Pension and Other Post-Retirement Benefit Plans

9 Months Ended

Mar. 28, 2025

Retirement Benefits [Abstract]

Pension 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 the 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:

	March 28, 2025		June 28, 2024
	(in millions)
Benefit obligation at end of period	$	256	$	244
Fair value of plan assets at end of period	188		184
Unfunded status	$	68	$	60

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

	March 28, 2025		June 28, 2024
	(in millions)
Current liabilities (included in Accrued expenses)	$	1	$	1
Non-current liabilities (included in Other liabilities)	67		59
Net amount recognized	$	68	$	60

Net periodic benefit costs were immaterial for the three and nine months ended March 28, 2025 and March 29, 2024.