INCOME TAXES

9 Months Ended

Nov. 04, 2023

INCOME TAXES

INCOME TAXES

8. INCOME TAXES

The effective income tax rate was 23.9% for the third quarter of 2023 and 24.0% for the third quarter of 2022. The effective income tax rate was 24.8% for the first three quarters of 2023 and 21.1% for the first three quarters of 2022. The effective income tax rate for the third quarters of 2023 and 2022 differed from the federal statutory rate due to the effect of state income taxes and certain nondeductible expenses, partially offset by the utilization of tax credits. The effective income tax rate for the first three quarters of 2023 differed from the federal statutory rate due to the effect of state income taxes, the nondeductible portion of opioid settlement charges and certain nondeductible expenses, partially offset by the utilization of tax credits. The effective income tax rate for the first three quarters of 2022 differed from the federal statutory rate due to the effect of state income taxes and certain nondeductible expenses, partially offset by the benefit from share-based payments and the utilization of tax credits.