Financial Instruments and Fair Value (Notes)

3 Months Ended

Sep. 28, 2012

FINANCIAL INSTRUMENTS AND FAIR VALUE

The Company uses a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company did not have any assets or liabilities that are measured on a fair value basis at September 28, 2012. The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis as of June 29, 2012 (in thousands):



	Carrying		Fair Value Measured Using						Total
	Value		Level 1		Level 2		Level 3		Balance
Cash equivalents
U.S. treasuries	$	5,530	$	5,530	$	—	$	—	$	5,530
Total cash equivalents	$	5,530	$	5,530	$	—	$	—	$	5,530

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended September 28, 2012. The Company’s cash equivalents, consisting of U.S. treasuries as of June 29, 2012, are classified within Level 1 of the fair value hierarchy as they were valued using quoted market prices of the identical underlying securities in active markets.

The fair values of accounts receivable, accounts payable, accrued liabilities, and credit facility due within one year approximates their carrying values because of their short-term nature.

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

As of September 28, 2012 and June 29, 2012, the Company had no assets or liabilities measured at fair value on a non-recurring basis.