v3.19.3.a.u2
Income Taxes (Tables)
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12 Months Ended |
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Income Tax Disclosure [Abstract] |
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Schedule of provision for income taxes |
The provision for income taxes for the periods presented included the following: | | | | | | | | | | | | | | | | Year Ended | | | | | | | | | | (in millions) | Current: | | | | | | | Federal and foreign | | $ | 147 |
| | $ | 54 |
| | $ | 130 |
| State | | 31 |
| | 23 |
| | 30 |
| Deferred: | | | | | | | Federal and foreign | | 21 |
| | (39 | ) | | (141 | ) | State | | (3 | ) | | (10 | ) | | 10 |
| Total | | $ | 196 |
| | $ | 28 |
| | $ | 29 |
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Schedule of reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate to income before income taxes |
A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate to income before income taxes for the periods presented was as follows: | | | | | | | | | | | | | | | | Year Ended | | | | | | | | | | (in millions) | Amount computed at the statutory federal income tax rate | | $ | 182 |
| | $ | 128 |
| | $ | 138 |
| State income taxes, net of federal tax benefit | | 22 |
| | 10 |
| | 31 |
| Excess tax benefits from stock-based compensation | | (11 | ) | | (9 | ) | | (12 | ) | Research and development credits | | (11 | ) | | (9 | ) | | (7 | ) | Change in valuation allowance for deferred tax assets | | 6 |
| | (49 | ) | | 7 |
| Stock basis in subsidiary held for sale | | 5 |
| | (16 | ) | | — |
| Change in accruals for uncertain tax positions | | 4 |
| | 1 |
| | — |
| Dividends paid to employee stock ownership plan | | (2 | ) | | (2 | ) | | (4 | ) | Impact of foreign operations | | 2 |
| | — |
| | (4 | ) | Taxable conversion of a subsidiary | | — |
| | (17 | ) | | — |
| Change in statutory federal tax rate | | — |
| | (10 | ) | | (125 | ) | Capitalized transaction costs | | — |
| | — |
| | 9 |
| Other | | (1 | ) | | 1 |
| | (4 | ) | Total | | $ | 196 |
| | $ | 28 |
| | $ | 29 |
| Effective income tax rate | | 22.6 | % | | 4.6 | % | | 7.4 | % |
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Deferred tax assets (liabilities) |
Deferred income taxes are recorded for differences in the basis of assets and liabilities for financial reporting purposes and tax reporting purposes. Deferred tax assets (liabilities) were comprised of the following: | | | | | | | | | | | | | | | | | (in millions) | Operating lease liabilities | | $ | 115 |
| | $ | — |
| Accrued vacation and bonuses | | 54 |
| | 48 |
| Reserves | | 46 |
| | 57 |
| Deferred compensation | | 26 |
| | 25 |
| Credits and net operating losses carryovers | | 25 |
| | 31 |
| Vesting stock awards | | 18 |
| | 20 |
| Accumulated other comprehensive loss | | 12 |
| | — |
| Deferred rent and tenant allowances | | 4 |
| | 18 |
| Investments | | 2 |
| | 18 |
| Deferred gain | | — |
| | 20 |
| Other | | 9 |
| | 13 |
| Total deferred tax assets | | 311 |
| | 250 |
| Valuation allowance | | (20 | ) | | (28 | ) | Deferred tax assets, net of valuation allowance | | 291 |
| | 222 |
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| | | | | Purchased intangible assets | | $ | (339 | ) | | $ | (326 | ) | Operating lease right-of-use assets | | (103 | ) | | — |
| Deferred revenue | | (17 | ) | | (40 | ) | Employee benefit contributions | | (6 | ) | | (4 | ) | Accumulated other comprehensive income | | — |
| | (6 | ) | Partnership interest | | — |
| | (2 | ) | Other | | (10 | ) | | (14 | ) | Total deferred tax liabilities | | (475 | ) | | (392 | ) | Net deferred tax liabilities | | $ | (184 | ) | | $ | (170 | ) |
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Summary of income tax related balance on balance sheet |
The Company's income tax balance sheet items are included in the accompanying consolidated balance sheets as follows: | | | | | | | | | | | | | | | | | (in millions) | Other current assets: | | | | | Prepaid income taxes and tax refunds receivable | | $ | 24 |
| | $ | 43 |
| Accounts payable and accrued liabilities: | | | | | Income taxes payable | | $ | 19 |
| | $ | 3 |
| Deferred tax liabilities | | 184 |
| | 170 |
| Other long-term liabilities: | | | | | Unrecognized tax benefits | | $ | 1 |
| | $ | 3 |
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Schedule of changes in the unrecognized tax benefits |
The changes in the unrecognized tax benefits, excluding $1 million of accrued interest and penalties for fiscal 2018 and 2017, were as follows: | | | | | | | | | | | | | | | | Year Ended | | | | | | | | | | (in millions) | Unrecognized tax benefits at beginning of year | | $ | 6 |
| | $ | 10 |
| | $ | 9 |
| Additions for tax positions related to current year | | — |
| | 3 |
| | 2 |
| Additions for tax positions related to prior years | | 11 |
| | — |
| | 2 |
| Reductions for tax positions related to prior years(1) | | (1 | ) | | (5 | ) | | (2 | ) | Settlements with taxing authorities(1) | | (11 | ) | | (2 | ) | | (1 | ) | Unrecognized tax benefits at end of year | | $ | 5 |
| | $ | 6 |
| | $ | 10 |
| Unrecognized tax benefits that, if recognized, would affect the effective income tax rate | | $ | 4 |
| | $ | 6 |
| | $ | 7 |
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(1) Settlements with taxing authorities for fiscal 2018 and 2017 have been reclassified from "Reductions for tax positions related to prior years" to "Settlements with taxing authorities" to reflect the current year change in presentation.
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- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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- DefinitionTabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.
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- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.
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- DefinitionTabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.
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