v3.25.2
Deferred Compensation Plans
12 Months Ended
Jun. 29, 2025
Retirement Benefits [Abstract]  
Deferred Compensation Plans Deferred Compensation Plans
The Company has an unfunded, non-qualified deferred compensation plan whereby executives may defer a portion of their compensation. Participants earn a return on their deferred compensation based on their allocation of their account balance among various mutual funds. The Company controls the investment of these funds, and the participants remain general creditors of the Company. Participants are able to elect the payment of benefits on a specified date at least three years after the opening of a deferral sub-account or upon retirement. Distributions are made in the form of lump sum or annual installments over a period of up to 20 years as elected by the participant. If no alternate election has been made, a lump sum payment will be made upon termination of a participant’s employment with the Company. As of June 29, 2025, and June 30, 2024, the liability of the Company to the plan participants was $423.9 million and $385.5 million, respectively, which was recorded in Accrued expenses and other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets. As of June 29, 2025, and June 30, 2024, the Company had investments in the aggregate amount of $438.8 million and $393.5 million, respectively, which correlate to the deferred compensation obligations, which were recorded in Other assets on the Consolidated Balance Sheets.