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Income Taxes	3 Months Ended
May 01, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 7—Income Taxes Coronavirus Tax Relief The CARES Act was signed into law by the President on March 27, 2020. Among other things, it provides economic relief to individuals and businesses. Tax law changes in the CARES Act impacted the Company in a number of different ways, including enhanced interest expense deductibility for fiscal 2020 and fiscal 2021 resulting from changes to the computation of the related limitation, the ability to carry back net operating losses for fiscal 2020 and fiscal 2021 to the five prior years, including tax years with a 35 percent corporate income tax rate, and a technical correction to the Tax Cuts and Jobs Act of 2017 allowing qualified improvement property to be fully depreciated in the year the property is placed in service. Effective Tax Rate The effective income tax rate for the first quarter of fiscal 2022 was 21.8 percent, a provision applied to pre-tax income, compared to 33.9 percent, a benefit applied to a pre-tax loss, for the first quarter of fiscal 2021. The change in the effective tax rate primarily relates to the fiscal 2021 first quarter recording of the favorable impact of the enactment of the CARES Act, partially offset by the recording of a valuation allowance for the interest deduction limitation. The effective tax rate is subject to change based on the mix of income from different state jurisdictions, which tax at different rates, as well as the change in status or outcome of uncertain tax positions. We evaluate our effective rate on a quarterly basis and update our estimate of the full-year effective rate as necessary. Reserves for Uncertain Tax Positions At the end of the first quarter of fiscal 2022, unrecognized tax benefits were $1.2 million, of which $1.0 million would affect the effective tax rate, if recognized. The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The total amount of interest and penalties accrued at the end of the first quarter of fiscal 2022 was $0.2 million compared to $0.2 million of interest or penalties accrued as of the end of the first quarter of fiscal 2021. Within the next 12 months, it is reasonably possible that uncertain tax positions could be reduced by approximately $0.6 million resulting from resolution or closure of tax examinations. Any increase in the amount of uncertain tax positions within the next 12 months is expected to be insignificant.

Income Taxes

3 Months Ended

May 01, 2021

Note 7—Income Taxes

Coronavirus Tax Relief

The CARES Act was signed into law by the President on March 27, 2020. Among other things, it provides economic relief to individuals and businesses. Tax law changes in the CARES Act impacted the Company in a number of different ways, including enhanced interest expense deductibility for fiscal 2020 and fiscal 2021 resulting from changes to the computation of the related limitation, the ability to carry back net operating losses for fiscal 2020 and fiscal 2021 to the five prior years, including tax years with a 35 percent corporate income tax rate, and a technical correction to the Tax Cuts and Jobs Act of 2017 allowing qualified improvement property to be fully depreciated in the year the property is placed in service.

Effective Tax Rate

The effective income tax rate for the first quarter of fiscal 2022 was 21.8 percent, a provision applied to pre-tax income, compared to 33.9 percent, a benefit applied to a pre-tax loss, for the first quarter of fiscal 2021. The change in the effective tax rate primarily relates to the fiscal 2021 first quarter recording of the favorable impact of the enactment of the CARES Act, partially offset by the recording of a valuation allowance for the interest deduction limitation.

The effective tax rate is subject to change based on the mix of income from different state jurisdictions, which tax at different rates, as well as the change in status or outcome of uncertain tax positions. We evaluate our effective rate on a quarterly basis and update our estimate of the full-year effective rate as necessary.

Reserves for Uncertain Tax Positions

At the end of the first quarter of fiscal 2022, unrecognized tax benefits were $1.2 million, of which $1.0 million would affect the effective tax rate, if recognized. The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The total amount of interest and penalties accrued at the end of the first quarter of fiscal 2022 was $0.2 million compared to $0.2 million of interest or penalties accrued as of the end of the first quarter of fiscal 2021. Within the next 12 months, it is reasonably possible that uncertain tax positions could be reduced by approximately $0.6 million resulting from resolution or closure of tax examinations. Any increase in the amount of uncertain tax positions within the next 12 months is expected to be insignificant.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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