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Note 21 - Fair Value of Financial Instruments and Non-Financial Assets and Liabilities
 12 Months Ended
Jun. 24, 2012
Fair Value Disclosures [Text Block]
21.  Fair Value of Financial Instruments and Non-Financial Assets and Liabilities

The Company’s financial assets and liabilities accounted for at fair value on a recurring basis and the level within the fair value hierarchy used to measure these items are as follows:

   
Assets (Liabilities) at Fair Value as of June 24, 2012
 
   
Level 1
   
Level 2
   
Level 3
 
Foreign exchange derivative contracts
  $ —     $ 28     $ —  
Total assets
  $ —     $ 28     $ —  
                         
Interest rate derivative contracts
  $ —     $ (1,015 )   $ —  
Total liabilities
  $ —     $ (1,015 )   $ —  

 
Assets (Liabilities) at Fair Value as of June 26, 2011
 
 
Level 1
 
Level 2
 
Level 3
 
Foreign exchange derivative contracts
  $ —     $ (2 )   $ —  
Interest rate derivative contracts
    —       (408 )     —  
Total liabilities
  $ —     $ (410 )   $ —  

There were no financial instruments measured at fair value that were in an asset position at June 26, 2011.  The Company did not have any non-financial assets or liabilities that were required to be measured at fair value on a recurring basis.

The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued expenses approximated fair value as of June 24, 2012 and June 26, 2011 because of their short-term nature.  As of June 24, 2012, the fair value of the Company’s long-term debt obligations approximated their carrying amounts as there have been no changes to the Company’s credit risk profile or the interest rates available to the Company for issuances with similar terms and average maturities.