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Income Taxes (Tables) | 12 Months Ended
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Jun. 24, 2018
Income Tax Disclosure [Abstract] |
Components of Income before Income Taxes | The components of income before income taxes consist of the following:
|  | For the Fiscal Year Ended |
|  | June 24, 2018 |  |  | June 25, 2017 |  |  | June 26, 2016 |
United States |  | $ | (7,852 | ) |  | $ | 2,689 |  |  | $ | 21,679 |
Foreign |  |  | 38,063 |  |  |  | 40,586 |  |  |  | 26,564 |
Income before income taxes |  | $ | 30,211 |  |  | $ | 43,275 |  |  | $ | 48,243 |
Schedule of (Benefit) Provision for Income Taxes | (Benefit) provision for income taxes consists of the following:
|  | For the Fiscal Year Ended |
|  | June 24, 2018 |  |  | June 25, 2017 |  |  | June 26, 2016 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (4,918 | ) |  | $ | (6,082 | ) |  | $ | 1,545 |
State |  |  | (416 | ) |  |  | (130 | ) |  |  | 764 |
Foreign |  |  | 9,639 |  |  |  | 10,224 |  |  |  | 6,781 |
Total current tax expense |  |  | 4,305 |  |  |  | 4,012 |  |  |  | 9,090 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (5,315 | ) |  |  | 6,602 |  |  |  | 6,304 |
State |  |  | (872 | ) |  |  | 162 |  |  |  | 255 |
Foreign |  |  | 391 |  |  |  | 122 |  |  |  | (576 | )
Total deferred tax expense |  |  | (5,796 | ) |  |  | 6,886 |  |  |  | 5,983 |
(Benefit) provision for income taxes |  | $ | (1,491 | ) |  | $ | 10,898 |  |  | $ | 15,073 |
Reconciliation from Federal Statutory Tax Rate to Effective Tax Rate | Reconciliation from the federal statutory tax rate to the effective tax rate is as follows:
|  | For the Fiscal Year Ended |
|  | June 24, 2018 |  |  | June 25, 2017 |  |  | June 26, 2016 |
Federal statutory tax rate |  |  | 28.3 | % |  |  | 35.0 | % |  |  | 35.0 | %
Foreign income taxed at different rates |  |  | (2.4 | ) |  |  | (10.2 | ) |  |  | (7.7 | )
Repatriation of foreign earnings and withholding taxes |  |  | 1.8 |  |  |  | 1.4 |  |  |  | (1.0 | )
Repatriation of foreign earnings due to tax reform |  |  | 23.9 |  |  |  | — |  |  |  | — |
Revaluation of U.S. deferred balances due to tax reform |  |  | (14.2 | ) |  |  | — |  |  |  | — |
Change in valuation allowance |  |  | (12.9 | ) |  |  | (0.5 | ) |  |  | (3.7 | )
Foreign tax credits |  |  | (11.0 | ) |  |  | — |  |  |  | — |
Domestic production activities deduction |  |  | 0.5 |  |  |  | 2.0 |  |  |  | (0.5 | )
Research and other credits |  |  | (1.8 | ) |  |  | (5.1 | ) |  |  | 4.8 |
State income taxes, net of federal tax benefit |  |  | (3.9 | ) |  |  | 0.2 |  |  |  | 1.5 |
Change in uncertain tax positions |  |  | (15.1 | ) |  |  | 1.8 |  |  |  | 1.2 |
Nondeductible compensation |  |  | 1.6 |  |  |  | — |  |  |  | — |
Nondeductible expenses and other |  |  | 0.3 |  |  |  | 0.6 |  |  |  | 1.6 |
Effective tax rate |  |  | (4.9 | )% |  |  | 25.2 | % |  |  | 31.2 | %
Deferred Tax Assets and Liabilities | The significant components of UNIFI’s deferred tax assets and liabilities consist of the following:
|  | June 24, 2018 |  |  | June 25, 2017 |
Deferred tax assets: |  |  |  |  |  |  |  |
Investments, including unconsolidated affiliates |  | $ | 5,429 |  |  | $ | 7,737 |
State tax credits |  |  | 411 |  |  |  | 338 |
Accrued liabilities and valuation reserves |  |  | 2,829 |  |  |  | 3,952 |
NOL carryforwards |  |  | 10,008 |  |  |  | 7,854 |
Intangible assets, net |  |  | 2,089 |  |  |  | 3,932 |
Incentive compensation plans |  |  | 2,130 |  |  |  | 2,487 |
Foreign tax credits |  |  | 5,430 |  |  |  | 789 |
Capital loss carryforward |  |  | 1,105 |  |  |  | 1,746 |
Research credit carryforward |  |  | — |  |  |  | 1,115 |
Other items |  |  | 2,226 |  |  |  | 5,224 |
Total gross deferred tax assets |  |  | 31,657 |  |  |  | 35,174 |
Valuation allowance |  |  | (15,143 | ) |  |  | (17,957 | )
Net deferred tax assets |  |  | 16,514 |  |  |  | 17,217 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
PP&E |  |  | (20,153 | ) |  |  | (26,417 | )
Other |  |  | (736 | ) |  |  | (63 | )
Total deferred tax liabilities |  |  | (20,889 | ) |  |  | (26,480 | )
Net deferred tax liabilities |  | $ | (4,375 | ) |  | $ | (9,263 | )
Deferred Tax Valuation Allowance Activities | The balances and activity for UNIFI’s deferred tax valuation allowance are as follows:
|  | For the Fiscal Year Ended |
|  | June 24, 2018 |  |  | June 25, 2017 |  |  | June 26, 2016 |
Balance at beginning of year |  | $ | (17,957 | ) |  | $ | (13,550 | ) |  | $ | (15,606 | )
Decrease (increase) in valuation allowance |  |  | 2,814 |  |  |  | (4,407 | ) |  |  | 2,056 |
Balance at end of year |  | $ | (15,143 | ) |  | $ | (17,957 | ) |  | $ | (13,550 | )
Schedule of Components of Deferred Tax Valuation Allowance | Components of UNIFI’s deferred tax valuation allowance are as follows:
|  | For the Fiscal Year Ended |
|  | June 24, 2018 |  |  | June 25, 2017 |  |  | June 26, 2016 |
Investment in a former domestic unconsolidated affiliate |  | $ | (3,942 | ) |  | $ | (6,269 | ) |  | $ | (6,418 | )
Equity-method investment in PAL |  |  | (1,580 | ) |  |  | (1,520 | ) |  |  | (2,102 | )
Certain losses carried forward (1) |  |  | (1,562 | ) |  |  | (5,924 | ) |  |  | (5,030 | )
State NOLs |  |  | (169 | ) |  |  | (108 | ) |  |  | — |
Other foreign NOLs |  |  | (2,460 | ) |  |  | (3,347 | ) |  |  | — |
Foreign tax credits |  |  | (5,430 | ) |  |  | (789 | ) |  |  | — |
Total deferred tax valuation allowance |  | $ | (15,143 | ) |  | $ | (17,957 | ) |  | $ | (13,550 | )
(1) | Certain U.S. NOLs and capital losses outside the U.S. consolidated tax filing group.
Reconciliation of Beginning and Ending Gross Amounts of Unrecognized Tax Benefits | A reconciliation of beginning and ending gross amounts of unrecognized tax benefits is as follows:
|  | For the Fiscal Year Ended |
|  | June 24, 2018 |  |  | June 25, 2017 |  |  | June 26, 2016 |
Balance at beginning of year |  | $ | 5,236 |  |  | $ | 4,532 |  |  | $ | 4,029 |
Gross increases related to current period tax positions |  |  | 324 |  |  |  | 473 |  |  |  | 110 |
Gross (decreases) increases related to tax positions in prior periods |  |  | (119 | ) |  |  | 711 |  |  |  | 1,058 |
Gross decreases related to settlements with tax authorities |  |  | (5,234 | ) |  |  | (480 | ) |  |  | (274 | )
Gross decreases related to lapse of applicable statute of limitations |  |  | — |  |  |  | — |  |  |  | (391 | )
Balance at end of year |  | $ | 207 |  |  | $ | 5,236 |  |  | $ | 4,532 |

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