Income Taxes |
9 Months Ended |
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Oct. 01, 2022 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Note 14: Income Taxes The Company’s overall effective tax rate was 0.23% for the 39 weeks ended October 1, 2022, and a tax provision expense of approximately $23,000 was recorded against pre-provision income of approximately $9.8 million. The Company's overall effective tax rate was 4.5% for the 39 weeks ended October 2, 2021, and it had a tax provision expense of approximately $236,000 against a pre-provision loss of approximately $5.2 million. 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. The Company regularly evaluates 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. The Company has concluded, based on the weight of evidence, that a valuation allowance should be maintained against deferred tax assets that are not expected to be utilized in the near future. The Company continues to recognize 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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