Transition report pursuant to Rule 13a-10 or 15d-10

Derivatives and Fair Value Measurements (Tables)

v2.4.0.8
Derivatives and Fair Value Measurements (Tables)
3 Months Ended
Sep. 28, 2013
Fair Value Disclosures [Abstract]  
Outstanding financial instruments
These financial instruments are not used for trading or speculative purposes.
We entered into interest rate swap agreements on September 9, 2013 and September 19, 2013, effectively converting a total of $60 million of floating rate debt under our credit facility to fixed obligations at available LIBOR rates. A $10 million interest rate swap agreement that we had entered into on September 1, 2011 matured on September 1, 2013.

 
Effective Date
 
Notational
Amount
 
Fixed LIBOR Rate
 
Maturity Date
Interest Rate Swap
September 9, 2013
 
$15 million
 
1.1700
%
 
September 9, 2016
Interest Rate Swap
September 9, 2013
 
$15 million
 
1.6480
%
 
September 11, 2017
Interest Rate Swap
September 19, 2013
 
$15 million
 
1.0030
%
 
September 19, 2016
Interest Rate Swap
September 19, 2013
 
$15 million
 
1.4490
%
 
September 19, 2017
Interest Rate Swap
September 1, 2011
 
$10 million
 
1.0700
%
 
September 1, 2014
Interest Rate Swap
September 1, 2011
 
$10 million
 
0.9025
%
 
March 1, 2014
Financial liabilities measure at fair value on a recurring basis
The following financial liabilities are measured at fair value on a recurring basis (in thousands):
 
Fair Value Measurements Using
Period Ended
Total
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Interest Rate Swaps
 
 
 
 
 
 
 
September 28, 2013
$
906

 

 
$
906

 

June 29, 2013
$
133

 

 
$
133

 

 
 
 
 
 
 
 
 
Contingent Consideration
 
 
 
 
 
 
 
September 28, 2013
$
3,400

 

 

 
$
3,400

June 29, 2013

 

 

 

Summary of fair value and presentation in the consolidated balance sheets for derivatives
The following table summarizes the fair value and presentation in the Condensed Consolidated Balance Sheets for derivatives as of September 28, 2013, and June 29, 2013.
 
September 28,
2013
 
June 29,
2013
Accrued expenses
$
100

 
$
49

Deferred tax liabilities
(349
)
 
(51
)
Other liabilities
806

 
84

Accumulated other comprehensive loss
$
557

 
$
82