Company: JACK
Filing Date: 2025-02-25
Form Type: 10-Q
Source: 0000807882-25-000016
Chunk: 33

Company: JACK IN THE BOX INC
Filing Date: 2025-02-25
Form: 10-Q
Item: Item 1
Chunk 33
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 or measure performance of segments using asset, pension or post-retirement expense, interest income and expense, or income tax information; accordingly, this information by segment is not prepared or disclosed.

10.INCOME TAXES

The income tax provisions reflect a year-to-date effective tax rate of 29.8%, compared with 26.9% in fiscal year 2024. The major components of the year-over-year increase in tax rates were an increase in tax expenses on share-based compensation and non-deductible losses in the current year as opposed to non-taxable gains in the prior year from the market performance of insurance products used to fund certain non-qualified retirement plans, partially offset by a decrease in the impact of non-deductible goodwill related to the sale of company-operated restaurants.

11.RETIREMENT PLANS

Defined benefit pension plans — The Company sponsors two defined benefit pension plans, a frozen “Qualified Plan” covering substantially all full-time employees hired prior to January 1, 2011, and an unfunded supplemental executive retirement plan (“SERP”) which provides certain employees additional pension benefits and was closed to new participants effective January 1, 2007. Benefits under both plans are based on the employee’s years of service and compensation over defined periods of employment.

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JACK IN THE BOX INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Post-retirement healthcare plans — The Company also sponsors two healthcare plans, closed to new participants, that provide post-retirement medical benefits to certain employees who have met minimum age and service requirements. The plans are contributory, with retiree contributions adjusted annually, and they contain other cost-sharing features such as deductibles and coinsurance.Net periodic benefit cost (credit) — The components of net periodic benefit cost (credit) in each period were as follows (in thousands): Sixteen Weeks EndedJanuary 19,2025January 21,2024Defined benefit pension plans:Interest cost$5,416 $5,839 Expected return on plan assets(4,625)(4,609)Actuarial losses (1)1,048 933 Amortization of unrecognized prior service costs (1)— 5 Net periodic benefit cost $1,839 $2,168 Post-retirement healthcare plans:Interest cost$189 $219 Actuarial gains (1)(239)(281)Net periodic benefit credit$(50)$(62)________________