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Income Taxes | 3 Months Ended
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Apr. 01, 2017
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company’s effective tax rate for the three months ended April 1, 2017, and March 26, 2016 was 39.8% and 27.1%, respectively. For the three months ended April 1, 2017, the increase was primarily attributable to the tax on the gain on the divesture of the CDMO business of $18.0 million, offset by the excess tax benefit associated with the stock compensation of $7.5 million as a result of the adoption of ASU 2016-09. During the three months ended April 1, 2017, the Company’s unrecognized tax benefits increased by $0.9 million to $25.1 million, primarily due to an additional quarter of Canadian Scientific Research and Experimental Development credit reserves and unfavorable foreign exchange movement. The amount of unrecognized income tax benefits that would impact the effective tax rate increased by $0.8 million to $22.2 million, for the same reasons noted above. As of April 1, 2017, and March 26, 2016, the amount of accrued interest and penalties on unrecognized tax benefits was $1.9 million and $0.2 million, respectively. The Company estimates that it is reasonably possible that the unrecognized tax benefits will decrease by up to $5.0 million over the next twelve-month period, primarily as a result of the outcome of a pending tax ruling and competent authority proceedings. The Company conducts business in a number of tax jurisdictions. As a result, it is subject to tax audits in jurisdictions including the U.S., U.K., China, Japan, France, Germany, and Canada. With few exceptions, the Company is no longer subject to U.S. and international income tax examinations for years before 2013. The Company and certain of its subsidiaries have ongoing tax controversies with various tax authorities in the U.S., Canada, Germany, and France. The Company does not believe that resolution of these controversies will have a material impact on its financial position or results of operations. In accordance with the Company’s policy, the remaining undistributed earnings of its non-U.S. subsidiaries remain indefinitely reinvested as of April 1, 2017, as they are required to fund needs outside the U.S. and cannot be repatriated in a manner that is substantially tax free. Income tax expense related to change in unrecognized pension gains, losses, and prior service costs was $0.2 million and $0.1 million or the three months ended April 1, 2017, and March 26, 2016, respectively.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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