Income Taxes |
6 Months Ended |
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Jul. 03, 2021 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES |
9. INCOME TAXES The provision for income taxes for the three months ended July 3, 2021 and June 27, 2020 was 17.6% and 4.7% of pretax income, respectively. The provision for income taxes for the six months ended July 3, 2021 and June 27, 2020 was 20.1% and 15.0% of pretax income, respectively, after adjusting the prior year for the impact of the goodwill impairment charge. At July 3, 2021, the Company had an unrecognized tax benefit of $10,484 including accrued interest. If recognized, $3,371 of unrecognized tax benefit would reduce the effective tax rate in future periods. The Company recognizes interest and penalties related to income tax matters in income tax expense. Interest accrued as of July 3, 2021 is not considered material to the Company’s consolidated financial statements. The Company remains subject to income tax examinations in the U.S. and various state and foreign jurisdictions for tax years 2009-2020. Although the Company is not currently under examination in most jurisdictions, limited transfer pricing disputes exist for years dating back to 2008. The Company estimates a net benefit ranging from $0 to $974 could be recognized within the next 12 months due to the expiration of statutes of limitation. |
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- References No definition available.
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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. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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