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Income Taxes | 9 Months Ended
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Sep. 28, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes For the quarter ended September 28, 2019, the Company recorded income tax expense of $22,522 on earnings before income taxes of $178,191 for an effective tax rate of 12.6%, as compared to an income tax expense of $49,487 on earnings before income taxes of $277,513, for an effective tax rate of 17.8% for the quarter ended September 29, 2018. For the nine months ended September 28, 2019, the Company recorded income tax expense of $116,273 on earnings before income taxes of $596,171 for an effective tax rate of 19.5%, as compared to an income tax expense of $215,928 on earnings before income taxes of $850,740, for an effective tax rate of 25.4% for the nine months ended September 29, 2018. The difference in the effective tax rates for the comparative periods was caused by the geographical dispersion of profits and losses, a discrete one-time benefit in Q3 of 2019 related to the impairment of the Company's net investment in a manufacturer and distributor of ceramic tile in China, and the issuance of IRS Notice 2018-26 which caused the Company to record $54,674 of additional net tax expense in Q2 of 2018.

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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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