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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Jun. 30, 2011
FAIR VALUE MEASUREMENTS  
Schedule of assets and liabilities measured at fair value on a recurring basis

 

 
   
  Fair Value Measurements
Using Inputs Considered as
 
 
  Fair Value at
June 30, 2011
 
 
  Level 1   Level 2   Level 3  
 
   
  (Dollars in thousands)
 

ASSETS

                         

Non-current assets

                         
 

Derivative instruments

  $ 212   $ —   $ 212   $ —  

LIABILITIES

                         

Current liabilities

                         
 

Derivative instruments

  $ 599   $ —   $ 599   $ —  

Non-current liabilities

                         
 

Equity put option

  $ 22,700   $ —   $ —   $ 22,700  


 

 
   
  Fair Value Measurements
Using Inputs Considered as
 
 
  Fair Value at
June 30, 2010
 
 
  Level 1   Level 2   Level 3  
 
   
  (Dollars in thousands)
 

ASSETS

                         

Non-current assets

                         
 

Derivative instruments

  $ 274   $ —   $ 274   $ —  
 

Preferred shares

    3,502     —     —     3,502  

LIABILITIES

                         

Current liabilities

                         
 

Derivative instruments

  $ 401   $ —   $ 401   $ —  

Non-current liabilities

                         
 

Derivative instruments

  $ 1,039   $ —   $ 1,039   $ —  
 

Equity put option

    22,009     —     —     22,009  
Schedule of changes in Level 3 financial instruments measured at fair value on a recurring basis

 

 
  Changes in Financial Instruments
Measured at Level 3 Fair Value
Classified as
 
 
  Preferred Shares   Equity Put Option  
 
  (Dollars in thousands)
 

Balance at July 1, 2010

  $ 3,502   $ 22,009  
 

Total realized and unrealized gains (losses):

             
   

Included in other comprehensive income (loss)

    433     3,847  
   

Included in equity in income (loss) of affiliated companies

    —     (2,442 )
   

Transfer out of Level 3

    —     (714 )
   

Other than temporary impairment

    (3,935 )   —  
           

Balance at June 30, 2011

  $ —   $ 22,700  
           


 

 
  Changes in Financial Instruments
Measured at Level 3 Fair Value
Classified as
 
 
  Preferred Shares   Equity Put Option  
 
  (Dollars in thousands)
 

Balance at July 1, 2009

  $ —   $ 24,161  
 

Total realized and unrealized gains (losses):

             
   

Additions to Level 3

    3,362     —  
   

Included in other comprehensive income (loss)

    140     (2,620 )
   

Included in equity in income (loss) of affiliated companies

    —     468  
           

Balance at June 30, 2010

  $ 3,502   $ 22,009  
           
Schedule of assets and liabilities measured at fair value on a nonrecurring basis

 

 
  June 30,
2011
  Level 1   Level 2   Level 3   Total Losses  
 
  (Dollars in thousands)
 

Assets

                               
 

Goodwill—Promenade(1)

  $ 240,910   $ —   $ —   $ 240,910   $ (74,100 )
                       

Total

  $ 240,910   $ —   $ —   $ 240,910   $ (74,100 )
                       

(1)
Goodwill of the Promenade salon concept with a carrying value of $315.0 million was written down to its implied fair value, resulting in an impairment charge of $74.1 million, which was recorded during fiscal year 2011. The Company recorded $0.3 million of translation rate adjustments during the fourth quarter of fiscal year 2011 on the Promenade salon concept goodwill balance.

 
  June 30,
2010
  Level 1   Level 2   Level 3   Total Losses  
 
  (Dollars in thousands)
 

Assets

                               
 

Goodwill—Regis(1)

  $ 102,180   $ —   $ —   $ 102,180   $ (35,277 )
                       

Total

  $ 102,180   $ —   $ —   $ 102,180   $ (35,277 )
                       

(1)
Goodwill of the Regis salon concept with a carrying value of $136.6 million was written down to its implied fair value, resulting in an impairment charge of $35.3 million, which was recorded during fiscal year 2010. The Company recorded $0.8 million of translation rate adjustments during the fourth quarter of fiscal year 2010 on the Regis salon concept goodwill balance.