2,474 Basic (loss) earnings per common share ​ ​ (0.44) ​ ​ 0.03 ​ ​ (0.41) ​ ​ ​ 0.05 ​ ​ 0.03 ​ ​ 0.08 Diluted (loss) earnings per common share ​ ​ (0.44) ​ ​ 0.03 ​ ​ (0.41) ​ ​ ​ 0.05 ​ ​ 0.03 ​ ​ 0.08 Condensed Consolidated Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income before attribution to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,245 ​ $ 828 ​ $ 4,073 Deferred income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,705 ​ ​ (85) ​ ​ 1,620 Accounts receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,386 ​ ​ 2,859 ​ ​ 4,245 Income tax receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (12,170) ​ ​ 13 ​ ​ (12,157) Prepaid expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,165) ​ ​ 1,126 ​ ​ (1,039) Accounts payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,694) ​ ​ 1,294 ​ ​ (400) Accrued expenses and other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,273 ​ ​ 14,904 ​ ​ 25,177 Deferred revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (271) ​ ​ (1,280) ​ ​ (1,551) Net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 72,795 ​ ​ 19,659 ​ ​ 92,454 Financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net proceeds (repayments) of revolving credit facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 175,000 ​ ​ (11,415) ​ ​ 163,585 Net cash used in financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (36,682) ​ ​ (11,415) ​ ​ (48,097) Change in cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,877) ​ ​ 8,244 ​ ​ 5,367 Cash and cash equivalents at beginning of period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 22,345 ​ ​ 5,546 ​ ​ 27,891 Cash and cash equivalents at end of period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,468 ​ ​ 13,790 ​ ​ 33,258 ​

Update to Significant Account_2

Update to Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 29, 2019
Update to Significant Accounting Policies
Use of Estimates	Use of Estimates ​ The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant items that are subject to such estimates and assumptions include allowance for doubtful accounts and notes receivable, intangible assets, contract assets and contract liabilities, including the online customer loyalty program obligation, right-of-use assets and lease liabilities, gift card breakage, insurance reserves and tax reserves. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates.
Restatement of Previously Issued Consolidated Financial Statements for Immaterial Error Correction	Restatement of Previously Issued Consolidated Financial Statements for Immaterial Error Correction ​ Papa John’s domestic restaurants, both Company-owned and franchised, participate in Papa John’s Marketing Fund, Inc. (“PJMF”), a nonstock corporation that is designed to break even as it spends all annual contributions received from the system. PJMF 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. PJMF is a variable interest entity (“VIE”) that funds its operations with ongoing financial support and contributions from the domestic restaurants, of which approximately 80 % are franchised. ​ During the first quarter of 2019, the Company reassessed the governance structure and operating procedures of PJMF and determined that the Company has the power to control certain significant activities of PJMF, as defined by Accounting Standards Codification 810 (“ASC 810”), Consolidations . Therefore, the Company is the primary beneficiary of the VIE, and per ASC 810, must consolidate the VIE. Prior to 2019, the Company did not consolidate PJMF. The Company has concluded the previous accounting policy to not consolidate PJMF was an immaterial error and has determined that PJMF should be consolidated. The Company has corrected this immaterial error by restating the 2018 condensed consolidated financial statements and related notes included herein to include PJMF. See Note 16 for the immaterial impacts of this error correction in fiscal year 2018.
Noncontrolling Interests	Noncontrolling Interests ​ Papa John’s has four joint venture arrangements in which there are noncontrolling interests held by third parties that include 192 restaurants at September 29, 2019. At September 30, 2018, there were 183 restaurants held in joint ventures. ​ We are required to report the consolidated net income at amounts attributable to the Company and the noncontrolling interests. Additionally, disclosures are required to clearly identify and distinguish between the interests of the Company and the interests of the noncontrolling owners, including a disclosure on the face of the Condensed Consolidated Statements of Operations attributable to the noncontrolling interest holders. ​ The income before income taxes attributable to these joint ventures for the three and nine months ended September 29, 2019 and September 30, 2018 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 29, ​ September 30, ​ September 29, ​ September 30, ​ ​ 2019 2018 2019 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Papa John’s International, Inc. ​ $ 213 ​ $ 1,512 ​ $ 1,385 ​ $ 4,384 ​ Noncontrolling interests ​ (128) ​ 439 ​ 327 ​ 1,956 ​ Total income before income taxes ​ $ 85 ​ $ 1,951 ​ $ 1,712 ​ $ 6,340 ​ ​ 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 venture 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 ​
Revenue Recognition	Revenue Recognition ​ Other Revenues ​ Franchise Marketing Fund revenues represent contributions collected by PJMF and various other international and domestic marketing funds (“Co-op” or “Co-operative”) where we have determined for purposes of accounting that we have control over the significant activities of the funds. PJMF funds its operations with ongoing financial support and contributions from the domestic restaurants, of which approximately 80 % are franchised restaurant members. Contributions are based on a percentage of monthly restaurant sales and are billed monthly. Advertising fund contributions and expenditures are reported on a gross basis in the Condensed Consolidated Statements of Operations. For interim reporting purposes, PJMF and Co-op advertising costs are accrued and expensed when the related franchise advertising revenues are recognized. ​ The Company and its franchisees sell gift cards that are redeemable for products in our restaurants. A subsidiary of PJMF manages the gift card program, and therefore, collects all funds from the activation of gift cards and reimburses franchisees for the redemption of gift cards in their restaurants. A liability for unredeemed gift cards is included in Deferred revenue in the Condensed Consolidated Balance Sheets. Gift card redemption revenues, which are based on a percentage of the franchise restaurant sales generated by the gift card, are recognized as gift cards are redeemed by customers. ​ There are no expiration dates and we do not deduct non-usage fees from outstanding gift cards. While the franchisees continue to honor all gift cards presented for payment, the likelihood of redemption may be determined to be remote for certain cards due to long periods of inactivity. In these circumstances, the Company recognizes breakage revenue for amounts not subject to unclaimed property laws. Based upon our analysis of historical gift card redemption patterns, we can reasonably estimate the amount of gift cards for which redemption is remote. Breakage revenue is recognized over time in proportion to estimated redemption patterns as Other revenue. Commissions on gift cards sold by third parties are recorded as a reduction to Deferred revenue and a reduction to Other revenue based upon estimated redemption patterns.
Deferred Income Tax Accounts and Tax Reserves	Deferred Income Tax Accounts and Tax Reserves ​ We are subject to income taxes in the United States and several foreign jurisdictions. We use an estimated annual effective rate based on expected annual income to determine our quarterly provision for income taxes. The effective income tax rate includes the estimated domestic state effective income tax rate and applicable foreign income tax rates. The effective income tax rate is also impacted by various permanent items and credits, net of any related valuation allowances, and can vary based on changes in estimated annual income. Discrete items are recorded in the quarter in which they occur. ​ Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Deferred tax assets are also recognized for the estimated future effects of tax attribute carryforwards (e.g., net operating losses, capital losses, and foreign tax credits). The effect on deferred taxes of changes in tax rates is recognized in the period in which the new tax rate is enacted. Valuation allowances are established when necessary on a jurisdictional basis to reduce deferred tax assets to the amounts we expect to realize. As of September 29, 2019, we had a net deferred liability of approximately ​ Tax authorities periodically audit the Company. We record reserves and related interest and penalties for identified exposures as income tax expense. We evaluate these issues on a quarterly basis to adjust for events, such as statute of limitations expirations, court or state rulings or audit settlements, which may impact our ultimate payment for such exposures. ​
Fair Value Measurements and Disclosures	Fair Value Measurements and Disclosures ​ The Company is required to determine the fair value of financial assets and liabilities based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. Fair value is a market-based measurement, not an entity-specific measurement. The fair value of certain assets and liabilities approximates carrying value because of the short-term nature of the accounts, including cash and cash equivalents, accounts receivable, net of allowances, and accounts payable. The carrying value of our notes receivable, net of allowances, also approximates fair value. The fair value of the amounts outstanding under our term debt and revolving credit facility approximate their carrying values due to the variable market-based interest rate (Level 2). ​ Certain assets and liabilities are measured at fair value on a recurring basis and are required to be classified and disclosed in one of the following categories: ​ ● Level 1: Quoted market prices in active markets for identical assets or liabilities. ● Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. ● Level 3: Unobservable inputs that are not corroborated by market data. ​ ​ ​ ​ ​ ​ ​ ​ Our financial assets and liabilities that were measured at fair value on a recurring basis as of September 29, 2019 and December 30, 2018 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements ​ Value Level 1 Level 2 Level 3 September 29, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 31,361 ​ $ 31,361 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ 7,950 ​ — ​ 7,950 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 27,751 ​ $ 27,751 ​ $ — ​ $ — ​ Interest rate swaps (b) ​ 4,905 ​ — ​ 4,905 ​ — ​ (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”). ​
Recent Accounting Pronouncements	Accounting Standards Adopted ​ Leases ​ In February 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” (“ASU 2016-02”), which amends leasing guidance by requiring companies to recognize a right-of-use asset and a lease liability for all operating and financing leases with lease terms greater than twelve months. The lease liability is equal to the present value of lease payments. The right-of-use lease asset is based on the lease liability, subject to adjustment for prepaid and deferred rent and tenant incentives. For income statement purposes, leases will continue to be classified as operating or financing with lease expense in both cases calculated substantially the same as under the prior leasing guidance. ​ The Company adopted Topic 842 as of December 31, 2018 (the first day of fiscal 2019). See Notes 3 and 4 for additional information. ​ Improvements to Non-employee Share-Based Payment Accounting ​ In June 2018, the FASB issued ASU 2018-07, “ Improvements to Non-employee Share-based Payment Accounting ” (“ASU 2018-07”). ASU 2018-07 amends ASC 718, “ Compensation - Stock Compensation ” (“ASC 718”), to simplify the accounting for share-based payments granted to non-employees for goods and services. ASU 2018-07 supersedes ASC 505-50, “ Equity-Based Payments to Non-employees ” (“ASC 505-50”) and aligns much of the accounting for share-based payments granted to non-employees for goods and services with the accounting for share-based payments granted to employees. ASU 2018-07 was effective for the Company beginning in fiscal 2019. There was no significant impact at adoption. ​ Accounting Standards to be Adopted in Future Periods ​ Financial Instruments – Credit Losses ​ In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ,” which requires measurement and recognition of expected versus incurred losses for financial assets held. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019. The Company is currently assessing the impact of adopting this standard on our consolidated financial statements. ​ Cloud Computing ​ In August 2018, the FASB issued ASU No. 2018-15 “ Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

Update to Significant Account_3

Update to Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 29, 2019
Update to Significant Accounting Policies
Schedule of Income Before Income Taxes Attributable to Joint Ventures	The income before income taxes attributable to these joint ventures for the three and nine months ended September 29, 2019 and September 30, 2018 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 29, ​ September 30, ​ September 29, ​ September 30, ​ ​ 2019 2018 2019 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Papa John’s International, Inc. ​ $ 213 ​ $ 1,512 ​ $ 1,385 ​ $ 4,384 ​ Noncontrolling interests ​ (128) ​ 439 ​ 327 ​ 1,956 ​ Total income before income taxes ​ $ 85 ​ $ 1,951 ​ $ 1,712 ​ $ 6,340 ​
Schedule of Joint Ventures in Which There are Noncontrolling Interests	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 venture 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 September 29, 2019 and December 30, 2018 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements ​ Value Level 1 Level 2 Level 3 September 29, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 31,361 ​ $ 31,361 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ 7,950 ​ — ​ 7,950 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 27,751 ​ $ 27,751 ​ $ — ​ $ — ​ Interest rate swaps (b) ​ 4,905 ​ — ​ 4,905 ​ — ​ (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”). ​

Adoption of ASC 842, "Leases" (

Adoption of ASC 842, "Leases" (Tables)	9 Months Ended
	Sep. 29, 2019
Adoption of ASC 842, "Leases"
Schedule of impacts of adoption of ASC 842	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The effects of the changes made to the Company’s Condensed Consolidated Balance Sheet as of December 31, 2018 for the adoption of Topic 842 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Adjustments due to Topic 842 ​ ​ ​ Balance at Assets ​ ​ ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses $ 30,376 $ (4,669) ​ (a) $ 25,707 Other assets: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ - ​ 161,027 ​ (b) ​ 161,027 Liabilities and stockholders' deficit ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease liabilities ​ - ​ 25,348 ​ (c) ​ 25,348 Long-term liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Long-term operating lease liabilities ​ - ​ 137,511 ​ (d) ​ 137,511 Other long-term liabilities ​ 79,324 ​ (6,501) ​ (e) ​ 72,823 ​ (a) Represents the amount of first quarter 2019 rents that were prepaid as of December 30, 2018 and reclassified to operating lease right-of-use assets (b) Represents the recognition of operating lease right-of-use assets, which are calculated as the initial operating lease liabilities, reduced by the year-end 2018 net carrying amounts of prepaid and deferred rent and tenant incentive liabilities (c) Represents the current portion of operating lease liabilities (d) Represents the recognition of operating lease liabilities, net of current portion (e) Represents the net carrying amount of deferred rent liabilities and tenant incentive liabilities, which have been reclassified to operating lease right-of-use assets ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 29, 2019
Leases
Schedule of average terms of lease portfolios	​ ​ ​ ​ Average lease term Domestic Company-owned restaurants Five years, plus at least one renewal United Kingdom franchise-owned restaurants 15 years Domestic commissary locations 10 years, plus at least one renewal Domestic and international tractors and trailers Five to seven years Domestic and international commissary and office equipment Three to five years
Schedule of operating lease assets and liabilities	​ The following schedule details the total right-of-use assets and lease liabilities on the Condensed Consolidated Balance Sheet as of September 29, 2019 and the date of adoption on December 31, 2018 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 29, ​ ​ December 31, Leases Classification ​ ​ 2019 ​ ​ 2018 Assets ​ ​ ​ ​ ​ ​ ​ Finance lease assets, net Finance lease right-of-use assets, net ​ $ 9,870 ​ $ — Operating lease assets, net Operating lease right-of-use assets ​ ​ 144,881 ​ ​ 161,027 Operating lease assets, net Assets held for sale ​ ​ 2,336 ​ ​ — Total lease assets ​ ​ $ 157,087 ​ $ 161,027 Liabilities ​ ​ ​ ​ ​ ​ ​ Current finance lease liabilities Current finance lease liabilities ​ $ 1,748 ​ $ — Current operating lease liabilities Current operating lease liabilities ​ ​ 23,701 ​ ​ 25,348 Noncurrent finance lease liabilities Long-term finance lease liabilities ​ ​ 8,083 ​ ​ — Noncurrent operating lease liabilities Long-term operating lease liabilities ​ ​ 121,320 ​ ​ 137,511 Operating lease liabilities held for sale Accrued expenses and other current liabilities ​ ​ 2,420 ​ ​ — Total lease liabilities ​ ​ $ 157,272 ​ $ 162,859 ​
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended (in thousands) ​ ​ September 29, 2019 ​ ​ September 29, 2019 Finance lease: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 333 ​ $ 333 Interest on lease liabilities ​ ​ 108 ​ ​ 108 Operating lease: ​ ​ ​ ​ ​ ​ Operating lease cost ​ ​ 10,402 ​ ​ 31,816 Short-term lease cost ​ ​ 679 ​ ​ 2,308 Variable lease cost ​ ​ 2,203 ​ ​ 6,945 Total lease costs ​ $ 13,725 ​ $ 41,510 Sublease income ​ ​ (2,613) ​ ​ (7,778) Total lease costs, net of sublease income ​ $ 11,112 ​ $ 33,732
Schedule of future minimum lease payments and sublease income under contractually-obligated leases	Future minimum lease payments and sublease income under contractually-obligated leases as of September 29, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ Finance ​ Operating ​ Expected Remainder of 2019 ​ $ 579 ​ $ 7,027 ​ $ 2,195 2020 ​ ​ 2,315 ​ ​ 35,946 ​ ​ 8,772 2021 ​ ​ 2,315 ​ ​ 31,420 ​ ​ 8,419 2022 ​ ​ 2,315 ​ ​ 26,005 ​ ​ 8,073 2023 ​ ​ 2,315 ​ ​ 20,345 ​ ​ 7,782 Thereafter ​ ​ 1,605 ​ ​ 72,167 ​ ​ 47,687 Total future minimum lease payments ​ ​ 11,444 ​ ​ 192,910 ​ ​ 82,928 Less imputed interest ​ ​ (1,613) ​ ​ (45,469) ​ ​ — Less lease liabilities held for sale (1) ​ ​ — ​ ​ (2,420) ​ ​ — Total present value of Lease Liabilities ​ $ 9,831 ​ $ 145,021 ​ $ 82,928 (1) Operating lease liabilities of $2.4 million are separately reported in the Company’s Condensed Consolidated Balance Sheets under the caption “Accrued expenses and other current liabilities”. Future minimum lease payments and sublease income under contractually-obligated leases as of December 30, 2018 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Fiscal Year ​ Operating ​ Expected 2019 ​ $ 40,834 ​ $ 8,079 2020 ​ ​ 36,631 ​ ​ 8,061 2021 ​ ​ 31,159 ​ ​ 7,818 2022 ​ ​ 25,188 ​ ​ 7,462 2023 ​ ​ 18,694 ​ ​ 7,182 Thereafter ​ ​ 57,304 ​ ​ 42,518 Total future minimum lease payments ​ $ 209,810 ​ $ 81,120 ​
Schedule of supplemental cash flow information	Supplemental cash flow information related to leases for the periods reported is as follows: ​ ​ ​ ​ ​ ​ Nine Months Ended (in thousands, except for weighted-average amounts) ​ September 29, 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows from finance leases $ 108 Financing cash flows from finance leases ​ 371 Operating cash flows from operating leases ​ 30,342 Right-of-use assets obtained in exchange for new finance lease liabilities ​ 10,203 Right-of-use assets obtained in exchange for new operating lease liabilities ​ 13,335 Cash received from sublease income ​ 7,196 ​ ​ ​ Weighted-average remaining lease term (in years): ​ ​ Finance leases ​ 5.03 Operating leases ​ 6.98 Weighted-average discount rate: ​ ​ Finance leases ​ 6.40% Operating leases ​ 6.93%

Papa John's Marketing Fund, I_2

Papa John's Marketing Fund, Inc. (Tables)	9 Months Ended
	Sep. 29, 2019
Papa John's Marketing Fund, Inc.
Schedule of Assets and Liabilities of PJMF	​ Assets and liabilities of PJMF, which are restricted in their use, included in the Condensed Consolidated Balance Sheets were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 29, ​ December 30, ​ ​ ​ ​ 2019 ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 3,247 ​ $ 13,790 ​ ​ Accounts receivable, net ​ ​ 9,991 ​ ​ 10,264 ​ ​ Income tax receivable ​ ​ 124 ​ ​ 73 ​ ​ Prepaid expenses ​ ​ 1,981 ​ ​ 441 ​ ​ Other current assets ​ ​ 17,180 ​ ​ 1 ​ ​ Total current assets ​ ​ 32,523 ​ ​ 24,569 ​ ​ Deferred income taxes, net ​ ​ 381 ​ ​ 381 ​ ​ Total assets ​ $ 32,904 ​ $ 24,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 15,286 ​ $ 20 ​ ​ Accrued expenses and other current liabilities ​ ​ 7,190 ​ ​ 23,455 ​ ​ Deferred revenue current ​ ​ 111 ​ ​ 155 ​ ​ Debt ​ ​ 9,051 ​ ​ 9 ​ ​ Total current liabilities ​ ​ 31,638 ​ ​ 23,639 ​ ​ Deferred revenue ​ ​ 3,992 ​ ​ 5,995 ​ ​ Total liabilities ​ $ 35,630 ​ $ 29,634 ​ ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 29, 2019
Revenue Recognition
Schedule of Cumulative Adjustment from Adoption of Topic 606	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2018 (In thousands) ​ As Reported ​ As Restated ​ ​ ​ ​ ​ ​ ​ Cumulative effect of adoption of Topic 606 ​ $ (21,528) ​ $ (24,359)
Schedule of information about contract liabilities	The contract liability balances are included in the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities ​ ​ ​ September 29, 2019 ​ ​ December 30, 2018 ​ ​ Change Deferred revenue ​ $ 19,132 ​ $ 23,272 ​ $ (4,140) Customer loyalty program ​ ​ 14,580 ​ ​ 18,019 ​ ​ (3,439) Total contract liabilities ​ $ 33,712 ​ $ 41,291 ​ $ (7,579)
Schedule of estimated revenue expected to be recognized in the future	The following table (in thousands) includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied at the end of the reporting period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Obligations by Period ​ ​ Less than 1 Year ​ 1-2 Years ​ 2-3 Years ​ 3-4 Years ​ 4-5 Years ​ Thereafter ​ Total Franchise fees ​ $ 2,349 ​ $ 2,134 ​ $ 1,927 ​ $ 1,665 ​ $ 1,398 ​ $ 3,397 ​ $ 12,870

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 29, 2019
Earnings (Loss) Per Share
Schedule of Earnings (Loss) Per Share, Basic and Diluted	The calculations of basic and diluted (loss) earnings per common share are as follows (in thousands, except per-share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 29, ​ September 30, ​ September 29, ​ September 30, ​ ​ 2019 2018 2019 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic (loss) earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to the Company ​ $ 385 ​ $ (13,300) ​ $ 7,008 ​ $ 15,342 Preferred stock dividends and accretion ​ ​ (3,473) ​ ​ — ​ ​ (9,029) ​ ​ — Net income attributable to participating securities ​ — ​ — ​ — ​ (147) Net (loss) income attributable to common shareholders ​ $ (3,088) ​ $ (13,300) ​ $ (2,021) ​ $ 15,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 31,601 ​ 31,573 ​ 31,581 ​ 32,265 Basic (loss) earnings per common share ​ $ (0.10) ​ $ (0.42) ​ $ (0.06) ​ $ 0.47 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted (loss) earnings per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income attributable to common shareholders ​ $ (3,088) ​ $ (13,300) ​ $ (2,021) ​ $ 15,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 31,601 ​ 31,573 ​ 31,581 ​ 32,265 Dilutive effect of outstanding equity awards (a) ​ — ​ — ​ — ​ 224 Diluted weighted average common shares outstanding (b) ​ 31,601 ​ 31,573 ​ 31,581 ​ 32,489 Diluted (loss) earnings per common share ​ $ (0.10) ​ $ (0.42) ​ $ (0.06) ​ $ 0.47 (a) Excludes 1,209 equity awards for the nine months ended September 30, 2018 as the effect of including such awards would have been anti-dilutive. (b) The Company had 252,530 shares of Series B Preferred Stock outstanding as of September 29, 2019. For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income attributable to common stockholders. The Company then applied the if-converted method to calculate dilution on the Series B Preferred Stock, which resulted in 5.0 million additional common shares. This calculation was anti-dilutive.

Divestitures (Tables)

Divestitures (Tables)	9 Months Ended
	Sep. 29, 2019
Divestitures
Summary of assets and liabilities that are classified as Held-for-Sale	The following table summarizes the associated assets and liabilities that are classified as Assets held for sale (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held for Sale ​ ​ September 29, 2019 Cash and cash equivalents ​ $ 13 Inventories ​ 119 Property and equipment, net ​ ​ 2,139 Right-of-use assets ​ 2,336 Goodwill ​ 2,532 Total assets held for sale ​ $ 7,139 ​ ​ ​ ​ Lease liabilities ​ $ 2,420 Total liabilities held for sale (a) ​ $ 2,420 ​ ​ ​ ​ ​ ​ ( (a) Liabilities held for sale are included under the caption “Accrued expenses and other current liabilities”.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 29, 2019
Debt
Schedule of long-term debt, net	Long-term debt, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 29, ​ ​ December 30, ​ ​ ​ ​ 2019 ​ ​ 2018 Outstanding debt ​ ​ $ 378,051 ​ $ 625,009 Unamortized debt issuance costs ​ ​ ​ (2,936) ​ ​ (3,874) Current portion of long-term debt ​ ​ ​ (29,051) ​ ​ (20,009) Total long-term debt, less current portion, net ​ ​ $ 346,064 ​ $ 601,126 ​
Schedule of Interest Rate Swap Agreements	​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Dates Floating Rate Debt Fixed Rates April 30, 2018 through April 30, 2023 ​ $ 55 million ​ 2.33 % April 30, 2018 through April 30, 2023 ​ $ 35 million ​ 2.36 % April 30, 2018 through April 30, 2023 ​ $ 35 million ​ 2.34 % January 30, 2018 through August 30, 2022 ​ $ 100 million ​ 1.99 % January 30, 2018 through August 30, 2022 ​ $ 75 million ​ 1.99 % January 30, 2018 through August 30, 2022 ​ $ 50 million ​ 2.00 %
Schedule of Location and Amounts of Swaps in the Accompanying Consolidated Financial Statements	The following table provides information on the location and amounts of our swaps in the accompanying condensed consolidated financial statements (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate Swap Derivatives ​ ​ Fair Value ​ Fair Value ​ ​ September 29, ​ December 30, Balance Sheet Location ​ 2019 ​ 2018 ​ ​ ​ ​ ​ ​ ​ Other current and long-term assets ​ $ — ​ $ 4,905 Other current and long-term liabilities ​ $ 7,950 ​ $ —
Schedule of Effect of Derivative Instruments on the Accompanying Consolidated Financial Statements	The effect of derivative instruments on the accompanying condensed consolidated financial statements is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ Amount of Gain ​ Total Net interest expense Derivatives - ​ Amount of Gain or ​ or (Loss) ​ or (Loss) ​ on Condensed Cash Flow ​ (Loss) Recognized ​ Reclassified from ​ Reclassified from ​ Consolidated Hedging ​ in AOCI/AOCL ​ AOCI/AOCL into ​ AOCI/AOCL into ​ Statements of Relationships ​ on Derivative ​ Income ​ Income ​ Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps for the three months ended: September 29, 2019 ​ $ (1,437) ​ Interest expense ​ $ 161 ​ $ (4,249) September 30, 2018 ​ $ 1,483 ​ Interest expense ​ $ (19) ​ $ (6,058) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps for the nine months ended: September 29, 2019 ​ $ (9,641) ​ ​ Interest expense ​ $ 849 ​ $ (14,797) September 30, 2018 ​ $ 8,863 ​ Interest expense ​ $ (216) ​ $ (16,930) ​

Other General Expenses (Tables)

Other General Expenses (Tables)	9 Months Ended
	Sep. 29, 2019
Other General Expenses
Schedule of Other General Expenses	Other general expenses are included within General and administrative expenses and primarily consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ Nine Months Ended ​ ​ September 29, ​ ​ September 30, ​ ​ ​ ​ September 29, ​ ​ September 30, ​ ​ 2019 ​ ​ 2018 ​ ​ ​ ​ 2019 ​ ​ 2018 Provision for uncollectible accounts and notes receivable (a) $ 736 ​ $ 388 ​ ​ ​ $ 1,276 ​ $ 2,724 (Gain) loss on disposition of fixed assets ​ (190) ​ ​ 1,037 ​ ​ ​ ​ 1,100 ​ ​ 1,497 Other (income) expense ​ (116) ​ ​ 774 ​ ​ ​ ​ (833) ​ ​ 1,534 Other general expenses ​ 430 ​ ​ 2,199 ​ ​ ​ ​ 1,543 ​ ​ 5,755 Special charges (b) (c) ​ 7,844 ​ ​ 14,949 ​ ​ ​ ​ 21,720 ​ ​ 14,949 Administrative expenses (d) ​ 45,229 ​ ​ 38,563 ​ ​ ​ ​ 130,093 ​ ​ 113,975 General and administrative expenses $ 53,503 ​ $ 55,711 ​ ​ ​ $ 153,356 ​ $ 134,679 ​ (a) Bad debt recorded on accounts receivable and notes receivable. (b) The three-month period ended September 29, 2019 includes a $5.0 million marketing fund investment and $2.4 million that primarily includes severance costs for the Company’s former CEO and costs related to the termination of a license agreement for intellectual property no longer being utilized. The nine-month period ended September 29, 2019 includes $7.5 million of marketing fund investments, $5.9 million of legal and advisory fees primarily associated with the review of a wide range of strategic opportunities that culminated in Starboard’s strategic investment in the Company by affiliates of Starboard and $5.9 million related to a one-time mark-to-market adjustment from the increase in value of the Starboard option to purchase Series B Preferred Stock that culminated in the purchase of $50.0 million of Series B Preferred Stock in late March. See Note 8 for additional information. (c) The three- and nine-month periods ended September 30, 2018 include $11.3 million of advisory and legal costs primarily associated with the review of a wide range of strategic opportunities that culminated in Starboard’s strategic investment in the Company by affiliates of Starboard and a third-party audit of the culture at Papa John’s commissioned by a Special Committee of the Board of Directors and $3.6 million of reimaging costs at nearly all domestic restaurants including costs to replace or write-off certain branded assets. (d) The increases in administrative expenses of $6.7 million and $16.2 million for the three- and nine- month periods ended September 29, 2019, respectively, compared to the prior year comparable periods were primarily due to higher management incentive costs and higher professional fees.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 29, 2019
Segment Information
Schedule of Segment Reporting Information, by Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 29, ​ September 30, ​ September 29, ​ September 30, (In thousands) ​ 2019 2018 2019 2018 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 165,135 ​ $ 158,285 ​ $ 490,594 ​ $ 529,906 North America commissaries ​ ​ 154,703 ​ 146,240 ​ 450,735 ​ 461,408 North America franchising ​ ​ 15,924 ​ 12,806 ​ 53,215 ​ 61,524 International ​ ​ 29,888 ​ 30,793 ​ 92,808 ​ 100,977 All others ​ ​ 38,056 ​ 37,107 ​ 114,382 ​ 111,490 Total revenues ​ ​ $ 403,706 ​ $ 385,231 ​ $ 1,201,734 ​ $ 1,265,305 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intersegment revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America commissaries ​ ​ $ 47,599 ​ $ 46,023 ​ $ 140,116 ​ $ 153,389 North America franchising ​ ​ 612 ​ 464 ​ 2,072 ​ 2,499 International ​ ​ — ​ 70 ​ 191 ​ 213 All others ​ ​ 19,362 ​ 14,122 ​ 52,758 ​ 46,599 Total intersegment revenues ​ ​ $ 67,573 ​ $ 60,679 ​ $ 195,137 ​ $ 202,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants (1) ​ ​ $ 9,162 ​ $ (183) ​ $ 21,471 ​ $ 15,350 North America commissaries ​ ​ 6,790 ​ 6,195 ​ 22,094 ​ 23,535 North America franchising (2) ​ ​ 14,092 ​ 9,394 ​ 47,693 ​ 53,133 International (3) ​ ​ 4,195 ​ 4,519 ​ 14,915 ​ 10,334 All others ​ ​ (866) ​ (2,776) ​ (2,581) ​ (5,304) Unallocated corporate expenses (4) ​ ​ (32,329) ​ (37,046) ​ (92,685) ​ (74,500) Elimination of intersegment (profits) ​ ​ (366) ​ (331) ​ (1,037) ​ (599) Total income (loss) before income taxes ​ ​ $ 678 ​ $ (20,228) ​ $ 9,870 ​ $ 21,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 221,320 ​ ​ ​ ​ ​ ​ ​ ​ ​ North America commissaries ​ ​ ​ 141,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ International ​ ​ ​ 15,737 ​ ​ ​ ​ ​ ​ ​ ​ ​ All others ​ ​ ​ 80,980 ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated corporate assets ​ ​ ​ 208,274 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation and amortization ​ ​ ​ (455,103) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net ​ ​ $ 212,313 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes refranchising gains of $1.7 million and $1.9 million for the three and nine months ended September 29, 2019, respectively. (2) Includes Special charges of $6.4 million and $14.0 million in North America franchising for the three and nine months ended September 29, 2019, respectively. Includes Special charges of $9.9 million in North America franchising for the three and nine months ended September 30, 2018. (3) Includes refranchising losses of $1.9 million for the nine months ended September 30, 2018. (4) ​
Schedule of revenue disaggregated by major product line	In the following tables, revenues are disaggregated by major product line. The tables also include a reconciliation of the disaggregated revenues by the reportable segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended September 29, 2019 Major Products/Services Lines ​ Domestic Company-owned restaurants ​ North America commissaries ​ North America franchising ​ International ​ All others ​ Total Company-owned restaurant sales $ 165,135 $ - $ - $ - $ - $ 165,135 Commissary sales ​ - ​ 202,302 ​ - ​ 15,195 ​ - ​ 217,497 Franchise royalties and fees ​ - ​ - ​ 16,536 ​ 9,484 ​ - ​ 26,020 Other revenues ​ - ​ - ​ - ​ 5,209 ​ 57,418 ​ 62,627 Eliminations ​ - ​ (47,599) ​ (612) ​ - ​ (19,362) ​ (67,573) Total segment revenues $ 165,135 $ 154,703 $ 15,924 $ 29,888 $ 38,056 $ 403,706 International other revenues (1) ​ - ​ - ​ - ​ (5,209) ​ 5,209 ​ - International eliminations (1) ​ - ​ - ​ - ​ - ​ - ​ - Total revenues $ 165,135 $ 154,703 $ 15,924 $ 24,679 $ 43,265 $ 403,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended September 30, 2018 Major Products/Services Lines ​ Domestic Company-owned restaurants ​ North America commissaries ​ North America franchising ​ International ​ All others ​ Total Company-owned restaurant sales $ 158,285 $ - $ - $ - $ - $ 158,285 Commissary sales ​ - ​ 192,263 ​ - ​ 16,512 ​ - ​ 208,775 Franchise royalties and fees ​ - ​ - ​ 13,270 ​ 9,141 ​ - ​ 22,411 Other revenues ​ - ​ - ​ - ​ 5,210 ​ 51,229 ​ 56,439 Eliminations ​ - ​ (46,023) ​ (464) ​ (70) ​ (14,122) ​ (60,679) Total segment revenues $ 158,285 $ 146,240 $ 12,806 $ 30,793 $ 37,107 $ 385,231 International other revenues (1) ​ - ​ - ​ - ​ (5,210) ​ 5,210 ​ - International eliminations (1) ​ - ​ - ​ - ​ 70 ​ (70) ​ - Total revenues $ 158,285 $ 146,240 $ 12,806 $ 25,653 $ 42,247 $ 385,231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Nine Months Ended September 29, 2019 Major Products/Services Lines ​ Domestic Company-owned restaurants ​ North America commissaries ​ North America franchising ​ International ​ All others ​ Total Company-owned restaurant sales $ 490,594 $ - $ - $ - $ - $ 490,594 Commissary sales ​ - ​ 590,851 ​ - ​ 47,009 ​ - ​ 637,860 Franchise royalties and fees ​ - ​ - ​ 55,287 ​ 28,834 ​ - ​ 84,121 Other revenues ​ - ​ - ​ - ​ 17,156 ​ 167,140 ​ 184,296 Eliminations ​ - ​ (140,116) ​ (2,072) ​ (191) ​ (52,758) ​ (195,137) Total segment revenues $ 490,594 $ 450,735 $ 53,215 $ 92,808 $ 114,382 $ 1,201,734 International other revenues (1) ​ - ​ - ​ - ​ (17,156) ​ 17,156 ​ - International eliminations (1) ​ - ​ - ​ - ​ 191 ​ (191) ​ - Total revenues $ 490,594 $ 450,735 $ 53,215 $ 75,843 $ 131,347 $ 1,201,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Nine Months Ended September 30, 2018 Major Products/Services Lines ​ Domestic Company-owned restaurants ​ North America commissaries ​ North America franchising ​ International ​ All others ​ Total Company-owned restaurant sales $ 529,906 $ - $ - $ 6,237 $ - $ 536,143 Commissary sales ​ - ​ 614,797 ​ - ​ 51,490 ​ - ​ 666,287 Franchise royalties and fees ​ - ​ - ​ 64,023 ​ 27,109 ​ - ​ 91,132 Other revenues ​ - ​ - ​ - ​ 16,354 ​ 158,089 ​ 174,443 Eliminations ​ - ​ (153,389) ​ (2,499) ​ (213) ​ (46,599) ​ (202,700) Total segment revenues $ 529,906 $ 461,408 $ 61,524 $ 100,977 $ 111,490 $ 1,265,305 International other revenues (1) ​ - ​ - ​ - ​ (16,354) ​ 16,354 ​ - International eliminations (1) ​ - ​ - ​ - ​ 213 ​ (213) ​ - Total revenues $ 529,906 $ 461,408 $ 61,524 $ 84,836 $ 127,631 $ 1,265,305 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other revenues as reported in the Condensed Consolidated Statements of Operations include $5.2 million and $17.0 million of revenue for the three and nine months ended September 29, 2019, respectively, and $5.1 million and $16.1 million for the three and nine months ended September 30, 2018, respectively, that are part of the international reporting segment. These amounts include marketing fund contributions and sublease rental income from international franchisees in the United Kingdom that provide no significant contribution to income before income taxes but must be reported on a gross basis under accounting requirements. The related expenses for these Other revenues are reported in Other expenses in the Condensed Consolidated Statements of Operations.

Restatement of 2018 Condensed_2

Restatement of 2018 Condensed Consolidated Financial Statements (Tables)	9 Months Ended
	Sep. 29, 2019
Restatement of 2018 Condensed Consolidated Financial Statements
Schedule of Impact of Corrections to Fiscal Year 2018	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Consolidated Balance Sheet (unaudited) ​ ​ ​ ​ ​ December 30, 2018 ​ (In thousands) ​ As Reported ​ Change ​ As Restated ​ Cash and cash equivalents ​ $ 19,468 ​ $ 13,790 ​ $ 33,258 ​ Accounts receivable, net ​ ​ 67,854 ​ ​ 10,264 ​ ​ 78,118 ​ Income tax receivable ​ ​ 16,073 ​ ​ 73 ​ ​ 16,146 ​ Prepaid expenses ​ ​ 29,935 ​ ​ 441 ​ ​ 30,376 ​ Other current assets ​ ​ 5,677 ​ ​ 1 ​ ​ 5,678 ​ Total current assets ​ ​ 171,708 ​ ​ 24,569 ​ ​ 196,277 ​ Deferred income taxes, net ​ ​ 756 ​ ​ 381 ​ ​ 1,137 ​ Total assets ​ ​ 570,947 ​ ​ 24,950 ​ ​ 595,897 ​ Accounts payable ​ ​ 29,891 ​ ​ (2,785) ​ ​ 27,106 ​ Accrued expenses and other current liabilities ​ ​ 105,712 ​ ​ 23,455 ​ ​ 129,167 ​ Current deferred revenue ​ ​ 2,443 ​ ​ 155 ​ ​ 2,598 ​ Current portion of long-term debt ​ ​ 20,000 ​ ​ 9 ​ ​ 20,009 ​ Total current liabilities ​ ​ 164,636 ​ ​ 20,834 ​ ​ 185,470 ​ Deferred revenue ​ ​ 14,679 ​ ​ 5,995 ​ ​ 20,674 ​ Total liabilities ​ ​ 867,617 ​ ​ 26,829 ​ ​ 894,446 ​ Retained earnings ​ ​ 244,061 ​ ​ (1,879) ​ ​ 242,182 ​ Total stockholders' deficit ​ ​ (302,134) ​ ​ (1,879) ​ ​ (304,013) ​ Total liabilities, Series B preferred stock, redeemable noncontrolling interests, and stockholders' deficit ​ ​ 570,947 ​ ​ 24,950 ​ ​ 595,897 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ ​ September 30, 2018 ​ ​ September 30, 2018 (In thousands, except per share amounts) ​ As Reported ​ Change ​ As Restated ​ ​ As Reported ​ Change ​ As Restated Condensed Consolidated Statements of Operations ​ ​ Other revenues ​ $ 21,023 ​ $ 21,224 ​ $ 42,247 ​ ​ $ 61,661 ​ $ 65,970 ​ $ 127,631 Total revenues ​ ​ 364,007 ​ ​ 21,224 ​ ​ 385,231 ​ ​ ​ 1,199,335 ​ ​ 65,970 ​ ​ 1,265,305 Domestic Company-owned restaurant expenses ​ ​ 135,836 ​ ​ 421 ​ ​ 136,257 ​ ​ ​ 440,936 ​ ​ 763 ​ ​ 441,699 Other expenses ​ ​ 22,002 ​ ​ 20,734 ​ ​ 42,736 ​ ​ ​ 63,658 ​ ​ 64,246 ​ ​ 127,904 General and administrative expenses ​ ​ 55,462 ​ ​ 249 ​ ​ 55,711 ​ ​ ​ 133,903 ​ ​ 776 ​ ​ 134,679 Total costs and expenses ​ ​ 377,997 ​ ​ 21,404 ​ ​ 399,401 ​ ​ ​ 1,158,723 ​ ​ 65,785 ​ ​ 1,224,508 Operating (loss) income ​ ​ (13,990) ​ ​ (180) ​ ​ (14,170) ​ ​ ​ 38,694 ​ ​ 185 ​ ​ 38,879 Net interest expense ​ ​ (5,963) ​ ​ (95) ​ ​ (6,058) ​ ​ ​ (16,580) ​ ​ (350) ​ ​ (16,930) (Loss) Income before income taxes ​ ​ (19,953) ​ ​ (275) ​ ​ (20,228) ​ ​ ​ 22,114 ​ ​ (165) ​ ​ 21,949 Income tax (benefit) expense ​ ​ (7,359) ​ ​ (8) ​ ​ (7,367) ​ ​ ​ 4,663 ​ ​ (12) ​ ​ 4,651 Net (loss) income before attribution to noncontrolling interests ​ ​ (12,594) ​ ​ (267) ​ ​ (12,861) ​ ​ ​ 17,451 ​ ​ (153) ​ ​ 17,298 Net (loss) income attributable to the Company ​ ​ (13,033) ​ ​ (267) ​ ​ (13,300) ​ ​ ​ 15,495 ​ ​ (153) ​ ​ 15,342 Net (loss) income attributable to common shareholders ​ ​ (13,033) ​ ​ (267) ​ ​ (13,300) ​ ​ ​ 15,348 ​ ​ (153) ​ ​ 15,195 Basic (loss) earnings per common share ​ ​ (0.41) ​ ​ (0.01) ​ ​ (0.42) ​ ​ ​ 0.48 ​ ​ (0.01) ​ ​ 0.47 Diluted (loss) earnings per common share ​ ​ (0.41) ​ ​ (0.01) ​ ​ (0.42) ​ ​ ​ 0.47 ​ ​ - ​ ​ 0.47 Condensed Consolidated Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income before attribution to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,451 ​ $ (153) ​ $ 17,298 Accounts receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,410 ​ ​ 3,673 ​ ​ 11,083 Income tax receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (7,373) ​ ​ (50) ​ ​ (7,423) Prepaid expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,663 ​ ​ 434 ​ ​ 8,097 Other current assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,016 ​ ​ (1,482) ​ ​ 3,534 Other assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,899) ​ ​ (11) ​ ​ (4,910) Accounts payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 769 ​ ​ 1,332 ​ ​ 2,101 Accrued expenses and other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,772 ​ ​ 4,333 ​ ​ 23,105 Deferred revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4) ​ ​ (1,856) ​ ​ (1,860) Net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 98,812 ​ ​ 6,220 ​ ​ 105,032 Financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net proceeds (repayments) of revolving credit facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 123,600 ​ ​ (2,124) ​ ​ 121,476 Net cash used in financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (73,844) ​ ​ (2,124) ​ ​ (75,968) Change in cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,535 ​ ​ 4,096 ​ ​ 6,631 Cash and cash equivalents at beginning of period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 22,345 ​ ​ 5,546 ​ ​ 27,891 Cash and cash equivalents at end of period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 24,880 ​ ​ 9,642 ​ ​ 34,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Year Ended ​ ​ December 30, 2018 ​ ​ December 30, 2018 (In thousands, except per share amounts) ​ As Reported ​ Change ​ As Restated ​ ​ As Reported ​ Change ​ As Restated Condensed Consolidated Statements of Operations ​ ​ Other revenues ​ $ 19,767 ​ $ 21,853 ​ $ 41,620 ​ ​ $ 81,428 ​ $ 87,823 ​ $ 169,251 Total revenues ​ ​ 373,981 ​ ​ 21,853 ​ ​ 395,834 ​ ​ ​ 1,573,316 ​ ​ 87,823 ​ ​ 1,661,139 Domestic Company-owned restaurant expenses ​ ​ 135,862 ​ ​ 96 ​ ​ 135,958 ​ ​ ​ 576,799 ​ ​ 859 ​ ​ 577,658 Other expenses ​ ​ 20,358 ​ ​ 20,562 ​ ​ 40,920 ​ ​ ​ 84,016 ​ ​ 84,808 ​ ​ 168,824 General and administrative expenses ​ ​ 58,648 ​ ​ 206 ​ ​ 58,854 ​ ​ ​ 192,551 ​ ​ 983 ​ ​ 193,534 Total costs and expenses ​ ​ 383,924 ​ ​ 20,864 ​ ​ 404,788 ​ ​ ​ 1,542,647 ​ ​ 86,650 ​ ​ 1,629,297 Operating (loss) income ​ ​ (8,314) ​ ​ 989 ​ ​ (7,325) ​ ​ ​ 30,380 ​ ​ 1,173 ​ ​ 31,553 Net interest expense ​ ​ (7,909) ​ ​ (17) ​ ​ (7,926) ​ ​ ​ (24,489) ​ ​ (367) ​ ​ (24,856) (Loss) Income before income taxes ​ ​ (16,224) ​ ​ 972 ​ ​ (15,252) ​ ​ ​ 5,891 ​ ​ 806 ​ ​ 6,697 Income tax (benefit) expense ​ ​ (2,018) ​ ​ (9) ​ ​ (2,027) ​ ​ ​ 2,646 ​ ​ (22) ​ ​ 2,624 Net (loss) income before attribution to noncontrolling interests ​ ​ (14,206) ​ ​ 981 ​ ​ (13,225) ​ ​ ​ 3,245 ​ ​ 828 ​ ​ 4,073 Net (loss) income attributable to the Company ​ ​ (13,849) ​ ​ 981 ​ ​ (12,868) ​ ​ ​ 1,646 ​ ​ 828 ​ ​ 2,474 Net (loss) income attributable to common shareholders ​ ​ (13,849) ​ ​ 981 ​ ​ (12,868) ​ ​ ​ 1,646 ​ ​ 828 ​ ​ 2,474 Basic (loss) earnings per common share ​ ​ (0.44) ​ ​ 0.03 ​ ​ (0.41) ​ ​ ​ 0.05 ​ ​ 0.03 ​ ​ 0.08 Diluted (loss) earnings per common share ​ ​ (0.44) ​ ​ 0.03 ​ ​ (0.41) ​ ​ ​ 0.05 ​ ​ 0.03 ​ ​ 0.08 Condensed Consolidated Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income before attribution to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,245 ​ $ 828 ​ $ 4,073 Deferred income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,705 ​ ​ (85) ​ ​ 1,620 Accounts receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,386 ​ ​ 2,859 ​ ​ 4,245 Income tax receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (12,170) ​ ​ 13 ​ ​ (12,157) Prepaid expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,165) ​ ​ 1,126 ​ ​ (1,039) Accounts payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,694) ​ ​ 1,294 ​ ​ (400) Accrued expenses and other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,273 ​ ​ 14,904 ​ ​ 25,177 Deferred revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (271) ​ ​ (1,280) ​ ​ (1,551) Net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 72,795 ​ ​ 19,659 ​ ​ 92,454 Financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net proceeds (repayments) of revolving credit facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 175,000 ​ ​ (11,415) ​ ​ 163,585 Net cash used in financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (36,682) ​ ​ (11,415) ​ ​ (48,097) Change in cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,877) ​ ​ 8,244 ​ ​ 5,367 Cash and cash equivalents at beginning of period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 22,345 ​ ​ 5,546 ​ ​ 27,891 Cash and cash equivalents at end of period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,468 ​ ​ 13,790 ​ ​ 33,258

Update to Significant Account_4

Update to Significant Accounting Policies - Noncontrolling Interest and Joint Ventures (Details) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 29, 2019USD ($)restaurantentity	Dec. 30, 2018USD ($)	Sep. 30, 2018USD ($)restaurant	Sep. 29, 2019USD ($)restaurantentity	Sep. 30, 2018USD ($)restaurant	Dec. 30, 2018USD ($)
Noncontrolling Interests
Percentage of domestic restaurants franchised	80.00%			80.00%
Number of Joint Ventures Having Noncontrolling Interests | entity	4			4
Income Amounts Attributable to Noncontrolling Interest, Disclosures
Total income before income taxes	$ 678	$ (15,252)	$ (20,228)	$ 9,870	$ 21,949	$ 6,697
Joint ventures
Noncontrolling Interests
Number of Restaurants | restaurant	192		183	192	183
Income Amounts Attributable to Noncontrolling Interest, Disclosures
Papa John's International, Inc.	$ 213		$ 1,512	$ 1,385	$ 4,384
Noncontrolling interests	(128)		439	327	1,956
Total income before income taxes	$ 85		$ 1,951	$ 1,712	$ 6,340

Update to Significant Account_5

Update to Significant Accounting Policies - Deferred Income Tax Accounts and Tax Reserves (Details) $ in Millions	Sep. 29, 2019USD ($)
Update to Significant Accounting Policies
Net deferred income tax liability	$ 1.1

Update to Significant Account_6

Update to Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018
Carrying Value
Measurement of financial assets and liabilities at fair value on a recurring basis
Cash surrender value of life insurance policies	$ 31,361	$ 27,751
Interest rate swap assets		4,905
Interest rate swap liabilities	7,950
Measured on Recurring Basis | Level 1
Measurement of financial assets and liabilities at fair value on a recurring basis
Cash surrender value of life insurance policies	31,361	27,751
Measured on Recurring Basis | Level 2
Measurement of financial assets and liabilities at fair value on a recurring basis
Interest rate swap assets		$ 4,905
Interest rate swap liabilities	$ 7,950

Adoption of ASC 842, "Leases"_2

Adoption of ASC 842, "Leases" (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2019	Dec. 31, 2018	Dec. 30, 2018
Lessee, Lease, Description [Line Items]
Election of package of practical expedients	true
Election of hindsight practical expedient	false
Assets
Prepaid expenses	$ 18,450	$ 25,707	$ 30,376
Operating lease right-of-use assets	144,881	161,027
Current liabilities:
Current operating lease liabilities	23,701	25,348
Long-term liabilities:
Long-term operating lease liabilities	121,320	137,511
Other long-term liabilities	$ 83,664	72,823	79,324
Total Adjustments
Assets
Prepaid expenses			$ 441
Accounting Standards Update 2016-02 | Total Adjustments
Assets
Prepaid expenses		(4,669)
Operating lease right-of-use assets		161,027
Current liabilities:
Current operating lease liabilities		25,348
Long-term liabilities:
Long-term operating lease liabilities		137,511
Other long-term liabilities		$ (6,501)

Leases - Lease Terms, Assets an

Leases - Lease Terms, Assets and Liabilities (Details) $ in Thousands	Sep. 29, 2019USD ($)installment	Dec. 31, 2018USD ($)
Assets
Finance lease assets, net	$ 9,870
Operating lease assets, net	144,881	$ 161,027
Right-of-use assets held for sale	2,336
Total lease assets	157,087	161,027
Liabilities
Current finance lease liabilities	1,748
Current operating lease liabilities	23,701	25,348
Noncurrent finance lease liabilities	8,083
Noncurrent operating lease liabilities	121,320	137,511
Lease liabilities held for sale	2,420
Total lease liabilities	$ 157,272	$ 162,859
Domestic Company-owned restaurants
Leases
Term of lease contracts	5 years
Domestic Company-owned restaurants | Minimum
Leases
Number of operating lease renewals | installment	1
United Kingdom franchise-owned restaurants
Leases
Term of lease contracts	15 years
Domestic commissary locations
Leases
Term of lease contracts	10 years
Domestic commissary locations | Minimum
Leases
Number of operating lease renewals | installment	1
Domestic and international tractors and trailers | Minimum
Leases
Term of lease contracts	5 years
Domestic and international tractors and trailers | Maximum
Leases
Term of lease contracts	7 years
Domestic and international commissary and office equipment | Minimum
Leases
Term of lease contracts	3 years
Domestic and international commissary and office equipment | Maximum
Leases
Term of lease contracts	5 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 29, 2019	Sep. 29, 2019
Leases
Amortization of right-of-use assets	$ 333	$ 333
Interest on lease liabilities	108	108
Operating lease cost	10,402	31,816
Short-term lease cost	679	2,308
Variable lease cost	2,203	6,945
Total lease costs	13,725	41,510
Sublease income	(2,613)	(7,778)
Total lease costs, net of sublease income	$ 11,112	$ 33,732

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments, Lessor Operating Leases, and Lease Guarantees (Details) $ in Thousands	Sep. 29, 2019USD ($)leaserestaurant	Dec. 30, 2018USD ($)
Finance Lease Costs
Remainder of 2019	$ 579
2020	2,315
2021	2,315
2022	2,315
2023	2,315
Thereafter	1,605
Total future minimum lease payments	11,444
Less imputed interest	(1,613)
Total present value of Lease Liabilities	9,831
Operating Lease Costs
2019	7,027	$ 40,834
2020	35,946	36,631
2021	31,420	31,159
2022	26,005	25,188
2023	20,345	18,694
Thereafter	72,167	57,304
Total future minimum lease payments	192,910	209,810
Less imputed interest	(45,469)
Less lease liabilities held for sale	(2,420)
Total present value of Lease Liabilities	145,021
Expected Sublease Income:
Remainder of 2019	2,195
2019		8,079
2020	8,772	8,061
2021	8,419	7,818
2022	8,073	7,462
2023	7,782	7,182
Thereafter	47,687	42,518
Total future minimum lease payments	$ 82,928	$ 81,120
Number of domestic leases for which the Company is contingently liable | lease	103
Estimated maximum amount of undiscounted payments in the event of nonpayment by primary lessees	$ 14,800
United Kingdom franchise-owned restaurants
Expected Sublease Income:
Number of units leased and subleased | restaurant	370
Initial lease terms on franchised sites	15 years

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2019USD ($)
Leases
Operating cash flows from finance leases	$ 108
Financing cash flows from finance leases	371
Operating cash flows from operating leases	30,342
Right-of-use assets obtained in exchange for new finance lease liabilities	10,203
Right-of-use assets obtained in exchange for new operating lease liabilities	13,335
Cash received from sublease income	$ 7,196
Weighted-average remaining lease term of finance leases	5 years 10 days
Weighted-average remaining lease term of operating leases	6 years 11 months 23 days
Weighted-average discount rate of finance leases	6.40%
Weighted-average discount rate of operating leases	6.93%

Papa John's Marketing Fund, I_3

Papa John's Marketing Fund, Inc. (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 31, 2018	Dec. 30, 2018
Current assets:
Cash and cash equivalents	$ 28,368		$ 33,258
Accounts receivable, net	82,401		78,118
Income tax receivable	5,905		16,146
Prepaid expenses	18,450	$ 25,707	30,376
Other current assets	21,125		5,678
Total current assets	194,384		196,277
Deferred income taxes, net	1,197		1,137
Total assets	730,565		595,897
Current liabilities:
Accounts payable	42,027		27,106
Accrued expenses and other current liabilities	115,026		129,167
Current deferred revenue	2,461		2,598
Debt	29,051		20,009
Total current liabilities	221,889		185,470
Deferred revenue	16,671		20,674
Total liabilities	800,009		894,446
Papa John's Marketing Fund Inc.
Current assets:
Cash and cash equivalents	3,247		13,790
Accounts receivable, net	9,991		10,264
Income tax receivable	124		73
Prepaid expenses	1,981		441
Other current assets	17,180		1
Total current assets	32,523		24,569
Deferred income taxes, net	381		381
Total assets	32,904		24,950
Current liabilities:
Accounts payable	15,286		20
Accrued expenses and other current liabilities	7,190		23,455
Current deferred revenue	111		155
Debt	9,051		9
Total current liabilities	31,638		23,639
Deferred revenue	3,992		5,995
Total liabilities	$ 35,630		$ 29,634

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($)	Jan. 01, 2018	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 30, 2018
Revenue, Major Customer [Line Items]
Cumulative effect of adoption of Topic 606	$ (24,359,000)
Revenue recognized related to deferred revenue and customer loyalty program		$ 9,000,000	$ 3,600,000	$ 24,700,000	$ 10,900,000
Contract liabilities		33,712,000		33,712,000		$ 41,291,000
Change				(7,579,000)
Contract assets		5,800,000		5,800,000		6,600,000
Amortization expense related to contract assets		900,000		2,500,000
Deferred revenue.
Revenue, Major Customer [Line Items]
Contract liabilities		19,132,000		19,132,000		23,272,000
Change				(4,140,000)
Customer loyalty program
Revenue, Major Customer [Line Items]
Contract liabilities		$ 14,580,000		14,580,000		$ 18,019,000
Change				$ (3,439,000)
As reported
Revenue, Major Customer [Line Items]
Cumulative effect of adoption of Topic 606	$ (21,528,000)

Revenue Recognition - Transacti

Revenue Recognition - Transaction Price Allocated to Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018
Performance Obligations by Period
Total deferred revenue	$ 33,712	$ 41,291
Franchise Fees
Performance Obligations by Period
Less than 1 Year	2,349
1-2 Years	2,134
2-3 Years	1,927
3-4 Years	1,665
4-5 Years	1,398
Thereafter	3,397
Total deferred revenue	12,870
Area development fees
Performance Obligations by Period
Total deferred revenue	2,200
Gift Card
Performance Obligations by Period
Total deferred revenue	4,100
Papa Rewards
Performance Obligations by Period
Total deferred revenue	$ 14,600

Stockholders' Deficit - Shares

Stockholders' Deficit - Shares Authorized and Outstanding (Details) - shares	Sep. 29, 2019	Dec. 30, 2018
Authorized shares of preferred stock	5,000,000
Authorized shares of common stock	100,000,000
Outstanding shares of common stock , net of repurchased stock	31,400,000	31,400,000
Series B Convertible Preferred Stock, shares outstanding	252,530	0
Series B Preferred Stock
Authorized shares of preferred stock	260,000
Series B Convertible Preferred Stock, shares outstanding	252,530

Stockholders' Deficit - Share R

Stockholders' Deficit - Share Repurchase Program (Details) $ in Thousands	Sep. 29, 2019USD ($)
Common stock repurchase program
Share repurchase program
Stock repurchase program, authorized amount	$ 2,075

Stockholders' Deficit - Cash Di

Stockholders' Deficit - Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2020	Nov. 22, 2019	Nov. 11, 2019	Oct. 22, 2019	Oct. 01, 2019	Dec. 29, 2019	Sep. 29, 2019	Sep. 30, 2018
Cash Dividend
Total dividends paid							$ 30,300
Dividends paid to common shareholders							21,400
Dividends paid to common shareholders							$ 21,371	$ 21,861
Quarterly dividend paid per common share (in dollars per share)							$ 0.675
Common stock dividends paid to preferred shareholders							$ 3,200
Preferred dividends							$ 3,400
Preferred stock dividend rate							3.60%
Forecast
Cash Dividend
Dividends paid to common shareholders				$ 7,100
Common stock dividends paid to preferred shareholders				$ 1,100
Preferred dividends						$ 2,300
Subsequent event
Cash Dividend
Quarterly dividend declared, per share (in dollars per share)				$ 0.225
Subsequent event | Common Stock
Cash Dividend
Quarterly dividend, date of declaration				Oct. 22, 2019
Quarterly dividend, date of distribution		Nov. 22, 2019
Quarterly dividend, date of record			Nov. 11, 2019
Subsequent event | Preferred Stock
Cash Dividend
Quarterly dividend, date of declaration				Oct. 22, 2019
Quarterly dividend, date of distribution	Jan. 1, 2020
Series B Preferred Stock
Cash Dividend
Common stock dividends paid to preferred shareholders							$ 3,200
Preferred dividends					$ 2,300		$ 3,400

Stockholders' Deficit - Stockho

Stockholders' Deficit - Stockholder Rights Plan (Details) - Rights - $ / shares	Oct. 23, 2019	Mar. 06, 2019	Jul. 22, 2018
Ownership trigger threshold	20.00%	20.00%	15.00%
Series A Junior Participating Preferred Stock
Number of preferred share purchase rights granted for each outstanding share of common stock			1
Number of shares of stock available to purchase per right			0.001
Preferred stock, par value			$ 0.01
Exercise price per right			$ 250

Series B Convertible Preferre_2

Series B Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 01, 2019	Mar. 29, 2019	Feb. 03, 2019	Sep. 29, 2019
Redeemable Preferred Shares
Preferred stock dividend rate				3.60%
Authorized shares of preferred stock				5,000,000
Temporary equity				$ 251,074
Issuance costs				7,535
Dividends paid to preferred shareholders				6,608
Preferred dividends				3,400
Common stock dividends paid to preferred shareholders				3,200
General and administrative expenses
Redeemable Preferred Shares
Temporary equity adjustment				$ 5,900
Series B Preferred Stock
Redeemable Preferred Shares
Authorized shares of preferred stock				260,000
Temporary equity				$ 251,100
Temporary equity adjustment				5,900
Dividends paid to preferred shareholders				6,600
Preferred dividends	$ 2,300			3,400
Common stock dividends paid to preferred shareholders				3,200
Series B Preferred Stock | Franchisee
Redeemable Preferred Shares
Aggregate purchase price of shares		$ 2,500
Temporary equity adjustment				300
Series B Preferred Stock | Securities Purchase Agreement
Redeemable Preferred Shares
Aggregate purchase price of shares		$ 50,000	$ 200,000
Purchase price per share			$ 1,000
Preferred stock dividend rate			3.60%
Conversion rate			$ 50.06
Initial redemption term			8 years
Exchange Cap (as a percent)			19.99%
Issuance costs				7,500
Redemption value			$ 252,500
Series B Preferred Stock | General and administrative expenses
Redeemable Preferred Shares
Aggregate purchase price of shares				50,000
Series B Preferred Stock | General and administrative expenses | Securities Purchase Agreement
Redeemable Preferred Shares
Temporary equity adjustment				$ 5,600

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 30, 2018
Basic (loss) earnings per common share:
Net income (loss) attributable to the Company	$ 385	$ (12,868)	$ (13,300)	$ 7,008	$ 15,342	$ 2,474
Preferred stock dividends and accretion	(3,473)			(9,029)
Net income attributable to participating securities					(147)
Net (loss) income attributable to common shareholders	$ (3,088)	$ (12,868)	$ (13,300)	$ (2,021)	$ 15,195	$ 2,474
Basic weighted average common shares outstanding	31,601,000		31,573,000	31,581,000	32,265,000
Basic (loss) earnings per common share	$ (0.10)	$ (0.41)	$ (0.42)	$ (0.06)	$ 0.47	$ 0.08
Diluted (loss) earnings per common share:
Net (loss) income attributable to common shareholders	$ (3,088)	$ (12,868)	$ (13,300)	$ (2,021)	$ 15,195	$ 2,474
Basic weighted average common shares outstanding	31,601,000		31,573,000	31,581,000	32,265,000
Dilutive effect of outstanding equity awards					224,000
Diluted weighted average common shares outstanding	31,601,000		31,573,000	31,581,000	32,489,000
Diluted (loss) earnings per common share	$ (0.10)	$ (0.41)	$ (0.42)	$ (0.06)	$ 0.47	$ 0.08
Weighted average antidilutive awards excluded from computation of earnings per share					1,209,000
Series B Convertible Preferred Stock, shares outstanding	252,530	0		252,530		0
Series B Preferred Stock
Diluted (loss) earnings per common share:
Weighted average antidilutive awards excluded from computation of earnings per share				5,000,000
Series B Convertible Preferred Stock, shares outstanding	252,530			252,530

Divestitures - Divestitures (De

Divestitures - Divestitures (Details) $ in Thousands	Sep. 30, 2019USD ($)restaurant	Aug. 01, 2019USD ($)itemrestaurant	Sep. 29, 2019USD ($)lease
Number of domestic leases for which the Company is contingently liable | lease			103
Estimated maximum amount of undiscounted payments in the event of nonpayment by primary lessees			$ 14,800
Stores in Macon, GA
Number of restaurants divested | restaurant		19
Total consideration for asset sale of restaurants		$ 5,600
Gain (loss) on assets transferred to held for sale		$ 1,700
Number of domestic leases for which the Company is contingently liable | item		19
Stores in South Florida
Number of restaurants divested | restaurant	23
Total consideration for asset sale of restaurants	$ 7,500
Gain (loss) on assets transferred to held for sale			$ 0
Maximum | Stores in Macon, GA
Estimated maximum amount of undiscounted payments in the event of nonpayment by primary lessees		$ 5,700

Divestitures - Assets Held for

Divestitures - Assets Held for Sale (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Divestitures
Cash and cash equivalents	$ 13,000		$ 13,000
Inventories	119,000		119,000
Property and equipment, net	2,139,000		2,139,000
Right-of-use assets	2,336,000		2,336,000
Goodwill	2,532,000		2,532,000
Total assets held for sale	7,139,000		7,139,000
Lease liabilities	2,420,000		2,420,000
Total liabilities held for sale	2,420,000		2,420,000
Income before income taxes of restaurants classified as held for sale	$ 197,000	$ 195,000	$ 968,000	$ 906,000

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018
Debt
Outstanding debt	$ 378,051	$ 625,009
Unamortized debt issuance costs	(2,936)	(3,874)
Current portion of long-term debt	(29,051)	(20,009)
Total long-term debt, less current portion, net	$ 346,064	$ 601,126

Debt - Credit Agreements (Detai

Debt - Credit Agreements (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019USD ($)	Sep. 30, 2018	Sep. 29, 2019USD ($)item$ / shares	Sep. 30, 2018USD ($)	Dec. 30, 2018USD ($)
Debt
Outstanding debt	$ 378,051		$ 378,051		$ 625,009
Quarterly dividend paid per common share (in dollars per share) | $ / shares			$ 0.675
Dividends paid to common shareholders			$ 21,371	$ 21,861
Debt issuance costs	2,936		2,936		$ 3,874
PJI Facilities
Debt
Outstanding debt	369,000		$ 369,000
Number of quarters in interest margin period | item			4
Line of credit facility, remaining availability	352,800		$ 352,800
Debt issuance costs	$ 2,900		$ 2,900
PJI Facilities | Minimum | Modification of financial covenants beginning in the third quarter of 2018
Debt
Fixed charge coverage ratio	2		2
PJI Facilities | Minimum | Modification of financial covenants in 2021 and thereafter
Debt
Fixed charge coverage ratio	2.50		2.50
PJI Facilities | Maximum | Ability to make dividends and distributions based on Leverage Ratio
Debt
Quarterly dividend paid per common share (in dollars per share) | $ / shares			$ 0.225
Dividends paid to common shareholders			$ 35,000
Leverage Ratio	3.75		3.75
PJI Facilities | Maximum | Modification of financial covenants beginning in the third quarter of 2018
Debt
Leverage Ratio	5.25		5.25
PJI Facilities | Maximum | Modification of financial covenants by 2022
Debt
Leverage Ratio	4		4
PJI Facilities | Maximum | Option to increase the Revolving Facility or the Term Loan Facility
Debt
Leverage Ratio	4		4
Additional amount that company has option to increase borrowing capacity			$ 300,000
PJI Facilities | LIBOR | Minimum
Debt
Interest margin rate on debt			1.25%
PJI Facilities | LIBOR | Maximum
Debt
Interest margin rate on debt			2.50%
PJI Facilities | Base rate | Minimum
Debt
Interest margin rate on debt			0.25%
PJI Facilities | Base rate | Maximum
Debt
Interest margin rate on debt			1.50%
PJMF Revolving Facility
Debt
Line of credit facility, maximum borrowing capacity	$ 20,000		$ 20,000
Outstanding debt	$ 9,100		$ 9,100
Applicable interest rate	4.00%	3.70%	4.20%	3.50%
PJMF Revolving Facility | One-month LIBOR
Debt
Interest margin rate on debt			1.75%
Revolving Facility | PJI Facilities
Debt
Line of credit facility, maximum borrowing capacity	$ 400,000		$ 400,000
Outstanding debt	4,000		4,000
Line of credit facility, maximum borrowing capacity of foreign currencies	35,000		35,000
Term Loan Facility | PJI Facilities
Debt
Outstanding debt	$ 365,000		365,000
Quarterly amortization payment			$ 5,000

Debt - Derivatives (Details)

Debt - Derivatives (Details) - USD ($) $ in Millions	Sep. 29, 2019	Apr. 28, 2019
Interest rate swap, April 2018, 2.33% fixed
Interest rate swaps
Interest rate swap agreement, notional amount	$ 55
Interest rate swap agreement, fixed interest rate	2.33%
Interest rate swap, April 2018, 2.36% fixed
Interest rate swaps
Interest rate swap agreement, notional amount	$ 35
Interest rate swap agreement, fixed interest rate	2.36%
Interest rate swap, April 2018, 2.34% fixed
Interest rate swaps
Interest rate swap agreement, notional amount	$ 35
Interest rate swap agreement, fixed interest rate	2.34%
Interest rate swap, January 2018, 1.99% fixed, $100 million notional amount
Interest rate swaps
Interest rate swap agreement, notional amount	$ 100
Interest rate swap agreement, fixed interest rate	1.99%
Interest rate swap, January 2018, 1.99% fixed, $75 million notional amount
Interest rate swaps
Interest rate swap agreement, notional amount	$ 75
Interest rate swap agreement, fixed interest rate	1.99%
Interest rate swap, January 2018, 2.00% fixed, $50 Million notional amount
Interest rate swaps
Interest rate swap agreement, notional amount	$ 50
Interest rate swap agreement, fixed interest rate	2.00%
Interest rate swap
Interest rate swaps
Interest rate swap agreement, notional amount		$ 350
Terminated interest rate swaps
Interest rate swaps
Interest rate swap agreement, notional amount		$ 50

Debt - Interest Rate Swaps (Det

Debt - Interest Rate Swaps (Details) - Interest rate swap - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018
Other current and long-term assets
Debt and Credit Arrangements
Derivatives designated as hedging instruments, fair value		$ 4,905
Other current and long-term Liabilities
Debt and Credit Arrangements
Derivatives designated as hedging instruments, fair value	$ 7,950

Debt - Effect of Derivatives on

Debt - Effect of Derivatives on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Debt and Credit Arrangements
Weighted average interest rates on debt, including the impact of interest rate swap agreements	3.80%	3.90%	4.20%	3.70%
Interest paid, including payments made or received under the swaps	$ 3,000	$ 6,000	$ 14,100	$ 16,600
Interest rate swap
Debt and Credit Arrangements
Portion of derivative asset that would be reclassified into earnings			7,900
Interest expense | Interest rate swap
Debt and Credit Arrangements
Amount of Gain or (Loss) Recognized in AOCI/AOCL on Derivative	(1,437)	1,483	(9,641)	8,863
Amount of Gain or (Loss) Reclassified from AOCI/AOCL into Income	161	(19)	849	(216)
Total Net interest expense on Consolidated Statements of Operations	$ (4,249)	$ (6,058)	(14,797)	$ (16,930)
Portion of derivative asset that would be reclassified into earnings			$ 2,700
Estimate of period of time over which portion of derivative liability would be reclassified into earnings			12 months

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Sep. 29, 2019USD ($)	Oct. 29, 2018employee
Durling et al v. Papa John's International, Inc.
Loss Contingencies [Line Items]
Approximate number of employees who opted into the class action | employee		9,571
Expected future costs	$ 0
Danker V. Papa John's International, Inc.
Loss Contingencies [Line Items]
Expected future costs	$ 0

Related Party Transactions - Fr

Related Party Transactions - Franchisees (Details) - Mr. Shaquille O'Neal	Jun. 11, 2019USD ($)	May 27, 2019USD ($)restaurant
Related party transactions
Payable to related party	$ 4,125,000
Period of related party agreement	3 years
Restricted stock value of units issued to related party	$ 4,300,000
Vesting period of restricted stock units	3 years
Number of restaurants included in joint venture agreement | restaurant		9
Ownership percentage of joint venture by Company (as a percent)		70.00%
Ownership percentage of joint venture by Partner (as a percent)		30.00%
The amount contributed to joint venture by Partner		$ 840,000

Other General Expenses (Details

Other General Expenses (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 30, 2018
General and Administrative Expenses
Provision for uncollectible accounts and notes receivable				$ 1,646	$ 4,047
General and administrative expenses	$ 53,503	$ 58,854	$ 55,711	153,356	134,679	$ 193,534
Series B Preferred Stock
General and Administrative Expenses
Starboard option valuation				5,900
General and administrative expenses
General and Administrative Expenses
Starboard option valuation				5,900
Provision for uncollectible accounts and notes receivable	736		388	1,276	2,724
(Gain) loss on disposition of fixed assets	(190)		1,037	1,100	1,497
Other	(116)		774	(833)	1,534
Other general expenses	430		2,199	1,543	5,755
Special Committee costs	7,844		14,949	21,720	14,949
Marketing fund investment amount	5,000			7,500
Severance costs	2,400
Advisory and legal costs			11,300	5,900	11,300
Reimaging costs			3,600		3,600
Administrative expenses	45,229		38,563	130,093	113,975
Management incentive costs and professional fees	6,700			16,200
General and administrative expenses	$ 53,503		$ 55,711	153,356	$ 134,679
General and administrative expenses | Series B Preferred Stock
General and Administrative Expenses
Aggregate purchase price of shares				$ 50,000

Segment Information - Concentra

Segment Information - Concentration (Details)	9 Months Ended
	Sep. 29, 2019segmententity
Major customers disclosures
Number of reportable segments | segment	4
Consolidated revenues
Major customers disclosures
Concentration risk, number | entity	0

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 30, 2018
Segment Information
Total revenues	$ 403,706	$ 395,834	$ 385,231	$ 1,201,734	$ 1,265,305	$ 1,661,139
Income (loss) before income taxes	678	(15,252)	(20,228)	9,870	21,949	6,697
Accumulated depreciation and amortization	(455,103)			(455,103)
Property and equipment, net	212,313	226,894		212,313		226,894
Domestic Company-owned restaurants
Segment Information
Total revenues	165,135		158,285	490,594	529,906
Refranchising gain (loss), net	1,700			1,900
North America commissary
Segment Information
Total revenues	154,703		146,240	450,735	461,408
North America franchising
Segment Information
Total revenues	15,924		12,806	53,215	61,524
Special charges	6,400		9,900	14,000	9,900
International
Segment Information
Total revenues	24,679		25,653	75,843	84,836
Refranchising gain (loss), net					1,900
Other segment
Segment Information
Total revenues	43,265	$ 41,620	42,247	131,347	127,631	$ 169,251
Operating segments
Segment Information
Total revenues	403,706		385,231	1,201,734	1,265,305
Operating segments | Domestic Company-owned restaurants
Segment Information
Total revenues	165,135		158,285	490,594	529,906
Income (loss) before income taxes	9,162		(183)	21,471	15,350
Property and equipment, gross	221,320			221,320
Operating segments | North America commissary
Segment Information
Total revenues	154,703		146,240	450,735	461,408
Income (loss) before income taxes	6,790		6,195	22,094	23,535
Property and equipment, gross	141,105			141,105
Operating segments | North America franchising
Segment Information
Total revenues	15,924		12,806	53,215	61,524
Income (loss) before income taxes	14,092		9,394	47,693	53,133
Operating segments | International
Segment Information
Total revenues	29,888		30,793	92,808	100,977
Income (loss) before income taxes	4,195		4,519	14,915	10,334
Property and equipment, gross	15,737			15,737
Operating segments | Other segment
Segment Information
Total revenues	38,056		37,107	114,382	111,490
Income (loss) before income taxes	(866)		(2,776)	(2,581)	(5,304)
Property and equipment, gross	80,980			80,980
Elimination
Segment Information
Total revenues	(67,573)		(60,679)	(195,137)	(202,700)
Income (loss) before income taxes	(366)		(331)	(1,037)	(599)
Elimination | North America commissary
Segment Information
Total revenues	(47,599)		(46,023)	(140,116)	(153,389)
Elimination | North America franchising
Segment Information
Total revenues	(612)		(464)	(2,072)	(2,499)
Elimination | International
Segment Information
Total revenues			(70)	(191)	(213)
Elimination | Other segment
Segment Information
Total revenues	(19,362)		(14,122)	(52,758)	(46,599)
Unallocated corporate
Segment Information
Income (loss) before income taxes	(32,329)		(37,046)	(92,685)	(74,500)
Property and equipment, gross	208,274			208,274
Special charges	$ 7,800		$ 14,900	$ 21,400	$ 14,900

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 30, 2018
Revenue, Major Customer [Line Items]
Total revenues	$ 403,706	$ 395,834	$ 385,231	$ 1,201,734	$ 1,265,305	$ 1,661,139
Domestic Company-owned restaurants
Revenue, Major Customer [Line Items]
Total revenues	165,135		158,285	490,594	529,906
North America franchising
Revenue, Major Customer [Line Items]
Total revenues	15,924		12,806	53,215	61,524
North America commissary
Revenue, Major Customer [Line Items]
Total revenues	154,703		146,240	450,735	461,408
International.
Revenue, Major Customer [Line Items]
Total revenues	24,679		25,653	75,843	84,836
International. | International other revenue
Revenue, Major Customer [Line Items]
Total revenues	(5,209)		(5,210)	(17,156)	(16,354)
International. | International eliminations
Revenue, Major Customer [Line Items]
Total revenues			70	191	213
All others
Revenue, Major Customer [Line Items]
Total revenues	43,265		42,247	131,347	127,631
All others | International other revenue
Revenue, Major Customer [Line Items]
Total revenues	5,209		5,210	17,156	16,354
All others | International eliminations
Revenue, Major Customer [Line Items]
Total revenues			(70)	(191)	(213)
Operating segments
Revenue, Major Customer [Line Items]
Total revenues	403,706		385,231	1,201,734	1,265,305
Operating segments | Company-owned Restaurants
Revenue, Major Customer [Line Items]
Total revenues	165,135		158,285	490,594	536,143
Operating segments | Commissary Sales
Revenue, Major Customer [Line Items]
Total revenues	217,497		208,775	637,860	666,287
Operating segments | Franchise Fees
Revenue, Major Customer [Line Items]
Total revenues	26,020		22,411	84,121	91,132
Operating segments | Other Sales
Revenue, Major Customer [Line Items]
Total revenues	62,627		56,439	184,296	174,443
Operating segments | Domestic Company-owned restaurants
Revenue, Major Customer [Line Items]
Total revenues	165,135		158,285	490,594	529,906
Operating segments | Domestic Company-owned restaurants | Company-owned Restaurants
Revenue, Major Customer [Line Items]
Total revenues	165,135		158,285	490,594	529,906
Operating segments | North America franchising
Revenue, Major Customer [Line Items]
Total revenues	15,924		12,806	53,215	61,524
Operating segments | North America franchising | Franchise Fees
Revenue, Major Customer [Line Items]
Total revenues	16,536		13,270	55,287	64,023
Operating segments | North America commissary
Revenue, Major Customer [Line Items]
Total revenues	154,703		146,240	450,735	461,408
Operating segments | North America commissary | Commissary Sales
Revenue, Major Customer [Line Items]
Total revenues	202,302		192,263	590,851	614,797
Operating segments | International.
Revenue, Major Customer [Line Items]
Total revenues	29,888		30,793	92,808	100,977
Other revenue from marketing fund contributions and sublease rental income	5,200		5,100	17,000	16,100
Operating segments | International. | Company-owned Restaurants
Revenue, Major Customer [Line Items]
Total revenues					6,237
Operating segments | International. | Commissary Sales
Revenue, Major Customer [Line Items]
Total revenues	15,195		16,512	47,009	51,490
Operating segments | International. | Franchise Fees
Revenue, Major Customer [Line Items]
Total revenues	9,484		9,141	28,834	27,109
Operating segments | International. | Other Sales
Revenue, Major Customer [Line Items]
Total revenues	5,209		5,210	17,156	16,354
Operating segments | All others
Revenue, Major Customer [Line Items]
Total revenues	38,056		37,107	114,382	111,490
Operating segments | All others | Other Sales
Revenue, Major Customer [Line Items]
Total revenues	57,418		51,229	167,140	158,089
Elimination
Revenue, Major Customer [Line Items]
Total revenues	(67,573)		(60,679)	(195,137)	(202,700)
Elimination | North America franchising
Revenue, Major Customer [Line Items]
Total revenues	(612)		(464)	(2,072)	(2,499)
Elimination | North America commissary
Revenue, Major Customer [Line Items]
Total revenues	(47,599)		(46,023)	(140,116)	(153,389)
Elimination | International.
Revenue, Major Customer [Line Items]
Total revenues			(70)	(191)	(213)
Elimination | All others
Revenue, Major Customer [Line Items]
Total revenues	$ (19,362)		$ (14,122)	$ (52,758)	$ (46,599)

Restatement of 2018 Condensed_3

Restatement of 2018 Condensed Consolidated Financial Statements - Impact of Corrections on Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Jun. 30, 2019	Dec. 31, 2018	Dec. 30, 2018	Sep. 30, 2018	Jul. 01, 2018	Dec. 31, 2017
Percentage of domestic restaurants franchised	80.00%
Assets
Cash and cash equivalents	$ 28,368			$ 33,258
Accounts receivable, net	82,401			78,118
Income tax receivable	5,905			16,146
Prepaid expenses	18,450		$ 25,707	30,376
Other current assets	21,125			5,678
Total current assets	194,384			196,277
Deferred income taxes, net	1,197			1,137
Total assets	730,565			595,897
Current liabilities:
Accounts payable	42,027			27,106
Accrued expenses and other current liabilities	115,026			129,167
Current deferred revenue	2,461			2,598
Current portion of long-term debt	29,051			20,009
Total current liabilities	221,889			185,470
Deferred revenue	16,671			20,674
Total liabilities	800,009			894,446
Retained earnings	218,524			242,182
Total stockholders' equity (deficit)	(326,366)	$ (318,066)		(304,013)	$ (277,706)	$ (253,111)	$ (105,954)
Total liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders' (deficit)	$ 730,565			595,897
As reported
Assets
Cash and cash equivalents				19,468
Accounts receivable, net				67,854
Income tax receivable				16,073
Prepaid expenses				29,935
Other current assets				5,677
Total current assets				171,708
Deferred income taxes, net				756
Total assets				570,947
Current liabilities:
Accounts payable				29,891
Accrued expenses and other current liabilities				105,712
Current deferred revenue				2,443
Current portion of long-term debt				20,000
Total current liabilities				164,636
Deferred revenue				14,679
Total liabilities				867,617
Retained earnings				244,061
Total stockholders' equity (deficit)				(302,134)
Total liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders' (deficit)				570,947
Total Adjustments
Assets
Cash and cash equivalents				13,790
Accounts receivable, net				10,264
Income tax receivable				73
Prepaid expenses				441
Other current assets				1
Total current assets				24,569
Deferred income taxes, net				381
Total assets				24,950
Current liabilities:
Accounts payable				(2,785)
Accrued expenses and other current liabilities				23,455
Current deferred revenue				155
Current portion of long-term debt				9
Total current liabilities				20,834
Deferred revenue				5,995
Total liabilities				26,829
Retained earnings				(1,879)
Total stockholders' equity (deficit)				(1,879)
Total liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders' (deficit)				$ 24,950

Restatement of 2018 Condensed_4

Restatement of 2018 Condensed Consolidated Financial Statements - Impact of Corrections on Condensed Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 30, 2018
Revenues:
Total revenues	$ 403,706	$ 395,834	$ 385,231	$ 1,201,734	$ 1,265,305	$ 1,661,139
Costs and expenses:
General and administrative expenses	53,503	58,854	55,711	153,356	134,679	193,534
Total costs and expenses	400,505	404,788	399,401	1,178,956	1,224,508	1,629,297
Operating income	4,927	(7,325)	(14,170)	24,667	38,879	31,553
Net interest expense	(4,249)	(7,926)	(6,058)	(14,797)	(16,930)	(24,856)
(Loss) income before income taxes	678	(15,252)	(20,228)	9,870	21,949	6,697
Income tax expense (benefit)	421	(2,027)	(7,367)	2,535	4,651	2,624
Net income (loss) before attribution to noncontrolling interests	257	(13,225)	(12,861)	7,335	17,298	4,073
Net income (loss) attributable to the Company	385	(12,868)	(13,300)	7,008	15,342	2,474
Net (loss) income attributable to common shareholders	$ (3,088)	$ (12,868)	$ (13,300)	$ (2,021)	$ 15,195	$ 2,474
Basic (loss) earnings per common share	$ (0.10)	$ (0.41)	$ (0.42)	$ (0.06)	$ 0.47	$ 0.08
Diluted (loss) earnings per common share	$ (0.10)	$ (0.41)	$ (0.42)	$ (0.06)	$ 0.47	$ 0.08
Domestic Company-owned restaurants
Revenues:
Total revenues	$ 165,135		$ 158,285	$ 490,594	$ 529,906
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	134,037	$ 135,958	136,257	399,040	441,699	$ 577,658
Other segment
Revenues:
Total revenues	43,265	41,620	42,247	131,347	127,631	169,251
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	$ 42,952	40,920	42,736	$ 129,019	127,904	168,824
As reported
Revenues:
Total revenues		373,981	364,007		1,199,335	1,573,316
Costs and expenses:
General and administrative expenses		58,648	55,462		133,903	192,551
Total costs and expenses		383,924	377,997		1,158,723	1,542,647
Operating income		(8,314)	(13,990)		38,694	30,380
Net interest expense		(7,909)	(5,963)		(16,580)	(24,489)
(Loss) income before income taxes		(16,224)	(19,953)		22,114	5,891
Income tax expense (benefit)		(2,018)	(7,359)		4,663	2,646
Net income (loss) before attribution to noncontrolling interests		(14,206)	(12,594)		17,451	3,245
Net income (loss) attributable to the Company		(13,849)	(13,033)		15,495	1,646
Net (loss) income attributable to common shareholders		$ (13,849)	$ (13,033)		$ 15,348	$ 1,646
Basic (loss) earnings per common share		$ (0.44)	$ (0.41)		$ 0.48	$ 0.05
Diluted (loss) earnings per common share		$ (0.44)	$ (0.41)		$ 0.47	$ 0.05
As reported | Domestic Company-owned restaurants
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):		$ 135,862	$ 135,836		$ 440,936	$ 576,799
As reported | Other segment
Revenues:
Total revenues		19,767	21,023		61,661	81,428
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):		20,358	22,002		63,658	84,016
Total Adjustments
Revenues:
Total revenues		21,853	21,224		65,970	87,823
Costs and expenses:
General and administrative expenses		206	249		776	983
Total costs and expenses		20,864	21,404		65,785	86,650
Operating income		989	(180)		185	1,173
Net interest expense		(17)	(95)		(350)	(367)
(Loss) income before income taxes		972	(275)		(165)	806
Income tax expense (benefit)		(9)	(8)		(12)	(22)
Net income (loss) before attribution to noncontrolling interests		981	(267)		(153)	828
Net income (loss) attributable to the Company		981	(267)		(153)	828
Net (loss) income attributable to common shareholders		$ 981	$ (267)		$ (153)	$ 828
Basic (loss) earnings per common share		$ 0.03	$ (0.01)		$ (0.01)	$ 0.03
Diluted (loss) earnings per common share		$ 0.03	$ (0.01)			$ 0.03
Total Adjustments | Domestic Company-owned restaurants
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):		$ 96	$ 421		$ 763	$ 859
Total Adjustments | Other segment
Revenues:
Total revenues		21,853	21,224		65,970	87,823
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):		$ 20,562	$ 20,734		$ 64,246	$ 84,808

Restatement of 2018 Condensed_5

Restatement of 2018 Condensed Consolidated Financial Statements - Impact of Corrections on Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 30, 2018
Operating activities
Net income before attribution to noncontrolling interests	$ 257	$ (13,225)	$ (12,861)	$ 7,335	$ 17,298	$ 4,073
Changes in operating assets and liabilities:
Deferred income taxes				(2,386)	(227)	1,620
Accounts receivable				(8,156)	11,083	4,245
Income tax receivable				10,241	(7,423)	(12,157)
Prepaid expenses				11,926	8,097	(1,039)
Other current assets				(17,289)	3,534
Other assets and liabilities				(3,245)	(4,910)
Accounts payable				14,921	2,101	(400)
Income and other taxes payable				1,285	(1,597)
Accrued expenses and other current liabilities				(19,149)	23,105	25,177
Deferred revenue				(4,061)	(1,860)	(1,551)
Net cash provided by operating activities				49,999	105,032	92,454
Financing activities
Net (repayments) proceeds of revolving credit facility				(236,966)	121,476	163,585
Net cash used in financing activities				(30,674)	(75,968)	(48,097)
Change in cash and cash equivalents				(4,890)	6,631	5,367
Cash and cash equivalents at beginning of period		34,522		33,258	27,891	27,891
Cash and cash equivalents at end of period	$ 28,368	33,258	34,522	28,368	34,522	33,258
As reported
Operating activities
Net income before attribution to noncontrolling interests		(14,206)	(12,594)		17,451	3,245
Changes in operating assets and liabilities:
Deferred income taxes						1,705
Accounts receivable					7,410	1,386
Income tax receivable					(7,373)	(12,170)
Prepaid expenses					7,663	(2,165)
Other current assets					5,016
Other assets and liabilities					(4,899)
Accounts payable					769	(1,694)
Accrued expenses and other current liabilities					18,772	10,273
Deferred revenue					(4)	(271)
Net cash provided by operating activities					98,812	72,795
Financing activities
Net (repayments) proceeds of revolving credit facility					123,600	175,000
Net cash used in financing activities					(73,844)	(36,682)
Change in cash and cash equivalents					2,535	(2,877)
Cash and cash equivalents at beginning of period		24,880		19,468	22,345	22,345
Cash and cash equivalents at end of period		19,468	24,880		24,880	19,468
Total Adjustments
Operating activities
Net income before attribution to noncontrolling interests		981	(267)		(153)	828
Changes in operating assets and liabilities:
Deferred income taxes						(85)
Accounts receivable					3,673	2,859
Income tax receivable					(50)	13
Prepaid expenses					434	1,126
Other current assets					(1,482)
Other assets and liabilities					(11)
Accounts payable					1,332	1,294
Accrued expenses and other current liabilities					4,333	14,904
Deferred revenue					(1,856)	(1,280)
Net cash provided by operating activities					6,220	19,659
Financing activities
Net (repayments) proceeds of revolving credit facility					(2,124)	(11,415)
Net cash used in financing activities					(2,124)	(11,415)
Change in cash and cash equivalents					4,096	8,244
Cash and cash equivalents at beginning of period		9,642		$ 13,790	5,546	5,546
Cash and cash equivalents at end of period		$ 13,790	$ 9,642		$ 9,642	$ 13,790