Income Taxes |
3 Months Ended |
|---|---|
Mar. 30, 2018 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | INCOME TAXES Effective Tax Rate Our quarterly income tax expense is measured using an estimated annual effective income tax rate. The comparison of effective income tax rates between periods may be significantly affected by discrete items recognized during the periods, the level and mix of earnings by tax jurisdiction and permanent differences. For the three months ended March 30, 2018, we recorded an income tax provision of $1.4 million associated with income from operations before income taxes compared to an income tax provision of $3.8 million for the three months ended March 31, 2017, representing effective income tax rates of 18.6% and 36.6%, respectively. This lower effective tax rate is a result of the Tax Act enacted on December 22, 2017 and the impact of one-time discretionary items. The effective income tax rates vary from the federal statutory rate of 21.0% due to state taxes, required tax income exclusions, nondeductible expenses and available deductions not reflected in book income. As the result of the passage of the Tax Act, the SEC released SAB 118 to provide guidance for companies that had not completed accounting for the income tax effects of the Tax Act prior to the release of their financial reports. We will continue to analyze additional information and guidance related to the Tax Act as supplemental legislation, regulatory guidance, or evolving technical interpretations become available. The final impacts may differ from the recorded amounts as of December 31, 2017, and we will continue to refine such amounts within the measurement period provided by SAB 118. We expect to complete our analysis no later than December 31, 2018. For interim period financial reports, any estimated impacts of the Tax Act will be included in the calculation of our annualized effective tax rate. Uncertain Tax Provisions As of March 30, 2018 and December 31, 2017, there were no unrecognized tax benefits from uncertain tax positions. |