IHOP 2008 Annual Report Download - page 136

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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
19. Employee Benefit Plans (Continued)
Nonqualified Deferred Compensation Plan
In 2002, Predecessor Applebee’s entered into a rabbi trust agreement to protect the assets of the
nonqualified deferred compensation plan for certain employees. Each participant’s account was
comprised of their contribution, Predecessor Applebee’s matching contribution and each participant’s
share of earnings or losses in the plan. In connection with the Applebee’s acquisition, this nonqualified
deferred compensation plan was terminated. The balance in the rabbi trust was approximately
$21.2 million and was recorded as deferred compensation as of December 31, 2007. This amount was
distributed to the participants in January 2008.
20. Income Taxes
The (benefit) provision for income taxes is as follows:
Year Ended December 31,
2008 2007 2006
(In thousands)
Provision for income taxes:
Current
Federal ................................ $25,476 $ 14,987 $27,990
State and foreign ......................... 4,709 6,757 4,500
30,185 21,744 32,490
Deferred
Federal ................................ (54,134) (19,240) (4,005)
State .................................. (9,749) (4,732) (188)
(63,883) (23,972) (4,193)
(Benefit) provision for income taxes ............. $(33,698) $ (2,228) $28,297
122