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Pensions and Other Post-retirement Benefit Plans (Tables) | 12 Months Ended
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Jul. 03, 2020
Retirement Benefits [Abstract] |
Obligations and Funded Status | The following table presents the unfunded status of the benefit obligations for the Pension Plans:
| 2020 |  | 2019 |  | 2018
| (in millions) |  |  |  |
Change in benefit obligation: |  |  |  |  |
Projected benefit obligation at beginning of period | $ | 352 |  |  | $ | 300 |  |  | $ | 285 |
Service cost | 13 |  |  | 10 |  |  | 10 |
Interest cost | 4 |  |  | 4 |  |  | 4 |
Plan amendments | — |  |  | 13 |  |  | — |
Actuarial loss (gain) | 3 |  |  | 26 |  |  | 7 |
Benefits paid | (8) |  |  | (9) |  |  | (9) |
Settlement/curtailment | — |  |  | (3) |  |  | — |
Other | — |  |  | — |  |  | — |
Non-U.S. currency movement | 2 |  |  | 11 |  |  | 3 |
Projected benefit obligation at end of period | 366 |  |  | 352 |  |  | 300 |
Change in plan assets: |  |  |  |  |
Fair value of plan assets at beginning of period | 209 |  |  | 200 |  |  | 189 |
Actual return on plan assets | 4 |  |  | 2 |  |  | 8 |
Employer contributions | 9 |  |  | 10 |  |  | 10 |
Benefits paid | (8) |  |  | (9) |  |  | (9) |
Non-U.S. currency movement | 1 |  |  | 6 |  |  | 2 |
Fair value of plan assets at end of period | 215 |  |  | 209 |  |  | 200 |
Unfunded status | $ | 151 |  |  | $ | 143 |  |  | $ | 100 |
Unfunded Amounts Recognized on Consolidated Balance Sheets | The following table presents the unfunded amounts related to the Pension Plans as recognized on the Company’s Consolidated Balance Sheets:
| July 3, 2020 |  | June 28, 2019
| (in millions) |  |
Current liabilities | $ | 1 |  |  | $ | 1 |
Non-current liabilities | 150 |  |  | 142 |
Net amount recognized | $ | 151 |  |  | $ | 143 |
Schedule of Assumptions Used | The weighted-average actuarial assumptions used to determine the projected benefit obligations for the Pension Plans were as follows:
| 2020 |  | 2019 |  | 2018
Discount rate | 1.1 | % |  | 1.1 | % |  | 1.3 | %
Rate of compensation increase | 2.0 | % |  | 1.7 | % |  | 1.4 | %
The weighted-average actuarial assumptions used to determine benefit costs for the Pension Plans were as follows:
| 2020 |  | 2019 |  | 2018
Discount rate | 1.1 | % |  | 1.3 | % |  | 0.5 | %
Expected long-term rate of return on plan assets | 2.5 | % |  | 2.5 | % |  | 2.5 | %
Rate of compensation increase | 1.7 | % |  | 1.2 | % |  | 1.5 | %
Schedule of Defined Benefit Plans Disclosures | The following tables present the Pension Plans’ major asset categories and their associated fair values as of July 3, 2020 and June 28, 2019:
| July 3, 2020 |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions) |  |  |  |  |  |
Equity: |  |  |  |  |  |  |
Equity commingled/mutual funds(1)(2) | $ | — |  |  | $ | 72 |  |  | $ | — |  |  | $ | 72 |
Fixed income: |  |  |  |  |  |  |
Fixed income commingled/mutual funds(1)(3) | — |  |  | 131 |  |  | — |  |  | 131 |
Cash equivalents and short-term investments | 12 |  |  | — |  |  | — |  |  | 12 |
Fair value of plan assets | $ | 12 |  |  | $ | 203 |  |  | $ | — |  |  | $ | 215 |
| 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) | — |  |  | 132 |  |  | — |  |  | 132 |
Cash equivalents and short-term investments | 9 |  |  | — |  |  | — |  |  | 9 |
Fair value of plan assets | $ | 9 |  |  | $ | 200 |  |  | $ | — |  |  | $ | 209 |
(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.

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