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Note 20 - Derivative Instruments and Hedging Activities | 9 Months Ended
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Mar. 25, 2012
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 20. Derivative Instruments and Hedging Activities The Company may use derivative financial instruments such as foreign currency forward contracts or interest rate swaps for purposes of reducing its ongoing business exposures to fluctuations in foreign currency exchange rates or interest rates. The Company does not enter into derivative contracts for speculative purposes. Interest rate swaps: On February 15, 2011, the Company entered into a twenty-seven month, $25,000 interest rate swap with Bank of America, N.A. to provide a hedge against the variability of cash flows (monthly interest expense payments) on the first $25,000 of LIBOR-based variable rate borrowings under the Company’s revolving credit facility. The interest rate swap allows the Company to fix the LIBOR rate at 1.39%. On August 5, 2011, the Company entered into a twenty-one month, $10,000 interest rate swap to provide a hedge against the variability of cash flows related to additional variable rate borrowings under the revolving credit facility. This interest rate swap allows the Company to fix the LIBOR rate at 0.75%. The Company has designated these swaps as cash flow hedges and determined that the hedges have been and still are highly effective. At March 25, 2012, the amount of loss recognized in accumulated other comprehensive income for the Company’s cash flow hedge derivative instruments was $353. For the year-to-date period ended March 25, 2012, the Company did not reclassify any gains (losses) from accumulated other comprehensive income to net income and does not expect to do so during the next twelve months. Foreign currency forward contracts: The Company or its subsidiaries may enter into foreign currency forward contracts as economic hedges for exposures related to certain sales, inventory purchases and equipment purchases which are denominated in currencies that are not its functional currency. As of March 25, 2012, the latest maturity date for all outstanding foreign currency forward contracts is during May 2012. These items are not designated as hedges by the Company and are marked-to-market each period and offset by the foreign exchange gains (losses) resulting from the underlying exposures of the foreign currency denominated assets and liabilities. The fair values of derivative financial instruments were as follows:
As of March 25, 2012: |  |  | Notional Amount |  |  | USD Equivalent |  |  | Balance Sheet Location |  |  | Fair value |
Foreign exchange contracts | MXN |  |  | 4,000 |  |  | $ | 300 |  |  | Accrued expenses |  |  | $ | (13 | )
Interest rate swaps | USD |  | $ | 35,000 |  |  | $ | 35,000 |  |  | Other long-term liabilities |  |  | $ | (353 | )
As of June 26, 2011: |  |  | Notional Amount |  |  | USD Equivalent |  |  | Balance Sheet Location |  |  | Fair value |
Foreign exchange contracts | MXN |  |  | 9,200 |  |  | $ | 770 |  |  | Accrued expenses |  |  | $ | (2 | )
Interest rate swaps | USD |  | $ | 25,000 |  |  | $ | 25,000 |  |  | Other long-term liabilities |  |  | $ | (408 | )
(MXN represents the Mexican Peso) The fair values of the Company’s foreign exchange contracts and interest rate swaps are estimated by obtaining month-end market quotes for contracts with similar terms. The effect of marked-to-market hedging derivative instruments was as follows:
|  |  | For the Three Months Ended |
|  |  | March 25, 2012 |  |  | March 27, 2011 |
Derivatives not designated as hedges: | Classification |  |  |  |  |  |
Foreign exchange contracts – MXN/USD | Other operating expenses, net |  | $ | 32 |  |  | $ | 24 |
Foreign exchange contracts – EU/USD | Other operating expenses, net |  |  | — |  |  |  | (35 | )
Total (gain) loss recognized in income |  |  | $ | 32 |  |  | $ | (11 | )
|  |  | For the Nine Months Ended |
|  |  | March 25, 2012 |  |  | March 27, 2011 |
Derivatives not designated as hedges: | Classification |  |  |  |  |  |
Foreign exchange contracts – MXN/USD | Other operating expenses, net |  | $ | (9 | ) |  | $ | 71 |
Foreign exchange contracts – USD/$R | Other operating expenses, net |  |  | (2 | ) |  |  | 27 |
Foreign exchange contracts – EU/USD | Other operating expenses, net |  |  | — |  |  |  | (287 | )
Total (gain) loss recognized in income |  |  | $ | (11 | ) |  | $ | (189 | )
(EU represents the Euro; $R represents the Brazilian Real) By entering into derivative instrument contracts, the Company exposes itself to counterparty credit risk. The Company attempts to minimize this risk by selecting counterparties with investment grade credit ratings, limiting the amount of exposure to any single counterparty and regularly monitoring its market position with each counterparty. The Company’s derivative instruments do not contain any credit-risk related contingent features.

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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