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Income Taxes (Tables)
12 Months Ended
Jun. 27, 2024
Income Tax Disclosure [Abstract]  
Provision for Income Taxes

The provision for income taxes is based entirely on income before income taxes earned in the United States, and is as follows for the last three fiscal years:

 

For the Year Ended

 

 

June 27,
2024

 

 

June 29,
2023

 

 

June 30,
2022

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

15,405

 

 

$

18,393

 

 

$

14,347

 

State

 

 

4,987

 

 

 

5,215

 

 

 

5,011

 

Total current expense

 

 

20,392

 

 

 

23,608

 

 

 

19,358

 

Deferred:

 

 

 

 

 

 

 

 

 

Deferred federal

 

 

209

 

 

 

(1,164

)

 

 

1,519

 

Deferred state

 

 

(913

)

 

 

49

 

 

 

(968

)

Total deferred (benefit) expense

 

 

(704

)

 

 

(1,115

)

 

 

551

 

Total income tax expense

 

$

19,688

 

 

$

22,493

 

 

$

19,909

 

Reconciliations of Income Taxes at Statutory Federal Income Tax Rate

The reconciliations of income taxes at the statutory federal income tax rate to income tax expense reported in the Consolidated Statements of Comprehensive Income for the last three fiscal years are as follows:

 

June 27,
2024

 

 

June 29,
2023

 

 

June 30,
2022

 

Federal statutory income tax rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal benefit

 

 

3.8

 

 

 

4.9

 

 

 

3.7

 

Section 162(m) limitation

 

 

1.4

 

 

 

0.7

 

 

 

0.6

 

Research and development tax credit

 

 

(0.9

)

 

 

(0.3

)

 

 

(0.4

)

Bargain purchase gain

 

 

(0.6

)

 

 

 

 

 

 

Share-based compensation

 

 

(0.4

)

 

 

0.1

 

 

 

(0.7

)

Uncertain tax positions

 

 

0.2

 

 

 

0.1

 

 

 

0.1

 

Other

 

 

0.1

 

 

 

(0.1

)

 

 

0.1

 

Effective tax rate

 

 

24.6

%

 

 

26.4

%

 

 

24.4

%

Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are comprised of the following:

 

June 27,
2024

 

 

June 29,
2023

 

Deferred tax assets (liabilities):

 

 

 

 

 

 

Accounts receivable

 

$

417

 

 

$

346

 

Employee compensation

 

 

2,343

 

 

 

1,866

 

Inventory

 

 

460

 

 

 

371

 

Depreciation

 

 

(16,466

)

 

 

(14,303

)

Capitalized leases

 

 

1,115

 

 

 

1,140

 

Goodwill and intangible assets

 

 

797

 

 

 

1,474

 

Retirement plan

 

 

6,716

 

 

 

7,004

 

Workers’ compensation

 

 

1,663

 

 

 

1,950

 

Share based compensation

 

 

1,780

 

 

 

1,642

 

Research related expenditures

 

 

3,505

 

 

 

1,549

 

Other

 

 

800

 

 

 

553

 

Net deferred tax asset

 

$

3,130

 

 

$

3,592

 

Schedule of Reconciliation of Unrecognized Tax Benefits

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

 

June 27,
2024

 

 

June 29,
2023

 

 

June 30,
2022

 

Beginning balance

 

$

463

 

 

$

390

 

 

$

326

 

Gross increases — tax positions in prior year

 

 

146

 

 

 

32

 

 

 

1

 

Settlements

 

 

(104

)

 

 

(36

)

 

 

 

Gross increases — tax positions in current year

 

 

311

 

 

 

127

 

 

 

110

 

Lapse of statute of limitations

 

 

(83

)

 

 

(50

)

 

 

(47

)

Ending balance

 

$

733

 

 

$

463

 

 

$

390

 

Unrecognized Tax Benefits

Unrecognized tax benefits, that if recognized, would affect the annual effective tax rate on income from continuing operations, are as follows:

 

June 27,
2024

 

 

June 29,
2023

 

 

June 30,
2022

 

Unrecognized tax benefits that would affect annual effective
   tax rate

 

$

682

 

 

$

439

 

 

$

373