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INCOME TAXES | 6 Months Ended
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Sep. 28, 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. For the three and six months ended September 28, 2019, the Company reported an income tax provision of $7.6 million and a benefit of $1.6 million, respectively, representing an effective tax rate of 16.9% and (6.0)%, respectively. The effective tax rate for the three and six months ended September 28, 2019 is lower than the U.S. statutory tax rate primarily due to a discrete tax benefit recognized from excess stock compensation deductions of $4.4 million and $9.3 million, respectively. The effective tax rates were also impacted by the jurisdictional mix of earnings and the impact of the divestiture of the Union liquid solutions operation in the first quarter of fiscal 2020. Refer to Note 4, Divestiture for additional details related to the divestiture of the Union liquid solutions operation. For the three and six months ended September 29, 2018, the Company reported an income tax provision of $4.3 million and $10.4 million, representing an effective tax rate of 18.7% and 39.6%, respectively. The effective tax rate for the three months ended September 29, 2018 was lower than the U.S. statutory tax rate due to a discrete tax benefit recognized from excess stock compensation deductions of $2.6 million. The effective tax rate for the six months ended September 29, 2018 was higher than the U.S. statutory tax rate primarily due to an asset impairment of $21.2 million recorded in pretax income for which no tax benefit was recognized as a result of the valuation allowance maintained against its deferred tax assets in the impacted jurisdiction. The Company’s effective tax rate was also negatively impacted by certain provisions of enacted U.S. tax reform.

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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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