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INCOME TAXES | 9 Months Ended
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Sep. 29, 2019
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company recorded income tax expense of $142.3 million, a 28.1% effective tax rate, for the thirty-nine weeks ended September 29, 2019 compared to income tax expense of $106.4 million, a 29.4% effective tax rate, for the thirty-nine weeks ended September 30, 2018. The increase in income tax expense in 2019 resulted primarily from an increase in pre-tax income and an increase in unrecognized tax benefits in Mexico, partially offset by the recognition of the one-time transition tax for the thirty-nine weeks ended September 30, 2018. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry back and carry forward periods), projected future taxable income and tax-planning strategies in making this assessment. As of September 29, 2019, the Company did not believe it had sufficient positive evidence to conclude that realization of a portion of its foreign net deferred tax assets are more likely than not to be realized. For the thirty-nine weeks ended September 29, 2019 and September 30, 2018, there are tax effects of $2.0 million and ($0.3) million, respectively, reflected in other comprehensive income. For the thirty-nine weeks ended September 29, 2019 and September 30, 2018, there are immaterial tax effects reflected in income tax expense due to excess tax benefits and shortfalls related to share-based compensation. The Company and its subsidiaries file a variety of consolidated and standalone income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In general, tax returns filed by the Company and our subsidiaries for years prior to 2011 are no longer subject to examination by tax authorities. The Mexican tax authorities have assessed a Mexico subsidiary of the Company $16.6 million related to a specific transaction undertaken during tax year 2011. A loss for this amount has been recorded and paid during the thirty-nine weeks ended ended September 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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