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Note 11 - Income Taxes | 6 Months Ended
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Dec. 27, 2015
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | 11. Income Taxes The provision for income taxes was as follows:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | December 27, 2015 |  |  | December 28, 2014 |  |  | December 27, 2015 |  |  | December 28, 2014 |
Provision for income taxes |  | $ | 2,088 |  |  | $ | 3,193 |  |  | $ | 6,028 |  |  | $ | 7,354 |
Effective tax rate |  |  | 25.2 | % |  |  | 25.9 | % |  |  | 30.1 | % |  |  | 31.8 | %
The effective tax rate for the periods presented above is lower than the U.S. statutory rate due to (i) a decrease in the valuation allowance reflecting the recognition of lower taxable income versus book income for the Company’s investment in Parkdale America, LLC (for which the Company maintains a full valuation allowance), which was partially offset by an increase in the valuation allowance for net operating losses, including Renewables (for which no tax benefit could be recognized); (ii) a lower overall effective tax rate for the Company’s foreign earnings (reflecting free-trade zone sales in El Salvador and lower statutory tax rates in both Brazil and China) and (iii) the domestic production activities deduction. These items were partially offset by (a) state and local taxes net of the assumed federal benefit and (b) losses in tax jurisdictions for which no tax benefit could be recognized. The audit of the 2013 tax year by the Internal Revenue Service was closed in December 2015 and did not generate a significant change in uncertain tax positions for the six months ended December 27, 2015. The Company regularly assesses the outcomes of both completed and ongoing examinations to ensure that the Company’s provision for income taxes is sufficient. Certain returns that remain open to examination have utilized carryforward tax attributes generated in prior tax years, including net operating losses, which could potentially be revised upon examination. During the three months ended December 27, 2015, the Company utilized a foreign tax credit as a deduction by amending its 2011 federal return. Components of the Company’s deferred tax valuation allowance are as follows:
|  | December 27, 2015 |  |  | June 28, 2015 |
Investment in a former domestic unconsolidated affiliate |  | $ | (6,399 | ) |  | $ | (6,503 | )
Equity-method investment in Parkdale America, LLC |  |  | (2,666 | ) |  |  | (3,261 | )
Foreign tax credits |  |  | — |  |  |  | (1,680 | )
Book versus tax basis difference in Renewables |  |  | (1,210 | ) |  |  | (1,359 | )
Net Operating Losses related to Renewables |  |  | (3,313 | ) |  |  | (2,803 | )
Total deferred tax valuation allowance |  | $ | (13,588 | ) |  | $ | (15,606 | )

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: 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 Reference 5: 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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