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Pensions and Other Post-retirement Benefit Plans (Tables)

12 Months Ended

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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