Papa Johns 2010 Annual Report Download - page 87
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80
10. Insurance Reserves (continued)
We are a party to standby letters of credit with off-balance sheet risk associated with our insurance
programs. The total amount committed under letters of credit for these programs was $18.1 million at
December 26, 2010.
11. Accrued Expenses
Accrued expenses consisted of the following (in thousands):
2010 2009
Self-insurance reserves 18,987$ 18,551$
Salaries, benefits and bonuses 13,337 13,101
Rent 6,083 5,641
Purchases 4,826 7,078
Consulting and professional fees 1,974 1,791
Utilities 1,557 1,169
Marketing 1,192 1,309
Interest 398 409
Other 4,624 5,192
Total 52,978$ 54,241$
12. Other Long-term Liabilities
Other long-term liabilities consist of the following (in thousands):
2010 2009
Deferred compensation plan 10,478$ 10,724$
Captive insurance claims loss reserves 1,027 1,754
Interest rate swaps 313 4,044
Other 282 364
Total 12,100$ 16,886$
13. Income Taxes
A summary of the provision (benefit) for income taxes follows (in thousands):
2010 2009 2008
Current:
Federal 19,049$ 18,551$ 20,500$
Foreign 1,171 904 810
State and local 2,083 2,061 2,278
Deferred (federal and state) 4,553 7,469 (3,608)
Total 26,856$ 28,985$ 19,980$