Jack In The Box 2012 Annual Report Download - page 30

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through November 2013. Subsequent to the end of fiscal 2012, we repurchased an additional 1.0 million shares at an aggregate cost of $26.9 million leaving
$50.0 million remaining under the November 2011 authorization. In November 2012, the Board approved a new program to repurchase up to an additional
$100.0 million in shares of our common stock through November 2014.

We are not a party to any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our financial
condition, changes in financial condition, results of operations, liquidity, capital expenditures or capital resources.

The following is a summary of our contractual obligations and commercial commitments as of September 30, 2012 (in thousands):








Credit facility term loan (1)
$173,768
$18,185
$155,583
$ —
$ —
Revolving credit facility (1)
269,869
5,419
264,450
—
—
Capital lease obligations
8,542
1,532
2,637
2,269
2,104
Operating lease obligations
1,764,745
227,768
423,570
369,920
743,487
Purchase commitments (2)
743,334
404,100
157,200
120,510
61,524
Benefit obligations (3)
59,849
7,335
9,897
10,300
32,317
Unrecognized tax benefits
589
410
179
—
—
Total contractual obligations
$3,020,696
$664,749
$1,013,516
$502,999
$839,432
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Stand-by letters of credit (4)
$30,929
$30,929
$ —
$ —
$ —
____________________________
(1) Includes interest expense estimated at interest rates in effect on September 30, 2012. Does not consider impact of the refinancing of our credit facility.
(2) Includes purchase commitments for food, beverage, and packaging items.
(3) Includes expected payments associated with our non-qualified defined benefit plan, postretirement benefit plans and our non-qualified deferred compensation plan through
fiscal 2022.
(4) Consists primarily of letters of credit for workers’ compensation and general liability insurance.
We maintain a noncontributory defined benefit pension plan (“Qualified Plan”) covering substantially all full-time employees hired before January 1, 2011.
Our policy is to fund our Qualified Plan at amounts necessary to satisfy the minimum amount required by law, plus additional amounts as determined by
management to improve the plan’s funded status. Contributions beyond fiscal 2012 will depend on pension asset performance, future interest rates, future tax
law changes, and future changes in regulatory funding requirements. Based on the funding status of our Qualified Plan as of our last measurement date, there
was no minimum contribution required. For additional information related to our pension plans, refer to Note 11, Retirement Plans, of the notes to the
consolidated financial statements.
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