Fair Value Measurements

9 Months Ended

Mar. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company's financial assets or liabilities are measured using inputs from the three levels of the fair value hierarchy. A financial asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

Level 1 Inputs - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Generally this includes debt and equity securities and derivative contracts that are traded on an active exchange market (i.e. New York Stock Exchange) as well as certain U.S. Treasury and U.S. Government and agency mortgage-backed securities that are highly liquid and are actively traded in over-the-counter markets.

Level 2 Inputs - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable (e.g., interest rates, yield curves, credit risks, etc.) or can be corroborated by observable market data.

Level 3 Inputs - Valuations based on models where significant inputs are not observable. The unobservable inputs reflect the Company's own assumptions about the assumptions that market participants would use.

The following tables present the level within the fair value hierarchy at which the Company's financial assets are measured on a recurring basis as of March 30, 2012 and June 30, 2011:

Assets Measured at Fair Value on a Recurring Basis as of March 30, 2012

	Level 1		Level 2		Level 3		Total
Restricted investments:
Mutual funds	$	—	$	3,607	$	—	$	3,607
Certificates of deposit	—		850		—		850
Municipal bonds	—		672		—		672
Corporate bonds	—		776		—		776
Money market accounts	563		—		—		563
Total restricted investments	$	563	$	5,905	$	—	$	6,468

Assets Measured at Fair Value on a Recurring Basis as of June 30, 2011

	Level 1		Level 2		Level 3		Total
Restricted investments:
Mutual funds	$	—	$	3,940	$	—	$	3,940
Certificates of deposit	—		1,507		—		1,507
Municipal bonds	—		827		—		827
Corporate bonds	—		667		—		667
Money market accounts	411		—		—		411
Total restricted investments	$	411	$	6,941	$	—	$	7,352

As of March 30, 2012, the Company believed that the carrying value of cash and cash equivalents, accounts receivable, and accounts payable approximated fair value due to the short term maturity of these financial instruments. The Company's long-term debt is not measured at fair value in the condensed consolidated balance sheets. The fair value of debt is the estimated amount the Company would have to pay to transfer its debt, including any premium or discount attributable to the difference between the stated interest rate and market rate of interest at the balance sheet date. Fair values are based on valuations of similar debt at the balance sheet date and supported by observable market transactions when available.  At March 30, 2012 and June 30, 2011 the fair value of the Company's debt was not materially different than its carrying value. The Company's restricted investment financial assets as of March 30, 2012 and June 30, 2011 are included within current and long-term restricted investments on the condensed consolidated balance sheets.