Papa Johns 2004 Annual Report Download - page 59

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58
11. Insurance Reserves (continued)
We are a party to stand-by letters of credit with off-balance sheet risk associated with our insurance
programs and with RSC. The total amount committed under letters of credit for these programs was
$30.0 million at December 26, 2004.
12. Accrued Expenses
Accrued expenses consist of the following (in thousands):
2004 2003
Insurance reserves 20,778$ 18,478$
Accrued salaries and benefits 7,228 6,154
Accrued purchases 3,366 2,546
Rent 3,921 2,231
Marketing 1,627 1,198
Obsolete inventory and equipment disposals 1,275 886
Utilities 1,258 1,118
Consulting and professional fees 882 1,562
Restaurant closures 462 1,559
Accrued interest 212 245
Other 3,762 4,311
Total 44,771$ 40,288$
13. Other Long-term Liabilities
Other long-term liabilities consist of the following (in thousands):
2004 2003
Captive insurance claims loss reserves 19,864$ 15,877$
Interest rate swap 1,792 5,333
Deferred compensation plan 5,816 4,412
Minority interest - joint ventures 5,712 3,425
Minority interest - variable interest entities 845 2,428
Other 822 758
Total 34,851$ 32,233$