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Income Taxes
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6 Months Ended |
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Jun. 29, 2013
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| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 10 – Income Taxes
For the six months ended June 29, 2013, our effective tax rate was 31.6% compared to 31.7% for the prior year period. The difference between our effective tax rates and the federal statutory tax rates for both periods related primarily to state and foreign income taxes and interest expense.
The total amount of unrecognized tax benefits as of June 29, 2013 was approximately $40.5 million, all of which would affect the effective tax rate if recognized. It is expected that the amount of unrecognized tax benefits will change in the next 12 months; however, we do not expect the change to have a material impact on our consolidated financial statements.
The total amounts of interest and penalties, which are classified as a component of the provision for income taxes, were approximately $8.3 million and $0, respectively, for the six months ended June 29, 2013.
The tax years subject to examination by major tax jurisdictions include the years 2009 and forward by the U.S. Internal Revenue Service, the years 1997 and forward for certain states and the years 2005 and forward for certain foreign jurisdictions. |