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Employee Pension and Other Benefit Plans (Tables) | 12 Months Ended
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Jun. 29, 2024
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
| June 29, 2024 |  | July 1, 2023 |  | July 2, 2022
Service cost | $ | — |  |  | $ | — |  |  | $ | 0.2 |
Interest cost | 3.3 |  |  | 2.7 |  |  | 1.6 |
Expected return on plan assets | (1.9) |  |  | (1.7) |  |  | (1.7) |
Recognized net actuarial losses (gains) | 0.1 |  |  | (0.1) |  |  | 2.9 |
Net periodic benefit cost | $ | 1.5 |  |  | $ | 0.9 |  |  | $ | 3.0 |
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
| June 29, 2024 |  | July 1, 2023
Change in benefit obligation |  |  |
Benefit obligation at beginning of year | $ | 86.1 |  |  | $ | 95.5 |
Interest cost | 3.3 |  |  | 2.7 |
Actuarial losses (gains) | 1.5 |  |  | (4.2) |
Benefits paid | (6.1) |  |  | (5.6) |
Foreign exchange impact | (1.1) |  |  | (2.3) |
Benefit obligation at end of year | $ | 83.7 |  |  | $ | 86.1 |
Change in plan assets |  |  |
Fair value of plan assets at beginning of year | $ | 31.1 |  |  | $ | 29.3 |
Actual return on plan assets | 0.7 |  |  | 0.2 |
Employer contributions | 6.5 |  |  | 5.6 |
Benefits paid | (6.1) |  |  | (5.6) |
Foreign exchange impact | (0.2) |  |  | 1.6 |
Fair value of plan assets at end of year | 32.0 |  |  | 31.1 |
Funded status | (51.7) |  |  | (55.0) |
Accumulated benefit obligation | $ | 83.7 |  |  | $ | 86.1 |
Schedule of Defined Benefit Plan Amounts Recognized by Financial Statement Location |
| Pension Benefit Plans
| June 29, 2024 |  | July 1, 2023
Amount recognized on the Consolidated Balance Sheets at end of year: |  |  |
Non-current assets | $ | 6.6 |  |  | $ | 5.6 |
Current liabilities | 7.5 |  |  | 7.8 |
Non-current liabilities | 50.8 |  |  | 52.8 |
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: |  |  |
Net actuarial (loss) gain | $ | (2.1) |  |  | $ | 2.0 |
Amortization of accumulated net actuarial losses (gains) | 0.1 |  |  | (0.1) |
Total recognized in other comprehensive (loss) income | $ | (2.0) |  |  | $ | 1.9 |
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
| June 29, 2024 |  | July 1, 2023 |  | July 2, 2022
Used to determine net periodic cost at end of year: |  |  |  |  |
Discount rate | 4.1 | % |  | 4.1 | % |  | 3.2 | %
Expected long-term return on plan assets | 5.9 | % |  | 5.9 | % |  | 6.2 | %
Rate of pension increase | 2.5 | % |  | 2.5 | % |  | 2.2 | %
Used to determine benefit obligation at end of year: |  |  |  |  |
Discount rate | 4.1 | % |  | 4.1 | % |  | 3.2 | %
Rate of pension increase | 2.5 | % |  | 2.5 | % |  | 2.2 | %
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 June 29, 2024 (in millions):
|  |  |  |  |  |  | Fair value as of
|  |  |  |  |  |  | June 29, 2024
| Target Allocation |  | Total |  | Percentage of Plan Assets |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |  |  |  |
Equity / Other | 40 | % |  | $ | 12.1 |  |  | 37.8 | % |  | $ | — |  |  | $ | 12.1 |
Fixed income | 60 | % |  | 17.0 |  |  | 53.1 | % |  | — |  |  | 17.0 |
Cash | — | % |  | 2.9 |  |  | 9.1 | % |  | 2.9 |  |  | — |
Total assets |  |  | $ | 32.0 |  |  | 100.0 | % |  | $ | 2.9 |  |  | $ | 29.1 |
The following table sets forth the plan’s assets at fair value and the percentage of assets allocations as of July 1, 2023 (in millions):
|  |  |  |  |  |  | Fair value as of
|  |  |  |  |  |  | July 1, 2023
| Target Allocation |  | Total |  | Percentage of Plan Assets |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |  |  |  |
Equity / Other | 60 | % |  | $ | 18.4 |  |  | 59.2 | % |  | $ | — |  |  | $ | 18.4 |
Fixed income | 40 | % |  | 10.0 |  |  | 32.1 | % |  | — |  |  | 10.0 |
Cash | — | % |  | 2.7 |  |  | 8.7 | % |  | 2.7 |  |  | — |
Total assets |  |  | $ | 31.1 |  |  | 100.0 | % |  | $ | 2.7 |  |  | $ | 28.4 |
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):
Fiscal Years |
2025 | $ | 8.5 |
2026 | 6.0 |
2027 | 5.9 |
2028 | 5.2 |
2029 | 5.0 |
2030-2034 | 23.1 |

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