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Income Taxes | 9 Months Ended
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Sep. 28, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | Note 13: Income Taxes The Company determines its interim income tax provision by applying the estimated effective income tax rate expected to be applicable for the full fiscal year to the income before income taxes for the period. In determining the full year estimate, the Company does not include the estimated impact of unusual and/or infrequent items, which may cause significant variations in the customary relationship between income tax expense and income before income taxes. Significant judgment is exercised in determining the income tax provision due to transactions, credits and calculations where the ultimate tax determination is uncertain. The Company’s effective tax rate for the quarter ended September 28, 2018 was 22.6%, which differs from the U.S. federal income tax rate of 21.0% primarily due to foreign taxes for which the Company will not receive a U.S. tax credit as a result of U.S. tax reform. The Company’s effective tax rate for the nine months ended September 28, 2018 was 18.1%, which differs from the U.S. federal income tax rate of 21.0% primarily due to discrete benefits from a net increase in deferred tax assets and the release of valuation allowance against certain foreign deferred tax assets, the release of reserves and interest for uncertain tax positions and equity award excess tax benefits, offset by foreign taxes for which the Company will not receive a U.S. tax credit as a result of U.S. tax reform. The Company is evaluating certain U.S. tax method changes that, if pursued, would have a material one-time impact to tax expense and the effective tax rate in the year filed. The Company believes it is reasonably possible that it would make these U.S. tax method changes within the next twelve months. In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which allows the Company to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. As of September 28, 2018, the Company had not completed its accounting for the tax effects of the enactment of the United States Tax Cuts and Jobs Act (the "Tax Act"). In certain cases, however, and specifically as follows, the Company estimated (i) the effects on its existing deferred tax balances and (ii) the effects of the one-time mandatory repatriation tax. The Company recognized a provisional tax benefit of $449.9 million in the year ended December 31, 2017 associated with the items it could estimate. For the quarter and nine months ended September 28, 2018, the Company updated its estimate of the provisional tax benefit related to the Tax Act based on newly issued guidance, which did not have a material impact on the consolidated financial statements. The Company is still analyzing the Tax Act and expects that additional guidance will be provided by the U.S. Department of the Treasury before the end of 2018, which could potentially impact the measurement of its tax balances. The Company expects to complete its analysis within the measurement period in accordance with SAB 118. At September 28, 2018, the Company was not able to reasonably estimate, and therefore has not recorded, deferred taxes for the Global Intangible Low-Taxed Income (“GILTI”) provisions of the Tax Act. The Company has not yet determined its policy election with respect to whether to record deferred taxes for basis differences expected to reverse as a result of the GILTI provisions in future periods or to use the period cost method. The Company has, however, included an estimate of the current impact of GILTI in its tax provision for 2018. The Company recognizes interest and penalties related to unrecognized tax benefits in tax expense on the Company's Consolidated Statements of Operations and Comprehensive Income. The Company had approximately $5.1 million and $5.3 million of net interest and penalties accrued at September 28, 2018 and September 29, 2017, respectively. Although the Company cannot predict the timing of resolution with taxing authorities, if any, it believes it is reasonably possible that $2.9 million of its unrecognized tax benefits will be reduced in the next 12 months due to settlement with tax authorities or expiration of the applicable statute of limitations. Tax years 2014 and prior are generally not subject to examination by the Internal Revenue Service (the “IRS”) except for items involving tax attributes that have been carried forward to tax years whose statute of limitations remains open. The Company is not currently under IRS examination. For state tax returns, the Company is generally not subject to income tax examinations for tax years 2012 and prior. The Company is also subject to routine examinations by various foreign tax jurisdictions in which it operates. With respect to major jurisdictions outside the United States, the Company's subsidiaries are no longer subject to income tax audits for tax years prior to 2007. The Company is currently under audit in the following significant jurisdictions: China, the Czech Republic, Malaysia, Mauritius, Philippines, Singapore and Vietnam.

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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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