Income Taxes

6 Months Ended

Jun. 27, 2020

The Corporation's tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. The following table summarizes the Corporation's income tax provision (dollars in thousands):


	Three Months Ended									Six Months Ended
	June 27, 2020			June 29, 2019			June 27, 2020			June 29, 2019
Income (loss) before income taxes	$	12,899		$	20,768		$	(12,640)		$	22,334
Income taxes	$	345		$	4,957		$	(1,299)		$	5,503
Effective tax rate	2.7		%	23.9		%	10.3		%	24.6		%

The Corporation's effective tax rate was lower in the three and six months ended June 27, 2020 compared to the same periods last year, primarily due to the mix of jurisdictional income, impairments recorded in the U.S. jurisdiction, and a change in the expected worldwide full year income tax rate due to the COVID-19 pandemic.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was enacted in response to the COVID-19 pandemic crisis. The CARES Act contains provisions relating to net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Corporation is continuing to evaluate the impact of this legislation on its consolidated financial position, results of operations, and cash flows, but at this time does not estimate a material impact.

- 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.

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