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SEC Filings

S-1/A
CHIPOTLE MEXICAN GRILL INC filed this Form S-1/A on 12/23/2005
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3.     Leasehold Improvements, Property and Equipment

        Leasehold improvements, property and equipment were as follows:

 
  December 31
   
 
 
  September 30
2005

 
 
  2003
  2004
 
 
   
   
  (unaudited)

 
Land   $ 5,827   $ 6,298   $ 6,298  
Leasehold improvements and buildings     185,103     262,332     299,838  
Furniture and fixtures     21,124     29,814     34,009  
Equipment     39,384     51,907     59,170  
   
 
 
 
      251,438     350,351     399,315  
Accumulated depreciation     (39,561 )   (60,478 )   (79,786 )
   
 
 
 
    $ 211,877   $ 289,873   $ 319,529  
   
 
 
 

4.     Income Taxes

        The Company is not a separate taxable entity for federal and certain state income tax purposes and its results of operations are included in the consolidated federal and state income tax returns of McDonald's and its affiliates. The provision for income taxes is calculated on a separate return basis.

        The components of the benefit for income taxes are as follows:

 
  Years ended December 31
  Nine months ended
September 30

 
 
  2002
  2003
  2004
  2005
 
 
   
   
   
  (unaudited)

 
Current tax benefit (provision):                          
  Federal   $ 8,776   $ 9,205   $ 7,487   $ (9,778 )
  State     1,625     1,705     1,386     (2,163 )
   
 
 
 
 
      10,401     10,910     8,873     (11,941 )
   
 
 
 
 
Deferred tax benefit (provision):                          
  Federal     (3,190 )   (6,825 )   (9,647 )   2,574  
  State     (354 )   (1,143 )   (1,838 )   (161 )
   
 
 
 
 
      (3,544 )   (7,968 )   (11,485 )   2,413  
   
 
 
 
 
Valuation allowance     (6,857 )   (2,942 )   2,612     20,343  
   
 
 
 
 
Total benefit for income taxes   $ 0   $ 0   $ 0   $ 10,815  
   
 
 
 
 

        During the nine months ended September 30, 2005, we utilized $11,941 of our net operating loss carry forwards. In addition, deferred taxes included an adjustment to the provision based on the actual tax returns filed, which resulted in an additional expense of $389. This true-up process also resulted in the receivable from McDonald's being reduced by $3,352 in the same period. Lastly, we recorded adjustments to deferred tax assets and liabilities for enacted changes in state tax laws, which resulted in an additional $240 expense for the nine months ended September 30, 2005.

F-13


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