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Pensions and Other Post-retirement Benefit Plans (Tables) | 12 Months Ended
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Jul. 02, 2021
Retirement Benefits [Abstract] |
Obligations and Funded Status | The following table presents the unfunded status of the benefit obligations for the Pension Plans:
| 2021 |  | 2020 |  | 2019
| (in millions)
Change in benefit obligation: |  |  |  |  |
Projected benefit obligation at beginning of period | $ | 366 |  |  | $ | 352 |  |  | $ | 300 |
Service cost | 16 |  |  | 13 |  |  | 10 |
Interest cost | 5 |  |  | 4 |  |  | 4 |
Plan amendments | — |  |  | — |  |  | 13 |
Actuarial loss (gain) | (5) |  |  | 3 |  |  | 26 |
Benefits paid | (11) |  |  | (8) |  |  | (9) |
Settlement/curtailment | — |  |  | — |  |  | (3) |
Non-U.S. currency movement | (12) |  |  | 2 |  |  | 11 |
Projected benefit obligation at end of period | 359 |  |  | 366 |  |  | 352 |
Change in plan assets: |  |  |  |  |
Fair value of plan assets at beginning of period | 215 |  |  | 209 |  |  | 200 |
Actual return on plan assets | 20 |  |  | 4 |  |  | 2 |
Employer contributions | 11 |  |  | 9 |  |  | 10 |
Benefits paid | (11) |  |  | (8) |  |  | (9) |
Non-U.S. currency movement | (8) |  |  | 1 |  |  | 6 |
Fair value of plan assets at end of period | 227 |  |  | 215 |  |  | 209 |
Unfunded status | $ | 132 |  |  | $ | 151 |  |  | $ | 143 |
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 2, 2021 |  | July 3, 2020
| (in millions)
Current liabilities | $ | 1 |  |  | $ | 1 |
Non-current liabilities | 131 |  |  | 150 |
Net amount recognized | $ | 132 |  |  | $ | 151 |
Schedule of Assumptions Used | The weighted-average actuarial assumptions used to determine the projected benefit obligations for the Pension Plans were as follows:
| 2021 |  | 2020 |  | 2019
Discount rate | 1.4 | % |  | 1.1 | % |  | 1.1 | %
Rate of compensation increase | 2.0 | % |  | 2.0 | % |  | 1.7 | %
The weighted-average actuarial assumptions used to determine benefit costs for the Pension Plans were as follows:
| 2021 |  | 2020 |  | 2019
Discount rate | 1.1 | % |  | 1.1 | % |  | 1.3 | %
Expected long-term rate of return on plan assets | 2.5 | % |  | 2.5 | % |  | 2.5 | %
Rate of compensation increase | 2.0 | % |  | 1.7 | % |  | 1.2 | %
Schedule of Defined Benefit Plans Disclosures | The following tables present the Pension Plans’ major asset categories and their associated fair values and net asset values as of July 2, 2021 and July 3, 2020:
| July 2, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Plan assets measured at fair value: |  |  |
Equity: |  |  |  |  |
Equity commingled/mutual funds(1)(2) | $ | — |  |  | $ | 73 |  |  | $ | — |  |  | $ | 73 |
Fixed income: |  |  |  |  |  |  |
Fixed income commingled/mutual funds(1)(3) | — |  |  | 123 |  |  | — |  |  | 123 |
Fair value of plan assets | $ | — |  |  | $ | 196 |  |  | $ | — |  |  | $ | 196 |
Plan assets measured at net asset value: |  |  |  |  |  |  |
Real estate investment trust |  |  |  |  |  |  | $ | 30 |
| 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 |
(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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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
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