Pensions and Other Post-retirement Benefit Plans

9 Months Ended

Apr. 03, 2020

Retirement Benefits [Abstract]

Pensions and Other Post-retirement Benefit Plans

Pension and Other Post-Retirement Benefit Plans

The Company has pension and other post-retirement benefit plans in various countries. The Company’s principal pension plans are in Japan. All pension and other post-retirement benefit plans outside of the Company’s Japanese defined benefit pension plan (the “Japanese Plan”) are immaterial to the Condensed Consolidated Financial Statements. The expected long-term rate of return on the Japanese Plan assets is 2.5%.

Obligations and Funded Status

The following table presents the unfunded status of the benefit obligations for the Japanese Plan:

	April 3, 2020		June 28, 2019
	(in millions)
Benefit obligation at end of period	$	277	$	280
Fair value of plan assets at end of period	211		208
Unfunded status	$	66	$	72

The following table presents the unfunded amounts related to the Japanese Plan as recognized on the Company’s Condensed Consolidated Balance Sheets:

	April 3, 2020		June 28, 2019
	(in millions)
Current liabilities	$	1	$	1
Non-current liabilities	65		71
Net amount recognized	$	66	$	72

Net periodic benefit costs were not material for either the three or nine months ended April 3, 2020.