any NOLs or tax credits it uses that are attributable to our operations.
After McDonald’s files its consolidated federal tax return for 2006, the year we departed from the consolidated federal tax return, we expect to receive final payment for the federal and some state NOLs that we have not utilized on a stand-alone basis.
At December 31, 2005, the amount owed by McDonald’s totaled $28.2 million.
Our total capital expenditures for 2005 were $83.0 million, and we expect to incur capital expenditures of about $95 million in 2006, relating primarily to our construction of new stores in both periods.
We believe that cash from operations, together with the net proceeds from the initial public offering and the reimbursement from McDonald’s for use of our NOL’s, will be enough to meet ongoing capital expenditures, working capital requirements and other cash needs over at least the next 24 months.
Contractual Obligations Our contractual obligations as of December 31, 2005 were as follows:
## Table 0 ##
We’re obligated under non-cancelable leases for our stores and administrative offices.
Our leases generally have initial terms of either five to ten years with two or more five-year extensions, for end-cap and in-line stores, or 15 to 20 years with several five-year extensions, for free-standing stores.
Our leases generally require us to pay a proportionate share of real estate taxes, insurance, common charges and other operating costs.
Some store leases provide for contingent rental payments based on sales thresholds, although we generally do not expect to pay significant contingent rent on these properties based on the thresholds in those leases.
See Item 1A ‘‘Risk Factors—Substantially all of our stores are located in leased space that is subject to long-term non-cancelable leases, and we’re also subject to all of the risks associated with owning real estate with respect to the real property that we own.
’’ We have entered into a services agreement with McDonald’s pursuant to which they will continue to provide us, for a mutually agreed-upon cost of about $10 to $11 million for the first year, with certain services it has historically provided, including, among others, accounting services, insurance policy coverage and certain welfare plans for our employees.
The services agreement became operative on the closing date of the initial public offering, January 31, 2006 and has terms ranging from approximately one or two years depending on the service.
Services will renew automatically unless we or McDonald’s terminate the services agreement prior to renewal.
In addition, we may in the future repurchase Chipotle franchises from our franchisees in connection with their obligation to dispose of either that franchise or their McDonald’s franchise within 24 months after relevant triggering events.
We are not obligated to repurchase any of these franchises.
Off-Balance Sheet Arrangements As of December 31, 2005 and 2004, we had no off-balance sheet arrangements or obligations.
Critical Accounting Policies and Estimates We describe our significant accounting policies, including our critical accounting policies, in Note 1 of our consolidated financial statements.
Critical accounting policies are those that we believe are both
None of the underwriting discounts and commissions or offering expenses were paid, directly or indirectly, to our directors or officers or their associates or to persons owning 10 percent or more of our common stock or to any affiliates of ours.
We are using, or expect to use, the net proceeds of the offering to provide additional long- term capital to support the growth of our business (primarily through opening new restaurants), for maintenance of our existing restaurants and for general corporate purposes.
ITEM 6.
SELECTED CONSOLIDATED FINANCIAL DATA Our selected consolidated financial data shown below should be read together with our Item 7.
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and respective notes included in Item 8.
“Financial Statements and Supplementary Data”.
The selected consolidated statements of income data for the years ended December 31, 2006, 2005 and 2004 and the consolidated balance sheet data as of December 31, 2006 and 2005 have been derived from our audited consolidated financial statements included in Item 8.
“Financial Statements and Supplementary Data”.
Our consolidated financial statements for the years ended December 31, 2006, 2005 and 2004 have been audited and reported upon by Ernst & Young LLP, an independent registered public accounting firm.
The selected consolidated statements of income data for the year ended December 31, 2003 and 2002 and the consolidated balance sheet data as of December 31, 2004, 2003 and 2002 have been derived from audited financial statements not included in this report.
The data shown below are not necessarily indicative of results to be expected for any future period (in thousands, except per share data
## Table 1 ##
mild or warm weather (the spring, summer and fall months).
Other factors also have a seasonal effect on our results.
For example, restaurants located near colleges and universities generally do more business during the academic year.
The number of trading days in a quarter can also affect our results.
Overall, on an annual basis, changes in trading dates do not have a significant impact on our results.
Our quarterly results are also affected by other factors such as the number of new restaurants opened in a quarter and unanticipated events.
New restaurants typically have lower margins following opening as a result of the expenses associated with opening new restaurants and their operating inefficiencies in the months immediately following opening.
In addition, unanticipated events also impact our results.
Accordingly, results for a particular quarter are not necessarily indicative of results to be expected for any other quarter or for any year.
Liquidity and Capital Resources Our primary liquidity and capital requirements are for new restaurant construction, working capital and general corporate needs.
We have a cash and short-term investment balance of $456.2 million that we expect to utilize, along with cash flow from operations, to provide capital to support the growth of our business (primarily through opening restaurants), to repurchase up to an additional $106.6 million of our common stock subject to market conditions, to continue to maintain our existing restaurants and for general corporate purposes.
We also have a long term investments balance of $128.2 million, which consists of U. S.  treasury notes and certificate of deposit products with maturities of 13 months to approximately 2 years.
We believe that cash from operations, together with our cash balance, will be enough to meet ongoing capital expenditures, working capital requirements and other cash needs for the foreseeable future.
We haven’t required significant working capital because customers generally pay using cash or credit and debit cards and because our operations do not require significant receivables, nor do they require significant inventories due, in part, to our use of various fresh ingredients.
In addition, we generally have the right to pay for the purchase of food, beverage and supplies some time after the receipt of those items, generally within ten days, thereby reducing the need for incremental working capital to support our growth.
While operations continue to provide cash, our primary use of cash is in new restaurant development.
Our total capital expenditures for 2011 were $151.1 million, and we expect to incur capital expenditures of about $160 million to $170 million in 2012, of which $138 million relates to our construction of new restaurants before any reductions for landlord reimbursements, and the remainder primarily relates to restaurant reinvestments.
In 2011, we spent on average about $800,000 in development and construction costs per restaurant, net of landlord reimbursements.
The average development and construction costs per restaurant decreased from about $850,000 in 2009 due to cost savings realized, in part, from certain cost reduction efforts associated with the development of the A Model strategy and our new, simpler restaurant design.
For new restaurants to be opened in 2012 we anticipate average development costs to be similar to 2011.
Contractual Obligations Our contractual obligations as of December 31, 2011 were as follows:
## Table 2 ##
(1) We enter into various purchase obligations in the ordinary course of business.
Those that are binding primarily relate to amounts owed under contractor and subcontractor agreements, orders submitted for equipment for restaurants under construction, and corporate sponsorships.
Contingencies We are exposed to certain known contingencies that are material to our investors.
The facts and circumstances surrounding these contingencies and a discussion of their effect on us are in Note 12 to our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
These contingencies may have a material effect on our liquidity, capital resources or results of operations.
In addition, even where our reserves are adequate, the incurrence of any of these liabilities may have a material effect on our liquidity and the amount of cash available to us for other purposes.
We believe that we have made appropriate arrangements in respect of the future effect on us of these known contingencies.
We also believe that the amount of cash available to us from our operations, together with cash from financing, will be sufficient for us to pay any known contingencies as they become due without materially affecting our ability to conduct our operations and invest in the growth of our business.
Off-Balance Sheet Arrangements We do not have any off-balance sheet arrangements except for operating leases entered into in the normal course of business.
Contractual Obligations and Commitments Below is a summary of our future payment commitments by year under contractual obligations as of December 31, 2018:
## Table 3 ##
(1) Interest payments on our debt are based on the interest rates in effect on December 31, 2018.
(2) Purchase obligations are defined as agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable pricing provisions and the approximate timing of the transactions.
(3) We are currently committed to invest $120 million in private equity funds.
As of December 31, 2018, we have funded approximately $78 million of these commitments and we have approximately $42 million remaining to be funded which has not been included in the above table as we are unable to predict when these commitments will be paid.
(4) Amounts represent expected future benefit payments for our pension and postretirement benefit plans, as well as expected contributions for 2019 for our funded pension benefit plans.
We made cash contributions totaling approximately $31 million to our defined benefit plans in 2018, and we estimate that we will make contributions totaling approximately $25 million to our defined benefit plans in 2019.
Due to the potential impact of future plan investment performance, changes in interest rates, changes in other economic and demographic assumptions and changes in legislation in foreign jurisdictions, we are not able to reasonably estimate the timing and amount of contributions that may be required to fund our defined benefit plans for periods beyond 2019.
(5) As of December 31, 2018, our liability related to uncertain income tax positions was approximately $106 million, $89 million of which has not been included in the above table as we are unable to predict when these liabilities will be paid due to the uncertainties in the timing of the settlement of the income tax positions.

<table><tr><td> </td><td colspan="5"> Payments Due by Period</td></tr><tr><td> </td><td> Total</td><td> 1 year</td><td> 2-3 years</td><td> 4-5 years</td><td> After 5 years</td></tr><tr><td> </td><td colspan="5"> (in thousands)  </td></tr><tr><td>Operating leases</td><td>$778,739</td><td>$45,158</td><td>$89,280</td><td>$88,837</td><td>$555,464</td></tr><tr><td>Deemed landlord financing</td><td>6,829</td><td>310</td><td>620</td><td>626</td><td>5,273</td></tr><tr><td>Total contractual cash obligations</td><td>$785,568</td><td>$45,468</td><td>$89,900</td><td>$89,463</td><td>$560,737</td></tr></table>
<table><tr><td></td><td colspan="5">For the years ended December 31,</td></tr><tr><td></td><td>2006</td><td>2005</td><td>2004</td><td>2003</td><td>2002</td></tr><tr><td> Statements of Income:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenue</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Restaurant sales</td><td>$819,787</td><td>$625,077</td><td>$468,579</td><td>$314,027</td><td>$203,892</td></tr><tr><td>Franchise royalties and fees</td><td>3,143</td><td>2,618</td><td>2,142</td><td>1,493</td><td>753</td></tr><tr><td>Total revenue</td><td>822,930</td><td>627,695</td><td>470,721</td><td>315,520</td><td>204,645</td></tr><tr><td>Food, beverage and packaging costs</td><td>257,998</td><td>202,288</td><td>154,148</td><td>104,921</td><td>67,681</td></tr><tr><td>Labor costs</td><td>231,134</td><td>178,721</td><td>139,494</td><td>94,023</td><td>66,515</td></tr><tr><td>Occupancy costs</td><td>58,804</td><td>47,636</td><td>36,190</td><td>25,570</td><td>18,716</td></tr><tr><td>Other operating costs</td><td>102,745</td><td>82,976</td><td>64,274</td><td>43,527</td><td>29,791</td></tr><tr><td>General and administrative expenses</td><td>65,284</td><td>51,964</td><td>44,837</td><td>34,189</td><td>25,803</td></tr><tr><td>Depreciation and amortization</td><td>34,253</td><td>28,026</td><td>21,802</td><td>15,090</td><td>11,260</td></tr><tr><td>Pre-opening costs</td><td>6,778</td><td>1,971</td><td>2,192</td><td>1,631</td><td>1,022</td></tr><tr><td>Loss on disposal of assets</td><td>3,982</td><td>3,119</td><td>1,678</td><td>4,504</td><td>1,489</td></tr><tr><td>Total costs and expenses</td><td>760,978</td><td>596,701</td><td>464,615</td><td>323,455</td><td>222,277</td></tr><tr><td>Income (loss) from operations</td><td>61,952</td><td>30,994</td><td>6,106</td><td>-7,935</td><td>-17,632</td></tr><tr><td>Interest income</td><td>6,574</td><td>36</td><td>211</td><td>249</td><td>444</td></tr><tr><td>Interest expense</td><td>-271</td><td>-790</td><td>-191</td><td>-28</td><td>-101</td></tr><tr><td>Income (loss) before income taxes</td><td>68,255</td><td>30,240</td><td>6,126</td><td>-7,714</td><td>-17,289</td></tr><tr><td>(Provision) benefit for income taxes<sup>(1)</sup></td><td>-26,832</td><td>7,456</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Net income (loss)</td><td>$41,423</td><td>$37,696</td><td>$6,126</td><td>$-7,714</td><td>$-17,289</td></tr><tr><td>Earnings (loss) per share<sup>(2)</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$1.29</td><td>$1.43</td><td>$0.24</td><td>$-0.34</td><td>$-0.87</td></tr><tr><td>Diluted</td><td>$1.28</td><td>$1.43</td><td>$0.24</td><td>$-0.34</td><td>$-0.87</td></tr><tr><td>Shares used in computing earnings (loss) per share<sup>(2)</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>32,051</td><td>26,281</td><td>25,454</td><td>22,384</td><td>19,931</td></tr><tr><td>Diluted</td><td>32,465</td><td>26,374</td><td>25,520</td><td>22,384</td><td>19,931</td></tr></table>
<table><tr><td></td><td colspan="5"> Payments Due by Period</td></tr><tr><td></td><td> Total</td><td> 1 year</td><td> 2-3 years</td><td> 4-5 years</td><td> After 5 years</td></tr><tr><td></td><td colspan="5"> (in thousands)</td></tr><tr><td>Operating leases</td><td>$2,116,395</td><td>$133,813</td><td>$271,911</td><td>$275,512</td><td>$1,435,159</td></tr><tr><td>Deemed landlord financing</td><td>5,898</td><td>394</td><td>788</td><td>821</td><td>3,895</td></tr><tr><td>Other contractual obligations<sup>-1</sup></td><td>73,455</td><td>69,370</td><td>4,085</td><td>—</td><td>—</td></tr><tr><td>Total contractual cash obligations</td><td>$2,195,748</td><td>$203,577</td><td>$276,784</td><td>$276,333</td><td>$1,439,054</td></tr></table>
<table><tr><td>(in millions)</td><td>2019</td><td>2020 - 2021</td><td>2022 - 2023</td><td>Thereafter</td><td>Total</td></tr><tr><td>Long-term debt, including interest<sup>-1</sup></td><td>$508</td><td>$1,287</td><td>$3,257</td><td>$8,167</td><td>$13,219</td></tr><tr><td>Operating leases</td><td>167</td><td>244</td><td>159</td><td>119</td><td>689</td></tr><tr><td>Data acquisition</td><td>289</td><td>467</td><td>135</td><td>4</td><td>895</td></tr><tr><td>Purchase obligations<sup>-2</sup></td><td>17</td><td>22</td><td>15</td><td>8</td><td>62</td></tr><tr><td>Commitments to unconsolidated affiliates<sup>-3</sup></td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Benefit obligations<sup>-4</sup></td><td>25</td><td>27</td><td>29</td><td>81</td><td>162</td></tr><tr><td>Uncertain income tax positions<sup>-5</sup></td><td>17</td><td>—</td><td>—</td><td>—</td><td>17</td></tr><tr><td>Total</td><td>$1,023</td><td>$2,047</td><td>$3,595</td><td>$8,379</td><td>$15,044</td></tr></table>

Question: what is the percentage change in benefits obligations from 2018 to 2019?