Jack In The Box 2011 Annual Report Download - page 65
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Table of Contents
Additions and adjustments primarily relate to revisions to certain sublease and cost assumptions in 2011 and the closure of 40 restaurants in 2010
which resulted in future lease commitment charges of $19.0 million.
The future minimum lease payment and receipts for the next five fiscal years and thereafter are included in the amounts disclosed in Note 8, Leases.
Our obligations under these leases expire at various dates between 2011 and 2029.
The fiscal year income taxes consist of the following (in thousands):
Current:
Federal $ 47,144 $ 55,046 $ 91,088
State 10,866 8,314 13,442
58,010 63,360 104,530
Deferred:
Federal (8,077) (24,070) (21,846)
State (4,755) (3,484) (3,229)
(12,832) (27,554) (25,075)
Income tax expense from continuing operations $ 45,178 $ 35,806 $ 79,455
Income tax benefit from discontinued operations $ - $ - $ (7,465)
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 3.4 3.2 3.2
Benefit of jobs tax credits (1.5) (1.8) (0.7)
Expense/(benefit) related to COLIs 0.3 (2.3) -
Others, net (1.3) (0.3) 0.2
35.9% 33.8% 37.7%
F-21