IHOP 2009 Annual Report Download - page 146

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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
19. Employee Benefit Plans (Continued)
current year of their pre-tax covered compensation as determined by the limitations of the tax code.
DineEquity common stock is not an investment option for employees in the 409(k) plan. Substantially
all of the administrative cost of the 409(k) plan is borne by the Company. Beginning in 2004, the
Company matched 100% of the employees’ contributions up to 3.0% of eligible compensation. The
Company’s contribution was $0.6 million and $0.7 million for the years ended December 31, 2008 and
2007, respectively.
For plan years 2005 through 2008, the Company has funded, to eligible participants in the
409(k) plan, a profit sharing cash contribution equal to 3% of eligible compensation. The Company’s
profit sharing contribution was $0.9 million and $1.0 million for the plan years 2008 and 2007,
respectively.
In 1992, Predecessor Applebee’s established a defined contribution plan authorized under
Section 401(k) of the Internal Revenue Code which has been assumed by the Company in connection
with the acquisition. Through December 2008 the Company made matching cash contributions of 50%
of each eligible employee’s contributions not to exceed 4% of their annual compensation. All
contributions under this plan vested immediately. Predecessor Applebee’s had made matching
contributions in the calendar year following the end of each plan year; accordingly, the Company made
no contributions in 2007 following the acquisition. Beginning in January 2008, the Company made
matching contributions each payroll period. The Company made matching contributions of $3.4 million
in 2008, representing its matching contributions for 2008 and the 2007 period subsequent to the
acquisition and Predecessor Applebee’s matching contributions for 2007. For the period from
November 29, 2007 to December 31, 2007, the Company made no cash contribution to the Plan.
20. Income Taxes
The provision (benefit) for income taxes for the years ended December 31, 2009, 2008 and 2007 is
as follows:
Year Ended December 31,
2009 2008 2007
(In millions)
Provision for income taxes:
Current
Federal .................................... $28.8 $ 25.5 $ 15.0
State and foreign ............................. 4.2 4.7 6.8
33.0 30.2 21.8
Deferred
Federal .................................... (21.4) (54.1) (19.3)
State ...................................... (6.4) (9.8) (4.7)
(27.8) (63.9) (24.0)
Provision (benefit) for income taxes ................. $ 5.2 $(33.7) $ (2.2)
127