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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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4.     Income Taxes (Continued)

        Deferred income tax liabilities are taxes the Company expects to pay in future periods. Similarly, deferred income tax assets are recorded for expected reductions in taxes payable in future periods. Deferred income taxes arise because of the differences in the book and tax basis of certain assets and liabilities. Deferred income tax liabilities and assets consist of the following:

 
  December 31,
  September 30,
 
  2003
  2004
  2005
 
   
   
  (unaudited)

Long-term deferred income tax liability:                  
Leasehold improvements, property and equipment   $ 18,461   $ 33,846   $ 29,760
   
 
 
Total long-term deferred income tax liability     18,461     33,846     29,760
   
 
 

Long-term deferred income tax asset:

 

 

 

 

 

 

 

 

 
Post-acquisition net operating loss carryforwards     37,112     45,985     39,197
Preacquisition net operating loss carryforwards     8,505     8,505    
Deferred rent     2,745     4,341     5,491
Separate state net operating loss carryforwards     760     935     1,029
Stock compensation and other employee benefits     449     760     1,373
Valuation allowance     (31,110 )   (26,680 )  
   
 
 
Total long-term deferred income tax asset     18,461     33,846     47,090
   
 
 
Net long-term deferred income tax asset             17,330
   
 
 

Current deferred income tax liability:

 

 

 

 

 

 

 

 

 
Prepaid assets and other     381     758     514
   
 
 
Total current deferred income tax liability     381     758     514
   
 
 

Current deferred income tax asset:

 

 

 

 

 

 

 

 

 
Allowances, reserves and other     85     2,060     1,273
Stock compensation and other employee benefits     660     866     1,231
AMT tax credit             601
Valuation allowance     (364 )   (2,168 )  
   
 
 
Total current deferred income tax asset     381     758     3,105
   
 
 
Net current deferred tax asset             2,591
   
 
 
Total deferred tax asset   $   $   $ 19,921
   
 
 

F-15


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