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Employee Pension and Other Benefit Plans (Tables) | 12 Months Ended
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Jul. 01, 2023
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 1, 2023 |  | July 2, 2022 |  | July 3, 2021
Service cost | $ | — |  |  | $ | 0.2 |  |  | $ | 0.2 |
Interest cost | 2.7 |  |  | 1.6 |  |  | 1.5 |
Expected return on plan assets | (1.7) |  |  | (1.7) |  |  | (1.7) |
Recognized net actuarial (gains) losses | (0.1) |  |  | 2.9 |  |  | 3.1 |
Net periodic benefit cost | $ | 0.9 |  |  | $ | 3.0 |  |  | $ | 3.1 |
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 1, 2023 |  | July 2, 2022
Change in benefit obligation |  |  |
Benefit obligation at beginning of year | $ | 95.5 |  |  | $ | 140.5 |
Service cost | — |  |  | 0.2 |
Interest cost | 2.7 |  |  | 1.6 |
Actuarial gains | (4.2) |  |  | (25.7) |
Benefits paid | (5.6) |  |  | (6.3) |
Foreign exchange impact | (2.3) |  |  | (14.8) |
Benefit obligation at end of year | $ | 86.1 |  |  | $ | 95.5 |
Change in plan assets |  |  |
Fair value of plan assets at beginning of year | $ | 29.3 |  |  | $ | 36.2 |
Actual return on plan assets | 0.2 |  |  | (3.0) |
Employer contributions | 5.6 |  |  | 6.7 |
Benefits paid | (5.6) |  |  | (6.3) |
Foreign exchange impact | 1.6 |  |  | (4.3) |
Fair value of plan assets at end of year | 31.1 |  |  | 29.3 |
Funded status | (55.0) |  |  | (66.2) |
Accumulated benefit obligation | $ | 86.1 |  |  | $ | 95.5 |
Schedule of Defined Benefit Plan Amounts Recognized by Financial Statement Location |
| Pension Benefit Plans
| July 1, 2023 |  | July 2, 2022
Amount recognized on the Consolidated Balance Sheets at end of year: |  |  |
Non-current assets | $ | 5.6 |  |  | $ | — |
Current liabilities | 7.8 |  |  | 7.0 |
Non-current liabilities | 52.8 |  |  | 59.2 |
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: |  |  |
Net actuarial gain | $ | 2.0 |  |  | $ | 13.9 |
Amortization of accumulated net actuarial (gains) losses | (0.1) |  |  | 2.9 |
Total recognized in other comprehensive income (loss) | $ | 1.9 |  |  | $ | 16.8 |
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 1, 2023 |  | July 2, 2022 |  | July 3, 2021
Used to determine net period cost at end of year: |  |  |  |  |
Discount rate | 4.1 | % |  | 3.2 | % |  | 1.2 | %
Expected long-term return on plan assets | 5.9 | % |  | 6.2 | % |  | 5.4 | %
Rate of pension increase | 2.5 | % |  | 2.2 | % |  | 2.2 | %
Used to determine benefit obligation at end of year: |  |  |  |  |
Discount rate | 4.1 | % |  | 3.2 | % |  | 1.2 | %
Rate of pension increase | 2.5 | % |  | 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 1, 2023 (in millions, except percentage data):
|  |  |  |  |  |  | Fair value as of
|  |  |  |  |  |  | July 1, 2023
| Target Allocation |  | Total |  | Percentage of Plan Assets |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |  |  |  |
Global equity | 40 | % |  | $ | 10.5 |  |  | 33.8 | % |  | $ | — |  |  | $ | 10.5 |
Fixed income | 40 | % |  | 10.0 |  |  | 32.1 | % |  | — |  |  | 10.0 |
Other | 20 | % |  | 7.9 |  |  | 25.4 | % |  | — |  |  | 7.9 |
Cash |  |  | 2.7 |  |  | 8.7 | % |  | 2.7 |  |  | — |
Total assets |  |  | $ | 31.1 |  |  | 100.0 | % |  | $ | 2.7 |  |  | $ | 28.4 |
The following table sets forth the plan’s assets at fair value and the percentage of assets allocations as of July 2, 2022 (in millions, except percentage data):
|  |  |  |  |  |  | Fair value as of
|  |  |  |  |  |  | July 2, 2022
| Target Allocation |  | Total |  | Percentage of Plan Assets |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |  |  |  |
Global equity | 40 | % |  | $ | 10.3 |  |  | 35.2 | % |  | $ | — |  |  | $ | 10.3 |
Fixed income | 40 | % |  | 10.4 |  |  | 35.5 | % |  | — |  |  | 10.4 |
Other | 20 | % |  | 6.4 |  |  | 21.8 | % |  | — |  |  | 6.4 |
Cash |  |  | 2.2 |  |  | 7.5 | % |  | 2.2 |  |  | — |
Total assets |  |  | $ | 29.3 |  |  | 100.0 | % |  | $ | 2.2 |  |  | $ | 27.1 |
Schedule of Total Expected Benefit Payments | The following table reflects the 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
2024 | $ | 9.2 |
2025 | 6.1 |
2026 | 6.3 |
2027 | 6.2 |
2028 | 5.6 |
2029-2033 | 25.4 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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