Fair Value Measurements

9 Months Ended

Mar. 28, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Generally accepted accounting principles (GAAP) defines fair value, establishes a framework for measuring fair value and establishes disclosure requirements about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We considered non-performance risk when determining fair value of our derivative financial instruments. The fair value hierarchy prescribed under GAAP contains the following three levels:

Level 1 — unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date.

Level 2 — other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including:

-quoted prices for similar assets or liabilities in active markets;

-quoted prices for identical or similar assets in non-active markets;

-inputs other than quoted prices that are observable for the asset or liability; and

-inputs that are derived principally from or corroborated by other observable market data.

Level 3 — unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

We do not have any Level 3 assets or liabilities and we did not transfer any items between fair value levels during the first three quarters of fiscal years 2014 or 2015.

The following tables summarize the assets and liabilities measured at fair value on a recurring basis as of March 28, 2015 and June 28, 2014:

	As of March 28, 2015
	Fair Value Measurements Using Inputs Considered as
	Level 1		Level 2		Total
Other assets:
Money market mutual funds	$	3,916	$	—	$	3,916
Equity and fixed income mutual funds	30,106		—		30,106
Cash surrender value of life insurance policies	—		14,678		14,678
Total assets	$	34,022	$	14,678	$	48,700
Accrued expenses:
Derivative financial instruments	$	—	$	374	$	374
Total liabilities	$	—	$	374	$	374

	As of June 28, 2014
	Fair Value Measurements Using Inputs Considered as
	Level 1		Level 2		Total
Other assets:
Money market mutual funds	$	3,309	$	—	$	3,309
Equity and fixed income mutual funds	29,358		—		29,358
Cash surrender value of life insurance policies	—		14,287		14,287
Total assets	$	32,667	$	14,287	$	46,954
Accrued expenses:
Derivative financial instruments	$	—	$	930	$	930
Total liabilities	$	—	$	930	$	930

The cash surrender value of life insurance policies are primarily investments established to fund the obligations of the Company's non-qualified, non-contributory supplemental executive retirement plan (SERP). The money market, equity and fixed income mutual funds are investments established to fund the obligations of the Company's non-qualified deferred compensation plan.

The following tables summarize the fair values of assets and liabilities that are recorded at historical cost as of March 28, 2015 and June 28, 2014:

	As of March 28, 2015
	Fair Value Measurements Using Inputs Considered as
	Level 1		Level 2		Total
Cash and cash equivalents	$	13,328	$	—	$	13,328
Total assets	$	13,328	$	—	$	13,328
Current maturities of long-term debt	$	—	$	337	$	337
Long-term debt, net of current maturities	$	—	$	230,673	$	230,673
Total liabilities	$	—	$	231,010	$	231,010
	As of June 28, 2014
	Fair Value Measurements Using Inputs Considered as
	Level 1		Level 2		Total
Cash and cash equivalents	$	37,118	$	—	$	37,118
Total assets	$	37,118	$	—	$	37,118
Current maturities of long-term debt	$	—	$	792	$	792
Long-term debt, net of current maturities	—		263,191		263,191
Total liabilities	$	—	$	263,983	$	263,983