Income Taxes |
3 Months Ended |
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Aug. 28, 2022 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The effective income tax rate for continuing operations for the quarter ended August 28, 2022 was 13.7 percent compared to an effective income tax rate for the quarter ended August 29, 2021 of 12.6 percent. The change was primarily driven by a decrease in excess tax benefits related to option exercises and equity vesting, offset by lower net earnings from continuing operations for the quarter ended August 28, 2022 compared to the quarter ended August 29, 2021. Included in our remaining balance of unrecognized tax benefits is $7.9 million related to tax positions for which it is reasonably possible that the total amounts could change within the next twelve months based on the outcome of examinations or as a result of the expiration of the statute of limitations for specific jurisdictions. The Inflation Reduction Act (“IRA”) was enacted on August 16, 2022. The IRA includes provisions imposing a 1% excise tax on share repurchases that occur after December 31, 2022 and introduces a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income. The CAMT will be effective for us beginning in fiscal 2024. We currently are not expecting the IRA to have a material adverse impact to our financial statements
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