|6 Months Ended|
Aug. 01, 2020
7. INCOME TAXES
Income tax expense increased $17.2 million for the second quarter of fiscal 2020 to $22.9 million compared to the same period in the prior year. The increase was due primarily to the cumulative impact of a change in estimated net operating losses and the related carryback provisions associated with the Coronavirus Aid, Relief, and Economic Security
Act in the second quarter of fiscal 2020 and a tax benefit associated with a state income tax settlement in the second quarter of fiscal 2019. Income taxes decreased $29.7 million for the first six months of fiscal 2020 to a $9.4 million benefit compared to the first six months of fiscal 2019. The decrease was primarily due to operating losses incurred during the first half of fiscal 2020, partially offset by the tax benefit associated with a state income tax settlement in fiscal 2019.
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://fasb.org/us-gaap/role/ref/legacyRef