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INCOME TAXES | 9 Months Ended
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Sep. 29, 2018
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company’s effective tax rates for the three months ended September 29, 2018 and September 30, 2017 were 16.9% and 27.3%, respectively. The Company’s effective tax rates for the nine months ended September 29, 2018 and September 30, 2017 were 19.2% and 32.2%, respectively. For the three months ended September 29, 2018, the decrease in the effective tax rate from the prior year period was primarily attributable to the net benefits of U.S. Tax Reform, as well as a one-time benefit under SAB 118 as discussed in the U.S. Tax Reform section below. For the nine months ended September 29, 2018, the decrease in the effective tax rate from the prior year period was primarily attributable to the items previously mentioned, as well as the tax rate impact of the $18.0 million gain on the CDMO business divestiture in the first quarter of 2017. For the three months ended September 29, 2018, the Company’s unrecognized tax benefits increased by $0.3 million to $20.1 million, primarily due to an additional quarter of Canadian Scientific Research and Experimental Development Credit reserves offset with the settlement of prior period positions with tax authorities. For the three months ended September 29, 2018, the unrecognized income tax benefits that would impact the effective tax rate increased by $0.8 million to $18.8 million, for the same reasons listed above. The accrued interest on unrecognized tax benefits was $2.8 million at September 29, 2018. The Company estimates that it is reasonably possible that the unrecognized tax benefits will decrease by up to $8.2 million over the next twelve-month period, primarily due to the outcome of pending tax audits and statute of limitation lapses. The Company continues to monitor its accounting for the elements of U.S. Tax Reform enacted in December 2017. The Company made reasonable estimates of the effects of U.S. Tax Reform to its consolidated financial statements in fiscal year 2017 based on guidance and regulations released by the Internal Revenue Service. During the three months ended September 29, 2018, t he Company recorded measurement period adjustments under SAB 118 to the provisional amounts recorded in the fourth quarter of 2017 based on the filing of the Company’s 2017 U.S. federal tax return. The measurement period adjustments included a $1.0 million tax benefit relating to a decreased Transition Tax liability and a $1.8 million tax benefit for additional decreases to the net deferred tax liability relating to the reduction on the U.S. federal statutory tax rate to 21%. The Company anticipates finalizing and recording any adjustments resulting from the release of any additional guidance and interpretations by the end of its fiscal year ending December 29, 2018. 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, France, Germany, and Canada. With few exceptions, the Company is no longer subject to U.S. and international income tax examinations for years before 2015. The Company and certain of its subsidiaries have ongoing tax controversies with various tax authorities in the U.S., Canada, Germany, France, and India. The Company does not believe that resolution of these controversies will have a material impact on its financial position or results of operations.

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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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