Income Taxes

9 Months Ended

Oct. 09, 2021

Income Tax Disclosure [Abstract]

Income Taxes

18. INCOME TAXES

The company’s effective tax rate for the twelve weeks ended October 9, 2021 was 23.7% compared to 22.8% for the twelve weeks ended October 3, 2020.  The increase in the rate was primarily due to favorable discrete state tax credits recorded in the third quarter of the prior year.  During the twelve weeks ended October 9, 2021, the primary differences in the effective rate and the statutory rate were state income taxes including the recognition of discrete state credits.

The company’s effective tax rate for the forty weeks ended October 9, 2021, was 23.7% compared to 23.5% for the forty weeks ended October 3, 2020.  During the forty weeks ended October 9, 2021, the primary differences in the effective rate and the statutory rate were state income taxes including the recognition of discrete state credits.  

During the forty weeks ended October 9, 2021, 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 October 9, 2021, we do not anticipate significant changes to the amount of gross unrecognized tax benefits over the next twelve months.