Income Taxes |
6 Months Ended |
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Jul. 30, 2022 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The provision for income taxes was based on a current estimate of the annual effective tax rate, adjusted to reflect the effect of discrete items. For the first quarter of 2022, the Company's estimated annual effective tax rate fluctuated with changes in the estimated full-year pre-tax earnings. Differences between pre-tax and taxable income, such as non-deductible executive compensation, cause the effective income rate to vary significantly. Accordingly, the Company did not believe that it could estimate the annual effective tax rate for 2022 with sufficient precision and, as permitted by GAAP, the income tax benefit for the first quarter of 2022 was calculated based upon the year-to-date pre-tax loss and the effect of differences between book and taxable loss. For the year-to-date 2022, the Company determined it could estimate the effective income tax rate with sufficient precision. Therefore, the income tax benefit was based on the estimated annual effective tax rate, adjusted to reflect the effect of discrete items. For the second quarter of 2022, and in consideration of the first quarter of 2022 provision for income taxes discussed above, the Company recorded an immaterial cumulative adjustment to arrive at the year-to-date 2022 estimated effective tax rate. We have estimated the reasonably possible expected net change in unrecognized tax benefits through July 29, 2023, based on (1) expected cash and noncash settlements or payments of uncertain tax positions, and (2) lapses of the applicable statutes of limitations for unrecognized tax benefits. The estimated net decrease in unrecognized tax benefits for the next 12 months is approximately $2.0 million. Actual results may differ materially from this estimate.
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