v3.26.1
Employee Pension and Other Benefit Plans (Tables)
 12 Months Ended
Jun. 27, 2026
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
June 27, 2026June 28, 2025June 29, 2024
Service cost$1.0 $— $— 
Interest cost3.5 3.3 3.3 
Expected return on plan assets(1.7)(1.8)(1.9)
Recognized net actuarial losses0.3 0.2 0.1 
Net periodic benefit cost$3.1 $1.7 $1.5 
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
June 27, 2026June 28, 2025
Change in benefit obligation:
Benefit obligation at beginning of year:$84.9 $83.7 
Service cost1.0 — 
Interest cost3.5 3.3 
Actuarial gains(3.0)(3.1)
Acquisition(1)
0.6 — 
Other(2)
1.0 — 
Benefits paid(6.9)(6.2)
Foreign exchange impact(2.6)7.2 
Benefit obligation at end of year$78.5 $84.9 
Change in plan assets:
Fair value of plan assets at beginning of year$32.9 $32.0 
Actual return on plan assets(0.1)(1.5)
Other(2)
0.8 — 
Employer contributions7.3 6.0 
Benefits paid(6.8)(6.2)
Foreign exchange impact(1.3)2.6 
Fair value of plan assets at end of year32.8 32.9 
Funded status(45.7)(52.0)
Accumulated benefit obligation$78.5 $84.9 
(1) Represents the gratuity liability related to the Spirent HSE and CE business acquisition during fiscal 2026.
(2) Other represents balance for the Indian plan not included in the Accumulated benefit obligation or plan assets amounts as of June 28, 2025 in the table above.
Schedule of Defined Benefit Plan Amounts Recognized by Financial Statement Location
Pension Benefit Plans
June 27, 2026June 28, 2025
Amount recognized on the Consolidated Balance Sheets at end of year:
Non-current assets$7.1 $7.6 
Current liabilities5.8 5.8 
Non-current liabilities47.0 53.8 
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income:
Net actuarial gain$1.0 $0.1 
Amortization of accumulated net actuarial losses0.2 0.2 
Total recognized in other comprehensive (loss) income$1.2 $0.3 
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., German and Indian pension plans:
Pension Benefit Plans
June 27, 2026June 28, 2025June 29, 2024
Used to determine net periodic cost at end of year:
Discount rate4.6 %4.2 %4.1 %
Expected long-term return on plan assets5.4 %5.3 %5.9 %
Rate of pension increase2.5 %2.4 %2.5 %
Used to determine benefit obligation at end of year:
Discount rate4.7 %4.2 %4.1 %
Rate of pension increase2.7 %2.4 %2.5 %
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 June 27, 2026 (in millions):
Target AllocationTotalPercentage of Plan AssetsLevel 1Level 2
Assets:
Fixed income100 %$26.3 80.2 %— $26.3 
Cash— %6.5 19.8 %6.5 — 
Total assets$32.8 100.0 %$6.5 $26.3 
The following table sets forth the plan’s assets at fair value and the percentage of assets allocations as of June 28, 2025 (in millions):
Fair value as of
June 28, 2025
Target AllocationTotalPercentage of Plan AssetsLevel 1Level 2
Assets:
Fixed income100 %$32.5 98.8 %— $32.5 
Cash— %0.4 1.2 %0.4 — 
Total assets$32.9 100.0 %$0.4 $32.5 
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):
Fiscal Years
2027$6.8 
20286.7 
20296.6 
20306.0 
20316.0 
2032-203628.6