Employee Benefits and Deferred Compensation

12 Months Ended

Apr. 29, 2022

Retirement Benefits [Abstract]

Employee Benefits and Deferred Compensation

16. Employee Benefits and Deferred Compensation

Employee 401(k) Plan

Our 401(k) Plan is a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating U.S. employees may defer a portion of their pre-tax earnings, up to the IRS annual contribution limit. We match 100% of the first 2% of eligible earnings an employee contributes to the 401(k) Plan, and then match 50% of the next 4% of eligible earnings an employee contributes. An employee receives the full 4% match when he/she contributes at least 6% of his/her eligible earnings, up

to a maximum calendar year matching contribution of $6,000. Our employer matching contributions to the 401(k) Plan were as follows (in millions):

	Year Ended
	April 29, 2022		April 30, 2021		April 24, 2020
401(k) matching contributions	$	31	$	29	$	29

Deferred Compensation Plan

We have a non-qualified deferred compensation plan that allows a group of employees within the U.S. to contribute base salary and commissions or incentive compensation on a tax deferred basis in excess of the IRS limits imposed on 401(k) plans. The marketable securities related to these investments are held in a Rabbi Trust. The related deferred compensation plan assets and liabilities under the non-qualified deferred compensation plan were as follows (in millions):

	April 29, 2022		April 30, 2021
Deferred compensation plan assets	$	36	$	40
Deferred compensation liabilities reported as:
Accrued expenses	$	6	$	8
Other long-term liabilities	$	30	$	32

Defined Benefit Plans

We maintain various defined benefit plans to provide termination and postretirement benefits to certain eligible employees outside of the U.S. We also provide disability benefits to certain eligible employees in the U.S. Eligibility is determined based on the terms of our plans and local statutory requirements.

The funded status of our defined benefit plans, which is recognized in other long-term liabilities in our consolidated balance sheets, was as follows (in millions):

	April 29, 2022			April 30, 2021
Fair value of plan assets	$	39		$	38
Benefit obligations		(69	)		(72	)
Unfunded obligations	$	(30	)	$	(34	)