Rendering

Component: (Network and Table)
Network
2309301 - Disclosure - INCOME TAXES (Tables)
(http://www.anixter.com/role/IncomeTaxesTables)
TableStatement [Table]
Slicers (applies to each fact value in each table cell)
Statement [Line Items]Period [Axis]
2016-01-02 - 2016-12-30
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense was comprised of:
(In millions)
 
Years Ended
 
 
December 30,
2016
 
January 1,
2016
 
January 2,
2015
Current:
 
 
 
 
 
 
Foreign
 
$
18.5

 
$
14.1

 
$
22.6

State
 
7.0

 
7.2

 
4.7

Federal
 
50.2

 
58.8

 
33.2

 
 
75.7

 
80.1

 
60.5

Deferred:
 
 
 
 
 
 
Foreign
 
(2.8
)
 
7.1

 
(1.0
)
State
 
0.2

 
(0.7
)
 
3.3

Federal
 
3.3

 
(0.5
)
 
23.4

 
 
0.7

 
5.9

 
25.7

Income tax expense
 
$
76.4

 
$
86.0

 
$
86.2

 
 
Schedule of Effective Income Tax Rate Reconciliation
Reconciliations of income tax expense to the statutory corporate federal tax rate of 35% were as follows:
(In millions)
 
Years Ended
 
 
December 30,
2016
 
January 1,
2016
 
January 2,
2015
Statutory tax expense
 
$
69.1

 
$
64.0

 
$
87.4

Increase (reduction) in taxes resulting from:
 
 
 
 
 
 
State income taxes, net
 
4.5

 
4.7

 
5.4

Foreign tax effects
 
1.8

 
6.3

 
1.2

Change in valuation allowance
 
1.6

 
9.3

 
(9.2
)
Other, net
 
(0.6
)
 
1.7

 
1.4

Income tax expense
 
$
76.4

 
$
86.0

 
$
86.2

 
 
Schedule of Deferred Tax Assets and Liabilities
Deferred Income Taxes: Significant components of our deferred tax assets (liabilities) included in "Other assets" and "Other liabilities" on the Consolidated Balance Sheets were as follows:
(In millions)
 
December 30,
2016
 
January 1,
2016
Deferred compensation and other postretirement benefits
 
46.9

 
36.0

Foreign NOL carryforwards and other
 
27.7

 
24.8

Accrued expenses and other
 
15.2

 
10.4

Inventory reserves
 
13.4

 
7.7

Unrealized foreign exchange
 

 
5.8

Allowance for doubtful accounts
 
11.1

 
10.2

Gross deferred tax assets
 
114.3

 
94.9

Property, equipment, intangibles and other
 
(107.1
)
 
(83.7
)
Gross deferred tax liabilities
 
(107.1
)
 
(83.7
)
Deferred tax assets, net of deferred tax liabilities
 
7.2

 
11.2

Valuation allowance
 
(20.7
)
 
(24.0
)
Net deferred tax liabilities
 
$
(13.5
)
 
$
(12.8
)
 
 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal 2014, 2015 and 2016 is as follows:
(In millions)
 
Balance at January 3, 2014
$
3.4

Additions for tax positions of prior years
0.4

Reductions for tax positions of prior years
(0.8
)
Balance at January 2, 2015
$
3.0

Additions for tax positions of prior years
0.4

Addition for Power Solutions acquisition
2.2

Reductions for tax positions of prior years
(0.3
)
Balance at January 1, 2016
$
5.3

Additions for tax positions of prior years
0.4

Reductions for tax positions of prior years
(0.7
)
Balance at December 30, 2016
$
5.0