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Income Taxes | 4 Months Ended
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Apr. 21, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | 19. INCOME TAXES The effective tax rate for the sixteen weeks ended April 21, 2018 was 26.6% compared to 36.5% for sixteen weeks ended April 22, 2017. The decrease in the rate from the prior year is primarily due to the reduction in the federal corporate tax rate from 35% to 21% as a result of U.S. tax reform. During the sixteen weeks ended April 21, 2018, the primary differences in the effective rate and the statutory rate are state income taxes and tax shortfalls related to equity awards. In the fourth quarter of fiscal 2017, a tax benefit of $48.2 million was recorded as an estimate of the impact of the Act. The final impact of the Act may differ from the provisional amount, possibly materially, due to the issuance of additional regulatory guidance, changes in interpretations and assumptions we made, and actions we may take as a result of the Act, such as pension contributions and bonus depreciation. No adjustments were made to the provisional estimate during the first quarter of fiscal 2018. Any subsequent adjustments to these amounts will be recorded to current tax expense in the quarter of fiscal 2018 when the analysis of the impact of the Act is complete. During the sixteen weeks ended April 21, 2018, the company’s activity with respect to its uncertain tax positions and related interest expense accrual was insignificant to the Condensed Consolidated Financial Statements. As of April 21, 2018, 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, of Notes to Condensed Consolidated Financial Statements of this Form 10-Q 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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