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Income Taxes | 3 Months Ended
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Mar. 28, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | 1 0.Income Taxes The effective tax rates for the three months ended March 28, 2020 and March 30, 2019 were 9.7% and 21.1%, respectively. For the three months ended March 28, 2020, the difference between the U.S. federal statutory tax rate and the Company’s consolidated effective tax rate was primarily due to an impairment of its Brazil reporting unit which has a full valuation allowance, a $1,305 tax expense related to global intangible low-taxed income (“GILTI”) and $1,036 of state income tax expense. The effective tax rate for the three months ended March 28, 2020 was partially offset by a $1,243 tax benefit from income earned in foreign jurisdictions. For the three months ended March 30, 2019, the difference between the U.S. federal statutory tax rate and the Company’s consolidated effective tax rate was primarily due to $1,462 of higher state income tax expense versus the prior year period and a $856 tax expense related to GILTI. The effective tax rate for the three months ended March 30, 2019 was partially offset by a $648 tax benefit related to foreign-derived intangible income. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act (the “CARES Act”) was signed into law. The CARES Act includes provisions relating to modifications to the net interest deduction limitations, refundable payroll tax credits, and deferment of the employer portion of certain payroll taxes. The Company does not expect these changes to have a significant impact on its effective tax rate.

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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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