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Note 11 - Income Taxes
9 Months Ended
Mar. 29, 2020
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note
11
– Income Taxes
 
At the end of each interim reporting period, the Company estimates its effective income tax rate expected to be applicable for the full year. This estimate is used in providing for income taxes on a year-to-date basis and
may
change in subsequent interim periods. The Company’s effective tax rate from operations for the
three
and
nine
months ended
March 29, 2020
was
29.2%
and
23.8%
respectively, compared to
38.1%
and
21.7%
in the same periods of the prior year. The effective tax rates for fiscal
2020
and fiscal
2019
differed from the U.S. federal statutory rate of
21%
due to state income taxes and nondeductible expenses for executive compensation, partially offset by various permanent differences and tax credits, including excess tax benefits from stock-based compensation.
 
The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and various foreign countries. The Company is currently undergoing its U.S. federal examination for fiscal
2017,
however, fiscal year
2018
remains subject to U.S. federal examination. Due to ongoing state examinations and nonconformity with the U.S. federal statute of limitations for assessment, certain states remain open from fiscal
2015.
The Company's foreign income tax filings from fiscal
2014
are open for examination by its respective foreign tax authorities, mainly Canada, Brazil, and the United Kingdom.
 
The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At
March 29, 2020,
the Company has an unrecognized tax benefit, including accrued interest and penalties, of approximately
$0.9
million. The Company believes that
$0.2
million of unrecognized tax positions will be resolved over the next
twelve
months.