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Income Taxes
3 Months Ended
Apr. 01, 2017
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

The Company’s effective tax rate for the first quarter of 2017 was 27 percent compared with 35 percent for the same period last year.  The items impacting the effective tax rate for the first quarter of 2017 were primarily attributable to reductions for the U.S. production activities deduction of $0.9 million; the effect of foreign tax rates lower than statutory tax rates of $1.4 million; the tax benefit of equity compensation deductions of $1.7 million; and the impact of investments in unconsolidated affiliates of $0.8 million.  These items were partially offset by the provision for state income taxes, net of the federal benefit, of $0.9 million.

The items impacting the effective tax rate for the first quarter of 2016 were primarily attributable to reductions for the U.S. production activities deduction of $0.9 million and the effect of foreign tax rates lower than statutory rates of $1.1 million. These items were partially offset by the provision for state income taxes, net of federal benefit, of $0.8 million and the recording of a basis difference in unconsolidated affiliates of $1.0 million.

The Company files a consolidated U.S. federal income tax return and numerous consolidated and separate-company income tax returns in many state, local, and foreign jurisdictions.  The statute of limitations is open for the Company’s federal tax return and most state income tax returns for 2013 and all subsequent years and is open for certain state and foreign returns for earlier tax years due to ongoing audits and differing statute periods.  While the Company believes that it is adequately reserved for possible future audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates.