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Income Taxes (Tables) | 12 Months Ended
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Jun. 29, 2014
Provision (Benefit) for Income Taxes | The provision for income taxes consisted of the following (thousands of dollars):
|  | 2014 |  |  | 2013 |  |  | 2012 |
Currently payable: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 4,811 |  |  | $ | (561 | ) |  | $ | 2,116 |
State |  |  | 252 |  |  |  | 185 |  |  |  | 219 |
Foreign |  |  | 2,164 |  |  |  | 1,895 |  |  |  | 1,200 |
|  |  | 7,227 |  |  |  | 1,519 |  |  |  | 3,535 |
Deferred tax provision |  |  | 1,447 |  |  |  | 3,847 |  |  |  | 54 |
|  | $ | 8,674 |  |  | $ | 5,366 |  |  | $ | 3,589 |
Difference Between Income Taxes Computed at the Federal Statutory Tax Rate and the Provision for Income Taxes | The items accounting for the difference between income taxes computed at the Federal statutory tax rate and the provision for income taxes were as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
US statutory rate |  |  | 34.5 | % |  |  | 34.0 | % |  |  | 34.1 | %
State taxes, net of Federal tax benefit |  |  | 1.0 |  |  |  | 2.0 |  |  |  | (0.1 | )
Foreign subsidiaries |  |  | (0.9 | ) |  |  | (2.2 | ) |  |  | (3.7 | )
Non-controlling interest |  |  | (3.5 | ) |  |  | (3.1 | ) |  |  | (7.3 | )
Valuation allowance |  |  | — |  |  |  | (1.0 | ) |  |  | — |
Other |  |  | 0.1 |  |  |  | 2.1 |  |  |  | (0.3 | )
|  |  | 31.2 | % |  |  | 31.8 | % |  |  | 22.7 | %
Components of Deferred Tax Assets and (Liabilities) | The components of deferred tax assets and (liabilities) were as follows (thousands of dollars):
|  | June 29, 2014 |  |  | June 30, 2013 |
Deferred income taxes-current: |  |  |  |  |  |  |  |
Repair and maintenance supply parts reserve |  | $ | 216 |  |  | $ | 185 |
Payroll-related accruals |  |  | 2,049 |  |  |  | 1,789 |
Environmental reserve |  |  | 517 |  |  |  | 523 |
Inventory reserve |  |  | 720 |  |  |  | 486 |
Allowance for doubtful accounts |  |  | 185 |  |  |  | 185 |
Accrued warranty |  |  | 966 |  |  |  | 703 |
Other |  |  | 1,018 |  |  |  | 396 |
|  | $ | 5,671 |  |  | $ | 4,267 |
Deferred income taxes-noncurrent: |  |  |  |  |  |  |  |
Accrued pension obligations |  | $ | (11,741 | ) |  | $ | (10,572 | )
Unrecognized pension and postretirement benefit plan liabilities |  |  | 10,038 |  |  |  | 11,305 |
Accumulated depreciation |  |  | (4,967 | ) |  |  | (4,256 | )
Stock-based compensation |  |  | 692 |  |  |  | 854 |
Postretirement obligations |  |  | 171 |  |  |  | 325 |
NOL/credit carry-forwards |  |  | 143 |  |  |  | 159 |
Other |  |  | 537 |  |  |  | 1,176 |
|  | $ | (5,127 | ) |  | $ | (1,009 | )
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended June 29, 2014 and June 30, 2013 (thousands of dollars):
|  | Year Ended |
|  | June 29, 2014 |  |  | June 30, 2013 |
Unrecognized tax benefits, beginning of year |  | $ | 1,510 |  |  | $ | 1,541 |
Gross increases – tax positions in prior years |  |  | — |  |  |  | — |
Gross decreases – tax positions in prior years |  |  | (215 | ) |  |  | (47 | )
Gross increases – current period tax positions |  |  | 59 |  |  |  | 51 |
Tax Years Closed |  |  | (65 | ) |  |  | (35 | )
Unrecognized tax benefits, end of year |  | $ | 1,289 |  |  | $ | 1,510 |

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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=32707879&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319 + Details
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