PJMF, which is a consolidated variable interest entity where the Company has been identified as the primary beneficiary, collects a percentage of revenues from Company-owned and franchised restaurants in the United States, for the purpose of designing and administering advertising and promotional programs for all participating Domestic restaurants. Contributions and expenditures are reported on a gross basis in the Consolidated Statements of Operations within Other revenues and Other expenses. PJMF also has a wholly-owned subsidiary, Papa Card, Inc., which administers the Company’s gift card programs.

Assets and liabilities of PJMF, which are utilized solely for the Company’s advertising and promotional programs, were as follows in the Consolidated Balance Sheets (in thousands):


	December 31, 2023		December 25, 2022
Assets
Current assets:
Cash and cash equivalents	$	5,494	$	17,174
Accounts receivable, net	18,026		14,780

Prepaid expenses and other current assets	2,223		1,815
Total current assets	25,743		33,769
Deferred income taxes	674		655
Total assets	$	26,417	$	34,424


Liabilities
Current liabilities:
Accounts payable	$	1,509	$	12,428

Accrued expenses and other current liabilities	22,245		17,936
Current deferred revenue	4,327		4,395
Total current liabilities	28,081		34,759
Deferred revenue	2,627		2,503
Total liabilities	$	30,708	$	37,262