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Income Taxes
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3 Months Ended |
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Mar. 29, 2014
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| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
Our overall effective tax rate, based on projected full-year taxable income, was 42% and 0% for the three months ended March 29, 2014 and March 30, 2013. The higher tax rate is attributable to the use of a net operating loss with a corresponding valuation allowance in the quarter ended March 30, 2013. The effective tax rate varies from the federal statutory rate of 34% due primarily to the impact of state taxes and share-based compensation.
We regularly evaluate both positive and negative evidence related to retaining a valuation allowance against our deferred tax assets. The realization of deferred tax assets is dependent upon sufficient future taxable income during the periods when deductible temporary differences and carryforwards are expected to be available to reduce taxable income. We have concluded based on the weight of negative evidence that a valuation allowance should be maintained against certain deferred tax assets that we do not expect to utilize as of March 29, 2014.
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- Details
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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/presentationRef
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