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Employee Pension and Other Benefit Plans (Tables)

12 Months Ended

Jul. 01, 2023

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