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Income Taxes | 9 Months Ended
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Oct. 06, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | 19. INCOME TAXES The effective tax rate for the twelve weeks ended October 6, 2018 was 22.5% compared to 40.6% for the twelve weeks ended October 7, 2017. The decrease in the rate 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. In addition, tax benefits in the third quarter of the prior year increased the effective tax rate due to negative earnings before tax in the quarter. Tax benefits in the current quarter have a favorable impact on the effective tax rate. During the twelve weeks ended October 6, 2018, the primary differences in the effective rate and the statutory rate are state income taxes, offset with credits recognized for job creation and preservation of historical real property. The effective tax rate for the forty weeks ended October 6, 2018 and October 7, 2017 was 20.1% and 32.1%, respectively. 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%, and adjustments to provisional taxes recorded in the fourth quarter of 2017 to revalue our U.S. deferred tax liabilities to the lower rate. During the forty weeks ended October 6, 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 second quarter of fiscal 2018 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. The adjustment resulted in a discrete tax benefit of $5.6 million, a reduction to federal income tax payable of $16.4 million and an increase to federal deferred tax liabilities of $10.8 million. No adjustments to the provisional estimate were recorded in the current quarter, and any subsequent adjustments in the fourth quarter are not expected to be significant. During the forty weeks ended October 6, 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 October 6, 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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