Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Jun. 28, 2024

Retirement Benefits [Abstract]

Schedule of Obligations and Funded Status

The following table presents the unfunded status of the benefit obligations for the Pension Plans:

	2024		2023		2022
	(in millions)
Change in benefit obligation:
Projected benefit obligation at beginning of period	$	273	$	294	$	359
Service cost	9		14		15
Interest cost	6		6		5
Plan amendments	—		—		9
Actuarial gain	(17)		(6)		(31)
Benefits paid	(7)		(8)		(9)
Settlement/curtailment	2		(15)		—
Non-U.S. currency movement	(22)		(12)		(54)
Projected benefit obligation at end of period	244		273		294
Change in plan assets:
Fair value of plan assets at beginning of period	185		189		227
Actual return on plan assets	12		7		—
Employer contributions	13		9		10
Benefits paid	(7)		(8)		(7)
Non-U.S. currency movement	(19)		(12)		(41)
Fair value of plan assets at end of period	184		185		189
Unfunded status	$	60	$	88	$	105

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 28, 2024		June 30, 2023
	(in millions)
Current liabilities	$	1	$	1
Non-current liabilities	59		87
Net amount recognized	$	60	$	88

Schedule of Assumptions Used

The weighted-average actuarial assumptions used to determine the projected benefit obligations for the Pension Plans were as follows:

	2024		2023		2022
Discount rate	3.0	%	2.2	%	2.3	%
Rate of compensation increase	2.7	%	2.4	%	2.3	%

The weighted-average actuarial assumptions used to determine benefit costs for the Pension Plans were as follows:

	2024		2023		2022
Discount rate	2.2	%	2.3	%	1.4	%
Expected long-term rate of return on plan assets	2.5	%	2.5	%	2.5	%
Rate of compensation increase	2.4	%	2.3	%	2.0	%

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 28, 2024 and June 30, 2023:

	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

	June 30, 2023
	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)	—		89		—		89
Net plan assets subject to leveling	—		155		—		155
Real estate investment trust at net asset value							30
Total investments at fair value	$	—	$	155	$	—	$	185

(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.