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Income Taxes

9 Months Ended

May 02, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table summarizes our effective tax rate from income for the periods presented:

						For the Three Months Ended																		For the Nine Months Ended
(in thousands)						May 2, 2020						April 27, 2019						May 2, 2020						April 27, 2019
Income (loss) before income taxes						$	(45,252)					$	(2,713)					$	(34,326)					$	26,737
Provision (benefit) for income taxes						(11,349)						(9,761)						(11,676)						(2,965)
Effective tax rate						(25.1)		%				(359.8)		%				(34.0)		%				(11.1)		%

Our effective tax rate for the three and nine months ended May 2, 2020, differs from the federal statutory income tax rate primarily due to the net operating loss carryback provisions of the CARES Act, the effects of income taxed at different rates, the reversal of stock-based compensation expenses, and allowable credits.

Our effective tax rate for the three and nine months ended April 27, 2019, differed from the federal statutory income tax rate primarily due to alignment of foreign operations for our business, the benefits of stock-based compensation deductions, allowable credits, certain nondeductible expenses, and state taxes.

We continue to monitor the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions.

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- References

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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

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