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Income Taxes
9 Months Ended
Mar. 26, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5 – Income Taxes

Our effective tax rate for the third quarter of fiscal 2015 is 35.4% compared to an effective tax rate of 20.1% for the third quarter of fiscal 2014. During the third quarter of fiscal 2014 we recorded discrete tax items which resulted in approximately $677 of income tax benefit and reduced our effective tax rate. The discrete tax items recorded in the third quarter of fiscal 2014 primarily relate to the tax benefit of losses realized from the divestiture of an equity investment in ARMA Energy, Inc. (“ARMA”), and the cancellation of a secured promissory note receivable due from ARMA.

On December 19, 2014 the Tax Increase Prevention Act of 2014 was signed into law which extended several expired tax incentives; specifically the Research Tax Credit and bonus depreciation. The impact of this legislation was recorded in the second quarter fiscal 2015 and did not have a material impact on our consolidated financial statements.

At the beginning of fiscal 2015, we had gross state tax net operating losses of approximately $3,649 that will expire in 2024 if not utilized.

As of March 26, 2015, unrecognized tax benefits and accrued interest and penalties were approximately $323. During the first three quarters of fiscal 2015, unrecognized tax benefits increased $28 and accrued interest and penalties increased $32. We do not anticipate that total unrecognized tax benefits will significantly change in the next twelve months.

We file income tax returns with federal and state tax authorities within the United States of America. Our federal tax returns are open for audit for fiscal 2011 and later. Our Illinois tax return is open for audit for fiscal 2013 and later. Our California tax returns are open for audit for fiscal 2009 and later. No other tax jurisdictions are material to us.