Note 14 - Income Taxes

6 Months Ended

Oct. 02, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

14. Income Taxes

The effective tax rate for continuing operations was 23.8% and 23.5% for the six month periods ended October 2, 2021 and September 26, 2020, respectively. The effective tax rate was reduced in the prior year six month interim period by 0.5% due to the receipt of interest related to a federal NOL carryback claim. Because a similar amount of interest has not been received in the current year six month interim period, the rate is effectively increased by 0.5% when compared to the prior year. Additionally, there were decreases in the effective tax rate to date in both fiscal 2022 and fiscal 2021 from the reversal of accrued interest related to uncertain tax benefits that expired during the second fiscal quarter of each year. The interest reversal in fiscal 2022 was smaller than in fiscal 2021, effectively increasing the effective tax rate by 0.2% in fiscal 2022 when compared to the prior period. These increases were offset by various insignificant decreases including 0.2% from permanent differences and 0.2% from state income tax rate changes.