Pension and Other Post-Retirement Benefit Plans

3 Months Ended

Oct. 03, 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:

	October 3, 2025		June 27, 2025
	(in millions)
Benefit obligation at end of period	$	262	$	272
Less: Fair value of plan assets at end of period	191		204
Unfunded status	$	71	$	68

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

	October 3, 2025		June 27, 2025
	(in millions)
Current liabilities (included in Accrued expenses)	$	1	$	1
Non-current liabilities (included in Other liabilities)	70		67
Net amount recognized	$	71	$	68

Net periodic benefit costs were immaterial for the three months ended October 3, 2025 and September 27, 2024.