Income Taxes (Tables)

12 Months Ended

Jul. 02, 2016

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

The components of the provision for income taxes from continuing operations are as follows:

Fiscal Years	2016		2015		2014
Current:
Federal	$	17,140	$	9,912	$	10,723
State and local	2,296		1,905		844
Foreign	4,324		3,751		5,283
	23,760		15,568		16,850
Deferred	19,606		18,638		16,880
Provision for income taxes from continuing operations	$	43,366	$	34,206	$	33,730

Reconciliation of the United States statutory income tax rate with our effective income tax rate

The following table reconciles the United States statutory income tax rate with our effective income tax rate from continuing operations:

Fiscal Years	2016		2015		2014
United States statutory rate	35.0	%	35.0	%	35.0	%
State taxes, net of federal tax benefit	2.4		2.8		3.0
Foreign earnings taxed at different rates	—		(0.3	)	—
Change in uncertain tax position reserve	—		(1.0	)	—
Permanent differences and other, net	—		(0.1	)	(0.4	)
Effective income tax rate from continuing operations	37.4	%	36.4	%	37.6	%

Tax effects of temporary differences that give rise to deferred tax assets and liabilities

The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows:

Fiscal Years	2016			2015
Deferred tax liabilities:
Inventory	$	(49,196	)	$	(47,888	)
Depreciation	(24,519		)	(12,899		)
Intangibles	(60,866		)	(57,146		)
Derivative financial instruments	—			(2,630		)
Other	(54		)	(904		)
Total deferred tax liabilities	(134,635		)	(121,467		)
Deferred tax assets:
Compensation and employees benefits	45,088			44,833
Accruals and reserves	11,486			10,859
Share-based payments	4,437			4,025
Derivative financial instruments	2,320			—
Net operating loss carry-forwards	1,674			1,693
Other	1,938			1,986
Gross deferred tax assets	66,943			63,396
Less valuation allowance	(1,203		)	(1,209		)
Total deferred tax assets	65,740			62,187
Net deferred tax liabilities	$	(68,895	)	$	(59,280	)

Reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:

Fiscal Years	2016			2015
Beginning balance	$	8,839		$	10,826
Tax positions related to current year:
Gross increase	1,364			1,487
Tax positions related to prior years:
Gross increase	577			208
Gross decrease	(867		)	(547		)
Settlements	(50		)	(1,670		)
Lapses in statutes of limitations	(1,903		)	(1,465		)
Ending balance	$	7,960		$	8,839