Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement framework establishes a three-tier hierarchy. The three levels, in order of priority, are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 1 measurements are determined by observable inputs which include data sources and market prices available and visible outside of the entity.

Level 2: Observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly.

Level 3: Inputs that are used to estimate the fair value of the asset or liability. Level 3 measurements are determined by unobservable inputs, which include data and analysis developed within the entity to assess the fair value.

Transfers in and out of levels will be based on our judgment of the availability of unadjusted quoted prices in active markets, other observable inputs, and non-observable inputs.

The following table (in thousands) summarizes the assets held for sale, property and equipment, and performance stock units, in each case measured at fair value in our consolidated balance sheet as of December 28, 2014 and June 28, 2015:

				Level 1		Level 2		Level 3		Total
Balance at December 28, 2014
	Assets
		Assets Held for Sale	$	0	$	0	$	2,500	$	2,500
		Property and Equipment	$	0	$	0	$	648	$	648

	Liabilities
		Performance Stock Units	$	38	$	0	$	0	$	38

Balance at June 28, 2015
	Assets
		Assets Held for Sale	$	0	$	0	$	4,187	$	4,187
		Property and Equipment	$	0	$	0	$	559	$	559

	Liabilities
		Performance Stock Units	$	35	$	0	$	0	$	35

Assets Held for Sale were recorded at fair value and were valued based upon a Real Estate Broker's Estimate of Value for the properties. Property and Equipment, net, recorded at fair value were valued based upon either a Real Estate Broker's Estimate of Value or estimated discounted future cash flows. These assets were adjusted to net realizable value at either December 28, 2014 or June 28, 2015 based upon the decision to dispose of the property. As no further impairment indicators are present, no further adjustments have been made subsequently.

The performance stock units are measured on a recurring basis and classified as other long-term liabilities on our balance sheet.