Papa Johns 2003 Annual Report Download - page 37

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36
share repurchase program, was $61.3 million at December 28, 2003, compared to $140.1 million at
December 29, 2002.
Contractual obligations and payments as of December 28, 2003 due by year are as follows (in
thousands):
Less than
1-3
3-5
After
1 Year
Years
Years
5 Years
Total
Contractual Obligations:
Long-term debt
250
$
-
$
-
$
-
$
250
$
Revolving line of credit (1)
-
61,000
-
-
61,000
Total debt
250
61,000
-
-
61,250
Operating leases
21,686
35,889
20,222
25,458
103,255
Total contractual obligations
21,936
$
96,889
$
20,222
$
25,458
$
164,505
$
Payments Due by Period
(1) Excludes a fair value adjustment of $5.3 million included in other long-term liabilities in the
consolidated balance sheet related to our interest rate swap that hedges against the effects of rising
interest rates on forecasted future borrowings.
We have certain other commercial commitments where payment is contingent upon the occurrence of
certain events. Such commitments include the following by year (in thousands):
Less than
1-3
3-5
After
1 Year
Years
Years
5 Years
Total
Other Commercial Commitments:
Standby letters of credit
24,568
$
-
$
-
$
-
$
24,568
$
Amount of Commitment Expiration Per Period
See “Notes 7, 10 and 15” of “Notes to Consolidated Financial Statements” for additional information
related to contractual and other commitments.
Impact of Inflation
We do not believe inflation has materially affected earnings during the past three years. Substantial
increases in costs, particularly commodities, labor, benefits, insurance, utilities and fuel, could have a
significant impact on us.