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Income Taxes
 9 Months Ended
Oct. 28, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

Note 14 – Income Taxes

Our effective tax rates are as follows:

 

 

Three Months
Ended

 

 

Nine Months
Ended

 

Fiscal 2024

 

 

25.6

%

 

 

27.1

%

Fiscal 2023

 

 

26.0

%

 

 

22.8

%

 

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 October 28, 2023, we recognized an income tax expense of $949,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings. During the three months ended October 29, 2022, we recognized an income tax expense of $102,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings and a $30,000 tax benefit arising from windfall tax benefit related to our stock.

During the nine months ended October 28, 2023, we recognized an income tax expense of $738,000. The effective tax rate in this period was directly impacted by our jurisdictional mix of earnings, a $77,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position, a $49,000 tax benefit arising from windfall tax benefits related to the Company’s stock, and an $18,000 tax expense related to foreign return to provision differences. During the nine months ended October 29, 2022, we recognized an income tax expense of $383,000. 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 $51,000 tax benefit arising from a windfall tax benefit related to our stock, and a $13,000 tax expense relating to a revaluation of deferred taxes.