v3.26.1
Pension and Other Post-Retirement Benefit Plans (Tables)
 12 Months Ended
Jul. 03, 2026
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:
202620252024
(in millions)
Change in benefit obligation:
Projected benefit obligation at beginning of period$272 $244 $273 
Service cost9 9 9 
Interest cost7 7 6 
Actuarial gain
(25)(6)(17)
Benefits paid(10)(8)(7)
Settlement/curtailment— — 2 
Non-U.S. currency movement(16)26 (22)
Projected benefit obligation at end of period237 272 244 
Change in plan assets:
Fair value of plan assets at beginning of period204 184 185 
Actual return on plan assets10 3 12 
Employer contributions5 6 13 
Benefits paid(10)(8)(7)
Non-U.S. currency movement(20)19 (19)
Fair value of plan assets at end of period189 204 184 
Unfunded status$48 $68 $60 
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 3,
2026		June 27,
2025
(in millions)
Current liabilities$1 $1 
Non-current liabilities47 67 
Net amount recognized$48 $68 
Schedule of Assumptions Used
The weighted-average actuarial assumptions used to determine the projected benefit obligations for the Pension Plans were as follows:
202620252024
Discount rate3.8 %2.9 %3.0 %
Rate of compensation increase3.0 %2.7 %2.7 %

The weighted-average actuarial assumptions used to determine benefit costs for the Pension Plans were as follows:
202620252024
Discount rate2.9 %3.0 %2.2 %
Expected long-term rate of return on plan assets2.5 %2.5 %2.5 %
Rate of compensation increase2.7 %2.7 %2.4 %
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 3, 2026 and June 27, 2025:
July 3, 2026
Level 1Level 2Level 3Total
(in millions)
Plan assets measured at fair value:
Equity:
Equity commingled/mutual funds(1)(2)
$— $60 $— $60 
Fixed income:
Fixed income commingled/mutual funds(1)(3)
— 103 — 103 
Net plan assets subject to leveling— 163 — 163 
Real estate investment trust at net asset value— — — 26 
Total investments at fair value$— $163 $— $189 

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 
(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.