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Income Taxes | 8 Months Ended
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May 04, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Note O – Income Taxes The Company’s effective income tax rate was 19.5% (U.S. statutory federal rate of 21% for the full year) of pretax income for the twelve weeks ended May 4, 2019. The effective tax rate was lower than the U.S. statutory federal rate primarily due to $13.1 million of tax benefits associated with stock option exercises. The Company’s effective income tax rate was 27.2% (U.S. blended statutory federal rate of 25.9% for the full year) of pretax income for the twelve weeks ended May 5, 2018. The effective tax rate was higher than the U.S. statutory federal rate primarily due to domestic state income taxes. The Company’s effective income tax rate on pretax income for the thirty-six weeks ended May 4, 2019, was 19.8% and 14.8% for the comparable prior year period. The increase in the tax rate was primarily due to the one-time benefits recognized in the prior period related to the re-measurement of the Company’s U.S. federal deferred tax liability at the lower rate upon enactment of Tax Cuts and Jobs Act (“Tax Reform”), net of tax expenses related to the mandatory one-time transition tax, which resulted in a net tax benefit of $111.9 million. The tax benefit of stock option exercises was $38.2 million for the thirty-six weeks ended May 4, 2019 and $27.2 million for the comparable prior period.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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