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Income Taxes (Notes)
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3 Months Ended |
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Mar. 28, 2015
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| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
In the first quarter of 2015, the Company recorded an income tax provision of $3 million due to foreign taxes in profitable locations.
In the first quarter of 2014, the Company recorded an income tax provision of $2 million due to foreign taxes in profitable locations.
As of March 28, 2015, substantially all of the Company’s U.S. and Canadian deferred tax assets, net of deferred tax liabilities, continue to be subject to a valuation allowance. The realization of these assets is dependent on substantial future taxable income which, as of March 28, 2015, in management’s estimate, is not more likely than not to be achieved.
The Company’s gross unrecognized tax benefits did not change during the first quarter of 2015. The total gross unrecognized tax benefits as of March 28, 2015 were $28 million. There were no material changes to accrued interest or penalties in the first quarter of 2015.
The Company currently expects to reduce its unrecognized tax benefits by approximately $7 million, primarily as a result of the potential settlement of tax audits with certain foreign tax authorities over the next 12 months. The Company does not believe it is reasonably possible that other unrecognized tax benefits will materially change in the next 12 months. However, the settlement, resolution or closure of tax audits are highly uncertain.
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