Papa Johns 2008 Annual Report Download - page 92
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85
13. Other Long-term Liabilities
Other long-term liabilities consist of the following (in thousands):
2008 2007
Deferred compensation plan 8,395$ 10,595$
Minority interest - joint ventures 8,252 8,035
Captive insurance claims loss reserves 2,880 5,495
Interest rate swaps 6,173 2,048
Minority interest - variable interest entities 623 613
Other 536 649
Total 26,859$ 27,435$
14. Income Taxes
A summary of the provision (benefit) for income taxes, exclusive of the tax effects related to
discontinued operations, follows (in thousands):
2008 2007 2006
Current:
Federal 20,500$ 21,107$ 26,425$
Foreign 810 620 619
State and local 2,278 2,345 2,936
Deferred (federal and state) (3,608) (10,779) 3,191
Total 19,980$ 13,293$ 33,171$
Significant deferred tax assets (liabilities) follow (in thousands):
2008 2007
Unearned development fees 2,101$ 2,214$
Accrued liabilities 10,911 11,857
Other assets and liabilities 5,697 4,543
BIBP net operating loss 15,057 11,324
Stock options 4,517 3,569
Other 2,277 802
Foreign net operating losses 5,508 4,504
Valuation allowance on foreign net
operating losses (5,508) (4,504)
Total deferred tax assets 40,560 34,309
Deferred expenses (1,946) (2,794)
Accelerated depreciation (3,827) (3,932)
Goodwill (5,997) (4,255)
Other (4,170) (3,797)
Total deferred tax liabilities (15,940) (14,778)
Net deferred tax assets 24,620$ 19,531$