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Income Taxes (Tables)

3 Months Ended

Aug. 02, 2020

Income Tax Disclosure [Abstract]

Schedule of Allocation of Income Tax Expense

Total income tax expense for the three-month periods ending August 2, 2020, and August 4, 2019, were allocated as follows:

		August 2,				August 4,
(dollars in thousands)		2020				2019
income from continuing operations		$	4,324			$	1,692
loss from discontinued operations			—				(11	)
		$	4,324			$	1,681

Summary of Differences in Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate

The following schedule summarizes the principal differences between income tax expense from continuing operations at the U.S. federal income tax rate and the effective income tax rate from continuing operations reflected in the consolidated financial statements for the three-month periods ending August 2, 2020 and August 4, 2019:

		August 2,				August 4,
		2020				2019
U.S. federal income tax rate			21.0	%			21.0	%
U.S. valuation allowance			474.4				—
U.S. income tax law change			(232.5	)			—
Global Intangible Low Taxed Income Tax (GILTI)			—				13.6
Foreign income tax rate differential			19.6				10.2
Other			1.2				4.1
			283.7	%			48.9	%

Summary of Valuation Allowances Against Net Deferred Income Taxes

Based on our assessments as of August 2, 2020, August 4, 2019, and May 3, 2020, valuation allowances against our net deferred income taxes pertain to the following:

(dollars in thousands)		August 2, 2020				August 4, 2019				May 3, 2020
U.S. Federal and State net deferred income tax assets		$	7,830				711				867
U.S. capital loss carryforward			2,281				—				2,281
		$	10,111				711				3,148

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Tabular disclosure of the allocation of income tax expenses or benefits.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
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