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Income Taxes | 6 Months Ended
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Jun. 29, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income taxes The consolidated effective tax rate for the quarter ended June 29, 2019 was 20% as compared to 15% in the same quarter of the prior year. The effective tax rate for the second quarter of 2018 benefited $31 million due to discretionary pension contributions made in the second quarter of 2018 totaling $250 million, which were designated as 2017 tax year contributions. The consolidated effective tax rate for the year-to-date periods ended June 29, 2019 and June 30, 2018 was 20% and 14%, respectively. The effective tax rate for the year-to-date period ended June 30, 2018 benefited from a discretionary pension contribution and a $44 million discrete tax benefit as a result of the remeasurement of deferred taxes following a legal entity restructuring. As of June 29, 2019, the Company classified $10 million of unrecognized tax benefits as a net current liability. Management’s estimate of reasonably possible changes in unrecognized tax benefits during the next twelve months consists of the current liability balance expected to be settled within one year, offset by approximately $2 million of projected additions related primarily to ongoing intercompany transfer pricing activity. Management is currently unaware of any issues under review that could result in significant additional payments, accruals or other material deviation in this estimate. The Company’s total gross unrecognized tax benefits as of June 29, 2019 was $97 million, unchanged from year-end. Of this balance, $87 million represents the amount that, if recognized, would affect the Company’s effective income tax rate in future periods.
The accrual balance for tax-related interest was approximately $22 million at June 29, 2019.

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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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