Income Taxes |
9 Months Ended |
|---|---|
Oct. 03, 2015 | |
| 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 2011-2014 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 2012-2014 remain open.
For the thirteen and thirty-nine weeks ended October 3, 2015 the effective tax rate for the Company was 41.3% and 27.0%, respectively. The Company's effective tax rate for the thirteen and thirty-nine weeks ended October 3, 2015 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. For the thirteen and thirty-nine weeks ended September 27, 2014, the effective tax rate for the Company was 0.6% and 1.5%, respectively. The Company’s effective tax rate for the thirteen and thirty-nine weeks ended September 27, 2014 differed from the U.S. federal statutory rate primarily as a result of the recording of valuation allowance against the pre-tax losses.
|