Fair Value Measurements (Tables)

12 Months Ended

Jun. 04, 2013

Fair Value Measurements [Abstract]

Fair values of financial assets and liabilities measured on a recurring basis

The following table presents the fair values of our financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall (in thousands):

	Level	June 4, 2013			June 5, 2012
Deferred compensation plan: other investments – Assets	1	$	8,721		$	7,974
Deferred compensation plan: other investments – Liabilities	1		(8,721	)		(7,974	)
Deferred compensation plan: RTI common stock – Equity	1		1,094			1,008
Deferred compensation plan: RTI common stock – Equity	1		(1,094	)		(1,008	)
Total		$	–	$	–	–

Fair values of financial assets and liabilities measured on a non-recurring basis

The following table presents the fair values for those assets and liabilities measured on a non-recurring basis and remaining on our Consolidated Balance Sheets as of June 4, 2013 and June 5, 2012 (in thousands):

	Fair Value Measurements
	Level	June 4, 2013		June 5, 2012
Long-lived assets held for sale *	2	$	24,006	$	26,495
Long-lived assets held for use	2		5,802		385
Total		$	29,808	$	26,880

Losses recognized from fair value measurements on non-recurring basis

The following table presents the losses recognized during the fiscal years ended June 4, 2013, June 5, 2012, and May 31, 2011 resulting from fair value measurements of assets and liabilities measured on a non-recurring basis.  The losses associated with continuing operations are included in Closures and impairments, net ($11.3 million) and Goodwill and trademark impairments ($5.0 million), and the losses associated with discontinued operations are included in Loss from discontinued operations in our Consolidated Statements of Operations and Comprehensive (Loss)/Income (in thousands):

	2013	2012	2011
Included within continuing operations
Long-lived assets held for sale	$      3,556	$         891	$     1,600
Long-lived assets held for use	12,804	11,349	2,477
	$    16,360	$    12,240	$    4,077
Included within discontinued operations	$    18,842	$      1,393	$   2,021

Carrying amounts and fair values of other financial instruments not measured on a recurring basis

Our financial instruments at June 4, 2013 and June 5, 2012 consisted of cash and cash equivalents, accounts receivable and payable, long-term debt, and letters of credit.  The fair values of cash and cash equivalents and accounts receivable and payable approximated their carrying values because of the short-term nature of these instruments.  The carrying amounts and fair values of our other financial instruments not measured on a recurring basis using fair value, that are subject to fair value disclosures are as follows (in thousands):

	June 4, 2013		June 5, 2012
	Carrying Amount	Fair Value	Carrying Amount	Fair Value
Long-term debt and capital leases	$  299,002	$  310,441	$  326,663	$  312,225
Letters of credit	–	270	–	222