Income Taxes |
9 Months Ended |
|---|---|
Oct. 29, 2022 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Coronavirus Aid, Relief, and Economic Securities Act (the "CARES Act"), which was enacted on March 27, 2020 in the United States, included measures to assist companies, including temporary changes to income and non-income-based tax laws. As of October 29, 2022, we have a $168.6 million U.S. federal income tax receivable resulting from the carryback of net operating losses allowed pursuant to the CARES Act. Income tax receivable is recognized in prepaid expenses and other current assets on our Condensed Consolidated Balance Sheets. Our interim tax provision was determined using an estimated annual effective tax rate and adjusted for discrete taxable events and/or adjustments that have occurred during the three and nine months ended October 29, 2022. We recognized an income tax expense of $2.1 million, or (2.3)%, for the three months ended October 29, 2022 compared to an income tax expense of $1.7 million, or (1.6)%, for the three months ended October 30, 2021. Our effective income tax rate for both periods is primarily due to not recognizing tax benefits on certain current period losses as well as forecasted income taxes due in certain foreign and state jurisdictions in which we operate. We recognized an income tax expense of $6.8 million, or (1.9)%, for the nine months ended October 29, 2022 compared to an income tax expense of $6.1 million, or (2.7)%, for the nine months ended October 30, 2021. Our effective income tax rate for both periods is primarily due to not recognizing tax benefits on certain current period losses as well as forecasted income taxes due in certain foreign and state jurisdictions in which we operate.
|