Income Taxes

3 Months Ended

Sep. 28, 2019

Income Tax Disclosure [Abstract]

Income Taxes [Text Block]

INCOME TAXES

In the three months ended September 28, 2019 and September 29, 2018, the Company recorded an income tax provision of $17.7 million and $36.2 million, respectively. The Company’s effective tax rate for the three months ended September 28, 2019 and September 29, 2018 was 11.2% and 15.5%, respectively.

The Company’s federal statutory tax rate is 21%. The Company’s effective tax rate for the three months ended September 28, 2019 and September 29, 2018 was lower than the statutory rate primarily due to earnings of foreign subsidiaries, generated primarily by the Company's international operations managed in Ireland, that were taxed at lower rates, partially offset by U.S. tax expense related to Global Intangible Low-Taxed Income.

The Company’s federal corporate income tax returns are audited on a recurring basis by the Internal Revenue Service (“IRS”). In fiscal year 2017, the IRS commenced an audit of the Company’s federal corporate income tax returns for fiscal years 2012 through 2014, which is ongoing. The Company expects that in fiscal year 2020 the IRS will commence an audit of the Company's federal corporate income tax returns for fiscal years 2015 through 2017.