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v3.25.2

Pension and Other Post-Retirement Benefit Plans (Tables) | 12 Months Ended
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Jun. 27, 2025
Retirement Benefits [Abstract] |
Schedule of Obligations and Funded Status | The following table presents the changes in unfunded status of the benefit obligations for the Pension Plans:
| 2025 |  | 2024 |  | 2023
| (in millions)
Change in benefit obligation: |  |  |  |  |
Projected benefit obligation at beginning of period | $ | 244 |  |  | $ | 273 |  |  | $ | 294 |
Service cost | 9 |  |  | 9 |  |  | 14 |
Interest cost | 7 |  |  | 6 |  |  | 6 |
Plan amendments | — |  |  | — |  |  | — |
Actuarial gain | (6) |  |  | (17) |  |  | (6) |
Benefits paid | (8) |  |  | (7) |  |  | (8) |
Settlement/curtailment | — |  |  | 2 |  |  | (15) |
Other | — |  |  | — |  |  | — |
Non-U.S. currency movement | 26 |  |  | (22) |  |  | (12) |
Projected benefit obligation at end of period | 272 |  |  | 244 |  |  | 273 |
Change in plan assets: |  |  |  |  |
Fair value of plan assets at beginning of period | 184 |  |  | 185 |  |  | 189 |
Actual return on plan assets | 3 |  |  | 12 |  |  | 7 |
Employer contributions | 6 |  |  | 13 |  |  | 9 |
Benefits paid | (8) |  |  | (7) |  |  | (8) |
Non-U.S. currency movement | 19 |  |  | (19) |  |  | (12) |
Fair value of plan assets at end of period | 204 |  |  | 184 |  |  | 185 |
Unfunded status | $ | 68 |  |  | $ | 60 |  |  | $ | 88 |
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:
| June 27, 2025 |  | June 28, 2024
| (in millions)
Current liabilities | $ | 1 |  |  | $ | 1 |
Non-current liabilities | 67 |  |  | 59 |
Net amount recognized | $ | 68 |  |  | $ | 60 |
Schedule of Assumptions Used | The weighted-average actuarial assumptions used to determine the projected benefit obligations for the Pension Plans were as follows:
| 2025 |  | 2024 |  | 2023
Discount rate | 2.9 | % |  | 3.0 | % |  | 2.2 | %
Rate of compensation increase | 2.7 | % |  | 2.7 | % |  | 2.4 | %
The weighted-average actuarial assumptions used to determine benefit costs for the Pension Plans were as follows:
| 2025 |  | 2024 |  | 2023
Discount rate | 3.0 | % |  | 2.2 | % |  | 2.3 | %
Expected long-term rate of return on plan assets | 2.5 | % |  | 2.5 | % |  | 2.5 | %
Rate of compensation increase | 2.7 | % |  | 2.4 | % |  | 2.3 | %
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 June 27, 2025 and June 28, 2024:
| June 27, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Plan assets measured at fair value: |  |  |
Equity: |  |  |  |  |
Equity commingled/mutual funds(1)(2) | $ | — |  |  | $ | 66 |  |  | $ | — |  |  | $ | 66 |
Fixed income: |  |  |  |  |  |  |
Fixed income commingled/mutual funds(1)(3) | — |  |  | 110 |  |  | — |  |  | 110 |
Net plan assets subject to leveling | — |  |  | 176 |  |  | — |  |  | 176 |
Real estate investment trust at net asset value | — |  |  | — |  |  | — |  |  | 28 |
Total investments at fair value | $ | — |  |  | $ | 176 |  |  | $ | — |  |  | $ | 204 |
| June 28, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Plan assets measured at fair value: |  |  |
Equity: |  |  |  |  |
Equity commingled/mutual funds(1)(2) | $ | — |  |  | $ | 58 |  |  | $ | — |  |  | $ | 58 |
Fixed income: |  |  |  |  |  |  |
Fixed income commingled/mutual funds(1)(3) | — |  |  | 99 |  |  | — |  |  | 99 |
Net plan assets subject to leveling | — |  |  | 157 |  |  | — |  |  | 157 |
Real estate investment trust at net asset value | — |  |  | — |  |  | — |  |  | 27 |
Total investments at fair value | $ | — |  |  | $ | 157 |  |  | $ | — |  |  | $ | 184 |
(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 the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (j) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-4 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-2 + Details
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