IHOP 2010 Annual Report Download - page 148
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
19. Employee Benefit Plans (Continued)
compensation deferral and 50% of the next two percent of the employee’s eligible compensation
deferral. All contributions under this plan vest immediately. DineEquity common stock is not an
investment option for employees in the 401(k) plan. Substantially all of the administrative cost of the
401(k) plan is borne by the Company. The Company’s contribution was $3.0 million and $3.5 million
for the years ended December 31, 2010 and 2009, respectively.
Under a predecessor plan covering IHOP employees, the Company matched 100% of the
employees’ contributions up to 3.0% of eligible compensation. The Company’s contribution for the
predecessor plan was $0.6 million for the year ended December 31, 2008. In 2008, the Company also
funded to eligible participants in the 401(k) plan, a profit sharing cash contribution equal to 3% of
eligible compensation. The Company’s profit sharing contribution was $0.9 million for the plan year
2008.
Prior to the acquisition, Applebee’s had established a defined contribution plan authorized under
Section 401(k) of the Internal Revenue Code which was 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.
20. Income Taxes
The (benefit) provision for income taxes for the years ended December 31, 2010, 2009 and 2008 is
as follows:
Year Ended December 31,
2010 2009 2008
(In millions)
Provision for income taxes:
Current
Federal .................................... $ 6.2 $28.8 $ 25.5
State and foreign ............................. (0.6) 4.2 4.7
5.6 33.0 30.2
Deferred
Federal .................................... (12.8) (21.4) (54.1)
State ...................................... (2.1) (6.4) (9.8)
(14.9) (27.8) (63.9)
Provision (benefit) for income taxes ................. $ (9.3) $ 5.2 $(33.7)
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