Employee Benefits and Deferred Compensation

12 Months Ended

Apr. 29, 2011

Employee Benefits and Deferred Compensation

Employee Benefits and Deferred Compensation

17. Employee Benefits and Deferred Compensation

Employee 401(k) Plans

We have established a 401(k) tax-deferred savings plan. Employees meeting the eligibility requirements, as defined, may contribute specified percentages of their salaries. In 2011, 2010 and 2009, we matched 50% of the employee's contribution up to a total of 6% of the employee's annual salary, and the matched contributions are vested over 3 years. The amounts we contributed to this plan were as follows (in millions):

	Year Ended
	April 29, 2011		April 30, 2010		April 24, 2009
401(k) contributions	$	15.6	$	9.2	$	13.6

Deferred Compensation Plans

We have a non-qualified deferred compensation plan that allows a group of employees within the United States to contribute base salary and/or incentive compensation on a tax deferred basis in excess of the IRS limits imposed on 401(k) plans. The amounts of the marketable securities related to investments in debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans and the related deferred compensation liability under this plan, which are recorded primarily in other long-term liabilities were as follows (in millions):

	Year Ended
	April 29, 2011		April 30, 2010
Deferred compensation plan assets	$	20.2	$	12.6
Deferred compensation liabilities reported as:
Other current liabilities		3.7		2.3
Other long-term liabilities		16.5		10.3

Postretirement Health Care Plan

We maintain a plan to provide postretirement health and welfare benefits to certain executives who meet certain age and service requirements. Coverage continues through the duration of the lifetime of the retiree or the retiree's spouse, whichever is longer. There is no funding requirement associated with the plan and none of the benefit obligation was funded as of April 29, 2011. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan.

The accumulated postretirement benefit obligation is summarized as follows and is classified in other long term liabilities in the accompanying consolidated balance sheets (in millions):

	April 29, 2011		April 30, 2010
Accumulated postretirement benefit obligation	$	5.4	$	4.8