Employee Benefits and Deferred Compensation

12 Months Ended

Apr. 24, 2015

Compensation And Retirement Disclosure [Abstract]

Employee Benefits and Deferred Compensation

17. 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. Effective January 1, 2015, 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. Effective the same date, employer matching contributions made in the current and previous years vested immediately. Our employer matching contributions to the 401(k) Plan were as follows (in millions):

	Year Ended
	April 24, 2015		April 25, 2014		April 26, 2013
401(k) matching contributions	$	16.3	$	19.6	$	19.9

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 24, 2015		April 25, 2014
Deferred compensation plan assets	$	32.2	$	32.7
Deferred compensation liabilities reported as:
Accrued expenses	$	2.8	$	6.4
Other long-term liabilities	$	29.4	$	26.3

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 24, 2015. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan.

International 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. Assumed discount rates and expected long-term returns on plan assets have significant effects on the amounts reported for the defined benefit plans.

Funded Status

The funded status of our postretirement health care and international termination and postretirement benefits was as follows (in millions):

	April 24, 2015			April 25, 2014
Fair value of plan assets	$	19.7		$	18.7
Benefit obligations		(60.2	)		(45.7	)
Unfunded obligations	$	(40.5	)	$	(27.0	)

Amounts recognized in the consolidated balance sheets were as follows (in millions):

	April 24, 2015			April 25, 2014
Other long-term liabilities	$	40.5		$	27.0
AOCI	$	(12.4	)	$	(4.8	)