Income Tax - Notes to the Financial Statements

9 Months Ended

Oct. 29, 2016

IncomeTaxDisclosureAbstract

Income Tax Disclosure [Text Block]

NOTE 9 – INCOME TAXES:

The Company had a tax benefit for the third quarter of 2016 compared to an effective rate of 11.1% for the third quarter of 2015. The tax benefit for the quarter was primarily due to a $6.0 million benefit related to continuing foreign and domestic tax initiatives, which also includes the impact of Protecting Americans from Tax Hikes (PATH Act) and the early adoption of Share Based Accounting Improvements (ASU 2016-09) during the second quarter of 2016. The decrease in the effective tax rate is also due to the change in relative proportions of net earnings attributable to various discrete items to total pre-tax earnings between the periods.