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Employee Pension and Other Benefit Plans (Tables) | 12 Months Ended
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Jul. 03, 2021
Retirement Benefits [Abstract] |
Schedule of Net Periodic Cost | The following table presents the components of the net periodic benefit cost for the pension and benefits plans (in millions):
| Years Ended
| July 3, 2021 |  | June 27, 2020 |  | June 29, 2019
Service cost | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 0.2 |
Interest cost | 1.5 |  |  | 1.9 |  |  | 2.5 |
Expected return on plan assets | (1.7) |  |  | (1.5) |  |  | (1.6) |
Recognized net actuarial losses | 3.1 |  |  | 2.8 |  |  | 1.8 |
Net periodic cost | $ | 3.1 |  |  | $ | 3.5 |  |  | $ | 2.9 |
Schedule of Changes in Benefit Obligations and Plan Assets | The changes in the benefit obligations and plan assets of the pension and benefits plans were (in millions):
| Pension Benefit Plans
| July 3, 2021 |  | June 27, 2020
Change in benefit obligation |  |  |
Benefit obligation at beginning of year | $ | 138.9 |  |  | $ | 140.0 |
Service cost | 0.2 |  |  | 0.3 |
Interest cost | 1.5 |  |  | 1.9 |
Actuarial (gains) losses | (4.8) |  |  | 4.6 |
Benefits paid | (6.1) |  |  | (5.1) |
Foreign exchange impact | 10.8 |  |  | (2.8) |
Benefit obligation at end of year | $ | 140.5 |  |  | $ | 138.9 |
Change in plan assets |  |  |
Fair value of plan assets at beginning of year | $ | 29.0 |  |  | $ | 29.9 |
Actual return on plan assets | 2.9 |  |  | 0.2 |
Employer contributions | 6.9 |  |  | 4.8 |
Benefits paid | (6.0) |  |  | (5.0) |
Foreign exchange impact | 3.4 |  |  | (0.9) |
Fair value of plan assets at end of year | 36.2 |  |  | 29.0 |
Funded status | (104.3) |  |  | (109.9) |
Accumulated benefit obligation | $ | 140.5 |  |  | $ | 138.6 |
Schedule of Defined Benefit Plan Amounts Recognized by Financial Statement Location |
| Pension Benefit Plans
| July 3, 2021 |  | June 27, 2020
Amount recognized in the Consolidated Balance Sheets at end of year: |  |  |
Current liabilities | $ | 7.9 |  |  | $ | 7.6 |
Non-current liabilities | 96.4 |  |  | 102.3 |
Net amount recognized at end of year | $ | 104.3 |  |  | $ | 109.9 |
Amount recognized in accumulated other comprehensive (loss) income at end of year: |  |  |
Actuarial losses, net of tax | $ | (24.0) |  |  | $ | (31.2) |
Net amount recognized at end of year | $ | (24.0) |  |  | $ | (31.2) |
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: |  |  |
Net actuarial gain (loss) | $ | 4.1 |  |  | $ | (5.4) |
Amortization of accumulated net actuarial losses | 3.1 |  |  | 2.8 |
Total recognized in other comprehensive income (loss) | $ | 7.2 |  |  | $ | (2.6) |
Schedule of Net Periodic Cost and Benefit Obligation Assumptions Used | The following table summarizes the weighted average assumptions used to determine net periodic cost and benefit obligation for the Company’s U.K. and German pension plans:
| Pension Benefit Plans
| July 3, 2021 |  | June 27, 2020 |  | June 29, 2019
Used to determine net period cost at end of year: |  |  |  |  |
Discount rate | 1.2 | % |  | 1.1 | % |  | 1.4 | %
Expected long-term return on plan assets | 5.4 | % |  | 5.6 | % |  | 5.6 | %
Rate of pension increase | 2.2 | % |  | 2.3 | % |  | 2.3 | %
Used to determine benefit obligation at end of year: |  |  |  |  |
Discount rate | 1.2 | % |  | 1.0 | % |  | 1.4 | %
Rate of pension increase | 2.3 | % |  | 2.2 | % |  | 2.3 | %
Schedule of Percentage of Asset Allocations and Plan Assets at Fair Value | The following table sets forth the plan assets at fair value and the percentage of assets allocations as of July 3, 2021 (in millions, except percentage data):
|  |  |  |  |  |  | Fair value as of
|  |  |  |  |  |  | July 3, 2021
| Target Allocation |  | Total |  | Percentage of Plan Assets |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |  |  |  |
Global equity | 40 | % |  | $ | 14.0 |  |  | 38.7 | % |  | $ | — |  |  | $ | 14.0 |
Fixed income | 40 | % |  | 12.8 |  |  | 35.4 | % |  | — |  |  | 12.8 |
Other | 20 | % |  | 7.9 |  |  | 21.8 | % |  | — |  |  | 7.9 |
Cash |  |  | 1.5 |  |  | 4.1 | % |  | 1.5 |  |  | — |
Total assets |  |  | $ | 36.2 |  |  | 100.0 | % |  | $ | 1.5 |  |  | $ | 34.7 |
The following table sets forth the plan’s assets at fair value and the percentage of assets allocations as of June 27, 2020 (in millions, except percentage data).
|  |  |  |  |  |  | Fair value as of
|  |  |  |  |  |  | June 27, 2020
| Target Allocation |  | Total |  | Percentage of Plan Assets |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |  |  |  |
Global equity | 40 | % |  | $ | 11.6 |  |  | 40.0 | % |  | $ | — |  |  | $ | 11.6 |
Fixed income | 40 | % |  | 10.9 |  |  | 37.6 | % |  | — |  |  | 10.9 |
Other | 20 | % |  | 6.4 |  |  | 22.1 | % |  | — |  |  | 6.4 |
Cash |  |  | 0.1 |  |  | 0.3 | % |  | 0.1 |  |  | — |
Total assets |  |  | $ | 29.0 |  |  | 100.0 | % |  | $ | 0.1 |  |  | $ | 28.9 |
Schedule of Total Expected Benefit Payments | The following table reflects the total expected benefit payments to defined benefit pension plan participants. These payments have been estimated based on the same assumptions used to measure the Company’s PBO at fiscal year end and include benefits attributable to estimated future compensation increases (in millions).
| Pension Benefit Plans
2022 | $ | 9.2 |
2023 | 7.1 |
2024 | 6.7 |
2025 | 6.3 |
2026 | 6.3 |
2027-2030 | 28.1 |
Thereafter | 40.6 |
Total | $ | 104.3 |

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