XML 17 R17.htm IDEA: XBRL DOCUMENT v2.3.0.15
Income Taxes
3 Months Ended
Sep. 30, 2011
Income Tax Disclosure [Abstract] 
Income Taxes
Income Taxes

The Company reassessed the valuation allowance on its net deferred tax assets during the current quarter and concluded that it remains more likely than not that these assets will not be realized, and therefore a full valuation allowance remains.
The Company recorded a tax benefit (expense) of $3,298 and $(464) for the three months ended September 30, 2011 and September 24, 2010, respectively. The tax benefit of $3,298 is predominately comprised of a benefit of $3,099 primarily related to the remeasurement of uncertain tax positions and a benefit of $998 related to the release of valuation allowance due to the acquisition of Payne, net of state income tax expense of $(638).
During the quarter, the Company reached a settlement agreement with the IRS for fiscal years 2003 through 2008 which was approved and accepted by the Joint Committee of Taxation. The acceptance resulted in a refund of approximately $111 in taxes and interest.
As of September 30, 2011 the recorded liability for uncertain tax positions under the measurement criteria of ASC Topic 740, Income Taxes, was $1,728. The Company expects the total amount of unrecognized tax benefits to decrease within the next twelve months by approximately $1,631 due to statutes of limitations expiring.