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INCOME TAXES | 3 Months Ended
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Mar. 29, 2020
Income Tax Disclosure [Abstract] |
Income Tax Disclosure | NOTE 6. INCOME TAXES Our effective tax rate for the three months ended March 29, 2020, was 19.4 percent. Our effective tax rate for the three months ended March 31, 2019, was 20.8 percent and contained immaterial discrete items. The three months ended March 29, 2020, contained $18 million of favorable net discrete tax items, primarily due to tax changes within India's 2020-2021 Union Budget of India (India Tax Law Change) passed in March of 2020. The India Tax Law Change eliminated the dividend distribution tax and replaced it with a lower rate withholding tax as the burden shifted from the dividend payor to the dividend recipient for a net favorable income statement impact of $35 million, or $0.23 per share. The India Tax Law Change resulted in the following adjustments to the Income Statement in the first quarter of 2020:
|  |  |  |  |  | March 29, 2020 |  |
In millions |  |  |  |  |  | Favorable (Unfavorable) |  |
Equity, royalty and interest income from investees |  |  |  |  |  | $ | 37 |  |  |
Income tax expense (1) |  |  |  |  |  | 17 |  |  |
Less: Net income attributable to noncontrolling interests |  |  |  |  |  | (19) |  |  |
Net income statement impact |  |  |  |  |  | $ | 35 |  |  |
(1) The adjustment to "Income tax expense" includes $15 million of discrete items. |  |  |  |  |  |  |  |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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