Note 24 - Other Non-Operating (Income) Expense, Net

6 Months Ended

Dec. 25, 2011

Other Non Operating Income Expense Net [Text Block]

24. Other Non-Operating (Income) Expense, Net

The components of other non-operating (income) expense, net were as follows:

	For the Three Months Ended					For the Six Months Ended
	December 25, 2011			December 26, 2010		December 25, 2011			December 26, 2010
Refund of Brazilian non-income related tax	$	(1,479	)	$	—	$	(1,479	)	$	—
Unsuccessful bond refinancing		—			450		—			450
Other non-operating (income) expense, net	$	(1,479	)	$	450	$	(1,479	)	$	450

In the second quarter of fiscal year 2012, the Company’s Brazilian operation recorded a gain of $1,479 from a refund of non-income related taxes plus interest. In Brazil, indirect taxes applicable to the manufacturing industry are levied at the federal and state government levels. These indirect taxes levied include PIS/COFINS which is a federal tax levied on an entity’s gross revenues.  During the 2000-2004 tax years, this tax was incorrectly levied on the interest income of manufacturing companies and was subsequently challenged in the Brazilian courts.  In the December quarter, the Company was informed that the taxes charged would be refunded with interest.  As of the end of the second quarter of fiscal year 2012, the Company has recorded a current asset of $999 for the remaining refunds due under this settlement.

In the second quarter of fiscal year 2011, the Company recorded $450 for costs associated with an unsuccessful bond refinancing.