Chipotle 2012 Annual Report Download - page 50

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Subsequent Events
The Company evaluated subsequent events and transactions for potential recognition or disclosure in the
consolidated financial statements through the date of issuance.
Recently Issued Accounting Standards
Effective October 1, 2012, the Company adopted Accounting Standards Update (“ASU”) No. 2012-02
“Testing Indefinite-Lived Intangible Assets for Impairment.” ASU 2012-02 simplifies how entities test
indefinite-lived intangible assets for impairment and permits an entity to first assess qualitative factors to
determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. The adoption of
ASU 2012-02 did not have a significant impact on the Company’s consolidated financial position or results of
operations.
Effective January 1, 2012, the Company adopted ASU No. 2011-05, “Presentation of Comprehensive
Income.” The adoption of ASU 2011-05 concerns presentation and disclosure only and did not have an impact on
the Company’s consolidated financial position or results of operations.
Effective January 1, 2012, the Company adopted ASU No. 2011-04, “Amendments to Achieve Common
Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting
Standards.” The adoption of ASU 2011-04 did not have a significant impact on the Company’s consolidated
financial position or results of operations.
2. Supplemental Financial Information
Leasehold improvements, property and equipment were as follows:
December 31
2012 2011
Land .................................................... $ 11,062 $ 11,062
Leasehold improvements and buildings ......................... 996,080 849,102
Furniture and fixtures ....................................... 100,416 89,180
Equipment ............................................... 204,062 172,776
1,311,620 1,122,120
Accumulated depreciation ................................... (444,917) (370,169)
$ 866,703 $ 751,951
Accrued liabilities were as follows:
December 31
2012 2011
Gift card liability ............................................ $ 22,736 $ 18,012
Transaction tax payable ....................................... 13,499 12,121
Other accrued expenses ....................................... 20,043 16,323
$ 56,278 $ 46,456
48
Annual Report