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Note I - Income Taxes | 3 Months Ended
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Sep. 26, 2025
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
I. | Income Taxes
Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with the estimated Annual Effective Tax Rate (AETR). Under this effective tax rate methodology, the Company applies an estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. To calculate its AETR, an entity must estimate its ordinary income or loss and the related tax expense or benefit for its full fiscal year. In situations in which an entity is in a loss position and recognizes a full valuation allowance, the guidance in ASC 740-270-30-36a applies. Due to continued historical domestic and foreign immaterial jurisdiction losses and uncertain future earnings, the company continues to recognize a full valuation allowance for these entities. Permanent differences continue to fluctuate and are significant compared to projected ordinary income. Therefore, per ASC guidance, the fully valued domestic entity and the immaterial foreign jurisdiction was removed from the annualized effective rate calculation. Because of the full U.S. and foreign immaterial jurisdiction valuation allowance, these entities may only recognize tax benefit (expense) recorded for ASC 740-10 adjustments.
|  | For the Quarter-Ended |
|  | September 26, 2025 |  |  | September 27, 2024 |
Foreign earnings (loss) , before income taxes of $998 and $854, respectively |  | $ | 3,222 |  |  | $ | 3,443 |
Domestic and immaterial foreign jurisdiction earnings (loss), before income taxes of ($15) and ($227), respectively |  |  | (2,651 | ) |  |  | (5,588 | )
Income (loss) before income taxes and noncontrolling interest |  | $ | 571 |  |  | $ | (2,145 | )
Income tax benefit (expense) |  | $ | (983 | ) |  | $ | (627 | )
Effective income tax rate |  |  | 172.2 | % |  |  | -29.2 | %
Due to the full U.S. and immaterial foreign jurisdiction allowance currently in place, no tax benefit can be recognized on the losses within those jurisdictions. A discrete benefit was recorded during the period of ($14) related to the release of an uncertain tax position. During the quarter ended September 26, 2025, the Company recorded a discrete tax expense of $147 for U.S. federal, state, and foreign withholding taxes associated with a planned repatriation from China for previously indefinitely reinvested earnings. The change in assertion was due to cash flow optimization. The impact of this discrete item increased the Company's foreign effective tax rate by 4.6% for the period. In prior periods, the Company had asserted indefinite reinvestment of these earnings and no deferred tax liability was recorded. On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was enacted and signed into law. The Act restores and makes permanent a number of corporate tax provisions, such as full expensing for U.S.-based research and development expenditures and capital investments, as well as certain changes to the U.S. taxation of foreign activity. The Company has evaluated the impact of the provisions and determined that while the legislation impacts the timing of certain tax deductions, it does not result in a material impact to the Company's effective tax rate.

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