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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 Company’s effective tax rate for the second quarter of 2019 was 23 percent compared with 27 percent for the same period last year. The primary item impacting the effective tax rate for the second quarter of 2019 was the provision for state income taxes, net of the federal benefit, of $1.2 million. The Company’s effective tax rate for the second quarter of 2018 was 27 percent. The items impacting the effective tax rate for the second quarter of 2018 were primarily attributable to the provision for state income taxes, net of the federal benefit, of $1.4 million, and miscellaneous items totaling $1.3 million. The Company’s effective tax rate for the first half of 2019 was 23 percent compared with 22 percent for the same period last year. The difference between the Company’s effective tax rate and the current U.S. statutory rate of 21 percent is primarily related to an increase in the transition tax calculation of $1.5 million for the effects of final regulations issued during the first quarter of 2019 and the provision for state income taxes, net of the federal benefit, of $2.3 million. These increases were partially offset by the recognition of a $2.6 million benefit related to an increased tax loss on the sale of a foreign subsidiary in a prior period. The Company’s effective tax rate for the first half of 2018 was 22 percent. The difference between the Company’s effective tax rate and the U.S. statutory rate of 21 percent was primarily related to a reduction for the impact of tax benefits from losses on investments in unconsolidated affiliates of $3.7 million. This was offset by the provision for state income taxes, net of the federal benefit, of $2.6 million; the inclusion for global intangible low-taxed income of $1.0 million; and miscellaneous items totaling $1.2 million. The Tax Cuts and Jobs Act (the Act), enacted on December 22, 2017, requires companies to pay a one-time transition tax on the accumulated earnings of certain foreign subsidiaries. In January 2019, the Treasury Department issued final regulations related to the calculation of the transition tax. In the first quarter of 2019, as a result of the guidance provided in these regulations, the Company recorded additional income tax expense of $1.5 million and recognized a $2.6 million benefit on the sale of a foreign subsidiary included in the transition tax. The Company files a consolidated U.S. federal income tax return and numerous consolidated and separate-company income tax returns in many state, local, and foreign jurisdictions. The statute of limitations is open for the Company’s federal tax return and most state income tax returns for 2015 and all subsequent years and is open for certain state and foreign returns for earlier tax years due to ongoing audits and differing statute periods. The Internal Revenue Service is currently auditing the Company’s 2015 federal consolidated return. While the Company believes that it is adequately reserved for possible future audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates.

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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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