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INCOME TAXES | 3 Months Ended
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Jun. 29, 2019
Income Tax Disclosure [Abstract] |
INCOME TAXES | 5. INCOME TAXES The Company conducts business globally and reports its results of operations in a number of foreign jurisdictions in addition to the United States. The Company's reported tax rate is impacted by the jurisdictional mix of earnings in any given period as the foreign jurisdictions in which it operates have tax rates that differ from the U.S. statutory tax rate. The Company's reported tax rate for the three months ended June 29, 2019 was 52.2%. The effective tax rate for the three months ended June 29, 2019 is higher than the U.S. statutory tax rate primarily due to the jurisdictional mix of earnings, as well as the impact of the divestiture of the Union liquid solutions operation which resulted in a worldwide pretax loss for the quarter. The tax rate for the three months ended June 29, 2019 also includes a discrete stock compensation windfall benefit of $4.9 million. Refer to Note 4, Divestiture for additional details related to the divestiture of the Union liquid solutions operation. During the three months ended June 29, 2019 and June 30, 2018, the Company reported an income tax benefit of $9.2 million and expense of $6.1 million, respectively. The change in the Company's tax provision for the three months ended June 29, 2019 was primarily due to the divestiture of the plasma liquid solutions operation as well as an increase in stock compensation windfall benefits. The income tax provision for the three months ended June 30, 2018 was primarily attributable to applying the Company’s estimated annual effective tax rate to its year-to-date consolidated income before provision for income taxes, and includes a discrete tax benefit of $1.4 million related to stock compensation windfall tax benefits.

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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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