XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.19.3

Income Taxes | 9 Months Ended
--- | ---
Sep. 28, 2019
Income Taxes [Abstract] |
Income Taxes | Note 6 – Income Taxes The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended September 28, 2019 and September 29, 2018 reflect the Company’s expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates. The Company repatriated $115,152 and $188,742 to the United States, and paid withholding and foreign taxes of $18,335 and $38,814 in the fiscal quarter and nine fiscal months ended September 28, 2019, respectively. Substantially all of these amounts are being used to repay certain intercompany indebtedness, to pay the U.S. transition tax, and to fund capital expansion projects. After completing these phases of cash repatriation, there is approximately $100,000 of unremitted foreign earnings remaining that the Company has deemed not permanently reinvested and thus has accrued foreign withholding and other taxes. The Company continues to evaluate the timing of the reparation of these remaining amounts, and may decide to ultimately not repatriate some of these amounts. As part of the Company’s cash repatriation activity, the Company settled an intercompany loan in the second fiscal quarter of 2019, which previously had been accounted for at the historical foreign exchange rate (akin to an equity contribution) because the debtor entity did not have the intent or ability to repay such intercompany loan. Currency translation adjustments were recorded in accumulated other comprehensive income, and were not included in U.S. GAAP pre-tax income. The Company’s cash repatriation activity resulted in the ability to repay such intercompany loan. Upon settlement of this intercompany loan, the foreign entity realized a taxable gain. Income tax expense for the nine fiscal months ended September 28, 2019 includes tax expense of $7,554 related to this tax-basis foreign exchange gain. The Company’s repurchase of a portion of the outstanding convertible debentures in the first fiscal quarter of 2019 (see Note 7) slightly reduced the Company’s expected 2019 tax rate. The Company recognized a tax benefit on the pre-tax loss on early extinguishment of debt. The Company also recognized a tax benefit of $1,312, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the extinguished debentures. Income tax expense for the fiscal quarter and nine fiscal months ended September 28, 2019, includes tax expense of $2,604 and $1,971, respectively, for the periodic remeasurement of the deferred tax liability recorded for the foreign taxes associated with the Company's cash repatriation program. During the nine fiscal months ended September 28, 2019, the liabilities for unrecognized tax benefits increased by $5,522 on a net basis, principally due to increases for tax positions taken in the current and prior periods and interest, offset by expiration of statutes and payments. Income tax expense for the fiscal quarter and nine fiscal months ended September 29, 2018 includes additional tax expense of $13,496 and $25,496, respectively, recognized as a result of additional analysis of the impact of the Tax Cuts and Jobs Act completed throughout the first nine fiscal months of 2018. The Company recognized a tax benefit on the pre-tax loss on early extinguishment of debt in the second fiscal quarter of 2018. The Company also recognized a tax benefit of $33,963, reflecting the reduction in deferred tax liabilities related to the special tax attributes of the extinguished debentures. Income tax expense for the fiscal quarter and nine fiscal months ended September 29, 2018 also included tax expense of $680 and tax benefits of $7,010, respectively, for the periodic remeasurement of the deferred tax liability recorded for the Company's cash repatriation program.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration