Pension and Other Post-Retirement Benefit Plans

6 Months Ended

Dec. 30, 2022

Retirement Benefits [Abstract]

Pension 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, Thailand and the Philippines. All pension and other post-retirement benefit plans outside of the Company’s Japan, Thailand and the Philippines defined benefit pension plans (the “Pension Plans”) are immaterial to the Condensed Consolidated Financial Statements. The expected long-term rate of return on the Pension Plans assets is 2.5%.

Obligations and Funded Status

The following table presents the unfunded status of the benefit obligations for the Pension Plans:

	December 30, 2022		July 1, 2022
	(in millions)
Benefit obligation at end of period	$	302	$	294
Fair value of plan assets at end of period	195		189
Unfunded status	$	107	$	105

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

	December 30, 2022		July 1, 2022
	(in millions)
Current liabilities	$	1	$	1
Non-current liabilities	106		104
Net amount recognized	$	107	$	105

Net periodic benefit costs were not material for the three and six months ended December 30, 2022.