INCOME TAXES

4 Months Ended

May 21, 2022

INCOME TAXES

INCOME TAXES

8. INCOME TAXES

The effective income tax rate was 18.0% in the first quarter of 2022 and 20.2% for the first quarter of 2021. The effective income tax rate for the first quarter of 2022 and 2021 differed from the federal statutory rate due to the utilization of tax credits and deductions, partially offset by the effect of state income taxes. The effective income tax rate decreased in the first quarter of 2022, compared to the first quarter of 2021, primarily due to an increase in deductions from share-based payments in the first quarter of 2022.