Jack In The Box 2009 Annual Report Download - page 58
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Table of Contents
Total accrued restaurant closing costs, included in accrued expenses and other long-term liabilities, changed as follows during 2009
and 2008 (in thousands):
Balance at beginning of year $ 4,712 $ 5,451
Additions and adjustments 834 654
Cash payments (1,312) (1,393)
Balance at end of year $ 4,234 $ 4,712
Additions and adjustments primarily relate to revisions to certain sublease assumptions and the closure of two Jack in the Box
restaurants in both 2009 and 2008.
The fiscal year income taxes consist of the following (in thousands):
Current:
Federal $ 91,088 $ 54,967 $ 72,781
State 13,442 9,061 11,485
104,530 64,028 84,266
Deferred:
Federal (21,846) 5,202 (12,827)
State (3,229) 1,021 (2,457)
(25,075) 6,223 (15,284)
Income tax expense from continuing operations $ 79,455 $ 70,251 $ 68,982
Income tax expense (benefit) from discontinued operations $ (7,465) $ 679 $ 1,045
A reconciliation of the federal statutory income tax rate to our effective tax rate is as follows:
Computed at federal statutory rate 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefit 3.2 3.3 3.5
Benefit of jobs tax credits (0.7) (2.5) (1.1)
Benefit of research and experimentation credits — (0.1) (0.2)
Others, net 0.2 1.6 (1.6)
37.7% 37.3% 35.6%
F-19