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Income Taxes
 9 Months Ended
Oct. 08, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

Note 9 – Income Taxes

The effective income tax rate was 32.5% and 23.1% for the 12 weeks ended October 8, 2022 and October 9, 2021, respectively. The effective income tax rate was 25.4% and 24.5% for the 40 weeks ended October 8, 2022 and October 9, 2021, respectively. The difference from the federal statutory rate in current quarter was primarily due to state taxes, limitations on the deductibility of executive compensation and non-deductible expenses, partially offset by tax benefits associated with federal tax credits. The difference in the federal statutory rate in the current year was primarily due to state taxes, limitations on the deductibility of executive compensation and non-deductible expenses, partially offset by tax benefits associated with federal tax credits and discrete tax benefits related to stock compensation. In the prior year, the differences from the federal statutory rate was primarily due to state taxes and the limitations on the deductibility of executive compensation, partially offset by federal tax credits.

On March 27, 2020, the U.S. government enacted tax legislation to provide economic stimulus and support businesses and individuals during the COVID-19 pandemic, referred to as the CARES Act. In connection with the CARES Act, the Company recorded net discrete income tax benefits of $9.3 million in 2020 associated with the additional deductibility of certain expenses combined with provisions which enable companies to carry back tax losses to years prior to the enactment of the Tax Cuts and Jobs Act (“Tax Reform”), when the federal statutory income tax rate was 35%. In the first quarter of 2021, the Company received tax refunds totaling $25.7 million related to the amended prior year returns.