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Income Taxes | 6 Months Ended
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Jul. 30, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | Note 15 – Income Taxes Our effective tax rates for the period are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
Fiscal 2023 |  |  | 27.4 | % |  |  | 21.7 | %
Fiscal 2022 |  |  | 9.1 | % |  |  | 5.8 | %
We determine our estimated annual effective tax rate at the end of each interim period based on full-year forecasted pre-tax income and facts known at that time. The estimated annual effective tax rate is applied to the year-to-date pre-tax income at the end of each interim period with the cumulative effect of any changes in the estimated annual effective tax rate being recorded in the fiscal quarter in which the change is determined. The tax effect of significant unusual items is reflected in the period in which they occur. During the three months ended July 30, 2022, we recognized an income tax expense of $ 0.2 million . The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings and a $13,000 tax expense relating to a revaluation of deferred taxes. During the three months ended July 31, 2021, we recognized an income tax expense of $0.7 million. The effective tax rate in this period was directly impacted by a $1.1 million tax benefit from the forgiveness of the PPP Loan, a $0.1 million tax benefit arising from a windfall related to our stock compensation and a $32,000 tax benefit related to return to provision adjustments from foreign tax returns filed in the quarter. The PPP Loan forgiveness recognized during the three months ended July 31, 2021, is excluded from federal taxable income under Section 1106(i) of the CARES Act . During the six months ended July 30, 2022, we recognized an income tax expense of $ 0.3 million . The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings, a $38,000 tax benefit related to the expiration of the statute of limitations on previously uncertain tax positions, a $21,000 tax benefit arising from windfall tax expense related to our stock, and a $13,000 tax expense relating to a revaluation of deferred taxes. During the six months ended July 31, 2021, we recognized an income tax expense of $0.5 million. The effective tax rate in this period was directly impacted by a $1.1 million tax benefit from the forgiveness of the PPP loan, a $0.3 million tax benefit related to the expiration of the statute of limitations on previously uncertain tax positions, a $0.1 million tax benefit arising from windfall tax expense related to our stock, and a $32,000 tax benefit related to return to provision adjustments from foreign tax returns filed in the year. The PPP loan forgiveness recognized during the six months ended July 31, 2021, is excluded from taxable income under Section 1106(i) of the CARES Act.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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