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Income Taxes | 6 Months Ended
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May 24, 2020
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES On March 27, 2020, the CARES Act was signed into law in the United States. The CARES Act includes certain provisions that affect income taxes, including temporary five-year net operating loss carryback provisions and a modification of interest deduction limitations. The Company's effective income tax rate for the three months ended May 24, 2020 was 20.7% and reflects a $94.6 million income tax benefit recorded on $458.2 million of pre-tax losses. The effective income tax rate for three months ended May 26, 2019 was (9.3)% and reflects a $2.4 million income tax benefit recorded on $26.1 million of pre-tax income. The increase in the effective tax rate was primarily driven by $9.0 million in discrete tax benefits from a tax rate difference related to the expected carry back of net operating losses to tax years with a higher federal corporate tax rate as allowed under the CARES Act, offset by a $15.6 million tax charge for valuation allowances on deferred tax assets that are more likely than not to be realized. There was also an $11.1 million tax benefit in the same prior-year period attributable to employees exercising stock-based equity awards. The effective income tax rate for the six months ended May 24, 2020 was 28.1% and reflects an $82.5 million income tax benefit recorded on $293.4 million of pre-tax losses. The effective income tax rate for the six months ended May 26, 2019 was 15.8% and reflects a $32.8 million income tax expense recorded on $207.8 million of pre-tax losses. The increase in the effective tax rate was primarily driven by discrete tax benefits of $21.0 million attributable to employees exercising stock-based equity awards in 2020 and $9.0 million related to net operating loss carryback provisions under the CARES Act. These were partially offset by valuation allowance charges in 2020 of $18.0 million on deferred tax assets that are more likely than not to be realized.

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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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