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Pensions and Other Post-retirement Benefit Plans (Tables)

12 Months Ended

Jun. 28, 2019

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



	2019			2018			2017
	(in millions)
Change in benefit obligation:
Projected benefit obligation at beginning of period	$	260		$	249		$	326
Service cost	6			6			8
Interest cost	2			2			1
Actuarial loss (gain)	13			9			(22		)
Benefits paid	(9		)	(9		)	(30		)
Settlement/Curtailment	—			—			(6		)
Non-U.S. currency movement	8			3			(28		)
Projected benefit obligation at end of period	280			260			249
Change in plan assets:
Fair value of plan assets at beginning of period	200			189			212
Actual return on plan assets	2			8			15
Employer contributions	10			10			10
Benefits paid	(9		)	(9		)	(30		)
Non-U.S. currency movement	5			2			(18		)
Fair value of plan assets at end of period	208			200			189
Unfunded status	$	72		$	60		$	60

Unfunded Amounts Recognized on Consolidated Balance Sheets

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



	June 28, 2019		June 29, 2018
	(in millions)
Current liabilities	$	1	$	1
Non-current liabilities	71		59
Net amount recognized	$	72	$	60

Schedule of Assumptions Used

The weighted-average actuarial assumptions used to determine the projected benefit obligations for the Japanese defined benefit pension plans were as follows:



	2019		2018		2017
Discount rate	0.4	%	0.7	%	0.8	%
Rate of compensation increase	0.6	%	0.7	%	0.8	%

The weighted-average actuarial assumptions used to determine benefit costs for the Japanese defined benefit pension plans were as follows:



	2019		2018		2017
Discount rate	0.7	%	0.8	%	0.4	%
Expected long-term rate of return on plan assets	2.5	%	2.5	%	2.5	%
Rate of compensation increase	0.7	%	0.8	%	0.8	%

Schedule of Defined Benefit Plans Disclosures

The following tables present the Japanese defined benefit pension plans’ major asset categories and their associated fair values as of June 28, 2019 and June 29, 2018:



	June 28, 2019
	Level 1		Level 2		Level 3		Total
	(in millions)
Equity:
Equity commingled/mutual funds⁽¹⁾⁽²⁾	$	—	$	68	$	—	$	68
Fixed income:
Fixed income commingled/mutual funds⁽¹⁾⁽³⁾	—		131		—		131
Cash equivalents and short-term investments	9		—		—		9
Fair value of plan assets	$	9	$	199	$	—	$	208



	June 29, 2018
	Level 1		Level 2		Level 3		Total
	(in millions)
Equity:
Equity commingled/mutual funds⁽¹⁾⁽²⁾	$	—	$	68	$	—	$	68
Fixed income:
Fixed income commingled/mutual funds⁽¹⁾⁽³⁾	—		125		—		125
Cash equivalents and short-term investments	3		4		—		7
Fair value of plan assets	$	3	$	197	$	—	$	200


⁽¹⁾	Commingled funds represent pooled institutional investments.


⁽²⁾	Equity mutual funds invest primarily in equity securities.

⁽³⁾

Fixed income mutual funds invest primarily in fixed income securities.