Chipotle 2008 Annual Report Download - page 49

Download and view the complete annual report

Please find page 49 of the 2008 Chipotle annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 110

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110

3. Income Taxes
The components of the provision (benefit) for income taxes are as follows:
Years ended December 31
2008 2007 2006
Current tax:
U.S. Federal ................................................... $29,291 $38,916 $24,590
U.S. State ..................................................... 6,512 7,547 4,099
Foreign ....................................................... (53) — —
35,750 46,463 28,689
Deferred tax:
U.S. Federal ................................................... 12,513 (3,273) (2,263)
U.S. State ..................................................... 688 (272) 406
Foreign ....................................................... (36) — —
13,165 (3,545) (1,857)
Valuation allowance ................................................. 89 521 —
Total provision for income taxes ....................................... $49,004 $43,439 $26,832
The effective tax rate differs from the statutory tax rates as follows:
Years ended December 31
2008 2007 2006
Statutory U.S. federal income tax rate ................................... 35.0% 35.0% 35.0%
State income tax, net of related federal income tax benefit ................... 3.7 4.2 4.3
Meals and entertainment .............................................. 0.3 0.3 0.2
Tax-exempt interest income ........................................... (0.5) (1.5) (0.2)
Other ............................................................. (0.1) (0.3) —
Valuation allowance ................................................. 0.1 0.4 —
Effective income tax rates ............................................. 38.5% 38.1% 39.3%
47
Annual Report