XML 80 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes (Tables)
 12 Months Ended
Jun. 29, 2014
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, U.S. and Foreign
Components of income (loss) before income taxes consists of the following (in thousands):
 
 
2014
 
2013
 
2012
U.S.
 
$
30,291

 
$
(58,625
)
 
$
28,053

Foreign
 
6,843

 
6,484

 
1,820

Total
 
$
37,134

 
$
(52,141
)
 
$
29,873
Schedule of Provision (Credit) for Income Tax Benefit
The provision (credit) for income taxes consists of the following (in thousands):
 
 
2014
 
2013
 
2012
Current
 
 
 
 
 
 
Federal
 
$
9,725

 
$
10,377

 
$
(8,711
)
State
 
733

 
(1,870
)
 
430

Foreign
 
3,725

 
923

 
5,222

 
 
14,183

 
9,430

 
(3,059
)
Deferred
 
(5,396
)
 
(27,914
)
 
3,926

 
 
$
8,787

 
$
(18,484
)
 
$
867

 
 
 
 
 
 
 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the U.S. statutory tax rates to the effective tax rates on income follows:
 
 
2014
 
2013
 
2012
U.S. Statutory Rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
State Taxes, Net of Federal Tax Benefit
 
2.0
 %
 
1.1
 %
 
1.8
 %
Impact of Foreign Operations and Tax Rates
 
0.7
 %
 
5.3
 %
 
4.2
 %
Impact of Dividends Received
 
(0.8
)%
 
1.1
 %
 
(2.2
)%
Changes to Unrecognized Tax Benefits
 
1.2
 %
 
(0.5
)%
 
(16.0
)%
Impact of Restructuring Actions
 
—
 %
 
(2.1
)%
 
(18.7
)%
Benefits on State Credits and NOL's, Net of Valuation Allowance
 
(0.4
)%
 
4.3
 %
 
—
 %
*Change in Accounting Method
 
(7.8
)%
 
—
 %
 
—
 %
**Other, Net
 
(6.2
)%
 
(8.7
)%
 
(1.2
)%
Effective Tax Rate
 
23.7
 %
 
35.5
 %
 
2.9
 %
Schedule of Deferred Income Taxes
The components of deferred income taxes were as follows (in thousands):
Current Asset (Liability):
 
2014
 
2013
Difference Between Book and Tax Related to:
 
 
 
 
Inventory
 
$
13,504

 
$
13,697

Payroll Related Accruals
 
4,741

 
3,870

Warranty Reserves
 
10,247

 
9,897

Workers Compensation Accruals
 
2,547

 
2,685

Other Accrued Liabilities
 
12,191

 
14,618

Pension Cost
 
—

 
746

Net Operating Loss/State Credit Carryforwards
 
585

 
4,608

Miscellaneous
 
5,143

 
(2,587
)
Deferred Income Tax Asset (Liability)
 
$
48,958

 
$
47,534

Long-Term Asset (Liability):
 
 
 
 
Difference Between Book and Tax Related to:
 
 
 
 
Pension Cost
 
$
25,272

 
$
35,663

Accumulated Depreciation
 
(45,397
)
 
(54,339
)
Intangibles
 
(43,062
)
 
(44,611
)
Accrued Employee Benefits
 
44,827

 
45,016

Postretirement Health Care Obligation
 
22,530

 
27,787

Warranty
 
6,718

 
7,227

Valuation Allowance
 
(15,241
)
 
(12,725
)
Net Operating Loss/State Credit Carryforwards
 
19,629

 
17,236

Miscellaneous
 
(98
)
 
6,290

Deferred Income Tax Asset (Liability)
 
$
15,178

 
$
27,544
Schedule of Unrecognized Tax Benefits Roll Forward
The change to the gross unrecognized tax benefits of the Company during the fiscal year ended June 29, 2014 and June 30, 2013 is reconciled as follows:
Unrecognized Tax Benefits (in thousands):
 
2014
 
2013
 
2012
Beginning Balance
$
6,949

 
$
6,717

 
12,040

             Changes based on tax positions related to prior year
380

 
—

 
—

Additions based on tax positions related to current year
378

 
997

 
429

Settlements with taxing authorities
—

 
(39
)
 
(516
)
Lapse of statute of limitations
(50
)
 
(726
)
 
(5,236
)
Ending Balance
$
7,657

 
$
6,949

 
$
6,717