Income Taxes	9 Months Ended
Jan. 26, 2019
Income Taxes
Income Taxes	Note 13: Income Taxes Our effective tax rate was 26.9% for the third quarter and 24.6% for the first nine months of fiscal 2019, as compared with 62.0% and 43.9% in the third quarter and first nine months of fiscal 2018, respectively. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes. Absent discrete adjustments, our effective tax rate in the third quarter and first nine months of fiscal 2019 would have been 26.7% and 25.6%, respectively. Our fiscal 2018 effective tax rate was higher primarily due to the phasing in of the lower corporate income tax rate resulting in a blended federal rate of 30.4%, as compared to 21% for fiscal 2019, and the revaluation of deferred taxes at the lower corporate income tax rate in fiscal 2018. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. Most of its provisions are effective for tax years beginning on or after January 1, 2018. Because we are a fiscal year U.S. taxpayer, the majority of the provisions, such as elimination of the domestic manufacturing deduction, new taxes on certain foreign-sourced income and new limitations on certain business deductions, began applying to us in fiscal 2019. In December of 2017, the SEC staff issued SAB 118, which provides that companies that have not completed their accounting for the effects of the Tax Act but can determine a reasonable estimate of those effects should include in their financial statements a provisional amount based on their reasonable estimate. The guidance in SAB 118 also allows companies to adjust the provisional amounts during a one year measurement period similar to the measurement period used when accounting for business combinations. During the third quarter of fiscal 2019, we finalized the provisional estimates of $0.2 million we previously recorded as of the prior year end related to the transition tax, with no material change.

Note 13: Income Taxes

Our effective tax rate was 26.9% for the third quarter and 24.6% for the first nine months of fiscal 2019, as compared with 62.0% and 43.9% in the third quarter and first nine months of fiscal 2018, respectively. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes. Absent discrete adjustments, our effective tax rate in the third quarter and first nine months of fiscal 2019 would have been 26.7% and 25.6%, respectively. Our fiscal 2018 effective tax rate was higher primarily due to the phasing in of the lower corporate income tax rate resulting in a blended federal rate of 30.4%, as compared to 21% for fiscal 2019, and the revaluation of deferred taxes at the lower corporate income tax rate in fiscal 2018.

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. Most of its provisions are effective for tax years beginning on or after January 1, 2018. Because we are a fiscal year U.S. taxpayer, the majority of the provisions, such as elimination of the domestic manufacturing deduction, new taxes on certain foreign-sourced income and new limitations on certain business deductions, began applying to us in fiscal 2019. In December of 2017, the SEC staff issued SAB 118, which provides that companies that have not completed their accounting for the effects of the Tax Act but can determine a reasonable estimate of those effects should include in their financial statements a provisional amount based on their reasonable estimate. The guidance in SAB 118 also allows companies to adjust the provisional amounts during a one year measurement period similar to the measurement period used when accounting for business combinations. During the third quarter of fiscal 2019, we finalized the provisional estimates of $0.2 million we previously recorded as of the prior year end related to the transition tax, with no material change.