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Income Taxes | 9 Months Ended
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Sep. 29, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income tax benefit was $12.8 million for the third quarter of 2019 and income tax expense was $5.9 million for the third quarter of 2018. Income tax expense was $6.3 million for September year to date 2019 and income tax benefit was $3.3 million for September year to date 2018. These amounts were impacted by changes in the fair value of the Company’s investment in Persol Holdings, which are taxed at the Japanese statutory tax rate which is higher than the U.S. statutory tax rate. This resulted in a benefit of $12.1 million for the third quarter of 2019 and a charge of $10.7 million for September year to date 2019, compared to a charge of $4.9 million for the third quarter of 2018 and a benefit of $4.0 million for September year to date 2018. The September year to date 2019 income taxes benefitted by $14.3 million from the release of a valuation allowance in the United Kingdom, offset by a $3.9 million charge for recording a valuation allowance in Germany, which were recorded in the second quarter of 2019. Our tax expense is affected by recurring items, such as the amount of pretax income and its mix by jurisdiction, U.S. work opportunity credits and the change in cash surrender value of non-taxable investments in life insurance policies. It is also affected by discrete items that may occur in any given period but are not consistent from period to period, such as tax law changes, changes in judgment regarding the realizability of deferred tax assets, the tax effects of stock compensation, and changes in the fair value of the Company’s investment in Persol Holdings, which are treated as discrete since they cannot be estimated. The work opportunity credit program is a temporary provision in the U.S. tax law and expires for employees hired after 2019. While the program has routinely been extended, it is uncertain whether it will again be extended. In the event the program is not renewed, we will continue to receive credits for qualified employees hired prior to 2020.

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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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