Income Taxes |
9 Months Ended |
|---|---|
Sep. 28, 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 and nine months ended September 28, 2018, we recorded income tax provisions of $2.8 million and $6.9 million associated with income from operations before income taxes, compared to income tax provisions of $3.2 million and $9.8 million for the three and nine months ended September 29, 2017, representing effective income tax rates of 22.3% and 21.5%, respectively, for the 2018 periods and 35.8% and 35.2%, respectively, for the 2017 periods. The lower effective tax rate for the 2018 periods are 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 September 28, 2018 and December 31, 2017, and we will continue to refine such amounts within the measurement period provided by SAB 118. We consider the impact of the Tax Act on our state income tax expense to be incomplete due to forthcoming guidance. 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 September 28, 2018 and December 31, 2017, there were no unrecognized tax benefits from uncertain tax positions. |