Income Taxes |
9 Months Ended |
|---|---|
Nov. 01, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes Our interim tax provision was determined using an estimated annual effective tax rate and adjusted for discrete taxable events and/or adjustments that have occurred during the nine months ended November 1, 2025. We recognized an income tax expense of $7.0 million, or 8.3%, for the three months ended November 1, 2025, compared to an income tax expense of $3.4 million, or 16.3%, for the three months ended November 2, 2024. We recognized an income tax expense of $16.5 million or 5.4%, for the nine months ended November 1, 2025, compared to an income tax benefit of $2.6 million, or 100.0%, for the nine months ended November 2, 2024. Our effective income tax rates for the three and nine months ended November 1, 2025 were primarily comprised of forecasted income taxes due in certain jurisdictions in which we operate, partially offset by tax benefits recognized in the current period. Our effective income tax rates for the three and nine months ended November 2, 2024 were primarily due to tax expense recognized during the third quarter in connection with our sale of property in Ireland, and in connection with a tax audit in Italy. The difference between our effective income tax rates and the statutory income tax rate is primarily due to the impact of the Company's valuation allowance. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The legislation includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Act and Jobs Act, modifications to the international tax framework, and the restoration of favorable business tax provisions, such as 100% bonus depreciation and immediate expensing of domestic research and experimental expenditures. The legislation contains multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. While we are continuing to evaluate the full impact of the legislation, we do not expect the OBBBA to have a material effect on our estimated fiscal 2025 effective tax rate.
|