Income Taxes

6 Months Ended

Jun. 28, 2019

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The Company’s effective tax rate (“ETR”) is calculated quarterly based upon current assumptions relating to the full year’s estimated operating results and various tax-related items. The 2019 second quarter and year-to-date ETR was 36.6% and 35.3%, respectively, and the 2018 second quarter and year-to-date ETR was 27.8% and 26.1%, respectively.

The ETR was higher in the 2019 second quarter and year-to-date period as compared with the corresponding 2018 periods primarily due to non-deductible acquisition costs related to the Tech-IT and Soft Company acquisitions.

 The Company has not recorded a U.S. deferred tax liability for the excess book basis over the tax basis of its investments in foreign subsidiaries as these amounts continue to be indefinitely reinvested in foreign operations.