Income Taxes |
6 Months Ended |
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Jul. 03, 2021 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Note 13: Income Taxes Our overall effective tax rate was 4.7% for the 26 weeks ended July 3, 2021, and we recorded a tax provision expense of $203 against a pre-provision loss of $4,274. Our overall effective tax rate was 6.9% for the 26 weeks ended June 27, 2020, and we had a tax benefit of $349 against a pre-provision loss of $5,074. 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 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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