Pensions and Other Post-retirement Benefit Plans (Tables)

12 Months Ended

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.