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Income Taxes | 9 Months Ended
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Oct. 07, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | 16. INCOME TAXES The effective tax rate for the twelve weeks ended October 7, 2017 was 40.6% compared to 34.6% in the third quarter of the prior year. The increase in the rate from the prior year primarily relates to tax credits recorded in the current quarter, and an adjustment to the year to date tax expense to reflect a reduction in the estimated annualized effective tax rate for 2017. Tax benefits in the current quarter resulted in an increase to the tax rate due to negative earnings before tax. Tax benefits in the third quarter of the prior year reduced the effective tax rate on positive earnings before tax. The most significant differences in the effective rate and the statutory rate were related to state income taxes and the Section 199 qualifying production activities deduction. The company’s effective tax rate for the forty weeks ended October 7, 2017 and October 8, 2016 was 32.1% and 35.1%, respectively. The decrease in the rate from the prior year primarily relates to a greater benefit from the Section 199 tax deduction and larger state tax incentives and federal credits in the current year. During the forty weeks ended October 7, 2017, the primary differences in the effective rate and the statutory rate are state income taxes and the Section 199 qualifying production activities deduction. During the forty weeks ended October 7, 2017, the company’s activity with respect to its uncertain tax positions and related interest expense accrual was insignificant. At this time, we do not anticipate significant changes to the amount of gross unrecognized tax benefits over the next twelve months. The company adopted guidance discussed in Note 3, Recent Accounting Pronouncements, and retrospectively adjusted our Condensed Consolidated Statements of Cash Flows.

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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 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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