The provision for income taxes for an interim period is based on an estimated annual effective income tax rate and this rate is applied to ordinary year-to-date earnings or losses. The estimated annual effective income tax rate is determined excluding the effects of unusual or significant one-time items that are reported net of the related tax effects in the period in which they occur. In addition, any material effects of enacted tax law or rate changes as well as the Company’s ability to utilize various tax assets is recognized in the period in which the change occurs.

The computation of the estimated annual effective income tax rate at each interim period requires certain estimates and

assumptions including, but not limited to, the expected pre-tax income (or loss) for the year by jurisdiction, certain book to tax adjustments, and the likelihood of the realizability of deferred tax assets generated in the current year. The volatile global economic conditions resulting from the COVID-19 pandemic, the impacts of which are difficult to predict, may cause fluctuations in the Company’s expected pre-tax income (or loss) for the year, which could create volatility in the estimated annual effective income tax rate. The estimates used to compute the provision or benefit for income taxes may change as new events occur, additional information is obtained or as the Company’s tax environment changes.

The Company’s income tax expense and effective tax rate for the three and six months ended October 31, 2020 and October 26, 2019 were as follows:

	Three Months Ended						Six Months Ended
(Dollars in Millions)	October 31, 2020			October 26, 2019			October 31, 2020			October 26, 2019
Income before Income Taxes	$	46.2		$	29.0		$	61.8		$	64.6
Income Tax Expense	$	7.6		$	5.2		$	2.5		$	12.5
Effective Tax Rate		16.5	%		17.9	%		4.0	%		19.3	%

The income tax provision for the three months ended October 31, 2020 was lower than the U.S. statutory tax rate primarily due to foreign operations with lower statutory tax rates. The income tax provision for the six months ended October 31, 2020 benefited from various tax credits earned in foreign jurisdictions. The income tax provision for both the three and six months ended October 26, 2019 was lower than the U.S. statutory tax rate primarily due to foreign investment tax credits and foreign operations with lower statutory rates.

The Company's unrecognized income tax benefits were $5.4 million and $5.2 million as of October 31, 2020 and May 2, 2020, respectively. If any portion of the Company’s unrecognized tax benefits is recognized, it would impact the Company’s effective tax rate. The unrecognized tax benefits are reviewed periodically and adjusted for changing facts and circumstances, such as tax audits, lapse of applicable statutes of limitations and changes in tax law.