Chipotle 2013 Annual Report Download - page 52
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3. Income Taxes
The components of the provision for income taxes are as follows:
Years ended December 31
2013 2012 2011
Current tax:
U.S. Federal ........................................ $ 165,731 $ 166,386 $ 100,983
U.S. State .......................................... 39,136 31,231 21,848
Foreign ............................................ 63 125 (6)
204,930 197,742 122,825
Deferred tax:
U.S. Federal ........................................ 5,238 (16,024) 12,080
U.S. State .......................................... (3,105) (2,013) (50)
Foreign ............................................ (1,330) (1,578) (711)
803 (19,615) 11,319
Valuation allowance ..................................... 1,300 1,558 616
Provision for income taxes ................................ $ 207,033 $ 179,685 $ 134,760
Actual taxes paid for each tax period were less than the current tax expense due to the excess tax benefit on
stock-based compensation of $38,379, $73,210, and $38,786 during the years ended December 31 2013, 2012,
and 2011, respectively.
The effective tax rate differs from the statutory tax rates as follows:
Years ended December 31
2013 2012 2011
Statutory U.S. federal income tax rate .......................... 35.0% 35.0% 35.0%
State income tax, net of related federal income tax benefit .......... 4.2 4.1 4.1
Federal credits ............................................ (0.5) — (0.8)
Valuation allowance ........................................ 0.4 0.3 0.1
Prior period adjustments .................................... (0.4) (0.1) 0.1
Effective income tax rates ................................... 38.7% 39.3% 38.5%
In January 2013, the United States Congress authorized, and the President signed into law, certain federal
tax credits that were reflected in the Company’s U.S. tax return for 2012; however, since this law was enacted in
2013, the financial statement benefit of such credits were reflected in 2013. The lack of availability of such
credits caused the 2012 effective tax rate to be approximately 0.7% higher than it would have been had the
credits been approved in 2012. Recognizing the 2012 credits during 2013 benefited the 2013 rate by 0.6%.
Deferred U.S. income taxes have not been recorded for temporary differences related to investments in
certain foreign subsidiaries. These temporary differences consisted primarily of undistributed earnings
considered permanently invested in operations outside the U.S. Determination of the deferred income tax liability
on these unremitted earnings is not practicable because such liability, if any, is dependent on circumstances
existing if and when remittance occurs.
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Annual Report