Income Taxes

4 Months Ended

Jan. 19, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The income tax provisions reflect tax rates of 28.4% in 2020 and 23.1% in 2019. The major components of the year- over-year change in tax rates were a decrease in operating earnings before income tax, an adjustment related to state taxes recorded in the first quarter of 2019, an increase in the tax deficiency on stock compensation, partially offset by an increase in gains from the market performance of insurance products used to fund certain non-qualified retirement plans which are excluded from taxable income. The final annual tax rate cannot be determined until the end of the fiscal year; therefore, the actual 2020 rate could differ from our current estimates.

The following is a summary of the components of each tax rate (dollars in thousands):

	Sixteen Weeks Ended
	January 19, 2020				January 20, 2019
Income tax expense at statutory rate	$	2,868	26.0	%	$	10,434	25.8	%
Stock compensation tax deficiency (excess tax benefit)	196		1.8	%	(50)		(0.1)	%
Company-owned life insurance policies	(99)		(0.9)	%	231		0.6	%
Adjustment to state tax provision	—		—	%	(1,027)		(2.6)	%
Other	168		1.5	%	(215)		(0.5)	%
(1)	$	3,133	28.4	%	$	9,373	23.1	%

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(1)Percentages may not add due to rounding.