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Financial Instruments
12 Months Ended
Jun. 30, 2014
Investments All Other Investments [Abstract]  
Financial Instruments

(15) Financial Instruments
 
Derivative Financial Instruments
 
The Company is exposed to credit losses in the event of non-performance by the financial institutions, who are the counterparties, on its future foreign currency contracts.  The Company anticipates, however, that the financial institutions will be able to fully satisfy their obligations under the contracts.  The Company does not obtain collateral to support financial instruments, but monitors the credit standing of the financial institutions.
 
Off-Balance Sheet Risk
 
Commercial letters of credit are issued by the Company during the ordinary course of business through major banks as requested by certain suppliers.  The Company had open letters of credit of approximately $251 and $78 as of June 30, 2014 and 2013, respectively.  The terms of these letters of credit are all less than one year.  No material loss is anticipated due to non-performance by the counterparties to these agreements.
 
Fair Value of Financial Instruments
 
The carrying values of all financial instruments classified as a current asset or current liability are deemed to approximate fair value because of the short maturity of these instruments.  The fair value of the Company’s notes receivable and accrued expenses was based upon current rates offered for similar financial instruments to the Company. The Company believes that borrowings outstanding under its long-term bank loans and mortgage approximate fair value because such borrowings bear interest at current variable market rates.
 
Business and Credit Concentration
 
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade receivables. The Company’s customers are dispersed across many industries and are located throughout the United States as well as in Canada, France, Germany, Malaysia, the Netherlands, Switzerland, the United Kingdom, and other countries. The Company estimates an allowance for doubtful accounts based upon the creditworthiness of its customers as well as general economic conditions. Consequently, an adverse change in those factors could affect the Company’s estimate of this allowance.   At June 30, 2014, two customers approximated 16% and 13%, respectively, of net trade accounts receivable. At June 30, 2013, one customer approximated 10% of net trade accounts receivable.
 
No single product or customer accounted for as much as 10% of net sales in fiscal 2014, 2013 or 2012.
 
During the fiscal years ended June 30, 2014, 2013 and 2012, approximately 64%, 68% and 69%, respectively, of the Company’s purchases came from Asia and approximately 14%, 13% and 13%, respectively, came from Europe.
 
The Company maintains operations located outside of the United States.  Net assets located in Europe and Asia approximated $69,129 and $45,668, respectively at June 30, 2014.  Net assets located in Europe and Asia approximated $57,883 and $44,072, respectively at June 30, 2013.