Fair Value Measurements

12 Months Ended

Jun. 29, 2014

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 29, 2014 and June 30, 2013 are as follows:



	June 29, 2014
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents
	(In thousands)
Cash	$	128,439	$	—	$	—	$	128,439	$	128,439
Level 1:
Money market funds	30,000		—		—		30,000		30,000
Level 2:
None	—		—		—		—		—
Level 3:
None	—		—		—		—		—
	$	158,439	$	—	$	—	$	158,439	$	158,439

	June 30, 2013
Cash	$	75,637	$	—	$	—	$	75,637	$	75,637
Level 1:
Money market funds	30,000		—		—		30,000		30,000
Level 2:
None	—		—		—		—		—
Level 3:
None	—		—		—		—		—
	$	105,637	$	—	$	—	$	105,637	$	105,637

There were no transfers between Level 1, Level 2, or Level 3 securities in either fiscal 2014 or fiscal 2013.

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

The Company measures the fair value of its assets acquired and liabilities assumed in a business combination, and goodwill and other long lived assets when they are held for sale or determined to be impaired. See Note 6 for a discussion of the fair value measurements of goodwill.

Fair Value of Financial Instruments Not Measured at Fair Value

The total fair value of the Convertible Senior Notes at June 29, 2014 was $159.4 million, which was estimated based on recent market transaction prices, a Level 2 fair value measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details