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Income Taxes | 9 Months Ended
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Sep. 28, 2019
Notes To Financial Statements [Abstract] |
Income Taxes | INCOME TAXES The Company recognized income tax expense of $59.2 million and $135.5 million for the three and nine months ended September 28, 2019, respectively, resulting in effective tax rates of 20.1% and 15.2%. Excluding the impacts of the acquisition-related and other charges, the effective tax rates were 21.5% and 16.1% for the three and nine months ended September 28, 2019, respectively. These effective tax rates differ from the U.S. statutory tax rate primarily due to tax on foreign earnings, the effective settlements of income tax audits, statute expirations and the re-measurement of uncertain tax position reserves. The Company recognized income tax expense of $56.6 million and $139.3 million for the three and nine months ended September 29, 2018, respectively, resulting in effective tax rates of 18.6% and 16.4%. Excluding the impacts of the EPA settlement charge in the second quarter of 2018, the tax charge recorded in the first quarter of 2018 related to the enactment of new U.S. tax legislation, and the acquisition-related charges, the effective tax rates were 19.5% and 15.6% for the three and nine months ended September 29, 2018, respectively. These effective tax rates differed from the U.S. statutory tax rate primarily due to tax on foreign earnings and the effective settlements of income tax audits. The Company is subject to examinations by taxing authorities in U.S. federal, state, and foreign jurisdictions. The Company considers many factors when evaluating and estimating its tax positions and the impact on income tax expense, which may require periodic adjustments, and which may not accurately anticipate actual outcomes. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company's unrecognized tax positions will significantly increase or decrease within the next 12 months. However, based on the uncertainties associated with litigation and the status of examinations, including the protocols of finalizing audits by the relevant tax authorities which could include formal legal proceedings, it is not possible to reasonably estimate the impact of any such change.

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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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