New Accounting Pronouncements

3 Months Ended

Sep. 27, 2013

Accounting Policies [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

In July 2013, the Financial Accounting Standards Board ("FASB") issued an accounting standards update intended to provide guidance on the presentation of unrecognized tax benefits, reflecting the manner in which an entity would settle, at the reporting date, any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. This accounting standard will be effective for the Company beginning July 1, 2014; early adoption is permitted. The Company is currently evaluating this guidance, but does not anticipate its adoption will have a material effect on its financial position or results of operations.

In February 2013, the FASB amended the accounting standards to improve the presentation of amounts reclassified out of accumulated other comprehensive income in its entirety and by component by presenting the reclassification adjustments on either the face of the statement where net income is presented or in a separate disclosure in the notes to the financial statements. Amounts that are not required to be reclassified in their entirety to net income are required to be cross referenced to related footnote disclosures that provide additional detail. The Company adopted the amended accounting standard July 1, 2013 by electing to present the reclassification adjustments and other required disclosures in a footnote. The amended accounting standards only impact the financial statement presentation of other comprehensive income ("OCI") and do not change the components that are recognized in net income or OCI. The adoption had no impact on the Company's financial position or results of operations.