Employee Retirement Plans (Tables)

12 Months Ended

Jun. 28, 2025

Schedule of Changes in Benefit Obligations and Plan Assets of Pension and Benefits Plans

The change in the benefit obligations of pension plans in Japan, Switzerland, and Thailand, and the change in plan assets in Switzerland were as follows (in millions):



	June 28, 2025		June 29, 2024
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	24.5	$	24.8
Assumed pension liability in Japan in connection with NeoPhotonics acquisition	—		—
Service cost	1.7		1.9
Interest cost	0.5		0.4
Plan participants’ contributions	0.8		1.1
Actuarial losses (1)	3.0		0.4
Net benefits payment	(2.0)		(3.3)
Settlements	(1.6)		—
Plan amendments	(0.2)		(0.1)
Foreign exchange impact	2.9		(0.7)
Benefit obligation at end of year	$	29.6	$	24.5

Change in plan assets:
Fair value of plan assets at beginning of year	$	14.9	$	13.4
Actual return on plan assets	1.1		0.8
Employer contribution	2.8		3.1
Plan participants’ contribution	0.8		1.1
Net benefits payment	(2.0)		(3.3)
Settlements	(1.6)		—
Foreign exchange impact	1.8		(0.2)
Fair value of plan assets at end of year	$	17.8	$	14.9

Funded status (2)	$	(11.8)	$	(9.6)

Changes in benefit obligations and plan assets recognized in other comprehensive income:



Net actuarial loss (gain)	$	2.4	$	(0.1)
Loss recognized due to settlement	(0.4)		(0.1)
	$	2.0	$	(0.2)

Accumulated benefit obligation	$	23.2	$	19.6

(1) Actuarial losses are primarily driven by changes in discount rates.

(2) The current portion of the projected benefit obligation is $0.9 million and $1.0 million, respectively, as of June 28, 2025 and June 29, 2024, which was recorded under accrued payroll and related expenses in the consolidated balance sheets. The non-current portion of the projected benefit obligation is $11.0 million and $8.6 million, respectively, as of June 28, 2025 and June 29, 2024, which was recorded under other non-current liabilities in the consolidated balance sheets. Refer to “Note 7. Balance Sheet Details.”

Schedule of Net Periodic Pension Cost

Net periodic pension costs in Japan, Switzerland and Thailand include the following components for the periods presented (in millions):


	Years Ended
	June 28, 2025		June 29, 2024		July 1, 2023
Service cost	$	1.7	$	1.9	$	1.7
Interest cost	0.5		0.4		0.3
Amortization of prior service cost	(0.1)		(0.1)		(0.1)
Expected return on plan assets	(0.5)		(0.4)		(0.3)


Settlement losses	0.4		0.1		—
Net periodic pension cost	$	2.0	$	1.9	$	1.6

Schedule of Assumptions Used to Determine Net Periodic Cost and Benefit Obligation

The following table summarizes the weighted-average assumptions used to determine net periodic cost and benefit obligation for our defined benefit plans in Japan, Switzerland and Thailand:


	Years Ended
	June 28, 2025		June 29, 2024
Assumptions used to determine net periodic cost:
Discount rate	2.0	%	2.0	%
Expected long-term return on plan assets	3.0	%	3.0	%
Salary increase rate	3.9	%	3.8	%
Assumptions used to determine benefit obligation at end of year:
Discount rate	1.3	%	1.8	%
Salary increase rate	3.0	%	2.9	%

Schedule of Percentage of Asset Allocations and Plan's Assets at Fair Value

The following table sets forth the plan assets of our defined benefit plan in Switzerland at fair value and the percentage of assets allocations as of June 28, 2025 and June 29, 2024 (in millions, except percentage data):


							Fair value measurement as of June 28, 2025
	Target allocation		Total		Percentage of plan asset		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)
Assets:
Global equity	35	%	$	6.5	34	%	$	—	$	6.5
Fixed income	27	%	5.1		27	%	—		5.1
Alternative investment	14	%	2.7		14	%	—		2.7
Cash	1	%	0.2		1	%	0.2		—
Other assets	23	%	4.6		24	%	—		4.6
Total Assets	100	%	$	19.1	100	%	$	0.2	$	18.9


							Fair value measurement as of June 29, 2024
	Target allocation		Total		Percentage of plan asset		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)
Assets:
Global equity	33	%	$	5.1	32	%	$	—	$	5.1
Fixed income	30	%	4.2		30	%	—		4.2
Alternative investment	13	%	1.9		13	%	—		1.9
Cash	1	%	0.1		1	%	0.1		—
Other assets	23	%	3.6		24	%	—		3.6
Total Assets	100	%	$	14.9	100	%	$	0.1	$	14.8

Schedule of Defined Benefit Plans Disclosures

The following benefit payments are estimated to be paid from our defined benefit pension plans (in millions):


Fiscal Years	Total
2026	$	2.0
2027	1.4
2028	1.7
2029	1.6
2030	1.7
Next five years	13.9
Total expected benefit payments	$	22.3