Pensions and Other Post-retirement Benefit Plans

9 Months Ended

Apr. 03, 2015

Compensation and Retirement Disclosure [Abstract]

Pensions and Other Post-retirement Benefit Plans

10. Pensions and Other Post-retirement Benefit Plans

The Company’s principal pension and other post-retirement benefit plans are in Japan. All pension and other post-retirement benefit plans outside of the Company’s Japanese plans were immaterial to the Company’s condensed consolidated financial statements for the three and nine months ended April 3, 2015 and March 28, 2014. The expected long-term rate of return on the Japanese plan assets is 3.5%.

The following table presents the unfunded status of the benefit obligations and Japanese plan assets (in millions):

	April 3, 2015			June 27, 2014
Benefit obligation	$	219		$	255
Fair value of plan assets	(171		)	(191		)
Unfunded status	$	48		$	64

The following table presents the unfunded amounts as recognized on the Company’s condensed consolidated balance sheets (in millions):

	April 3, 2015		June 27, 2014
Current liabilities	$	1	$	1
Non-current liabilities	47		63
Net amount recognized	$	48	$	64

The net periodic benefit cost of the Company’s pension plans was not material to the condensed consolidated financial statements for the three and nine months ended April 3, 2015 and March 28, 2014. The Company’s expected employer contribution for its Japanese defined benefit pension plans is $11 million in fiscal 2015.