Papa Johns 2005 Annual Report Download - page 70
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68
12. 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
$38.0 million at December 25, 2005.
13. Accrued Expenses
Accrued expenses consist of the following (in thousands):
2005 2004
Insurance reserves 16,999$ 20,778$
Accrued salaries, benefits and bonuses 15,659 7,228
Accrued purchases 3,674 3,366
Rent 3,690 3,921
Marketing 1,475 1,627
Obsolete inventory and equipment disposals 930 1,275
Utilities 1,231 1,258
Consulting and professional fees 846 882
Restaurant closures 1,269 462
Accrued interest 202 212
Other 3,659 3,762
Total 49,634$ 44,771$
14. Other Long-term Liabilities
Other long-term liabilities consist of the following (in thousands):
2005 2004
Captive insurance claims loss reserves 16,176$ 19,864$
Interest rate swaps 583 1,792
Deferred compensation plan 7,694 5,816
Minority interest - joint ventures 6,032 5,712
Minority interest - variable interest entities 322 845
Other 671 822
Total 31,478$ 34,851$