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v3.22.2.2

Employee Benefit Plans (Tables) | 12 Months Ended
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Jul. 01, 2022
Retirement Benefits [Abstract] |
Schedule of Expected Benefit Payments | The following table reflects the total pension benefits expected to be paid from the Plan, which is funded from contributions by participants and the Company.
Fiscal Year |  | Total
2023 |  | $ | 1,454 |
2024 |  | 1,539 |
2025 |  | 1,535 |
2026 |  | 1,506 |
2027 |  | 1,324 |
Thereafter (next 5 years) |  | 8,105 |
Total |  | $ | 15,463 |
Schedule of Net Benefit Costs | The following table outlines the components of net periodic benefit cost of the Plan for the fiscal years ended July 1, 2022 and July 2, 2021:
| Fiscal Years Ended
| July 1, 2022 |  | July 2, 2021
Service cost | $ | 1,405 |  |  | $ | 1,708 |
Interest cost | 83 |  |  | 92 |
Expected return on assets | (272) |  |  | (277) |
Amortization of prior service cost | (190) |  |  | (64) |
Amortization net of loss | 5 |  |  | 185 |
Settlement loss recognized | — |  |  | 318 |
Net periodic benefit cost | $ | 1,031 |  |  | $ | 1,962 |
Schedule of Assumptions Used | The following table reflects the related actuarial assumptions used to determine net periodic benefit cost of the Plan for the fiscal years ended July 1, 2022 and July 2, 2021:
| Fiscal Years Ended
| July 1, 2022 |  | July 2, 2021
Discount rate | 1.70 | % |  | 0.30 | %
Expected rate of return on Plan assets | 1.70 | % |  | 1.50 | %
Expected inflation | 1.00 | % |  | 1.00 | %
Rate of compensation increases | 1.50 | % |  | 1.50 | %
Schedule of Changes in Projected Benefit Obligations | The following table presents the change in projected benefit obligation for the periods presented:
| Fiscal Years Ended
| July 1, 2022 |  | July 2, 2021
Projected benefit obligation, beginning | $ | 28,614 |  |  | $ | 29,955 |
Service cost | 1,405 |  |  | 1,708 |
Interest cost | 83 |  |  | 92 |
Employee contributions | 2,606 |  |  | 2,145 |
Actuarial (gain) loss | (4,720) |  |  | (1,345) |
Benefits paid | (1,444) |  |  | (256) |
Plan amendment | — |  |  | (1,247) |
Settlements | — |  |  | (3,129) |
Foreign exchange (loss) gain | (1,035) |  |  | 691 |
Projected benefit obligation at end of year | $ | 25,509 |  |  | $ | 28,614 |
Schedule of Changes in Fair Value of Plan Assets | The following table presents the change in Plan assets for the periods presented:
| Fiscal Years Ended
| July 1, 2022 |  | July 2, 2021
Fair value of Plan assets, beginning | $ | 18,807 |  |  | $ | 18,078 |
Actual return on Plan assets | 514 |  |  | 474 |
Company contributions | 1,056 |  |  | 1,080 |
Employee contributions | 2,606 |  |  | 2,145 |
Benefits paid | (1,444) |  |  | (256) |
Settlements | — |  |  | (3,129) |
Foreign exchange (loss) gain | (690) |  |  | 415 |
Fair value of Plan assets at end of year | $ | 20,849 |  |  | $ | 18,807 |
Schedule of Net Funded Status | The following table presents the Company's reconciliation of funded status for the period presented:
| As of
| July 1, 2022 |  | July 2, 2021
Projected benefit obligation at end of year | $ | 25,509 |  |  | $ | 28,614 |
Fair value of plan assets at end of year | 20,849 |  |  | 18,807 |
Funded status | $ | (4,660) |  |  | $ | (9,807) |

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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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