Pensions and Other Post-Retirement Benefit Plans

6 Months Ended

Dec. 31, 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:

	December 31, 2021		July 2, 2021
	(in millions)
Benefit obligation at end of period	$	353	$	359
Fair value of plan assets at end of period	223		227
Unfunded status	$	130	$	132

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

	December 31, 2021		July 2, 2021
	(in millions)
Current liabilities	$	1	$	1
Non-current liabilities	129		131
Net amount recognized	$	130	$	132

Net periodic benefit costs were not material for the three and six months ended December 31, 2021.