Pensions and Other Post-retirement Benefit Plans

6 Months Ended

Dec. 29, 2017

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. All pension and other post-retirement benefit plans outside of the Company’s Japanese defined benefit pension plan (the “Japanese Plan”) are immaterial to the Condensed Consolidated Financial Statements. The expected long-term rate of return on the Japanese Plan assets is 2.5%.

Obligations and Funded Status

The following table presents the unfunded status of the benefit obligations for the Japanese Plan:



	December 29, 2017		June 30, 2017
	(in millions)
Benefit obligations	$	249	$	249
Fair value of plan assets	192		189
Unfunded status	$	57	$	60

The following table presents the unfunded amounts related to the Japanese Plan as recognized on the Company’s Condensed Consolidated Balance Sheets:



	December 29, 2017		June 30, 2017
	(in millions)
Current liabilities	$	1	$	1
Non-current liabilities	56		59
Net amount recognized	$	57	$	60