INCOME TAXES

3 Months Ended

Mar. 29, 2013

INCOME TAXES

NOTE 2. INCOME TAXES

The tax provision on continuing operations for the first quarter of 2013 was $22.9 million compared to $15.9 million in the corresponding period of last year. Our effective tax rate for the first quarter of 2013 was 35.0% as compared to 22.3% in the prior year period. The prior year first quarter results included a tax benefit of $9.7 million primarily related to the reversal of deferred income tax valuation allowances in certain foreign jurisdictions. Excluding this benefit as well as the impact of a charge for interest and penalties of $1.7 million for tax liabilities related to prior years which is included in Other, net ($1.1 million, net of tax), the adjusted tax rate for the prior year first quarter was 35.8%. The change in the tax rate is due to the change in the country mix of income.