Income Taxes |
6 Months Ended |
|---|---|
May 30, 2021 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The Company's effective income tax rate was (16.2)% for the three months ended May 30, 2021 and reflects a $9.0 million income tax benefit recorded on $55.7 million of income before income taxes. The effective income tax rate for the three months ended May 24, 2020 was 20.7% and reflects a $94.6 million income tax benefit recorded on $458.2 million of losses before income taxes. The effective tax rate for the three months ended May 30, 2021 was favorably impacted by a $22.4 million tax benefit attributable to employees exercising stock-based equity awards. The Company's effective income tax rate was 1.5% for the six months ended May 30, 2021 and reflects a $3.2 million income tax expense recorded on $210.4 million of income before income taxes. The effective income tax rate for the six months ended May 24, 2020 was 28.1% and reflects an $82.5 million income tax benefit recorded on $293.4 million of losses before income taxes. The effective tax rate for the six months ended May 30, 2021 was favorably impacted by a $28.8 million tax benefit attributable to employees exercising stock-based equity awards.
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