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Employee Pension and Other Benefit Plans (Tables)
 12 Months Ended
Jul. 02, 2022
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 2, 2022July 3, 2021June 27, 2020
Service cost$0.2 $0.2 $0.3 
Interest cost1.6 1.5 1.9 
Expected return on plan assets(1.7)(1.7)(1.5)
Recognized net actuarial losses2.9 3.1 2.8 
Net periodic cost$3.0 $3.1 $3.5 
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 2, 2022July 3, 2021
Change in benefit obligation
Benefit obligation at beginning of year$140.5 $138.9 
Service cost0.2 0.2 
Interest cost1.6 1.5 
Actuarial gains (25.7)(4.8)
Benefits paid(6.3)(6.1)
Foreign exchange impact(14.8)10.8 
Benefit obligation at end of year$95.5 $140.5 
Change in plan assets
Fair value of plan assets at beginning of year$36.2 $29.0 
Actual return on plan assets(3.0)2.9 
Employer contributions6.7 6.9 
Benefits paid(6.3)(6.0)
Foreign exchange impact(4.3)3.4 
Fair value of plan assets at end of year29.3 36.2 
Funded status(66.2)(104.3)
Accumulated benefit obligation$95.5 $140.5 
Schedule of Defined Benefit Plan Amounts Recognized by Financial Statement Location
Pension Benefit Plans
July 2, 2022July 3, 2021
Amount recognized in the Consolidated Balance Sheets at end of year:
Current liabilities$7.0 $7.9 
Non-current liabilities59.2 96.4 
Net amount recognized at end of year$66.2 $104.3 
Amount recognized in accumulated other comprehensive (loss) income at end of year:
Actuarial losses, net of tax$(7.2)$(24.0)
Net amount recognized at end of year$(7.2)$(24.0)
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income:
Net actuarial gain $13.9 $4.1 
Amortization of accumulated net actuarial losses2.9 3.1 
Total recognized in other comprehensive income (loss)$16.8 $7.2 
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 2, 2022July 3, 2021June 27, 2020
Used to determine net period cost at end of year:
Discount rate3.2 %1.2 %1.1 %
Expected long-term return on plan assets6.2 %5.4 %5.6 %
Rate of pension increase2.2 %2.2 %2.3 %
Used to determine benefit obligation at end of year:
Discount rate3.2 %1.2 %1.0 %
Rate of pension increase2.2 %2.3 %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 July 2, 2022 (in millions, except percentage data):
Fair value as of
July 2, 2022
Target AllocationTotalPercentage of Plan AssetsLevel 1Level 2
Assets:
Global equity40 %$10.3 35.2 %$— $10.3 
Fixed income40 %10.4 35.5 %— 10.4 
Other20 %6.4 21.9 %— 6.4 
Cash2.2 7.5 %2.2 — 
Total assets$29.3 100.0 %$2.2 $27.1 
The following table sets forth the plan’s 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 AllocationTotalPercentage of Plan AssetsLevel 1Level 2
Assets:
Global equity40 %$14.0 38.7 %$— $14.0 
Fixed income40 %12.8 35.4 %— 12.8 
Other20 %7.9 21.8 %— 7.9 
Cash1.5 4.1 %1.5 — 
Total assets$36.2 100.0 %$1.5 $34.7 
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
2023$8.0 
20245.6 
20255.3 
20265.4 
20275.5 
2028-203122.8 
Thereafter13.6 
Total$66.2