XML 62 R48.htm IDEA: XBRL DOCUMENT
v3.21.2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Jun. 27, 2021
Income Tax Disclosure [Abstract] |
Components of Income before Income Taxes | The components of income (loss) before income taxes consist of the following:
|  | For the Fiscal Year Ended |
|  | June 27, 2021 |  |  | June 28, 2020 |  |  | June 30, 2019 |
U.S. |  | $ | (12,463 | ) |  | $ | (74,905 | ) |  | $ | (13,326 | )
Foreign |  |  | 58,810 |  |  |  | 18,640 |  |  |  | 23,337 |
Income (loss) before income taxes |  | $ | 46,347 |  |  | $ | (56,265 | ) |  | $ | 10,011 |
Schedule of Provision for Income Taxes | Provision for income taxes consists of the following:
|  | For the Fiscal Year Ended |
|  | June 27, 2021 |  |  | June 28, 2020 |  |  | June 30, 2019 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (577 | ) |  | $ | 282 |  |  | $ | (178 | )
State |  |  | 25 |  |  |  | (118 | ) |  |  | 28 |
Foreign |  |  | 12,739 |  |  |  | 4,819 |  |  |  | 7,282 |
Total current tax expense |  |  | 12,187 |  |  |  | 4,983 |  |  |  | 7,132 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,564 | ) |  |  | (3,783 | ) |  |  | (813 | )
State |  |  | 131 |  |  |  | 116 |  |  |  | 1,097 |
Foreign |  |  | 6,520 |  |  |  | (344 | ) |  |  | 139 |
Total deferred tax expense |  |  | 5,087 |  |  |  | (4,011 | ) |  |  | 423 |
Provision for income taxes |  | $ | 17,274 |  |  | $ | 972 |  |  | $ | 7,555 |
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 27, 2021 |  |  | June 28, 2020 |  |  | June 30, 2019 |
Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Foreign income taxed at different rates |  |  | 9.0 |  |  |  | (1.2 | ) |  |  | 16.1 |
Repatriation of foreign earnings and withholding taxes |  |  | 1.8 |  |  |  | (2.0 | ) |  |  | 20.3 |
U.S. tax on GILTI |  |  | 3.9 |  |  |  | (5.0 | ) |  |  | 32.5 |
Change in valuation allowance |  |  | 5.0 |  |  |  | 0.6 |  |  |  | (1.5 | )
Foreign tax credits |  |  | (5.4 | ) |  |  | 0.9 |  |  |  | (11.9 | )
Domestic production activities deduction |  |  | 0.6 |  |  |  | — |  |  |  | (5.6 | )
Research and other business credits |  |  | (3.7 | ) |  |  | 2.0 |  |  |  | (7.7 | )
State income taxes, net of federal tax benefit |  |  | (0.2 | ) |  |  | 2.6 |  |  |  | (0.6 | )
Change in uncertain tax positions |  |  | 0.5 |  |  |  | (0.3 | ) |  |  | 8.2 |
Nondeductible compensation |  |  | 1.4 |  |  |  | (0.8 | ) |  |  | 5.1 |
Nontaxable income |  |  | (2.4 | ) |  |  | 1.1 |  |  |  | (4.2 | )
Valuation allowance related to loss on sale of investment in PAL |  |  | — |  |  |  | (19.3 | ) |  |  | — |
Tax expense on unremitted foreign earnings |  |  | 7.0 |  |  |  | (0.9 | ) |  |  | — |
Toll charge |  |  | — |  |  |  | — |  |  |  | 0.7 |
Revaluation of U.S. deferred balances due to U.S. tax reform |  |  | — |  |  |  | — |  |  |  | 3.1 |
Rate benefit of U.S. federal NOL carryback |  |  | (2.8 | ) |  |  | — |  |  |  | — |
Deemed repatriation of foreign earnings under Subpart F |  |  | 1.5 |  |  |  | — |  |  |  | — |
Nondeductible expenses and other |  |  | 0.1 |  |  |  | (0.4 | ) |  |  | — |
Effective tax rate |  |  | 37.3 | % |  |  | (1.7 | )% |  |  | 75.5 | %
Deferred Tax Assets and Liabilities | The significant components of UNIFI’s deferred tax assets and liabilities consist of the following:
|  | June 27, 2021 |  |  | June 28, 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Investments, including unconsolidated affiliates |  | $ | — |  |  | $ | 3,995 |
Tax credits |  |  | 18,711 |  |  |  | 19,457 |
Capital loss carryforwards |  |  | 17,429 |  |  |  | 13,791 |
Accrued compensation |  |  | 4,056 |  |  |  | 1,777 |
NOL carryforwards |  |  | 3,043 |  |  |  | 3,907 |
Research and development costs |  |  | 6,934 |  |  |  | 6,073 |
Other items |  |  | 4,815 |  |  |  | 6,652 |
Total gross deferred tax assets |  |  | 54,988 |  |  |  | 55,652 |
Valuation allowance |  |  | (36,980 | ) |  |  | (37,439 | )
Net deferred tax assets |  |  | 18,008 |  |  |  | 18,213 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
PP&E |  |  | (16,045 | ) |  |  | (17,733 | )
Unremitted earnings |  |  | (3,769 | ) |  |  | (510 | )
Recovery of non-income taxes |  |  | (3,664 | ) |  |  | — |
Other |  |  | (8 | ) |  |  | (167 | )
Total deferred tax liabilities |  |  | (23,486 | ) |  |  | (18,410 | )
Net deferred tax liabilities |  | $ | (5,478 | ) |  | $ | (197 | )
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 27, 2021 |  |  | June 28, 2020 |  |  | June 30, 2019 |
Balance at beginning of year |  | $ | (37,439 | ) |  | $ | (26,020 | ) |  | $ | (15,143 | )
Decrease (increase) in valuation allowance |  |  | 459 |  |  |  | (11,419 | ) |  |  | (10,877 | )
Balance at end of year |  | $ | (36,980 | ) |  | $ | (37,439 | ) |  | $ | (26,020 | )
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 27, 2021 |  |  | June 28, 2020 |  |  | June 30, 2019 |
Investments, including unconsolidated affiliates |  | $ | — |  |  | $ | (3,995 | ) |  | $ | (5,696 | )
NOL carryforwards |  |  | (2,336 | ) |  |  | (2,542 | ) |  |  | (2,943 | )
Capital loss carryforwards |  |  | (17,429 | ) |  |  | (13,791 | ) |  |  | (1,105 | )
Tax credits |  |  | (17,215 | ) |  |  | (17,111 | ) |  |  | (16,276 | )
Total deferred tax valuation allowance |  | $ | (36,980 | ) |  | $ | (37,439 | ) |  | $ | (26,020 | )
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 27, 2021 |  |  | June 28, 2020 |  |  | June 30, 2019 |
Balance at beginning of year |  | $ | 1,218 |  |  | $ | 1,083 |  |  | $ | 166 |
Gross (decreases) increases related to current period tax positions |  |  | (24 | ) |  |  | 98 |  |  |  | 26 |
Gross increases related to tax positions in prior periods |  |  | 1,396 |  |  |  | 37 |  |  |  | 980 |
Gross decreases related to settlements with tax authorities |  |  | — |  |  |  | — |  |  |  | — |
Gross decreases related to lapse of applicable statute of limitations |  |  | — |  |  |  | — |  |  |  | (89 | )
Balance at end of year |  | $ | 2,590 |  |  | $ | 1,218 |  |  | $ | 1,083 |

X
- Definition Deferred tax valuation allowance activities. + References No definition available. + Details
Name: | ufi_DeferredTaxValuationAllowanceActivitiesTableTextBlock
Namespace Prefix: | ufi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=121610041&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration