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SEC Filings

10-K
CHIPOTLE MEXICAN GRILL INC filed this Form 10-K on 02/08/2018
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Loss on Disposal and Impairment of Assets



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



Year ended December 31,

 

% decrease

 

% increase



2017

 

2016

 

2015

 

2017 over 2016

 

2016 over 2015



(dollars in millions)

 

 

 

 

Loss on disposal and impairment of assets

$

13.3 

 

$

23.9 

 

$

13.2 

 

(44.1%)

 

81.0% 

As a percentage of revenue

 

0.3% 

 

 

0.6% 

 

 

0.3% 

 

 

 

 

Loss on disposal and impairment of assets during the year ended December 31, 2017 consisted primarily of charges related to the closure of underperforming Chipotle restaurants and the replacement of certain kitchen equipment. 

Loss on disposal and impairment of assets increased in 2016 primarily due to a non-cash impairment charge of $14.5 million to write-down substantially all of the value of the long-lived assets of our 15 ShopHouse restaurants.  

Income Tax Provision



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



Year ended December 31,

 

% increase

 

% decrease



2017

 

2016

 

2015

 

2017 over 2016

 

2016 over 2015



(dollars in millions)

 

 

 

 

Provision for income taxes

$

99.5 

 

$

15.8 

 

$

294.3 

 

529.6% 

 

(94.6%)

Effective tax rate

 

36.1% 

 

 

40.8% 

 

 

38.2% 

 

 

 

 

The 2017 annual effective tax rate was lower than the 2016 rate due to the enactment of the Tax Cuts and Jobs Act, resulting in our recording a benefit for the remeasurement of our deferred tax liability, as well as from a lower state tax rate. The decrease in our effective tax rate was partially offset by federal credits on overall higher pre-tax operating income.

The 2016 effective tax rate was higher than 2015 due to a higher state tax rate, not qualifying for the federal research and development tax credit in 2016 whereas we did qualify for the credit in 2015, and other federal credits on overall lower pre-tax operating income.

Quarterly Financial Data/Seasonality

The following table presents data from the consolidated statement of income for each of the eight quarters in the period ended December 31, 2017. The operating results for any quarter are not necessarily indicative of the results for any subsequent quarter.

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

2017 Quarters Ended



 

    March 31    

 

    June 30    

 

September 30

 

December 31

Revenue

 

$

1,068.8 

 

$

1,169.4 

 

$

1,128.1 

 

$

1,110.1 

Operating income

 

$

73.2 

 

$

106.7 

 

$

30.9 

 

$

60.0 

Net income

 

$

46.1 

 

$

66.7 

 

$

19.6 

 

$

43.8 

Number of restaurants opened in the quarter, net of relocations/closures

 

 

41 

 

 

48 

 

 

35 

 

 

34 

Comparable restaurant sales increase

 

 

17.8% 

 

 

8.1% 

 

 

1.0% 

 

 

0.9% 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

2016 Quarters Ended



 

    March 31    

 

    June 30    

 

September 30

 

December 31

Revenue

 

$

834.5 

 

$

998.4 

 

$

1,037.0 

 

$

1,034.6 

Operating income (loss)

 

$

(46.6)

 

$

40.9 

 

$

9.7 

 

$

30.6 

Net income (loss)

 

$

(26.4)

 

$

25.6 

 

$

7.8 

 

$

16.0 

Number of restaurants opened in the quarter, net of relocations/closures

 

 

56 

 

 

58 

 

 

54 

 

 

72 

Comparable restaurant sales increase (decrease)

 

 

(29.7%)

 

 

(23.6%)

 

 

(21.9%)

 

 

(4.8%)

35

 


 

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