XML 69 R36.htm IDEA: XBRL DOCUMENT v3.23.2

Note 11 - Income Taxes (Tables)

12 Months Ended

Jul. 02, 2023

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		Years ended
		July 2, 2023				July 3, 2022				June 27, 2021
		(in thousands)
Current provision (benefit):
Federal		$	976			$	(1,676	)		$	17,594
State			1,572				1,589				7,339
Current income tax expense (benefit)			2,548				(87	)			24,933
Deferred provision (benefit):
Federal			(3,145	)			2,679				5,160
State			(1,463	)			(1,100	)			370
Deferred income tax expense (benefit)			(4,608	)			1,579				5,530
Income tax expense (benefit)		$	(2,060	)		$	1,492			$	30,463

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Years ended
		July 2, 2023				July 3, 2022				June 27, 2021
Tax at U.S. statutory rates			21.0	%			21.0	%			21.0	%
State income taxes, net of federal tax benefit			(0.2	)			4.2				4.2
Capital loss expiration			-				15.5				-
Non-deductible impairment charge			(16.8	)			-				-
Valuation allowance change			(0.2	)			(19.8	)			(0.3	)
Non-deductible compensation			(2.1	)			5.3				0.7
Excess tax benefit/shortfalls from stock-based compensation			(1.7	)			(16.1	)			(4.1	)
Tax credits			2.7				(3.9	)			(0.9	)
Enhanced deductions			2.6				(2.1	)			(0.2	)
Other, net			(0.9	)			0.7				-
Effective tax rate			4.4	%			4.8	%			20.4	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		Years ended
		July 2, 2023				July 3, 2022
		(in thousands)
Deferred income tax assets:
Loss and carryforwards		$	13,598			$	7,590
Accrued expenses and reserves			3,531				7,550
Inventory			4,422				5,897
Stock-based compensation			1,549				1,330
Deferred compensation			3,602				3,723
Operating lease liability			33,186				33,847
Gross deferred income tax assets			59,888				59,937
Less: Valuation allowance			(3,182	)			(3,096	)
Deferred tax assets, net			56,706				56,841
Deferred income tax liabilities:
Other intangibles			(14,916	)			(21,764	)
Tax in excess of book depreciation			(41,826	)			(38,755	)
Operating lease right-of-use asset			(31,098	)			(32,064	)
Deferred tax liabilities			(87,840	)			(92,583	)
Net deferred income tax liabilities		$	(31,134	)		$	(35,742	)

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_TableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration