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Severance liabilities (Tables)
12 Months Ended
Jun. 24, 2022
Retirement Benefits [Abstract]  
Schedule of Severance Liabilities
The following table provides information regarding severance liabilities:
Years Ended
(amount in thousands)June 24,
2022
June 25,
2021
Changes in severance liabilities
Balance, beginning of the fiscal year$19,782 $17,673 
Current service cost$2,318 $2,177 
Interest cost518 515 
Benefit paid(322)(1,198)
Unrealized loss (gain) on exchange rate(2,133)(550)
Actuarial (gain) loss on obligation(1,542)1,129 
Foreign currency translation(33)36 
Balance, end of the fiscal year$18,588 $19,782 
Changes in plan assets
Balance, beginning of the fiscal year$356 $294 
Actual return on plan assets$(13)$19 
Employer contributions38 43 
Benefit paid— (34)
Foreign currency translation(43)34 
Balance, end of the fiscal year$338 $356 
Underfunded status$(18,250)$(19,426)
Schedule of Future Maturities of Severance Liabilities
The following table sets forth our severance liabilities as of June 24, 2022:
(amount in thousand)
2023$1,318 
20241,239 
20251,835 
20261,266 
20271,497 
Thereafter11,433 
Total$18,588 
Schedule of Severance Liabilities Recognized in Balance Sheet
The amount recognized in the consolidated balance sheets under non-current liabilities and non-current assets were determined as follows:
(amount in thousands)As of June 24,
2022
As of June 25,
2021
Non-current assets$134 $59 
Non-current liabilities$18,384 $19,485 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table provides information regarding accumulated benefit obligations:
(amount in thousands)As of June 24,
2022
As of June 25,
2021
Accumulated benefit obligations$13,018 $13,581 
Schedule of Changes in Fair Value of Plan Assets
The following table sets forth the plan assets at fair value as of June 24, 2022 and June 25, 2021.
(amount in thousands)Fair value measurement as of June 24, 2022
TotalSignificant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Other(1)
$338 $208 $130 
Total Assets$338 $208 $130 
(1)The “Other” category represents the value of assets with Quilter and Royal London.
(amount in thousands)Fair value measurement as of June 25, 2021
TotalSignificant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Other(2)
$356 $211 $145 
Total Assets$356 $211 $145 
(2)    The “Other” category represents the value of assets with Old Mutual Wealth and Royal London.
Schedule of Allocation of Plan Assets
The Trustees have chosen to invest in the following funds:
% of Total
FundAs of June 24,
2022
As of June 25,
2021
Old Mutual Wealth Creation Balanced Portfolio— %59 %
Quilter Creation Balanced Portfolio62 %— %
Royal London Deposit Administration38 %41 %
Schedule of Principal Actuarial Assumptions Used
The principal actuarial assumptions used were as follows:
Weighted average actuarial assumptions used to determine severance liabilities
Years Ended
June 24, 2022June 25, 2021June 26, 2020
Discount rate
2.1% - 3.9%
0.2% - 2.9%
0.4% - 3.1%
Future salary increases
3.5% - 10.0%
3.5% - 10.0%
3.5% - 10.0%
Weighted average actuarial assumptions used to determine benefit costs
Years Ended
June 24, 2022June 25, 2021June 26, 2020
Discount rate
0.2% - 2.9%
0.4% - 3.1%
2.3% - 3.2%
Expected long-term rate of return on assets2.1%2.3%2.1%