Income Taxes |
3 Months Ended |
|---|---|
Apr. 01, 2017 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
The Company is subject to U.S. federal income tax as well as income tax of foreign and state tax jurisdictions. The tax years 2012-2016 remain open to examination by the major taxing jurisdictions to which the Company is subject, except the Internal Revenue Service for which the tax years 2013-2016 remain open.
For the thirteen weeks ended April 1, 2017 the effective tax rate for the Company's continuing operations was 3.2%. The effective tax rate for the thirteen weeks ended April 1, 2017 differed from the U.S. federal statutory rate primarily as a result of the use of net operating losses previously subject to a full valuation allowance. For the thirteen weeks ended April 2, 2016, the effective tax rate for the Company's continuing operations was 2.1%. The effective tax rate for the thirteen weeks ended April 2, 2016 differed from the U.S. federal statutory rate primarily as a result of the recording of valuation allowance against the pre-tax losses that was offset by the tax benefit resulting from the reduction of excess book basis in the Company's investment in AutoMD over its tax basis due to AutoMD's pre-tax losses.
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