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Employee Pension and Other Benefit Plans (Tables)
 12 Months Ended
Jun. 27, 2015
Employee Pension and Other Benefit Plans  
Schedule of net periodic cost for the pension and benefits plans

 

The following table presents the components of the net periodic cost for the pension and benefits plans (in millions):

 

 

 

Years Ended

 

Pension Benefits

 

2015

 

2014

 

2013

 

Service cost

 

$
0.5

 

$
0.5

 

$
0.3

 

Interest cost

 
3.8

 
4.5

 
4.4

 

Expected return on plan assets

 
(1.7

)
(1.4

)
(1.2

)

Recognized net actuarial losses

 
0.4

 
0.1

 

—

 

 

 

 

 

 

 

 

 

Net periodic benefit cost

 

$
3.0

 

$
3.7

 

$
3.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of changes in the benefit obligations and plan assets of the pension and benefits plans

 

The changes in the benefit obligations and plan assets of the pension and benefits plans were (in millions):

 

 

 

Pension Benefit Plans

 

 

 

2015

 

2014

 

Change in benefit obligation

 

 

 

 

 

Benefit obligation at beginning of year

 

$
143.9

 

$
121.0

 

Service cost

 
0.5

 
0.5

 

Interest cost

 
3.8

 
4.5

 

Plan participants’ contributions

 
0.3

 
0.1

 

Actuarial losses

 
5.1

 
10.9

 

Acquisitions

 

—

 
3.8

 

Benefits paid

 
(4.3

)
(4.9

)

Foreign exchange impact

 
(21.4

)
8.0

 

 

 

 

 

 

 

Benefit obligation at end of year

 

$
127.9

 

$
143.9

 

 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

Fair value of plan assets at beginning of year

 
33.5

 
25.6

 

Actual return on plan assets

 
1.9

 
2.0

 

Acquisitions

 

—

 
2.7

 

Employer contributions

 
5.8

 
5.1

 

Plan participants’ contributions

 
0.3

 
0.1

 

Benefits paid

 
(4.3

)
(4.9

)

Foreign exchange impact

 
(2.4

)
2.9

 

 

 

 

 

 

 

Fair value of plan assets at end of year

 

$
34.8

 

$
33.5

 

 

 

 

 

 

 

 

 

Funded status

 

$
(93.1

)

$
(110.4

)

 

 

 

 

 

 

 

 

Accumulated benefit obligation

 

$
126.2

 

$
142.2

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefit Plans

 

 

 

2015

 

2014

 

Amount recognized in the Consolidated Balance Sheets at end of year:

 

 

 

 

 

Current liabilities

 

$
4.8

 

$
4.2

 

Non-current liabilities

 
88.3

 
106.2

 

 

 

 

 

 

 

Net amount recognized at end of year

 

$
93.1

 

$
110.4

 

 

 

 

 

 

 

 

 

Amount recognized in Accumulated other comprehensive income at end of year:

 

 

 

 

 

Actuarial losses, net of tax

 

$
(15.6

)

$
(12.3

)

 

 

 

 

 

 

 

 

Net amount recognized at end of year

 

$
(15.6

)

$
(12.3

)

 

 

 

 

 

 

 

 

Other changes in plan assets and benefit obligations recognized in Other comprehensive loss:

 

 

 

 

 

Net actuarial losses

 

$
(3.7

)

$
(7.7

)

Amortization of accumulated net actuarial losses

 
0.4

 
0.1

 

 

 

 

 

 

 

Total recognized in other comprehensive loss

 

$
(3.3

)

$
(7.6

)

 

 

 

 

 

 

 

 

 

Schedule of defined benefit plan amounts recognized and locations in financial statements

 

 

 

Pension Benefit Plans

 

 

 

2015

 

2014

 

2013

 

Weighted-average assumptions used to determine net period cost:

 

 

 

 

 

 

 

Discount rate

 
3.0 

%
3.6 

%
4.0 

%

Expected long-term return on plan assets

 
5.5 

 
5.2 

 
5.2 

 

Rate of pension increase

 
2.3 

 
2.2 

 
2.0 

 

 

 

 

 

 

 

 

 

Weighted-average assumptions used to determine benefit obligation at end of year:

 

 

 

 

 

 

 

Discount rate

 
2.6 

%
2.9 

%
3.7 

%

Rate of pension increase

 
2.2 

 
2.1 

 
2.2 

 

 

Schedule of assumptions used to determine net periodic cost and benefit obligation

 

The following table sets forth the U.K. and Swiss plans’ assets at fair value and the percentage of assets allocations as of June 27, 2015 (in millions, except percentage data).

 

 

 

 

 

 

 

 

 

Fair value measurement as of

 

 

 

 

 

 

 

 

 

June 27, 2015

 

 

 

Target
Allocation

 

Total

 

Percentage of
Plan Assets

 

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

Global equity

 
38 

%

$
13.6 

 
39.1 

%

$

—

 

$
13.6 

 

Fixed income

 
39 

%
13.3 

 
38.2 

%

—

 
13.3 

 

Other

 
23 

%
7.5 

 
21.6 

%

—

 
7.5 

 

Cash

 

 

 
0.4 

 
1.1 

%
0.4 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

$
34.8 

 
100.0 

%

$
0.4 

 

$
34.4 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of percentage of asset allocations and plan's assets at fair value

 

The following table sets forth the plan’s assets at fair value and the percentage of assets allocations as of June 28, 2014 (in millions, except percentage data).

 

 

 

 

 

 

 

 

 

Fair value measurement as of

 

 

 

 

 

 

 

 

 

June 28, 2014

 

 

 

Target
Allocation

 

Total

 

Percentage of
Plan Assets

 

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

Global equity

 
39 

%

$
13.0 

 
38.8 

%

$

—

 

$
13.0 

 

Fixed income

 
40 

%
13.3 

 
39.7 

%

—

 
13.3 

 

Other

 
21 

%
7.0 

 
20.9 

%

—

 
7.0 

 

Cash

 

 

 
0.2 

 
0.6 

%
0.2 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

$
33.5 

 
100.0 

%

$
0.2 

 

$
33.3 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of total expected benefit payments to defined benefit pension plan participants

 

(in millions)

 

Pension Benefit Plans

 

2016

 

$
5.9 

 

2017

 
6.2 

 

2018

 
6.1 

 

2019

 
6.3 

 

2020

 
5.8 

 

2021 - 2025

 
32.8 

 

Thereafter

 
30.0 

 

 

 

 

 

Total

 

$
93.1