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Income Taxes | 6 Months Ended
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Jul. 14, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | 19. INCOME TAXES The company’s effective tax rate for the twenty-eight weeks ended July 14, 2018 was 19.1% compared to 35.1% for the twenty-eight weeks ended July 15, 2017. The decrease in the rate from the prior year is primarily due to the reduction of the U.S. corporate tax rate from 35% to 21%, as a result of U.S. tax reform, and adjustments to provisional taxes recorded in the fourth quarter of 2017 to revalue our U.S. deferred tax liabilities to the new tax rate. During the twenty-eight weeks ended July 14, 2018, the primary differences in the effective rate and the statutory rate are state income taxes and adjustments to prior year estimates that impact the effective tax rate in the current quarter. In the fourth quarter ending December 30, 2017, a tax benefit of $48.2 million was recorded as an estimate of the impact of the Act. This provisional amount was adjusted in the current quarter due to additional analysis, changes in assumptions and actions taken related to pension contributions and bonus depreciation on certain assets placed in service during fiscal 2017. As a result, an additional tax benefit of $5.6 million was recorded as a discrete tax item in our second quarter of fiscal 2018. These adjustments resulted in a reduction to federal income tax payable of $16.4 million and an increase to federal deferred tax liabilities of $10.8 million. We continue to gather additional information related to deferred tax estimates and any subsequent adjustments to these amounts will be recorded in the quarter of 2018 when the analysis is complete. During the twenty-eight weeks ended July 14, 2018, the company’s activity with respect to its uncertain tax positions and related interest expense accrual was not material to the Condensed Consolidated Financial Statements. As of July 14, 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://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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