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v3.22.2.2

Pensions and Other Post-retirement Benefit Plans (Tables) | 12 Months Ended
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Jul. 01, 2022
Retirement Benefits [Abstract] |
Schedule of Obligations and Funded Status | The following table presents the unfunded status of the benefit obligations for the Pension Plans:
| 2022 |  | 2021 |  | 2020
| (in millions)
Change in benefit obligation: |  |  |  |  |
Projected benefit obligation at beginning of period | $ | 359 |  |  | $ | 366 |  |  | $ | 352 |
Service cost | 15 |  |  | 16 |  |  | 13 |
Interest cost | 5 |  |  | 5 |  |  | 4 |
Plan amendments | 9 |  |  | — |  |  | — |
Actuarial loss (gain) | (31) |  |  | (5) |  |  | 3 |
Benefits paid | (9) |  |  | (11) |  |  | (8) |
Settlement/curtailment | — |  |  | — |  |  | — |
Non-U.S. currency movement | (54) |  |  | (12) |  |  | 2 |
Projected benefit obligation at end of period | 294 |  |  | 359 |  |  | 366 |
Change in plan assets: |  |  |  |  |
Fair value of plan assets at beginning of period | 227 |  |  | 215 |  |  | 209 |
Actual return on plan assets | — |  |  | 20 |  |  | 4 |
Employer contributions | 10 |  |  | 11 |  |  | 9 |
Benefits paid | (7) |  |  | (11) |  |  | (8) |
Non-U.S. currency movement | (41) |  |  | (8) |  |  | 1 |
Fair value of plan assets at end of period | 189 |  |  | 227 |  |  | 215 |
Unfunded status | $ | 105 |  |  | $ | 132 |  |  | $ | 151 |
Schedule of 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 1, 2022 |  | July 2, 2021
| (in millions)
Current liabilities | $ | 1 |  |  | $ | 1 |
Non-current liabilities | 104 |  |  | 131 |
Net amount recognized | $ | 105 |  |  | $ | 132 |
Schedule of Assumptions Used | The weighted-average actuarial assumptions used to determine the projected benefit obligations for the Pension Plans were as follows:
| 2022 |  | 2021 |  | 2020
Discount rate | 2.3 | % |  | 1.4 | % |  | 1.1 | %
Rate of compensation increase | 2.3 | % |  | 2.0 | % |  | 2.0 | %
The weighted-average actuarial assumptions used to determine benefit costs for the Pension Plans were as follows:
| 2022 |  | 2021 |  | 2020
Discount rate | 1.4 | % |  | 1.1 | % |  | 1.1 | %
Expected long-term rate of return on plan assets | 2.5 | % |  | 2.5 | % |  | 2.5 | %
Rate of compensation increase | 2.0 | % |  | 2.0 | % |  | 1.7 | %
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 1, 2022 and July 2, 2021:
| July 1, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Plan assets measured at fair value: |  |  |
Equity: |  |  |  |  |
Equity commingled/mutual funds(1)(2) | $ | — |  |  | $ | 63 |  |  | $ | — |  |  | $ | 63 |
Fixed income: |  |  |  |  |  |  |
Fixed income commingled/mutual funds(1)(3) | — |  |  | 95 |  |  | — |  |  | 95 |
Net plan assets subject to leveling | — |  |  | 158 |  |  | — |  |  | 158 |
Real estate investment trust at net asset value |  |  |  |  |  |  | 31 |
Total investments at fair value | $ | — |  |  | $ | 158 |  |  | $ | — |  |  | $ | 189 |
| 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 |
Net plan assets subject to leveling | — |  |  | 196 |  |  | — |  |  | 196 |
Real estate investment trust at net asset value |  |  |  |  |  |  | 30 |
Total investments at fair value | $ | — |  |  | $ | 196 |  |  | $ | — |  |  | $ | 226 |
(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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