Note 21 - Fair Value of Financial Instruments and Non-Financial Assets and Liabilities

6 Months Ended

Dec. 25, 2011

Fair Value Disclosures [Text Block]

21. Fair Value of Financial Instruments and Non-Financial Assets and Liabilities

As of December 25, 2011, the Company did not have any non-financial assets or liabilities that are required to be measured at fair value on a recurring basis.  The following tables present the level within the fair value hierarchy used to measure certain financial assets and liabilities accounted for at fair value on a recurring basis:

As of December 25, 2011:	Level 1		Level 2			Level 3
Assets at fair value:
Derivatives related to foreign exchange contracts	$	—	$	9		$	—
Total assets at fair value	$	—	$	9		$	—
Liabilities at fair value:
Derivatives related to interest rate swaps		—		(342	)		—
Total liabilities at fair value	$	—	$	(342	)	$	—

As of June 26, 2011:	Level 1		Level 2			Level 3
Liabilities at fair value:
Derivatives related to foreign exchange contracts		—		(2	)		—
Derivatives related to interest rate swaps		—		(408	)		—
Total liabilities at fair value	$	—	$	(410	)	$	—

There were no financial instruments measured at fair value that were in an asset position at June 26, 2011.

The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued expenses approximated fair value as of December 25, 2011 and June 26, 2011 because of their short-term nature.  The carrying amount of the revolving credit facility approximated fair value as of December 25, 2011 and June 26, 2011 because the facility has a floating interest rate.  The fair value of the Company’s 2014 notes is based on the last traded price within the period and is considered a Level 2 measurement.  The estimated fair values and carrying amounts outstanding, including any current portions, are presented as follows:

	December 25, 2011		June 26, 2011
2014 notes – estimated fair value	$	126,815	$	138,402
2014 notes – carrying amount		123,722		133,722