XML 48 R2.htm IDEA: XBRL DOCUMENT v3.23.1
Pay vs Performance Disclosure
Unit_pure in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
PAY VERSUS PERFORMANCE TABLE
 
As described in “Compensation Discussion and Analysis,” our Compensation, People and Culture Committee has implemented an executive compensation program designed to link a substantial portion of our NEOs’ realized compensation to the achievement of financial, operational and strategic goals that we believe enhance long-term sh
arehold
er value. Th
e ta
ble below sets forth additional compensation information for our NEOs, calculated in accordance with SEC regulations, for fiscal years 2022, 2021 and 2020:
 
                                
Value of Initial Fixed $100
Investment Based On:
                
Year
  
Summary
Compensation
Table Total for
CEO
(a)
    
Compensation
Actually Paid
to CEO
(b)
    
Average
Summary
Compensation
Table total for
Non-CEO
NEOs
(c)
    
Average
Compensation
Actually Paid
to Non-CEO
NEOs
(d)
    
CMG Total
Shareholder
Return
(e)
    
Peer Group
Total
Shareholder
Return
(f)
    
Net
Income
($millions)
(g)
    
Company
Selected
Measure
(CSM) -
RCF
Dollars
($millions)
(h)
  
2022
   $ 17,186,153     ($ 16,848,694 )    $ 6,500,834     ($ 6,223,351 )    $ 166     $ 126     $ 899     $ 2,062  
2021
   $ 17,880,580     $ 66,215,877     $ 5,402,915     $ 22,935,919     $ 209     $ 139     $ 653     $ 1,707  
2020
   $ 38,035,868     $ 95,328,425     $ 14,751,175     $ 30,272,465     $ 166     $ 115     $ 356     $ 1,041  
Column (a)
. Reflects compensation amounts reported in the Summary Compensation Table for our CEO, Brian Niccol, for the respective years shown.
Column (b)
. Reflects the respective amounts set forth in column (a) of the ta
ble
above, ad
jus
ted as set forth in the table below, as determined in accordance with SEC rules and computed in accordance with the methodology used for financial reporting purposes. The dollar amounts reflected in column (b) of the table above do not reflect the actual amount of c
om
pensation earned, realized, or received by the CEO during the applicable year, with a significant portion of the value subject to forfeiture in the event that the underlying vesting conditions with respect to the equity awards are not achieved. For information regarding the decisions made by our C
om
pensation, People and Culture Committee in regard to the CEO’s compensation for each fiscal year, see “Compensation Discussion and Analysis” and the tables and narrative explanations reporting pay for the fiscal years covered in the table above.
 
Year
   
Summary
Compensation
Table Total for
CEO
     
Less: Summary
Compensation
Table Total
Equity (Stock
Awards +
Option
Awards)
     
Plus: Fair Value
as of Fiscal
Year-End
of Stock and
Option Awards
Granted in
Covered Year
     
Plus: Change in
Fair Value of
Outstanding
Unvested Stock
and Option
Awards From
Prior Years
    
Plus: Change in
Fair Value of
Stock and
Option Awards
from Prior
Years that
Vested in the
Covered Year ($)
    
Less: Fair Value
at Prior Fiscal
Year-End
of Stock and
Option Awards
Forfeited
during the
Covered Year ($)
     
Compensation
Actually Paid
to CEO
  
2022
    $ 17,186,153      $ 13,501,795      $ 7,812,978      ($ 17,794,792 )    ($ 10,551,238 )    $ 0      ($ 16,848,694 ) 
2021
    $ 17,880,580      $ 12,001,072      $ 29,796,775      $ 29,160,321     $ 1,379,272     $ 0      $ 66,215,877  
2020
    $ 38,035,868      $ 33,223,032      $ 45,251,258      $ 54,892,816     ($ 9,628,485 )    $ 0      $ 95,328,425  
Column (c)
. The following non-CEO NEOs are included in the average amounts shown:
2020: Jack Hartung, Curt Garner, Christopher Brandt and Scott Boatwright
2021: Jack Hartung, Curt Garner, Christopher Brandt and Scott Boatwright
2022: Jack Hartung, Curt Garner, Christopher Brandt, Scott Boatwright and Marissa Andrada
Column (d)
. Reflects the respective amounts set forth in column (c) of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules and computed in accordance with the methodology used for financial reporting purposes. The dollar amounts reflected in column (d) of the table above do not reflect the actual amount of compensation earned, realized, or received by the non-CEO NEOs during the applicable year, with a significant portion of the value subject to forfeiture in the event that the underlying vesting conditions with respect to the equity awards are not achieved. For information regarding the decisions made by our Compe
nsat
ion, People and Culture Committee in regard to the non-CEO NEOs’ compensation for each fiscal year, see “Compensation Discussion and Analysis” and the tables and narrative explanations reporting pay for the fiscal years covered in the table above.
 
Year
  
Summary
Compensation
Table Total for
Non-CEO
NEOs
    
Less: Summary
Compensation
Table Total
Equity (Stock
Awards +
Option
Awards)
    
Plus: Fair Value
as of Fiscal Year-End

of Stock and
Option Awards
Granted in
Covered Year
    
Plus: Change
in Fair Value of
Outstanding
Unvested
Stock and
Option From
Prior Years
    
Plus: Change in
Fair Value of
Stock and
Option Awards
from Prior
Years that
Vested in the
Covered Year ($)
    
Less: Fair Value
at Prior Fiscal Year-End

of Stock and
Option Awards
Forfeited during the
Covered Year ($)
    
Compensation
Actually Paid
to Non-CEO
NEOs
  
2022
   $ 6,500,834     $ 4,952,583     $ 2,987,539     ($ 4,482,629 )    ($ 3,707,258 )    $ 2,569,255     ($ 6,223,351 ) 
2021
   $ 5,402,915     $ 3,313,428     $ 8,226,718     $ 10,490,185     $ 2,129,529     $ 0     $ 22,935,919  
2020
   $ 14,751,175     $ 13,147,324     $ 16,396,916     $ 13,279,493     ($ 1,007,795 )    $ 0     $ 30,272,465  
Column (e)
. For the relevant fiscal year, represents the cumulative total shareholder return (“TSR”) of Chipotle through December 31 of the applicable fiscal year, assuming $100 was invested on December 31, 2019.
Column (f)
. For the relevant fiscal year, represents the cumulative TSR of the S&P 500 Restaurants Index (Peer Group TSR) through December 31 of the applicable fiscal year, assuming $100 was invested on December 31, 2019 and reinvestment of dividends.
Column (g)
. Reflects net income in Chipotle’s Consolidated Income Statements included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2022, 2021 and 2020.
Column (h)
. Company Selected Measure (“CSM”) is Restaurant Cash Flow Dollars (“RCF Dollars”),
whi
ch is calculated as the Company’s total revenue less restaurant operating costs (exclusive of depreciation and amortization) for the applicable Company fisc
al
year.
   
Company Selected Measure Name Restaurant Cash Flow Dollars    
Named Executive Officers, Footnote [Text Block]
Column (c)
. The following non-CEO NEOs are included in the average amounts shown:
2020: Jack Hartung, Curt Garner, Christopher Brandt and Scott Boatwright
2021: Jack Hartung, Curt Garner, Christopher Brandt and Scott Boatwright
2022: Jack Hartung, Curt Garner, Christopher Brandt, Scott Boatwright and Marissa Andrada
   
Peer Group Issuers, Footnote [Text Block] For the relevant fiscal year, represents the cumulative TSR of the S&P 500 Restaurants Index (Peer Group TSR) through December 31 of the applicable fiscal year, assuming $100 was invested on December 31, 2019 and reinvestment of dividends.    
PEO Total Compensation Amount $ 17,186,153 $ 17,880,580 $ 38,035,868
PEO Actually Paid Compensation Amount $ (16,848,694) 66,215,877 95,328,425
Adjustment To PEO Compensation, Footnote [Text Block]
Column (b)
. Reflects the respective amounts set forth in column (a) of the ta
ble
above, ad
jus
ted as set forth in the table below, as determined in accordance with SEC rules and computed in accordance with the methodology used for financial reporting purposes. The dollar amounts reflected in column (b) of the table above do not reflect the actual amount of c
om
pensation earned, realized, or received by the CEO during the applicable year, with a significant portion of the value subject to forfeiture in the event that the underlying vesting conditions with respect to the equity awards are not achieved. For information regarding the decisions made by our C
om
pensation, People and Culture Committee in regard to the CEO’s compensation for each fiscal year, see “Compensation Discussion and Analysis” and the tables and narrative explanations reporting pay for the fiscal years covered in the table above.
 
Year
   
Summary
Compensation
Table Total for
CEO
     
Less: Summary
Compensation
Table Total
Equity (Stock
Awards +
Option
Awards)
     
Plus: Fair Value
as of Fiscal
Year-End
of Stock and
Option Awards
Granted in
Covered Year
     
Plus: Change in
Fair Value of
Outstanding
Unvested Stock
and Option
Awards From
Prior Years
    
Plus: Change in
Fair Value of
Stock and
Option Awards
from Prior
Years that
Vested in the
Covered Year ($)
    
Less: Fair Value
at Prior Fiscal
Year-End
of Stock and
Option Awards
Forfeited
during the
Covered Year ($)
     
Compensation
Actually Paid
to CEO
  
2022
    $ 17,186,153      $ 13,501,795      $ 7,812,978      ($ 17,794,792 )    ($ 10,551,238 )    $ 0      ($ 16,848,694 ) 
2021
    $ 17,880,580      $ 12,001,072      $ 29,796,775      $ 29,160,321     $ 1,379,272     $ 0      $ 66,215,877  
2020
    $ 38,035,868      $ 33,223,032      $ 45,251,258      $ 54,892,816     ($ 9,628,485 )    $ 0      $ 95,328,425  
    
Non-PEO NEO Average Total Compensation Amount $ 6,500,834 5,402,915 14,751,175
Non-PEO NEO Average Compensation Actually Paid Amount $ (6,223,351) 22,935,919 30,272,465
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
Column (d)
. Reflects the respective amounts set forth in column (c) of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules and computed in accordance with the methodology used for financial reporting purposes. The dollar amounts reflected in column (d) of the table above do not reflect the actual amount of compensation earned, realized, or received by the non-CEO NEOs during the applicable year, with a significant portion of the value subject to forfeiture in the event that the underlying vesting conditions with respect to the equity awards are not achieved. For information regarding the decisions made by our Compe
nsat
ion, People and Culture Committee in regard to the non-CEO NEOs’ compensation for each fiscal year, see “Compensation Discussion and Analysis” and the tables and narrative explanations reporting pay for the fiscal years covered in the table above.
 
Year
  
Summary
Compensation
Table Total for
Non-CEO
NEOs
    
Less: Summary
Compensation
Table Total
Equity (Stock
Awards +
Option
Awards)
    
Plus: Fair Value
as of Fiscal Year-End

of Stock and
Option Awards
Granted in
Covered Year
    
Plus: Change
in Fair Value of
Outstanding
Unvested
Stock and
Option From
Prior Years
    
Plus: Change in
Fair Value of
Stock and
Option Awards
from Prior
Years that
Vested in the
Covered Year ($)
    
Less: Fair Value
at Prior Fiscal Year-End

of Stock and
Option Awards
Forfeited during the
Covered Year ($)
    
Compensation
Actually Paid
to Non-CEO
NEOs
  
2022
   $ 6,500,834     $ 4,952,583     $ 2,987,539     ($ 4,482,629 )    ($ 3,707,258 )    $ 2,569,255     ($ 6,223,351 ) 
2021
   $ 5,402,915     $ 3,313,428     $ 8,226,718     $ 10,490,185     $ 2,129,529     $ 0     $ 22,935,919  
2020
   $ 14,751,175     $ 13,147,324     $ 16,396,916     $ 13,279,493     ($ 1,007,795 )    $ 0     $ 30,272,465  
    
Compensation Actually Paid vs. Total Shareholder Return [Text Block] LOGO    
Compensation Actually Paid vs. Net Income [Text Block] LOGO    
Compensation Actually Paid vs. Company Selected Measure [Text Block] LOGO    
Tabular List [Table Text Block]
The following table identifies the four most important performance measures used by our Compensation, People and Culture Committee to link the CAP to our CEO and other NEOs in 2022 to company performance. The role of each of these performance measures on our NEOs’ compensation is discussed in “Compensation Discussio
n and
Analysis” above.
    Most Important Performance Measures
 
 
Restaurant Cash Flow Dollars
 
Comparable Restaurant Sales (CRS) Growth
 
Restaurant Cash Flow (RCF) Margin %
 
Site Assessment Requests (SARs)
 
 
      
   
Total Shareholder Return Amount $ 166 209 166
Peer Group Total Shareholder Return Amount 126 139 115
Net Income (Loss) $ 899,000,000 $ 653,000,000 $ 356,000,000
Company Selected Measure Amount 2,062 1,707 1,041
PEO Name Brian Niccol    
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Restaurant Cash Flow Dollars    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Comparable Restaurant Sales (CRS) Growth    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Restaurant Cash Flow (RCF) Margin %    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Site Assessment Requests (SARs)    
PEO [Member] | Summary Compensation Table Total Equity (Stock Awards Option Awards) [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (13,501,795) $ (12,001,072) $ (33,223,032)
PEO [Member] | Fair Value as of Fiscal YearEnd of Stock and Option Awards Granted in Covered Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 7,812,978 29,796,775 45,251,258
PEO [Member] | Change in Fair Value of Outstanding Unvested Stock and Option Awards From Prior Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (17,794,792) 29,160,321 54,892,816
PEO [Member] | Change in Fair Value of Stock and Option Awards from Prior Years that Vested in the Covered Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (10,551,238) 1,379,272 (9,628,485)
PEO [Member] | Fair Value at Prior Fiscal YearEnd of Stock and Option Awards Forfeited during the Covered Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
Non-PEO NEO [Member] | Summary Compensation Table Total Equity (Stock Awards Option Awards) [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (4,952,583) (3,313,428) (13,147,324)
Non-PEO NEO [Member] | Fair Value as of Fiscal YearEnd of Stock and Option Awards Granted in Covered Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 2,987,539 8,226,718 16,396,916
Non-PEO NEO [Member] | Change in Fair Value of Outstanding Unvested Stock and Option Awards From Prior Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (4,482,629) 10,490,185 13,279,493
Non-PEO NEO [Member] | Change in Fair Value of Stock and Option Awards from Prior Years that Vested in the Covered Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (3,707,258) 2,129,529 (1,007,795)
Non-PEO NEO [Member] | Fair Value at Prior Fiscal YearEnd of Stock and Option Awards Forfeited during the Covered Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (2,569,255) $ 0 $ 0