Papa Johns 2003 Annual Report Download - page 59
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58
12. Other Long-term Liabilities
Other long-term liabilities consist of the following (in thousands):
2003
2002
Captive insurance claims loss reserves
15,877
$
8,309
$
Interest rate swap and collar
5,333
8,110
Deferred compensation plan
4,412
2,785
Minority interest - joint venture
3,425
2,771
Minority interest - variable interest entity (BIBP)
2,428
-
Other
758
635
Total
32,233
$
22,610
$
13. Income Taxes
A summary of the provision for income taxes follows, exclusive of the tax effect related to the
cumulative effect of accounting change, (in thousands):
2003
2002
2001
Current:
Federal
16,941
$
25,442
$
16,918
$
Foreign
61
460
174
State and local
2,346
3,195
3,133
Deferred (federal and state)
1,037
(1,018)
8,414
Total
20,385
$
28,079
$
28,639
$
Significant deferred tax assets (liabilities) follow (in thousands):
2003
2002
Unearned development fees
2,202
$
1,354
$
Accrued liabilities
8,609
4,616
Other assets and liabilities
6,857
5,405
Goodwill
647
2,273
Interest rate collar and swap
1,960
3,082
Total deferred tax assets
20,275
$
16,730
$
Deferred expenses
(1,439)
(988)
Accelerated depreciation
(16,592)
(12,428)
Other
(3,075)
(1,884)
Total deferred tax liabilities
(21,106)
(15,300)
Net deferred tax assets (liabilities)
(831)
$
1,430
$