Employee Benefit Plans (Tables)
|
12 Months Ended |
Jul. 03, 2026 |
|---|
| Retirement Benefits [Abstract] |
|
| Schedule of Expected Benefit Payments |
The following table reflects the total pension benefits expected to be paid from the Plan, which is funded from contributions by participants and the Company. | | | | | | | | | | Fiscal Year | | Total | | 2027 | | $ | 444 | | | 2028 | | 448 | | | 2029 | | 458 | | | 2030 | | 670 | | | 2031 | | 654 | | | Thereafter (next 5 years) | | 3,268 | | | Total | | $ | 5,942 | |
|
| Schedule of Net Benefit Costs |
The following table outlines the components of net periodic benefit cost of the Plan for the fiscal years ended July 3, 2026 and June 27, 2025: | | | | | | | | | | | | | Fiscal Years Ended | | July 3, 2026 | | June 27, 2025 | | Service cost | $ | 833 | | | $ | 1,164 | | | Interest cost | 211 | | | 320 | | | Expected return on assets | (155) | | | (247) | | | Amortization of prior service cost | (225) | | | (227) | | | | | | | Settlement gain recognized | 179 | | | (181) | | | Curtailment gain recognized | (3,518) | | | (2,062) | | | Net periodic benefit gain | $ | (2,675) | | | $ | (1,233) | | | | | |
During fiscal year 2026, due to a reduction in force that impacted 39 employees, there was a $3,518 plan curtailment.
|
| Schedule of Assumptions Used |
The following table reflects the related actuarial assumptions used to determine net periodic benefit cost of the Plan for the fiscal years ended July 3, 2026 and June 27, 2025: | | | | | | | | | | | | | Fiscal Years Ended | | July 3, 2026 | | June 27, 2025 | | Discount rate | 1.25 | % | | 1.20 | % | | Expected rate of return on Plan assets | 1.25 | % | | 1.25 | % | | Expected inflation | 1.00 | % | | 1.00 | % | | Rate of compensation increases | 3.00 | % | | 3.00 | % |
|
| Schedule of Changes in Projected Benefit Obligations |
The following table presents the change in projected benefit obligation for the periods presented: | | | | | | | | | | | | | Fiscal Years Ended | | July 3, 2026 | | June 27, 2025 | | Projected benefit obligation, beginning | $ | 17,722 | | | $ | 21,878 | | | Service cost | 833 | | | 1,164 | | | Interest cost | 211 | | | 320 | | | | | | | Employee contributions | 3,755 | | | 1,106 | | | Actuarial gain | 593 | | | 2,046 | | | Benefits (received) paid | (217) | | | 557 | | | Settlements | (9,026) | | | (10,299) | | | Plan amendment | — | | | (22) | | | Curtailment | (3,205) | | | (1,750) | | | Foreign exchange loss | 122 | | | 2,722 | | | Projected benefit obligation at end of year | $ | 10,788 | | | $ | 17,722 | |
|
| Schedule of Changes in Fair Value of Plan Assets |
The following table presents the change in Plan assets for the periods presented: | | | | | | | | | | | | | Fiscal Years Ended | | July 3, 2026 | | June 27, 2025 | | Fair value of Plan assets, beginning | $ | 12,440 | | | $ | 16,873 | | | Actual return on Plan assets | 48 | | | 1,125 | | | Company contributions | 598 | | | 978 | | | | | | | Employee contributions | 3,755 | | | 1,106 | | | Benefits (received) paid | (217) | | | 557 | | | Settlements | (9,026) | | | (10,299) | | | Foreign exchange gain | 137 | | | 2,100 | | | Fair value of Plan assets at end of year | $ | 7,735 | | | $ | 12,440 | |
|
| Schedule of Net Funded Status |
The following table presents the Company's reconciliation of funded status for the period presented: | | | | | | | | | | | | | As of | | July 3, 2026 | | June 27, 2025 | | Projected benefit obligation at end of year | $ | 10,788 | | | $ | 17,722 | | | Fair value of plan assets at end of year | 7,735 | | | 12,440 | | | Funded status | $ | (3,053) | | | $ | (5,282) | |
|