Papa Johns 2007 Annual Report Download - page 89
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82
14. Other Long-term Liabilities
Other long-term liabilities consist of the following (in thousands):
2007 2006
Deferred compensation plan 10,595$ 9,983$
Minority interest - joint ventures 8,035 6,227
Captive insurance claims loss reserves 5,495 8,944
Interest rate swaps 2,048 11
Minority interest - variable interest entities 613 1,381
Other 649 756
Total 27,435$ 27,302$
15. Income Taxes
A summary of the provision (benefit) for income taxes, exclusive of the tax effects related to
discontinued operations, follows (in thousands):
2007 2006 2005
Current:
Federal 21,107$ 26,425$ 18,569$
Foreign 620 619 234
State and local 2,345 2,936 2,176
Deferred (federal and state) (10,779) 3,191 4,385
Total 13,293$ 33,171$ 25,364$
Significant deferred tax assets (liabilities) follow (in thousands):
2007 2006
Unearned development fees 2,214$ 2,524$
Accrued liabilities 11,857 11,472
Other assets and liabilities 4,543 4,189
BIBP net operating loss 11,324 -
Stock options 3,569 2,531
Other 802 58
Foreign net operating losses 4,504 2,351
Valuation allowance on foreign net
operating losses (4,504) (2,351)
Total deferred tax assets 34,309 20,774
Deferred expenses (2,794) (1,045)
Accelerated depreciation (3,932) (5,212)
Goodwill (4,255) (2,410)
Other (3,797) (4,102)
Total deferred tax liabilities (14,778) (12,769)
Net deferred tax assets 19,531$ 8,005$