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Pensions and Other Post-Retirement Benefit Plans | 6 Months Ended
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Jan. 01, 2021
Retirement Benefits [Abstract] |
Pensions and Other Post-Retirement Benefit Plans | Pension and Other Post-Retirement Benefit Plans The Company has pension and other post-retirement benefit plans in various countries. The Company’s principal pension plans are in Japan, Thailand and the Philippines. All pension and other post-retirement benefit plans outside of the Company’s Japan, Thailand and Philippines defined benefit pension plans (the “Pension Plans”) are immaterial to the Condensed Consolidated Financial Statements. The expected long-term rate of return on the Pension Plans assets is 2.5%. Obligations and Funded Status The following table presents the unfunded status of the benefit obligations for the Pension Plans:
| January 1, 2021 |  | July 3, 2020 |  |
| (in millions)
Benefit obligation at end of period | $ | 387 |  |  | $ | 366 |  |  |
Fair value of plan assets at end of period | 227 |  |  | 215 |  |  |
Unfunded status | $ | 160 |  |  | $ | 151 |  |  |
The following table presents the unfunded amounts related to the Pension Plans as recognized on the Company’s Condensed Consolidated Balance Sheets:
| January 1, 2021 |  | July 3, 2020
| (in millions)
Current liabilities | $ | 1 |  |  | $ | 1 |
Non-current liabilities | 159 |  |  | 150 |
Net amount recognized | $ | 160 |  |  | $ | 151 |
Net periodic benefit costs were not material for the three and six months ended January 1, 2021.

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