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Income Taxes | 6 Months Ended
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Jun. 29, 2019
Income Taxes |
Income Taxes | 9. Income Taxes CRA’s effective income tax rate was 29.8% for the second quarter of fiscal 2019 and fiscal 2018. The effective tax rate for the second quarter of fiscal 2019 was comparable to that reported for the second quarter of fiscal 2018. The effective tax rate in the second quarter of fiscal 2019 was higher than the combined federal and state statutory tax rate primarily due to non-deductible items resulting from limitations on the deductibility of compensation paid to executive officers and the deductibility of meals and entertainment. The effective tax rate in the second quarter of fiscal 2018 was higher than the combined federal and state statutory tax rate primarily due to the non-deductible items referenced above as well as offsetting discrete items relating to an out-of-period adjustment and the tax benefit on stock-based compensation. CRA's effective income tax rates were 27.1% and 25.1% for the first half of fiscal 2019 and fiscal 2018, respectively. The effective tax rate for the first half of fiscal 2019 was higher than that reported for the first half of fiscal 2018 primarily due to a reduced tax benefit related to stock-based compensation. The effective tax rate in the first half of fiscal 2019 was the same as the combined federal and state statutory tax rate but included the effect of offsetting adjustments primarily driven by the tax benefit on stock-based compensation and non-deductible items resulting from limitations on the deductibility of compensation paid to executive officers and the deductibility of meals and entertainment. The effective tax rate in the first half of fiscal 2018 was lower than the combined federal and state statutory tax rate primarily due to the tax benefit on stock-based compensation, partially offset by the same non-deductible items as those in the current year. CRA has not provided for deferred income taxes or foreign withholding taxes on undistributed earnings and other basis differences that may exist from its foreign subsidiaries as of June 29, 2019, because such earnings are considered to be indefinitely reinvested. CRA does not rely on these unremitted earnings as a source of funds for its domestic business as it expects to have sufficient cash flow in the U.S. to fund its U.S. operational and strategic needs. If CRA were to repatriate its foreign earnings that are indefinitely reinvested, it would accrue substantially no additional tax expense.

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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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