Papa Johns 2009 Annual Report Download - page 93
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86
12. Other Long-term Liabilities
Other long-term liabilities consist of the following (in thousands):
2009 2008
Deferred compensation plan 10,724$ 8,395$
Captive insurance claims loss reserves 1,754 2,880
Interest rate swaps 4,044 6,173
Minority interest - variable interest entities 1,684 623
Other 364 536
Total 18,570$ 18,607$
13. Income Taxes
A summary of the provision (benefit) for income taxes follows (in thousands):
2009 2008 2007
Current:
Federal 18,551$ 20,500$ 21,107$
Foreign 904 810 620
State and local 2,061 2,278 2,345
Deferred (federal and state) 7,469 (3,608) (10,779)
Total 28,985$ 19,980$ 13,293$
Significant deferred tax assets (liabilities) follow (in thousands):
2009 2008
Unearned development fees 2,034$ 2,101$
Accrued liabilities 12,861 10,911
Other assets and liabilities 6,022 5,697
BIBP net operating loss 7,064 15,057
Stock options 4,816 4,517
Other 1,496 2,277
Foreign net operating losses 8,332 7,203
Valuation allowance on foreign net
operating losses (8,332) (7,203)
Total deferred tax assets 34,293 40,560
Deferred expenses (2,461) (1,946)
Accelerated depreciation (5,349) (3,827)
Goodwill (6,254) (5,997)
Other (5,017) (4,170)
Total deferred tax liabilities (19,081) (15,940)
Net deferred tax assets 15,212$ 24,620$