Income Taxes |
3 Months Ended |
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Apr. 03, 2021 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Note 13: Income Taxes Our overall effective tax rate was 0.4% for the 13 weeks ended April 3, 2021, and we recorded a tax provision benefit of $2 against a pre-provision income of $500. Our overall effective tax rate was 15.3% for the 13 weeks ended March 28, 2020, and we had a tax benefit of $411 against a pre-provision loss of $2,694. The effective tax rates and related provisional tax amounts vary from the U.S. federal statutory rate due to state taxes, foreign taxes, share-based compensation, valuation allowance, and certain non-deductible expenses. We regularly evaluate both positive and negative evidence related to retaining a valuation allowance against certain deferred tax assets. The realization of deferred tax assets is dependent upon sufficient future taxable income during the periods when deductible temporary differences and carryforwards are expected to be available to reduce taxable income. We have concluded based on the weight of evidence that a valuation allowance should be maintained against certain deferred tax assets that we do not expect to utilize in the near future. The Company continues to have a full valuation allowance against its Canadian operations. |
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- References No definition available.
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- 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. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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