Papa John's International (PZZA) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 28, 2021	Apr. 30, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 28, 2021
Document Fiscal Year Focus	2021
Document Transition Report	false
Entity File Number	0-21660
Entity Incorporation, State or Country Code	DE
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
Trading Symbol	PZZA
Security Exchange Name	NASDAQ
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 Shell Company	false
Entity Common Stock, Shares Outstanding		33,074,641
Entity Registrant Name	PAPA JOHNS INTERNATIONAL INC
Entity Central Index Key	0000901491
Current Fiscal Year End Date	--12-26
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 27, 2020
Current assets:
Cash and cash equivalents	$ 171,272	$ 130,204
Accounts receivable, net	76,008	90,135
Notes receivable, current portion	10,687	11,318
Income tax receivable	707	1,273
Inventories	27,552	30,265
Prepaid expenses and other current assets	45,355	43,212
Total current assets	331,581	306,407
Property and equipment, net	195,083	200,895
Finance lease right-of-use assets, net	22,710	16,840
Operating lease right-of-use assets	166,976	148,110
Notes receivable, less current portion, net	35,966	36,538
Goodwill	81,019	80,791
Deferred income taxes	6,890	10,800
Other assets	78,060	72,389
Total assets	918,285	872,770
Current liabilities:
Accounts payable	32,020	37,370
Income and other taxes payable	25,308	10,263
Accrued expenses and other current liabilities	165,767	174,563
Current deferred revenue	19,807	19,590
Current finance lease liabilities	4,499	3,545
Current operating lease liabilities	24,322	23,538
Current portion of long-term debt	20,000	20,000
Total current liabilities	291,723	288,869
Deferred revenue	13,391	13,664
Long-term finance lease liabilities	18,533	13,531
Long-term operating lease liabilities	143,269	124,666
Long-term debt, less current portion, net	328,538	328,292
Deferred income taxes	267	948
Other long-term liabilities	104,601	111,364
Total liabilities	900,322	881,334
Series B Convertible Preferred Stock; $0.01 par value; 260.0 shares authorized, 252.5 shares issued and outstanding at March 28, 2021 and December 27, 2020	251,938	251,901
Redeemable noncontrolling interests	6,125	6,474
Stockholders' deficit:
Common stock ($0.01 par value per share; issued 45,341 at March 28, 2021 and 45,288 at December 27, 2020)	453	453
Additional paid-in capital	251,285	254,103
Accumulated other comprehensive loss	(11,971)	(14,168)
Retained earnings	242,119	219,158
Treasury stock (12,660 shares at March 28, 2021 and 12,743 shares at December 27, 2020, at cost)	(737,268)	(741,724)
Total stockholders' deficit	(255,382)	(282,178)
Noncontrolling interests in subsidiaries	15,282	15,239
Total Stockholders' deficit	(240,100)	(266,939)
Total liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders' deficit	$ 918,285	$ 872,770

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 28, 2021	Dec. 27, 2020
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	252,500
Series B Convertible Preferred Stock, shares outstanding	252,530	252,500
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	45,341,000	45,288,000
Treasury stock, shares	12,660,000	12,743,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Revenues:
Total revenues	$ 511,746	$ 409,859
Costs and expenses:
General and administrative expenses	50,011	47,651
Depreciation and amortization	12,876	12,295
Total costs and expenses	464,884	394,387
Operating income	46,862	15,472
Net interest expense	(3,647)	(3,967)
Income before income taxes	43,215	11,505
Income tax expense	7,932	2,512
Net income before attribution to noncontrolling interests	35,283	8,993
Net income attributable to noncontrolling interests	(1,400)	(550)
Net income attributable to the Company	33,883	8,443
Calculation of net income for earnings (loss) per share:
Net income attributable to the Company	33,883	8,443
Dividends paid to participating securities and accretion	(3,527)	(3,471)
Net income attributable to participating securities	(3,243)
Net income attributable to common shareholders	$ 27,113	$ 4,972
Basic earnings per common share	$ 0.83	$ 0.15
Diluted earnings per common share	$ 0.82	$ 0.15
Basic weighted average common shares outstanding	32,756	32,093
Diluted weighted average common shares outstanding	33,090	32,320
Dividends declared per common share	$ 0.225	$ 0.225
Domestic Company-owned restaurants
Revenues:
Total revenues	$ 197,234	$ 161,440
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	155,888	129,111
North America franchising
Revenues:
Total revenues	32,715	19,440
North America commissary
Revenues:
Total revenues	184,878	155,422
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	170,684	144,272
International
Revenues:
Total revenues	34,607	26,059
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	19,618	15,101
Other segment
Revenues:
Total revenues	62,312	47,498
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	$ 55,807	$ 45,957

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income before attribution to noncontrolling interests	$ 35,283	$ 8,993
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	1,059	(2,825)
Interest rate swaps	1,795	(10,919)
Other comprehensive income (loss), before tax	2,854	(13,744)
Income tax effect:
Foreign currency translation adjustments	(244)	650
Interest rate swaps	(413)	2,511
Income tax effect	(657)	3,161
Other comprehensive income (loss), net of tax	2,197	(10,583)
Comprehensive income (loss) before attribution to noncontrolling interests	37,480	(1,590)
Less: comprehensive (income), redeemable noncontrolling interests	(787)	(176)
Less: comprehensive (income), nonredeemable noncontrolling interests	(613)	(374)
Comprehensive income (loss) attributable to the Company	$ 36,080	$ (2,140)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Consolidated Statements of Comprehensive Income (Unaudited)
Income tax expense (benefit)	$ 7,932	$ 2,512
Net interest expense	(3,647)	(3,967)
Interest expense | Interest rate swap
Consolidated Statements of Comprehensive Income (Unaudited)
Amount of Gain or (Loss) Reclassified from AOCI/AOCL into Income	(1,709)	(330)
Net interest expense	3,647	3,967
Qualifying as hedges | Interest rate swap | Amount reclassified from AOCL
Consolidated Statements of Comprehensive Income (Unaudited)
Income tax expense (benefit)	385	80
Net interest expense	$ (1,709)	$ (330)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Thousands, $ in Thousands	AdjustmentRetained Earnings	Adjustment	Adjusted BalanceCommon Stock	Adjusted BalanceAdditional Paid-In Capital	Adjusted BalanceAccumulated Other Comprehensive Income (Loss)	Adjusted BalanceRetained Earnings	Adjusted BalanceTreasury Stock	Adjusted BalanceNoncontrolling Interests in Subsidiaries	Adjusted Balance	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Noncontrolling Interests in Subsidiaries	Total
Balance (ASU 2016-13) at Dec. 29, 2019	$ (1,066)	$ (1,066)	$ 447	$ 219,047	$ (10,185)	$ 204,631	$ (747,327)	$ 15,665	$ (317,722)
Balance at Dec. 29, 2019										$ 447	$ 219,047	$ (10,185)	$ 205,697	$ (747,327)	$ 15,665	$ (316,656)
Balance (in shares) (ASU 2016-13) at Dec. 29, 2019			31,894
Balance (in shares) at Dec. 29, 2019										31,894
Net income													8,443		374	8,817
Other comprehensive income (loss), net of tax												(10,583)				(10,583)
Cash dividends on common stock											55		(7,292)			(7,237)
Cash dividends on preferred stock													(3,412)			(3,412)
Exercise of stock options										$ 1	1,240					1,241
Exercise of stock options (in shares)										27
Stock-based compensation expense											3,950					3,950
Issuance of restricted stock											(2,707)			2,707
Issuance of restricted stock (in shares)										47
Tax effect of restricted stock awards											(1,383)					(1,383)
Distributions to noncontrolling interests															(30)	(30)
Other											(15)		(83)	157		59
Other (in shares)										3
Balance at Mar. 29, 2020										$ 448	220,187	(20,768)	202,287	(744,463)	16,009	(326,300)
Balance (in shares) at Mar. 29, 2020										31,971
Balance at Dec. 27, 2020										$ 453	254,103	(14,168)	219,158	(741,724)	15,239	(266,939)
Balance (in shares) at Dec. 27, 2020										32,545
Net income													33,883		613	34,496
Other comprehensive income (loss), net of tax												2,197				2,197
Cash dividends on common stock											31		(7,435)			(7,404)
Cash dividends on preferred stock													(3,412)			(3,412)
Exercise of stock options											2,298					2,298
Exercise of stock options (in shares)										41
Acquisition of Company common stock														(1,267)		(1,267)
Acquisition of Company common stock (in shares)										(15)
Stock-based compensation expense											4,113					4,113
Issuance of restricted stock											(5,371)			5,371
Issuance of restricted stock (in shares)										104
Tax effect of restricted stock awards											(3,834)					(3,834)
Distributions to noncontrolling interests															(570)	(570)
Other											(55)		(75)	352		222
Other (in shares)										6
Balance at Mar. 28, 2021										$ 453	$ 251,285	$ (11,971)	$ 242,119	$ (737,268)	$ 15,282	$ (240,100)
Balance (in shares) at Mar. 28, 2021										32,681

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Accumulated other comprehensive income (loss)	$ (11,971)	$ (20,768)
Unrealized foreign currency translation gains (losses)	(2,977)	(7,774)
Net unrealized gain (loss) on the interest rate swap agreements	(8,994)	(12,994)
Joint ventures
Net income (loss) allocated to the redeemable noncontrolling interest from joint venture arrangements	$ 787	$ 176

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Operating activities
Net income before attribution to noncontrolling interests	$ 35,283	$ 8,993
Adjustments to reconcile net income to net cash provided by operating activities:
(Credit) provision for allowance for credit losses on accounts and notes receivable	(1,098)	768
Depreciation and amortization	12,876	12,295
Deferred income taxes	2,586	1,185
Stock-based compensation expense	4,113	3,950
Other	325	234
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	13,349	(1,839)
Income tax receivable	566	932
Inventories	2,721	(2,281)
Prepaid expenses and other current assets	711	5,586
Other assets and liabilities	(7,901)	2,670
Accounts payable	(5,350)	4,604
Income and other taxes payable	15,045	568
Accrued expenses and other current liabilities	(9,736)	(1,903)
Deferred revenue	(273)	(2,028)
Net cash provided by operating activities	63,217	33,734
Investing activities
Purchases of property and equipment	(7,076)	(5,933)
Notes issued	(3,417)	(7,413)
Repayments of notes issued	4,864	3,790
Acquisitions, net of cash acquired	(699)
Other	29	1
Net cash used in investing activities	(6,299)	(9,555)
Financing activities
Repayments of term loan	(5,000)	(5,000)
Net proceeds of revolving credit facilities	5,000	640
Proceeds from exercise of stock options	2,298	1,241
Dividends paid to common stockholders	(7,404)	(7,237)
Dividends paid to preferred stockholders	(3,412)	(3,412)
Tax payments for equity award issuances	(3,834)	(1,383)
Acquisition of Company common stock	(1,267)
Distributions to noncontrolling interests	(1,705)	(30)
Other	(756)	(350)
Net cash used in financing activities	(16,080)	(15,531)
Effect of exchange rate changes on cash and cash equivalents	230	(183)
Change in cash and cash equivalents	41,068	8,465
Cash and cash equivalents at beginning of period	130,204	27,911
Cash and cash equivalents at end of period	$ 171,272	$ 36,376

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 28, 2021
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 months ended March 28, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 26, 2021. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K 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 27, 2020. ​

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 28, 2021
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies ​ Use of Estimates ​ The preparation of condensed consolidated financial statements in conformity with GAAP 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 and gift card breakage, right-of-use assets and lease liabilities, 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. ​ Variable Interest Entity ​ Papa John’s domestic restaurants, both Company-owned and franchised, participate in Papa John’s Marketing Fund, Inc. (“PJMF”), a nonstock corporation designed to operate at 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, and does not have sufficient equity to fund its operations without these ongoing financial contributions. Based on an assessment of the governance structure and operating procedures of PJMF, the Company determined it has the power to control certain significant activities of PJMF, and therefore, is the primary beneficiary. The Company has consolidated PJMF in its financial results in accordance with Accounting Standards Codification (“ASC”) 810, “Consolidations.” ​ Noncontrolling Interests ​ Papa John’s has four joint venture arrangements in which there are noncontrolling interests held by third parties that include 188 and 192 restaurants at March 28, 2021 and March 29, 2020, respectively. ​ Consolidated net income is required to be reported separately at amounts attributable to both 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 of net income attributable to noncontrolling interests. ​ Net income attributable to these joint ventures for the three months ended March 28, 2021 and March 29, 2020 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 28, ​ March 29, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Papa John’s International, Inc. ​ $ 2,349 ​ $ 1,131 Noncontrolling interests ​ 1,400 ​ 550 Total net income ​ $ 3,749 ​ $ 1,681 ​ 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 ventures with no redemption feature Permanent equity Carrying value Joint ventures with option to require the Company to purchase the noncontrolling interest - not currently redeemable or redemption not probable Temporary equity Carrying value ​ Deferred Income Tax Accounts and Tax Reserves ​ We are subject to income taxes in the United States and several foreign jurisdictions. Significant judgment is required in determining Papa John’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable and those deferred. 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. ​ 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 notes receivable, net of allowances, also approximates fair value. The fair value of the amount outstanding under our term debt approximates the carrying value 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 March 28, 2021 and December 27, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements ​ Value Level 1 Level 2 Level 3 March 28, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 38,721 ​ $ 38,721 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ 11,615 ​ — ​ 11,615 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 27, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 37,578 ​ $ 37,578 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ 13,452 ​ — ​ 13,452 ​ — ​ (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”). ​ Allowance for Credit Losses ​ Estimates of expected credit losses, even if remote, are based upon historical account write-off trends, facts about the current financial condition of the debtor, forecasts of future operating results based upon current trends of select operating metrics, and macroeconomic factors. Credit quality is monitored through the timing of payments compared to the prescribed payment terms and known facts regarding the financial condition of the franchisee or customer. Account and note balances are charged off against the allowance after recovery efforts have ceased. ​ The following table summarizes changes in our allowances for credit losses for accounts receivable and notes receivable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Accounts Receivable ​ Notes Receivable Balance at December 27, 2020 ​ $ 3,622 ​ $ 3,211 Current period credit for expected credit losses ​ ​ (307) ​ ​ (531) Write-offs charged against the allowance ​ ​ (978) ​ ​ (843) Recoveries collected ​ ​ — ​ ​ (260) Balance at March 28, 2021 ​ $ 2,337 ​ $ 1,577 ​ ​ ​

Leases

Leases	3 Months Ended
	Mar. 28, 2021
Leases
Leases	3. Leases ​ Lessor Operating Leases We sublease certain retail space to our franchisees in the United Kingdom which are primarily operating leases. At March 28, 2021, we leased and subleased approximately 390 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. We recognized total sublease income of $2.8 million and $2.5 million for the three months ended March 28, 2021 and March 29, 2020, respectively. 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 80 domestic leases. These leases have varying terms, the latest of which expires in 2036. As of March 28, 2021, the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees was $13.6 million. This contingent liability is not included in the Condensed Consolidated Balance Sheet as it is not probable to occur. The fair value of the guarantee is not material. ​ Supplemental Cash Flow & Other Information ​ Supplemental cash flow information related to leases for the periods reported is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ ​ March 28, 2021 ​ ​ March 29, 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from finance leases ​ $ 278 ​ $ 151 Financing cash flows from finance leases ​ ​ 1,059 ​ ​ 466 Operating cash flows from operating leases (a) ​ ​ 9,483 ​ ​ 9,480 Right-of-use assets obtained in exchange for new finance lease liabilities ​ ​ 7,014 ​ ​ 19 Right-of-use assets obtained in exchange for new operating lease liabilities (b) ​ ​ 28,428 ​ ​ 7,451 Cash received from sublease income ​ ​ 2,987 ​ ​ 2,494 ​ ​ ​ ​ ​ ​ ​ (a) Included within the change in Other assets and liabilities within the Condensed Consolidated Statements of Cash Flows offset by non-cash operating lease right-of-use asset amortization and lease liability accretion. (b) Includes right-of-use assets of approximately ​

Papa John's Marketing Fund, Inc

Papa John's Marketing Fund, Inc.	3 Months Ended
	Mar. 28, 2021
Papa John's Marketing Fund, Inc.
Papa John's Marketing Fund, Inc.	4. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, ​ December 27, ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 23,922 ​ $ 9,394 ​ ​ Accounts receivable, net ​ ​ 13,003 ​ ​ 23,711 ​ ​ Income tax receivable ​ ​ 192 ​ ​ 192 ​ ​ Prepaid expenses and other current assets ​ ​ 1,261 ​ ​ 1,914 ​ ​ Total current assets ​ ​ 38,378 ​ ​ 35,211 ​ ​ Deferred income taxes ​ ​ 553 ​ ​ 588 ​ ​ Total assets ​ $ 38,931 ​ $ 35,799 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 260 ​ $ 5,429 ​ ​ Income and other taxes payable ​ ​ 2 ​ ​ 2 ​ ​ Accrued expenses and other current liabilities ​ ​ 37,445 ​ ​ 32,578 ​ ​ Current deferred revenue ​ ​ 3,272 ​ ​ 3,938 ​ ​ Total current liabilities ​ ​ 40,979 ​ ​ 41,947 ​ ​ Deferred revenue ​ ​ 2,002 ​ ​ 2,419 ​ ​ Total liabilities ​ $ 42,981 ​ $ 44,366 ​ ​ ​

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 28, 2021
Revenue Recognition
Revenue Recognition	5. Revenue Recognition ​ Contract Balances ​ Our contract liabilities primarily relate to franchise fees, unredeemed gift card liabilities, and loyalty program obligations, which we classify as Deferred revenue on the Condensed Consolidated Balance Sheets. During the three months ended March 28, 2021 and March 29, 2020, the Company recognized $9.1 million and $8.0 million in revenue, respectively, related to deferred revenue. ​ The contract liability balances are (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities ​ ​ ​ March 28, 2021 ​ ​ December 27, 2020 ​ ​ Change Franchise fees and unredeemed gift card liabilities ​ $ 18,971 ​ $ 19,890 ​ $ (919) Customer loyalty program obligations ​ ​ 14,227 ​ ​ 13,364 ​ ​ 863 Total contract liabilities ​ $ 33,198 ​ $ 33,254 ​ $ (56) ​ 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 incentive agreement. As of March 28, 2021 and December 27, 2020, the contract assets were approximately $5.0 million and $5.1 million, respectively. For the three months ended March 28, 2021 and March 29, 2020, revenue was reduced approximately $0.8 million and $0.9 million for the amortization of contract assets over the applicable contract terms. Contract assets are included in Prepaid expenses and other current assets and Other assets on the Condensed Consolidated Balance Sheets. ​ 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 ​ $ 2,308 ​ $ 2,105 ​ $ 1,832 ​ $ 1,613 ​ $ 1,368 ​ $ 2,882 ​ $ 12,108 ​ Approximately $1.6 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 $5.3 million, included in Deferred revenue, will be recognized in 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. ​ 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.

Common Stock and Series B Conve

Common Stock and Series B Convertible Preferred Stock	3 Months Ended
	Mar. 28, 2021
Common Stock and Series B Convertible Preferred Stock
Common Stock and Series B Convertible Preferred Stock	6. Common Stock and Series B Convertible Preferred Stock ​ 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 were 32.7 million shares at March 28, 2021 and 32.5 million shares at December 27, 2020. ​ There were 252,530 shares of Series B Preferred Stock outstanding at both March 28, 2021 and December 27, 2020. The Series B Preferred Stock is classified as temporary equity on the Condensed Consolidated Balance Sheets as of March 28, 2021 and December 27, 2020. ​ Dividends ​ The Company recorded dividends of approximately $10.8 million in the first quarter of 2021 consisting of the following: ​ ● $7.4 million paid to common stockholders ($0.225 per share); ● $1.1 million in common stock “pass-through” dividends paid to Series B Preferred Stockholders on an as-converted basis ($0.225 per share); and ● $2.3 million in preferred dividends on the Series B Preferred Stock (3.6% of the investment per annum). ​ On April 27, 2021, our Board of Directors declared a second quarter dividend of $0.225 per common share (of which approximately $7.5 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 common share dividend will be paid on May 21, 2021 to stockholders of record as of the close of business on May 11, 2021 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 28, 2021
Earnings Per Share
Earnings Per Share	7. Earnings Per Share ​ We compute earnings per share using the two-class method. The two-class method requires an earnings allocation formula that determines earnings per share for common shareholders 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 participating securities and undistributed earnings allocated to participating securities, are subtracted from net income attributable to the Company in determining net income attributable to common shareholders. Additionally, any accretion to the redemption value for the Series B Preferred Stock is treated as a deemed dividend in the two-class EPS calculation. ​ The calculations of basic and diluted earnings per common share are as follows (in thousands, except per-share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 28, ​ March 29, ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ ​ ​ ​ ​ ​ Net income attributable to the Company ​ $ 33,883 ​ $ 8,443 Dividends paid to participating securities and accretion ​ ​ (3,527) ​ ​ (3,471) Net income attributable to participating securities ​ (3,243) ​ — Net income attributable to common shareholders ​ $ 27,113 ​ $ 4,972 ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 32,756 ​ 32,093 Basic earnings per common share ​ $ 0.83 ​ $ 0.15 ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 27,113 ​ $ 4,972 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 32,756 ​ 32,093 Dilutive effect of outstanding equity awards (a) ​ 334 ​ 227 Diluted weighted average common shares outstanding (b) ​ 33,090 ​ 32,320 Diluted earnings per common share ​ $ 0.82 ​ $ 0.15 (a) Excludes 18 and 382 equity awards for the three months ended March 28, 2021 and March 29, 2020 respectively, as the effect of including such awards would have been anti-dilutive. (b) The Company had 252.5 shares of Series B Preferred Stock outstanding as of March 28, 2021 and March 29, 2020. For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income attributable to common shareholders. 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 for both periods presented and as such was excluded.

Debt

Debt	3 Months Ended
	Mar. 28, 2021
Debt
Debt	​ 8. Debt ​ Long-term debt, net, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, ​ ​ December 27, ​ ​ ​ ​ 2021 ​ ​ 2020 Outstanding debt ​ ​ $ 350,000 ​ $ 350,000 Unamortized debt issuance costs ​ ​ ​ (1,462) ​ ​ (1,708) Current portion of long-term debt ​ ​ ​ (20,000) ​ ​ (20,000) Total long-term debt, net ​ ​ $ 328,538 ​ $ 328,292 ​ ​ The Company has a secured revolving credit facility with available borrowings of $400.0 million (the “Revolving Facility”), of which $15.0 million was outstanding as of March 28, 2021, and a secured term loan facility with an outstanding balance of $335.0 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 LIBOR plus a margin ranging from 125 to 250 basis points or a base rate (generally determined by a prime rate, federal funds rate or LIBOR plus 1.00%) plus a margin ranging from 25 to 150 basis points. In each case, the actual margin is determined according to a ratio of the Company’s total indebtedness to earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the then most recently ended four-quarter period (the “Leverage Ratio”). 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 $0.225 per share per quarter or $35 million per fiscal year if the Company’s leverage ratio is above 3.75 to 1.0. Quarterly amortization payments are required to be made on the Term Loan Facility in the amount of $5.0 million. Loans outstanding under the PJI Facilities may be prepaid at any time without premium or penalty, subject to customary breakage costs in the case of borrowings for which a LIBOR rate election is in effect. Up to $35.0 million of the Revolving Facility may be advanced in certain agreed foreign currencies, including Euros, Pounds Sterling, Canadian Dollars, Japanese Yen, and Mexican Pesos. ​ 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 4.25 to 1.0, decreasing over time to 4.00 to 1.0 by 2022; and a fixed charge coverage ratio of 2.50 to 1.0. We were in compliance with these financial covenants at March 28, 2021. ​ 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. Including outstanding letters of credit, the Company’s remaining availability under the PJI Facilities at March 28, 2021 was approximately $339.2 million. ​ We attempt to minimize interest rate 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 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. ​ As of March 28, 2021, we have the following interest rate swap agreements with a total notional value of $350.0 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 (“AOCL”) 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 ​ ​ March 28, ​ December 27, Balance Sheet Location ​ 2021 ​ 2020 Other current and long-term liabilities ​ $ 11,615 ​ $ 13,452 ​ The effect of derivative instruments on the accompanying condensed consolidated financial statements is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ Amount of Gain ​ ​ Derivatives - ​ Amount of Gain or ​ or (Loss) ​ or (Loss) ​ Total Net Interest Expense Cash Flow ​ (Loss) Recognized ​ Reclassified from ​ Reclassified from ​ on Condensed Hedging ​ in AOCL ​ AOCL into ​ AOCL into ​ Consolidated Statements Relationships ​ on Derivative ​ Income ​ Income ​ of Operations Interest rate swaps for the three months ended: March 28, 2021 ​ $ 1,382 ​ Interest expense ​ $ (1,709) ​ $ (3,647) March 29, 2020 ​ $ (8,408) ​ Interest expense ​ $ (330) ​ $ (3,967) ​ The weighted average interest rates on our PJI Facilities, including the impact of the interest rate swap agreements, were 3.6% and 3.8% for the three months ended March 28, 2021 and March 29, 2020, respectively. Interest paid, including payments made or received under the swaps, was $3.4 million and $4.1 million for the three months ended March 28, 2021 and March 29, 2020, respectively. As of March 28, 2021, the portion of the aggregate $11.6 million interest rate swap liability that would be reclassified into net interest expense during the next twelve months approximates $7.1 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 with U.S. Bank National Association, as lender. The PJMF Revolving Facility is secured by substantially all assets of PJMF. The PJMF Revolving Facility matures on September 30, 2021. The borrowings under the PJMF Revolving Facility accrue interest at a variable rate of the one-month LIBOR plus 1.75%. The applicable interest rate on the PJMF Revolving Facility was 3.4% for the three months ended March 29, 2020. There was no debt outstanding under the PJMF Revolving Facility as of March 28, 2021 and December 27, 2020. 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	3 Months Ended
	Mar. 28, 2021
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies ​ Litigation ​ The Company is involved in a number of lawsuits, claims, investigations and proceedings, including those specifically identified below, consisting of intellectual property, employment, consumer, commercial and other matters arising in the ordinary course of business. In accordance with ASC 450, “ Contingencies ​ Durling et al v. Papa John’s International, Inc. ,

Strategic Corporate Reorganizat

Strategic Corporate Reorganization for Long-term Growth	3 Months Ended
	Mar. 28, 2021
Strategic Corporate Reorganization for Long-term Growth
Strategic Corporate Reorganization for Long-term Growth	10. Strategic Corporate Reorganization for Long-term Growth ​ On September 17, 2020, we announced plans to open an office in Atlanta, Georgia located in Three Ballpark Center at The Battery Atlanta. The 60,000 square foot modern space will be designed to drive continued menu innovation and optimized integration across marketing, communications, customer experience, operations, human resources, diversity, equity and inclusion, communications, financial planning and analysis, investor relations and development functions. Our information technology, finance, supply chain, and legal teams will continue to operate in our Louisville, Kentucky office, which remains critical to our success. We also maintain an office outside of London, UK, where our international operations are managed. ​ The opening of the office in Atlanta and related organizational changes are projected to be completed by the summer of 2021. All affected employees were either offered an opportunity to continue with the organization or were offered a severance package. As a result, we expect to incur certain one-time corporate reorganization costs of approximately $15.0 to $20.0 million related to employee severance and transition, recruitment and relocation, and third party and other costs through 2021. Of these costs, we have cumulatively incurred approximately $9.9 million through March 28, 2021 which include $6.8 million of employee severance and other employee transition costs, $2.5 million of recruiting and professional fees, $0.8 million of relocation costs, and $0.7 million of other costs, offset by ($0.9) million of stock-based compensation forfeitures on unvested awards. ​ We record severance as a one-time termination benefit and recognize the expense ratably over the employees’ required future service period. All other costs, including employee transition costs, recruitment and relocation costs, and third-party costs, are recognized in the period incurred. All strategic corporate reorganization costs have been recorded in General and administrative expenses on the Condensed Consolidated Statement of Operations. ​ As of March 28, 2021 and December 27, 2020, the estimate of incurred but unpaid strategic corporate reorganization costs are included in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. The following table summarizes the activity for the three months ended March 28, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ Balance at ​ Dec. 27 ​ ​ ​ ​ ​ ​ ​ Mar. 28, ​ 2020 ​ Charges ​ Payments ​ 2021 Employee severance and other employee transition costs $ 4,615 ​ $ 2,037 ​ $ (3,847) ​ $ 2,805 Recruiting and professional fees ​ 145 ​ ​ 860 ​ ​ (884) ​ ​ 121 Relocation costs ​ 101 ​ ​ 546 ​ ​ (133) ​ ​ 514 Other costs ​ — ​ ​ 440 ​ ​ (440) ​ ​ — Total strategic corporate reorganization liability $ 4,861 ​ $ 3,883 ​ $ (5,304) ​ $ 3,440 ​ We expect to recognize additional costs associated with the corporate reorganization in the remainder of 2021 of approximately $5.0 to $10.0 million, including expenditures related to (i) employee severance and other employee transition costs of approximately $2.0 million to $3.0 million, (ii) relocation and recruiting costs of $2.0 million to $5.0 million, and (iii) third-party and other costs of $1.0 million to $2.0 million. ​

Segment Information

Segment Information	3 Months Ended
	Mar. 28, 2021
Segment Information
Segment Information	​ 11. Segment Information ​ We have four reportable segments: domestic Company-owned restaurants, North America franchising, North America commissaries, 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, Papadias, which are flatbread-style sandwiches, 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 and 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 marketing funds 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 operating income 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 ​ ​ ​ March 28, ​ March 29, (In thousands) ​ 2021 2020 Revenues: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 197,234 ​ $ 161,440 North America franchising ​ ​ 32,715 ​ 19,440 North America commissaries ​ ​ 184,878 ​ 155,422 International ​ ​ 42,604 ​ 32,152 All others ​ ​ 54,315 ​ 41,405 Total revenues ​ ​ $ 511,746 ​ $ 409,859 ​ ​ ​ ​ ​ ​ ​ ​ Intersegment revenues: ​ ​ ​ ​ ​ ​ ​ North America franchising ​ ​ $ 1,060 ​ $ 674 North America commissaries ​ ​ ​ 52,070 ​ ​ 44,506 All others ​ ​ 19,148 ​ 20,955 Total intersegment revenues ​ ​ $ 72,278 ​ $ 66,135 ​ ​ ​ ​ ​ ​ ​ ​ Operating income: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 15,324 ​ $ 8,667 North America franchising ​ ​ 30,443 ​ 17,326 North America commissaries ​ ​ 9,713 ​ 7,660 International ​ ​ 8,364 ​ 4,379 All others ​ ​ 6,118 ​ (198) Unallocated corporate expenses ​ ​ (23,162) ​ (22,176) Elimination of intersegment losses (profits) ​ ​ 62 ​ (186) Total operating income ​ ​ $ 46,862 ​ $ 15,472 ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 230,302 ​ ​ ​ North America commissaries ​ ​ ​ 145,432 ​ ​ ​ International ​ ​ ​ 14,169 ​ ​ ​ All others ​ ​ ​ 92,961 ​ ​ ​ Unallocated corporate assets ​ ​ ​ 214,845 ​ ​ ​ Accumulated depreciation and amortization ​ ​ ​ (502,626) ​ ​ ​ Total property and equipment, net ​ ​ $ 195,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Disaggregation of Revenue ​ In the following tables, revenues are disaggregated by major product/service line. The tables also include a reconciliation of the disaggregated revenues by the reportable segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended March 28, 2021 Major Products/Services Lines ​ ​ Domestic Company-owned restaurants ​ ​ North America franchising ​ ​ North America commissaries ​ ​ International ​ ​ All others ​ ​ Total Company-owned restaurant sales ​ $ 197,234 ​ $ - ​ $ - ​ $ - ​ $ - ​ $ 197,234 Franchise royalties and fees ​ ​ - ​ ​ 33,775 ​ ​ - ​ ​ 12,208 ​ ​ - ​ ​ 45,983 Commissary sales ​ ​ - ​ ​ - ​ ​ 236,948 ​ ​ 22,399 ​ ​ - ​ ​ 259,347 Other revenues ​ ​ - ​ ​ - ​ ​ - ​ ​ 7,997 ​ ​ 73,463 ​ ​ 81,460 Eliminations ​ ​ - ​ ​ (1,060) ​ ​ (52,070) ​ ​ - ​ ​ (19,148) ​ ​ (72,278) Total segment revenues ​ $ 197,234 ​ $ 32,715 ​ $ 184,878 ​ $ 42,604 ​ $ 54,315 ​ $ 511,746 International other revenues (1) ​ ​ - ​ ​ - ​ ​ - ​ ​ (7,997) ​ ​ 7,997 ​ ​ - Total revenues ​ $ 197,234 ​ $ 32,715 ​ $ 184,878 ​ $ 34,607 ​ $ 62,312 ​ $ 511,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended March 29, 2020 Major Products/Services Lines ​ ​ Domestic Company-owned restaurants ​ ​ North America franchising ​ ​ North America commissaries ​ ​ International ​ ​ All others ​ ​ Total Company-owned restaurant sales ​ $ 161,440 ​ $ - ​ $ - ​ $ - ​ $ - ​ $ 161,440 Franchise royalties and fees ​ ​ - ​ ​ 20,114 ​ ​ - ​ ​ 9,516 ​ ​ - ​ ​ 29,630 Commissary sales ​ ​ - ​ ​ - ​ ​ 199,928 ​ ​ 16,543 ​ ​ - ​ ​ 216,471 Other revenues ​ ​ - ​ ​ - ​ ​ - ​ ​ 6,093 ​ ​ 62,360 ​ ​ 68,453 Eliminations ​ ​ - ​ ​ (674) ​ ​ (44,506) ​ ​ - ​ ​ (20,955) ​ ​ (66,135) Total segment revenues ​ $ 161,440 ​ $ 19,440 ​ $ 155,422 ​ $ 32,152 ​ $ 41,405 ​ $ 409,859 International other revenues (1) ​ ​ - ​ ​ - ​ ​ - ​ ​ (6,093) ​ ​ 6,093 ​ ​ - Total revenues ​ $ 161,440 ​ $ 19,440 ​ $ 155,422 ​ $ 26,059 ​ $ 47,498 ​ $ 409,859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other revenues as reported in the Condensed Consolidated Statements of Operations include $8.0 million and $6.1 million of revenue for the three months ended March 28, 2021 and March 29, 2020, 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 operating income 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 28, 2021
Significant Accounting Policies
Use of Estimates	Use of Estimates ​ The preparation of condensed consolidated financial statements in conformity with GAAP 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 and gift card breakage, right-of-use assets and lease liabilities, 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.
Variable Interest Entity	Variable Interest Entity ​ Papa John’s domestic restaurants, both Company-owned and franchised, participate in Papa John’s Marketing Fund, Inc. (“PJMF”), a nonstock corporation designed to operate at 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, and does not have sufficient equity to fund its operations without these ongoing financial contributions. Based on an assessment of the governance structure and operating procedures of PJMF, the Company determined it has the power to control certain significant activities of PJMF, and therefore, is the primary beneficiary. The Company has consolidated PJMF in its financial results in accordance with Accounting Standards Codification (“ASC”) 810, “Consolidations.”
Noncontrolling Interests	Noncontrolling Interests ​ Papa John’s has four joint venture arrangements in which there are noncontrolling interests held by third parties that include 188 and 192 restaurants at March 28, 2021 and March 29, 2020, respectively. ​ Consolidated net income is required to be reported separately at amounts attributable to both 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 of net income attributable to noncontrolling interests. ​ Net income attributable to these joint ventures for the three months ended March 28, 2021 and March 29, 2020 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 28, ​ March 29, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Papa John’s International, Inc. ​ $ 2,349 ​ $ 1,131 Noncontrolling interests ​ 1,400 ​ 550 Total net income ​ $ 3,749 ​ $ 1,681 ​ 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 ventures with no redemption feature Permanent equity Carrying value Joint ventures with option to require the Company to purchase the noncontrolling interest - not currently redeemable or redemption not probable Temporary equity Carrying value ​
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. Significant judgment is required in determining Papa John’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable and those deferred. 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. ​ 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 notes receivable, net of allowances, also approximates fair value. The fair value of the amount outstanding under our term debt approximates the carrying value 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 March 28, 2021 and December 27, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements ​ Value Level 1 Level 2 Level 3 March 28, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 38,721 ​ $ 38,721 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ 11,615 ​ — ​ 11,615 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 27, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 37,578 ​ $ 37,578 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ 13,452 ​ — ​ 13,452 ​ — ​ (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”).
Allowance for Credit Losses	Allowance for Credit Losses ​ Estimates of expected credit losses, even if remote, are based upon historical account write-off trends, facts about the current financial condition of the debtor, forecasts of future operating results based upon current trends of select operating metrics, and macroeconomic factors. Credit quality is monitored through the timing of payments compared to the prescribed payment terms and known facts regarding the financial condition of the franchisee or customer. Account and note balances are charged off against the allowance after recovery efforts have ceased. ​ The following table summarizes changes in our allowances for credit losses for accounts receivable and notes receivable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Accounts Receivable ​ Notes Receivable Balance at December 27, 2020 ​ $ 3,622 ​ $ 3,211 Current period credit for expected credit losses ​ ​ (307) ​ ​ (531) Write-offs charged against the allowance ​ ​ (978) ​ ​ (843) Recoveries collected ​ ​ — ​ ​ (260) Balance at March 28, 2021 ​ $ 2,337 ​ $ 1,577

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 28, 2021
Significant Accounting Policies
Schedule of net income attributable to Joint Ventures	Net income attributable to these joint ventures for the three months ended March 28, 2021 and March 29, 2020 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 28, ​ March 29, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Papa John’s International, Inc. ​ $ 2,349 ​ $ 1,131 Noncontrolling interests ​ 1,400 ​ 550 Total net income ​ $ 3,749 ​ $ 1,681
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 ventures with no redemption feature Permanent equity Carrying value Joint ventures with option to require the Company to purchase the noncontrolling interest - not currently redeemable or redemption not probable Temporary equity Carrying value
Schedule of 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 March 28, 2021 and December 27, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements ​ Value Level 1 Level 2 Level 3 March 28, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 38,721 ​ $ 38,721 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ 11,615 ​ — ​ 11,615 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 27, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 37,578 ​ $ 37,578 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ 13,452 ​ — ​ 13,452 ​ — ​ (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”).
Schedule rollforward of the allowance for credit losses for accounts receivable, notes receivable and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Accounts Receivable ​ Notes Receivable Balance at December 27, 2020 ​ $ 3,622 ​ $ 3,211 Current period credit for expected credit losses ​ ​ (307) ​ ​ (531) Write-offs charged against the allowance ​ ​ (978) ​ ​ (843) Recoveries collected ​ ​ — ​ ​ (260) Balance at March 28, 2021 ​ $ 2,337 ​ $ 1,577

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 28, 2021
Leases
Schedule of supplemental cash flow information	Supplemental cash flow information related to leases for the periods reported is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ ​ March 28, 2021 ​ ​ March 29, 2020 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from finance leases ​ $ 278 ​ $ 151 Financing cash flows from finance leases ​ ​ 1,059 ​ ​ 466 Operating cash flows from operating leases (a) ​ ​ 9,483 ​ ​ 9,480 Right-of-use assets obtained in exchange for new finance lease liabilities ​ ​ 7,014 ​ ​ 19 Right-of-use assets obtained in exchange for new operating lease liabilities (b) ​ ​ 28,428 ​ ​ 7,451 Cash received from sublease income ​ ​ 2,987 ​ ​ 2,494 ​ ​ ​ ​ ​ ​ ​ (a) Included within the change in Other assets and liabilities within the Condensed Consolidated Statements of Cash Flows offset by non-cash operating lease right-of-use asset amortization and lease liability accretion. (b) Includes right-of-use assets of approximately

Papa John's Marketing Fund, I_2

Papa John's Marketing Fund, Inc. (Tables)	3 Months Ended
	Mar. 28, 2021
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, ​ December 27, ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 23,922 ​ $ 9,394 ​ ​ Accounts receivable, net ​ ​ 13,003 ​ ​ 23,711 ​ ​ Income tax receivable ​ ​ 192 ​ ​ 192 ​ ​ Prepaid expenses and other current assets ​ ​ 1,261 ​ ​ 1,914 ​ ​ Total current assets ​ ​ 38,378 ​ ​ 35,211 ​ ​ Deferred income taxes ​ ​ 553 ​ ​ 588 ​ ​ Total assets ​ $ 38,931 ​ $ 35,799 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 260 ​ $ 5,429 ​ ​ Income and other taxes payable ​ ​ 2 ​ ​ 2 ​ ​ Accrued expenses and other current liabilities ​ ​ 37,445 ​ ​ 32,578 ​ ​ Current deferred revenue ​ ​ 3,272 ​ ​ 3,938 ​ ​ Total current liabilities ​ ​ 40,979 ​ ​ 41,947 ​ ​ Deferred revenue ​ ​ 2,002 ​ ​ 2,419 ​ ​ Total liabilities ​ $ 42,981 ​ $ 44,366 ​ ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 28, 2021
Revenue Recognition
Schedule of information about contract liabilities	The contract liability balances are (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities ​ ​ ​ March 28, 2021 ​ ​ December 27, 2020 ​ ​ Change Franchise fees and unredeemed gift card liabilities ​ $ 18,971 ​ $ 19,890 ​ $ (919) Customer loyalty program obligations ​ ​ 14,227 ​ ​ 13,364 ​ ​ 863 Total contract liabilities ​ $ 33,198 ​ $ 33,254 ​ $ (56)
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 ​ $ 2,308 ​ $ 2,105 ​ $ 1,832 ​ $ 1,613 ​ $ 1,368 ​ $ 2,882 ​ $ 12,108

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 28, 2021
Earnings Per Share
Schedule of Earnings (Loss) Per Share, Basic and Diluted	The calculations of basic and diluted earnings per common share are as follows (in thousands, except per-share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 28, ​ March 29, ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ ​ ​ ​ ​ ​ Net income attributable to the Company ​ $ 33,883 ​ $ 8,443 Dividends paid to participating securities and accretion ​ ​ (3,527) ​ ​ (3,471) Net income attributable to participating securities ​ (3,243) ​ — Net income attributable to common shareholders ​ $ 27,113 ​ $ 4,972 ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 32,756 ​ 32,093 Basic earnings per common share ​ $ 0.83 ​ $ 0.15 ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 27,113 ​ $ 4,972 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 32,756 ​ 32,093 Dilutive effect of outstanding equity awards (a) ​ 334 ​ 227 Diluted weighted average common shares outstanding (b) ​ 33,090 ​ 32,320 Diluted earnings per common share ​ $ 0.82 ​ $ 0.15 (a) Excludes 18 and 382 equity awards for the three months ended March 28, 2021 and March 29, 2020 respectively, as the effect of including such awards would have been anti-dilutive. (b) The Company had 252.5 shares of Series B Preferred Stock outstanding as of March 28, 2021 and March 29, 2020. For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income attributable to common shareholders. 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 for both periods presented and as such was excluded.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 28, 2021
Debt
Schedule of long-term debt, net	Long-term debt, net, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 28, ​ ​ December 27, ​ ​ ​ ​ 2021 ​ ​ 2020 Outstanding debt ​ ​ $ 350,000 ​ $ 350,000 Unamortized debt issuance costs ​ ​ ​ (1,462) ​ ​ (1,708) Current portion of long-term debt ​ ​ ​ (20,000) ​ ​ (20,000) Total long-term debt, net ​ ​ $ 328,538 ​ $ 328,292
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 ​ ​ March 28, ​ December 27, Balance Sheet Location ​ 2021 ​ 2020 Other current and long-term liabilities ​ $ 11,615 ​ $ 13,452
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 ​ ​ Derivatives - ​ Amount of Gain or ​ or (Loss) ​ or (Loss) ​ Total Net Interest Expense Cash Flow ​ (Loss) Recognized ​ Reclassified from ​ Reclassified from ​ on Condensed Hedging ​ in AOCL ​ AOCL into ​ AOCL into ​ Consolidated Statements Relationships ​ on Derivative ​ Income ​ Income ​ of Operations Interest rate swaps for the three months ended: March 28, 2021 ​ $ 1,382 ​ Interest expense ​ $ (1,709) ​ $ (3,647) March 29, 2020 ​ $ (8,408) ​ Interest expense ​ $ (330) ​ $ (3,967) ​

Strategic Corporate Reorganiz_2

Strategic Corporate Reorganization for Long-term Growth (Tables)	3 Months Ended
	Mar. 28, 2021
Strategic Corporate Reorganization for Long-term Growth
Summary of activity of restructuring liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ Balance at ​ Dec. 27 ​ ​ ​ ​ ​ ​ ​ Mar. 28, ​ 2020 ​ Charges ​ Payments ​ 2021 Employee severance and other employee transition costs $ 4,615 ​ $ 2,037 ​ $ (3,847) ​ $ 2,805 Recruiting and professional fees ​ 145 ​ ​ 860 ​ ​ (884) ​ ​ 121 Relocation costs ​ 101 ​ ​ 546 ​ ​ (133) ​ ​ 514 Other costs ​ — ​ ​ 440 ​ ​ (440) ​ ​ — Total strategic corporate reorganization liability $ 4,861 ​ $ 3,883 ​ $ (5,304) ​ $ 3,440

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 28, 2021
Segment Information
Schedule of Segment Reporting Information, by Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 28, ​ March 29, (In thousands) ​ 2021 2020 Revenues: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 197,234 ​ $ 161,440 North America franchising ​ ​ 32,715 ​ 19,440 North America commissaries ​ ​ 184,878 ​ 155,422 International ​ ​ 42,604 ​ 32,152 All others ​ ​ 54,315 ​ 41,405 Total revenues ​ ​ $ 511,746 ​ $ 409,859 ​ ​ ​ ​ ​ ​ ​ ​ Intersegment revenues: ​ ​ ​ ​ ​ ​ ​ North America franchising ​ ​ $ 1,060 ​ $ 674 North America commissaries ​ ​ ​ 52,070 ​ ​ 44,506 All others ​ ​ 19,148 ​ 20,955 Total intersegment revenues ​ ​ $ 72,278 ​ $ 66,135 ​ ​ ​ ​ ​ ​ ​ ​ Operating income: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 15,324 ​ $ 8,667 North America franchising ​ ​ 30,443 ​ 17,326 North America commissaries ​ ​ 9,713 ​ 7,660 International ​ ​ 8,364 ​ 4,379 All others ​ ​ 6,118 ​ (198) Unallocated corporate expenses ​ ​ (23,162) ​ (22,176) Elimination of intersegment losses (profits) ​ ​ 62 ​ (186) Total operating income ​ ​ $ 46,862 ​ $ 15,472 ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 230,302 ​ ​ ​ North America commissaries ​ ​ ​ 145,432 ​ ​ ​ International ​ ​ ​ 14,169 ​ ​ ​ All others ​ ​ ​ 92,961 ​ ​ ​ Unallocated corporate assets ​ ​ ​ 214,845 ​ ​ ​ Accumulated depreciation and amortization ​ ​ ​ (502,626) ​ ​ ​ Total property and equipment, net ​ ​ $ 195,083 ​ ​ ​ ​ ​ ​
Schedule of revenue disaggregated by major product line	In the following tables, revenues are disaggregated by major product/service line. The tables also include a reconciliation of the disaggregated revenues by the reportable segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended March 28, 2021 Major Products/Services Lines ​ ​ Domestic Company-owned restaurants ​ ​ North America franchising ​ ​ North America commissaries ​ ​ International ​ ​ All others ​ ​ Total Company-owned restaurant sales ​ $ 197,234 ​ $ - ​ $ - ​ $ - ​ $ - ​ $ 197,234 Franchise royalties and fees ​ ​ - ​ ​ 33,775 ​ ​ - ​ ​ 12,208 ​ ​ - ​ ​ 45,983 Commissary sales ​ ​ - ​ ​ - ​ ​ 236,948 ​ ​ 22,399 ​ ​ - ​ ​ 259,347 Other revenues ​ ​ - ​ ​ - ​ ​ - ​ ​ 7,997 ​ ​ 73,463 ​ ​ 81,460 Eliminations ​ ​ - ​ ​ (1,060) ​ ​ (52,070) ​ ​ - ​ ​ (19,148) ​ ​ (72,278) Total segment revenues ​ $ 197,234 ​ $ 32,715 ​ $ 184,878 ​ $ 42,604 ​ $ 54,315 ​ $ 511,746 International other revenues (1) ​ ​ - ​ ​ - ​ ​ - ​ ​ (7,997) ​ ​ 7,997 ​ ​ - Total revenues ​ $ 197,234 ​ $ 32,715 ​ $ 184,878 ​ $ 34,607 ​ $ 62,312 ​ $ 511,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended March 29, 2020 Major Products/Services Lines ​ ​ Domestic Company-owned restaurants ​ ​ North America franchising ​ ​ North America commissaries ​ ​ International ​ ​ All others ​ ​ Total Company-owned restaurant sales ​ $ 161,440 ​ $ - ​ $ - ​ $ - ​ $ - ​ $ 161,440 Franchise royalties and fees ​ ​ - ​ ​ 20,114 ​ ​ - ​ ​ 9,516 ​ ​ - ​ ​ 29,630 Commissary sales ​ ​ - ​ ​ - ​ ​ 199,928 ​ ​ 16,543 ​ ​ - ​ ​ 216,471 Other revenues ​ ​ - ​ ​ - ​ ​ - ​ ​ 6,093 ​ ​ 62,360 ​ ​ 68,453 Eliminations ​ ​ - ​ ​ (674) ​ ​ (44,506) ​ ​ - ​ ​ (20,955) ​ ​ (66,135) Total segment revenues ​ $ 161,440 ​ $ 19,440 ​ $ 155,422 ​ $ 32,152 ​ $ 41,405 ​ $ 409,859 International other revenues (1) ​ ​ - ​ ​ - ​ ​ - ​ ​ (6,093) ​ ​ 6,093 ​ ​ - Total revenues ​ $ 161,440 ​ $ 19,440 ​ $ 155,422 ​ $ 26,059 ​ $ 47,498 ​ $ 409,859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other revenues as reported in the Condensed Consolidated Statements of Operations include $8.0 million and $6.1 million of revenue for the three months ended March 28, 2021 and March 29, 2020, 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 operating income 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.

Significant Accounting Polici_4

Significant Accounting Policies - Noncontrolling Interest and Joint Ventures (Details) $ in Thousands	3 Months Ended
	Mar. 28, 2021USD ($)entityrestaurant	Mar. 29, 2020USD ($)entityrestaurant
Noncontrolling Interests
Percentage of domestic restaurants franchised	80.00%
Number of Joint Ventures Having Noncontrolling Interests | entity	4	4
Income Amounts Attributable to Noncontrolling Interest, Disclosures
Net income attributable to the Company	$ 33,883	$ 8,443
Joint ventures
Noncontrolling Interests
Number of Restaurants | restaurant	188	192
Income Amounts Attributable to Noncontrolling Interest, Disclosures
Papa John's International, Inc.	$ 2,349	$ 1,131
Noncontrolling interests	1,400	550
Net income attributable to the Company	$ 3,749	$ 1,681

Significant Accounting Polici_5

Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 27, 2020
Carrying Value
Measurement of financial assets and liabilities at fair value on a recurring basis
Cash surrender value of life insurance policies	$ 38,721	$ 37,578
Interest rate swap liabilities	11,615	13,452
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	38,721	37,578
Measured on Recurring Basis | Level 2
Measurement of financial assets and liabilities at fair value on a recurring basis
Interest rate swap liabilities	$ 11,615	$ 13,452

Significant Accounting Polici_6

Significant Accounting Policies - Schedule rollforward of the allowance for credit losses for accounts receivable, notes receivable and other assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Allowance for Credit Loss
Current period (credit) provision for expected credit losses	$ (1,098)	$ 768
Accounts Receivable
Allowance for Credit Losses
Balance at beginning of period	3,622
Current period credit for expected credit losses	(307)
Write-offs charged against the allowance	(978)
Balance at end of period	2,337
Notes Receivable
Allowance for Credit Losses
Balance at beginning of period	3,211
Current period credit for expected credit losses	(531)
Write-offs charged against the allowance	(843)
Recoveries collected	(260)
Balance at end of period	$ 1,577

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments, Lessor Operating Leases, and Lease Guarantees (Details) $ in Millions	3 Months Ended
	Mar. 28, 2021USD ($)restaurantlease	Mar. 29, 2020USD ($)
Leases
sublease income	$ 2.8	$ 2.5
Number of domestic leases for which the Company is contingently liable | lease	80
Estimated maximum amount of undiscounted payments in the event of nonpayment by primary lessees	$ 13.6
United Kingdom franchise-owned restaurants
Leases
Number of units leased and subleased | restaurant	390
Initial lease terms on franchised sites	15 years

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Leases
Operating cash flows from finance leases	$ 278	$ 151
Financing cash flows from finance leases	1,059	466
Operating cash flows from operating leases	9,483	9,480
Right-of-use assets obtained in exchange for new finance lease liabilities	7,014	19
Right-of-use assets obtained in exchange for new operating lease liabilities	28,428	7,451
Cash received from sublease income	2,987	$ 2,494
Corporate Headquarters Atlanta, Georgia
Leases
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 14,500

Papa John's Marketing Fund, I_3

Papa John's Marketing Fund, Inc. (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 27, 2020
Current assets:
Cash and cash equivalents	$ 171,272	$ 130,204
Accounts receivable, net	76,008	90,135
Income tax receivable	707	1,273
Prepaid expenses and other current assets	45,355	43,212
Total current assets	331,581	306,407
Deferred income taxes	6,890	10,800
Total assets	918,285	872,770
Current liabilities:
Accounts payable	32,020	37,370
Income and other taxes payable	25,308	10,263
Accrued expenses and other current liabilities	165,767	174,563
Current deferred revenue	19,807	19,590
Total current liabilities	291,723	288,869
Deferred revenue	13,391	13,664
Total liabilities	900,322	881,334
Papa John's Marketing Fund Inc.
Current assets:
Cash and cash equivalents	23,922	9,394
Accounts receivable, net	13,003	23,711
Income tax receivable	192	192
Prepaid expenses and other current assets	1,261	1,914
Total current assets	38,378	35,211
Deferred income taxes	553	588
Total assets	38,931	35,799
Current liabilities:
Accounts payable	260	5,429
Income and other taxes payable	2	2
Accrued expenses and other current liabilities	37,445	32,578
Current deferred revenue	3,272	3,938
Total current liabilities	40,979	41,947
Deferred revenue	2,002	2,419
Total liabilities	$ 42,981	$ 44,366

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Dec. 27, 2020	Dec. 29, 2019
Revenue disaggregation
Cumulative effect of adoption of Topic 606	$ (240,100)	$ (326,300)	$ (266,939)	$ (316,656)
Revenue recognized related to deferred revenue and customer loyalty program	9,100	8,000
Contract liabilities	33,198		33,254
Change	(56)
Contract assets	5,000		5,100
Amortization expense related to contract assets	800	$ 900
Franchise fees and unredeemed gift card liabilities
Revenue disaggregation
Contract liabilities	18,971		19,890
Change	(919)
Customer loyalty program obligations
Revenue disaggregation
Contract liabilities	14,227		$ 13,364
Change	$ 863

Revenue Recognition - Transacti

Revenue Recognition - Transaction Price Allocated to Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 27, 2020
Performance Obligations by Period
Total deferred revenue	$ 33,198	$ 33,254
Franchise royalties and fees
Performance Obligations by Period
Less than 1 Year	2,308
1-2 Years	2,105
2-3 Years	1,832
3-4 Years	1,613
4-5 Years	1,368
Thereafter	2,882
Total deferred revenue	12,108
Area development fees
Performance Obligations by Period
Total deferred revenue	1,600
Gift Card
Performance Obligations by Period
Total deferred revenue	$ 5,300

Common Stock and Series B Con_2

Common Stock and Series B Convertible Preferred Stock - Shares Authorized and Outstanding (Details) - shares	Mar. 28, 2021	Dec. 27, 2020	Mar. 29, 2020
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	32,700,000	32,500,000
Series B Convertible Preferred Stock, shares outstanding	252,530	252,500
Series B Preferred Stock
Authorized shares of preferred stock	260,000
Series B Convertible Preferred Stock, shares outstanding	252,500,000		252,500,000

Common Stock and Series B Con_3

Common Stock and Series B Convertible Preferred Stock - Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 27, 2021	Mar. 28, 2021	Mar. 29, 2020
Cash Dividend
Total dividends paid		$ 10,800
Dividends paid to common shareholders		7,400
Dividends paid to common shareholders		$ 7,404	$ 7,237
Dividend paid per common share (in dollars per share)		$ 0.225
Common stock dividends paid to preferred shareholders		$ 1,100
Preferred stock dividend rate		3.60%
Subsequent event | Forecast
Cash Dividend
Dividends paid to common shareholders	$ 7,500
Common stock dividends paid to preferred shareholders	$ 1,100
Quarterly dividend declared, per share (in dollars per share)	$ 0.225
Series B Preferred Stock
Cash Dividend
Preferred dividends		$ 2,300
Series B Preferred Stock | Subsequent event | Forecast
Cash Dividend
Preferred dividends	$ 2,300
Quarterly dividend, date of declaration	Jul. 1, 2021

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Dec. 27, 2020
Basic earnings (loss) per common share:
Net income attributable to the Company	$ 33,883	$ 8,443
Dividends paid to participating securities and accretion	(3,527)	(3,471)
Net income attributable to participating securities	(3,243)
Net income attributable to common shareholders	$ 27,113	$ 4,972
Weighted average common shares outstanding	32,756,000	32,093,000
Basic earnings per common share	$ 0.83	$ 0.15
Diluted earnings per common share:
Net income attributable to common shareholders	$ 27,113	$ 4,972
Weighted average common shares outstanding	32,756,000	32,093,000
Dilutive effect of outstanding equity awards	334,000	227,000
Diluted weighted average common shares outstanding	33,090,000	32,320,000
Diluted earnings per common share	$ 0.82	$ 0.15
Weighted average antidilutive awards excluded from computation of earnings per share	18,000	382,000
Series B Convertible Preferred Stock, shares outstanding	252,530		252,500
Series B Preferred Stock
Diluted earnings per common share:
Weighted average antidilutive awards excluded from computation of earnings per share	5,000,000	5,000,000
Series B Convertible Preferred Stock, shares outstanding	252,500,000	252,500,000

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 27, 2020
Debt
Outstanding debt	$ 350,000	$ 350,000
Unamortized debt issuance costs	(1,462)	(1,708)
Current portion of long-term debt	(20,000)	(20,000)
Total long-term debt, net	$ 328,538	$ 328,292

Debt - Credit Agreements (Detai

Debt - Credit Agreements (Details)	3 Months Ended
	Mar. 28, 2021USD ($)item$ / shares	Mar. 29, 2020USD ($)	Dec. 27, 2020USD ($)
Debt
Outstanding debt	$ 350,000,000		$ 350,000,000
Quarterly dividend paid per common share (in dollars per share) | $ / shares	$ 0.225
Dividends paid to common shareholders	$ 7,404,000	$ 7,237,000
Debt issuance costs	$ 1,462,000		1,708,000
PJI Facilities
Debt
Number of quarters in interest margin period | item	4
Line of credit facility, remaining availability	$ 339,200,000
PJI Facilities | Minimum | Modification of financial covenants beginning in the third quarter of 2018
Debt
Fixed charge coverage ratio	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	$ 35,000,000
Leverage Ratio	3.75
PJI Facilities | Maximum | Modification of financial covenants beginning in the third quarter of 2018
Debt
Leverage Ratio	4.25
PJI Facilities | Maximum | Modification of financial covenants by 2022
Debt
Leverage Ratio	4
PJI Facilities | Maximum | Option to increase the Revolving Facility or the Term Loan Facility
Debt
Leverage Ratio	4
Additional amount that company has option to increase borrowing capacity	$ 300,000,000
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	$ 20,000,000
Outstanding debt	$ 0		$ 0
Applicable interest rate		3.40%
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	$ 400,000,000
Outstanding debt	15,000,000
Line of credit facility, maximum borrowing capacity of foreign currencies	35,000,000
Term Loan Facility | PJI Facilities
Debt
Outstanding debt	335,000,000
Quarterly amortization payment	$ 5,000,000

Debt - Derivatives (Details)

Debt - Derivatives (Details) $ in Millions	Mar. 28, 2021USD ($)
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

Debt - Interest Rate Swaps (Det

Debt - Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 27, 2020
Interest rate swap | Other current and long-term Liabilities
Debt and Credit Arrangements
Derivatives designated as hedging instruments, fair value	$ 11,615	$ 13,452

Debt - Effect of Derivatives on

Debt - Effect of Derivatives on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Debt and Credit Arrangements
Total net interest expense on Consolidated Statements of Operations	$ (3,647)	$ (3,967)
Weighted average interest rates on debt, including the impact of interest rate swap agreements	3.60%	3.80%
Interest paid, including payments made or received under the swaps	$ 3,400	$ 4,100
Interest rate swap
Debt and Credit Arrangements
Portion of derivative liability that would be reclassified into earnings	11,600
Interest expense | Interest rate swap
Debt and Credit Arrangements
Amount of Gain or (Loss) Recognized in AOCI/AOCL on Derivative	1,382	(8,408)
Amount of Gain or (Loss) Reclassified from AOCI/AOCL into Income	(1,709)	(330)
Total net interest expense on Consolidated Statements of Operations	3,647	$ 3,967
Portion of derivative liability that would be reclassified into earnings	$ 7,100
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) - Durling et al v. Papa John's International, Inc.	Mar. 28, 2021USD ($)	Oct. 29, 2018employee
Loss Contingencies [Line Items]
Approximate number of employees who opted into the class action | employee		9,571
Expected future costs | $	$ 0

Strategic Corporate Reorganiz_3

Strategic Corporate Reorganization for Long-term Growth (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 28, 2021USD ($)	Mar. 28, 2021USD ($)	Dec. 26, 2021USD ($)	Sep. 17, 2020ft²
New Corporate Headquarters
Square footage of new leased facilities | ft²				60,000
Restructuring costs		$ 9,900
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 4,861
Charges	3,883
Payments	(5,304)
Restructuring reserve, ending balance	3,440	3,440
Employee severance and other employee transition costs
New Corporate Headquarters
Restructuring costs		6,800
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	4,615
Charges	2,037
Payments	(3,847)
Restructuring reserve, ending balance	2,805	2,805
Relocation costs
New Corporate Headquarters
Restructuring costs		800
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	101
Charges	546
Payments	(133)
Restructuring reserve, ending balance	514	514
Recruiting and professional fees
New Corporate Headquarters
Restructuring costs		2,500
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	145
Charges	860
Payments	(884)
Restructuring reserve, ending balance	121	121
Other costs
New Corporate Headquarters
Restructuring costs		700
Restructuring Reserve [Roll Forward]
Charges	440
Payments	$ (440)
Stock-based compensation benefit
New Corporate Headquarters
Restructuring costs		$ (900)
Forecast | Minimum
New Corporate Headquarters
Reorganizational expected costs			$ 5,000
Forecast | Maximum
New Corporate Headquarters
Reorganizational expected costs			10,000
Forecast | Employee severance and other employee transition costs | Minimum
New Corporate Headquarters
Reorganizational expected costs			2,000
Forecast | Employee severance and other employee transition costs | Maximum
New Corporate Headquarters
Reorganizational expected costs			3,000
Forecast | Relocation and recruiting costs | Minimum
New Corporate Headquarters
Reorganizational expected costs			2,000
Forecast | Relocation and recruiting costs | Maximum
New Corporate Headquarters
Reorganizational expected costs			5,000
Forecast | Other costs | Minimum
New Corporate Headquarters
Reorganizational expected costs			1,000
Forecast | Other costs | Maximum
New Corporate Headquarters
Reorganizational expected costs			2,000
Forecast | One-time corporate reorganization costs | Minimum
New Corporate Headquarters
Reorganizational expected costs			15,000
Forecast | One-time corporate reorganization costs | Maximum
New Corporate Headquarters
Reorganizational expected costs			$ 20,000

Segment Information - Concentra

Segment Information - Concentration (Details)	3 Months Ended
	Mar. 28, 2021entitysegment
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
	Mar. 28, 2021	Mar. 29, 2020	Dec. 27, 2020
Segment Information
Total revenues	$ 511,746	$ 409,859
Operating income	46,862	15,472
Income before income taxes	43,215	11,505
Accumulated depreciation and amortization	(502,626)
Property and equipment, net	195,083		$ 200,895
Domestic Company-owned restaurants
Segment Information
Total revenues	197,234	161,440
North America commissary
Segment Information
Total revenues	184,878	155,422
North America commissaries
Segment Information
Total revenues	184,878	155,422
North America franchising
Segment Information
Total revenues	32,715	19,440
International
Segment Information
Total revenues	34,607	26,059
Other segment
Segment Information
Total revenues	62,312	47,498
Operating segments
Segment Information
Total revenues	511,746	409,859
Operating segments | Domestic Company-owned restaurants
Segment Information
Total revenues	197,234	161,440
Operating income	15,324	8,667
Property and equipment, gross	230,302
Operating segments | North America commissary
Segment Information
Total revenues	184,878	155,422
Operating income	9,713	7,660
Property and equipment, gross	145,432
Operating segments | North America commissaries
Segment Information
Total revenues	184,878	155,422
Operating segments | North America franchising
Segment Information
Total revenues	32,715	19,440
Operating income	30,443	17,326
Operating segments | International
Segment Information
Total revenues	42,604	32,152
Operating income	8,364	4,379
Property and equipment, gross	14,169
Operating segments | Other segment
Segment Information
Total revenues	54,315	41,405
Operating income	6,118	(198)
Property and equipment, gross	92,961
Elimination
Segment Information
Total revenues	(72,278)	(66,135)
Operating income	62	(186)
Elimination | North America commissary
Segment Information
Total revenues	(52,070)	(44,506)
Elimination | North America commissaries
Segment Information
Total revenues	(52,070)	(44,506)
Elimination | North America franchising
Segment Information
Total revenues	(1,060)	(674)
Elimination | Other segment
Segment Information
Total revenues	(19,148)	(20,955)
Unallocated corporate
Segment Information
Operating income	(23,162)	$ (22,176)
Property and equipment, gross	$ 214,845

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Revenue disaggregation
Total revenues	$ 511,746	$ 409,859
Domestic Company-owned restaurants
Revenue disaggregation
Total revenues	197,234	161,440
North America franchising
Revenue disaggregation
Total revenues	32,715	19,440
North America commissaries
Revenue disaggregation
Total revenues	184,878	155,422
International.
Revenue disaggregation
Total revenues	34,607	26,059
International. | International other revenue
Revenue disaggregation
Total revenues	(7,997)	(6,093)
All others
Revenue disaggregation
Total revenues	62,312	47,498
All others | International other revenue
Revenue disaggregation
Total revenues	7,997	6,093
Operating segments
Revenue disaggregation
Total revenues	511,746	409,859
Operating segments | Company-owned Restaurants
Revenue disaggregation
Total revenues	197,234	161,440
Operating segments | Franchise royalties and fees
Revenue disaggregation
Total revenues	45,983	29,630
Operating segments | Commissary Sales
Revenue disaggregation
Total revenues	259,347	216,471
Operating segments | Other Sales
Revenue disaggregation
Total revenues	81,460	68,453
Operating segments | Domestic Company-owned restaurants
Revenue disaggregation
Total revenues	197,234	161,440
Operating segments | Domestic Company-owned restaurants | Company-owned Restaurants
Revenue disaggregation
Total revenues	197,234	161,440
Operating segments | North America franchising
Revenue disaggregation
Total revenues	32,715	19,440
Operating segments | North America franchising | Franchise royalties and fees
Revenue disaggregation
Total revenues	33,775	20,114
Operating segments | North America commissaries
Revenue disaggregation
Total revenues	184,878	155,422
Operating segments | North America commissaries | Commissary Sales
Revenue disaggregation
Total revenues	236,948	199,928
Operating segments | International.
Revenue disaggregation
Total revenues	42,604	32,152
Other revenue from marketing fund contributions and sublease rental income	8,000	6,100
Operating segments | International. | Franchise royalties and fees
Revenue disaggregation
Total revenues	12,208	9,516
Operating segments | International. | Commissary Sales
Revenue disaggregation
Total revenues	22,399	16,543
Operating segments | International. | Other Sales
Revenue disaggregation
Total revenues	7,997	6,093
Operating segments | All others
Revenue disaggregation
Total revenues	54,315	41,405
Operating segments | All others | Other Sales
Revenue disaggregation
Total revenues	73,463	62,360
Elimination
Revenue disaggregation
Total revenues	(72,278)	(66,135)
Elimination | North America franchising
Revenue disaggregation
Total revenues	(1,060)	(674)
Elimination | North America commissaries
Revenue disaggregation
Total revenues	(52,070)	(44,506)
Elimination | All others
Revenue disaggregation
Total revenues	$ (19,148)	$ (20,955)