v3.25.2
Pension and Other Post-Retirement Benefit Plans (Tables)
 12 Months Ended
Jun. 27, 2025
Retirement Benefits [Abstract]  
Schedule of Obligations and Funded Status
The following table presents the changes in unfunded status of the benefit obligations for the Pension Plans:
202520242023
(in millions)
Change in benefit obligation:
Projected benefit obligation at beginning of period$244 $273 $294 
Service cost9 9 14 
Interest cost7 6 6 
Plan amendments— — — 
Actuarial gain
(6)(17)(6)
Benefits paid(8)(7)(8)
Settlement/curtailment— 2 (15)
Other— — — 
Non-U.S. currency movement26 (22)(12)
Projected benefit obligation at end of period272 244 273 
Change in plan assets:
Fair value of plan assets at beginning of period184 185 189 
Actual return on plan assets3 12 7 
Employer contributions6 13 9 
Benefits paid(8)(7)(8)
Non-U.S. currency movement19 (19)(12)
Fair value of plan assets at end of period204 184 185 
Unfunded status$68 $60 $88 
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 27,
2025		June 28,
2024
(in millions)
Current liabilities$1 $1 
Non-current liabilities67 59 
Net amount recognized$68 $60 
Schedule of Assumptions Used
The weighted-average actuarial assumptions used to determine the projected benefit obligations for the Pension Plans were as follows:
202520242023
Discount rate2.9 %3.0 %2.2 %
Rate of compensation increase2.7 %2.7 %2.4 %

The weighted-average actuarial assumptions used to determine benefit costs for the Pension Plans were as follows:
202520242023
Discount rate3.0 %2.2 %2.3 %
Expected long-term rate of return on plan assets2.5 %2.5 %2.5 %
Rate of compensation increase2.7 %2.4 %2.3 %
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 27, 2025 and June 28, 2024:
June 27, 2025
Level 1Level 2Level 3Total
(in millions)
Plan assets measured at fair value:
Equity:
Equity commingled/mutual funds(1)(2)
$— $66 $— $66 
Fixed income:
Fixed income commingled/mutual funds(1)(3)
— 110 — 110 
Net plan assets subject to leveling— 176 — 176 
Real estate investment trust at net asset value— — — 28 
Total investments at fair value$— $176 $— $204 

June 28, 2024
Level 1Level 2Level 3Total
(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 
(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.