Income Taxes

4 Months Ended

Apr. 23, 2022

Income Tax Disclosure [Abstract]

Income Taxes

17. INCOME TAXES

The company’s effective tax rate for the sixteen weeks ended April 23, 2022 was 22.3% compared to 24.5% for the sixteen weeks ended April 24, 2021. Discrete tax benefits in the current quarter reduced the effective rate and resulted in a larger benefit when compared to the discrete tax benefit for the prior year. During the sixteen weeks ended April 23, 2022 and April 24, 2021, the primary differences in the effective rate and the statutory rate were state income taxes and windfall tax benefits on stock-based compensation.

During the sixteen weeks ended April 23, 2022, the company’s activity with respect to its uncertain tax positions and related interest expense accrual was not significant to the Condensed Consolidated Financial Statements. As of April 23, 2022, we do not anticipate significant changes to the amount of gross unrecognized tax benefits over the next twelve months.