Retirement Benefit Plans (Tables)
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12 Months Ended |
Apr. 26, 2019 |
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| Retirement Benefits [Abstract] |
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| Schedule of Defined Benefit Plans |
The change in benefit obligation and funded status of the Company’s U.S. and Non-U.S. pension benefits are as follows: | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Fiscal Year | | Fiscal Year | (in millions) | 2019 | | 2018 | | 2019 | | 2018 | Accumulated benefit obligation at end of year: | $ | 3,121 |
| | $ | 2,943 |
| | $ | 1,621 |
| | $ | 1,580 |
| Change in projected benefit obligation: | |
| | |
| | |
| | |
| Projected benefit obligation at beginning of year | $ | 3,202 |
| | $ | 3,232 |
| | $ | 1,791 |
| | $ | 1,734 |
| Service cost | 109 |
| | 116 |
| | 59 |
| | 67 |
| Interest cost | 129 |
| | 117 |
| | 30 |
| | 28 |
| Employee contributions | — |
| | — |
| | 12 |
| | 12 |
| Plan curtailments and settlements | — |
| | (168 | ) | | (5 | ) | | (8 | ) | Actuarial loss (gain) | 54 |
| | 12 |
| | 119 |
| | (74 | ) | Benefits paid | (100 | ) | | (107 | ) | | (49 | ) | | (51 | ) | Currency exchange rate changes and other | 10 |
| | — |
| | (125 | ) | | 146 |
| Divestiture | — |
| | — |
| | — |
| | (63 | ) | Projected benefit obligation at end of year | $ | 3,404 |
| | $ | 3,202 |
| | $ | 1,832 |
| | $ | 1,791 |
| Change in plan assets: | |
| | |
| | |
| | |
| Fair value of plan assets at beginning of year | $ | 2,661 |
| | $ | 2,479 |
| | $ | 1,404 |
| | $ | 1,235 |
| Actual return on plan assets | 64 |
| | 243 |
| | 62 |
| | 67 |
| Employer contributions | 93 |
| | 215 |
| | 78 |
| | 90 |
| Employee contributions | — |
| | — |
| | 12 |
| | 13 |
| Plan settlements | — |
| | (168 | ) | | (3 | ) | | (4 | ) | Benefits paid | (100 | ) | | (108 | ) | | (49 | ) | | (51 | ) | Currency exchange rate changes and other | 10 |
| | — |
| | (95 | ) | | 108 |
| Divestiture | — |
| | — |
| | — |
| | (54 | ) | Fair value of plan assets at end of year | $ | 2,728 |
| | $ | 2,661 |
| | $ | 1,409 |
| | $ | 1,404 |
| Funded status at end of year: | |
| | |
| | |
| | |
| Fair value of plan assets | $ | 2,728 |
| | $ | 2,661 |
| | $ | 1,409 |
| | $ | 1,404 |
| Benefit obligations | 3,404 |
| | 3,202 |
| | 1,832 |
| | 1,791 |
| Underfunded status of the plans | (676 | ) | | (541 | ) | | (423 | ) | | (387 | ) | Recognized liability | $ | (676 | ) | | $ | (541 | ) | | $ | (423 | ) | | $ | (387 | ) | Amounts recognized on the consolidated balance sheets consist of: | Non-current assets | $ | — |
| | $ | — |
| | $ | 31 |
| | $ | 16 |
| Current liabilities | (18 | ) | | (17 | ) | | (8 | ) | | (8 | ) | Non-current liabilities | (658 | ) | | (524 | ) | | (446 | ) | | (395 | ) | Recognized liability | $ | (676 | ) | | $ | (541 | ) | | $ | (423 | ) | | $ | (387 | ) | Amounts recognized in accumulated other comprehensive loss: | Prior service cost (benefit) | $ | 2 |
| | $ | 2 |
| | $ | (7 | ) | | $ | (9 | ) | Net actuarial loss | 1,216 |
| | 1,088 |
| | 452 |
| | 380 |
| Ending balance | $ | 1,218 |
| | $ | 1,090 |
| | $ | 445 |
| | $ | 371 |
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| Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
U.S. and non-U.S. plans with accumulated benefit obligations in excess of plan assets consist of the following: | | | | | | | | | | Fiscal Year | (in millions) | 2019 | | 2018 | Accumulated benefit obligation | $ | 4,683 |
| | $ | 4,110 |
| Projected benefit obligation | 4,822 |
| | 4,282 |
| Plan assets at fair value | 3,829 |
| | 3,472 |
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| Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets |
Plans with projected benefit obligations in excess of plan assets consist of the following: | | | | | | | | | | Fiscal Year | (in millions) | 2019 | | 2018 | Projected benefit obligation | $ | 4,963 |
| | $ | 4,736 |
| Plan assets at fair value | 3,833 |
| | 3,793 |
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| Schedule of Net Benefit Costs |
The net periodic benefit cost of the plans include the following components: | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Fiscal Year | | Fiscal Year | (in millions) | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | Service cost | $ | 109 |
| | $ | 116 |
| | $ | 117 |
| | $ | 59 |
| | $ | 67 |
| | $ | 70 |
| Interest cost | 129 |
| | 117 |
| | 109 |
| | 30 |
| | 28 |
| | 26 |
| Expected return on plan assets | (215 | ) | | (205 | ) | | (195 | ) | | (57 | ) | | (53 | ) | | (48 | ) | Amortization of prior service cost | 1 |
| | 1 |
| | 1 |
| | (1 | ) | | — |
| | (1 | ) | Amortization of net actuarial loss | 76 |
| | 82 |
| | 88 |
| | 12 |
| | 18 |
| | 17 |
| Settlement loss (gain) | — |
| | 16 |
| | — |
| | (2 | ) | | — |
| | — |
| Special termination benefits | — |
| | — |
| | 60 |
| | — |
| | — |
| | — |
| Net periodic benefit cost | $ | 100 |
| | $ | 127 |
| | $ | 180 |
| | $ | 41 |
| | $ | 60 |
| | $ | 64 |
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| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
The other changes in plan assets and projected benefit obligations recognized in accumulated other comprehensive loss for fiscal year 2019 are as follows: | | | | | | | | | (in millions) | U.S. Pension Benefits | | Non-U.S. Pension Benefits | Net actuarial gain | $ | 205 |
| | $ | 113 |
| Amortization of prior service cost | (1 | ) | | 1 |
| Amortization of net actuarial loss | (76 | ) | | (12 | ) | Effect of exchange rates | — |
| | (29 | ) | Total recognized in accumulated other comprehensive loss | $ | 128 |
| | $ | 73 |
| Total recognized in net periodic benefit cost and accumulated other comprehensive loss | $ | 228 |
| | $ | 114 |
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| Schedule of Assumptions Used |
The actuarial assumptions are as follows: | | | | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | Non-U.S. Pension Benefits | | Fiscal Year | | Fiscal Year | | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | Critical assumptions – projected benefit obligation: | |
| | |
| | |
| | |
| | |
| | |
| Discount rate | 3.90% - 4.20% |
| | 4.20% - 4.35% |
| | 3.70% - 4.30% |
| | 0.40% - 13.90% |
| | 0.70% - 11.00% |
| | 0.45% - 11.40% |
| Rate of compensation increase | 3.90 | % | | 3.90 | % | | 3.90 | % | | 2.87 | % | | 2.88 | % | | 2.89 | % | Critical assumptions – net periodic benefit cost: | | | | | | | | | | | | Discount rate – benefit obligation | 4.20% - 4.30% |
| | 4.00% - 4.30% |
| | 3.55% - 4.30% |
| | 0.50% - 11.00% |
| | 0.45% - 11.40% |
| | 0.25% - 10.20% |
| Discount rate – service cost | 4.10% - 4.40% |
| | 3.70% - 4.45% |
| | 3.60% - 4.45% |
| | 0.50% - 11.00% |
| | 0.20% - 11.40% |
| | 0.05% - 10.20% |
| Discount rate – interest cost | 4.00% - 4.10% |
| | 3.45% - 3.80% |
| | 2.90% - 3.80% |
| | 0.50% - 11.00% |
| | 0.45% - 11.40% |
| | 0.30% - 10.20% |
| Expected return on plan assets | 7.90 | % | | 7.90 | % | | 8.20 | % | | 4.23 | % | | 4.20 | % | | 4.45 | % | Rate of compensation increase | 3.90 | % | | 3.90 | % | | 3.90 | % | | 2.88 | % | | 2.89 | % | | 2.83 | % |
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| Schedule of Allocation of Plan Assets |
The Company’s U.S. plans target asset allocations at April 26, 2019, compared to the U.S. plans actual asset allocations at April 26, 2019 and April 27, 2018 by asset category, are as follows: | | | | | | | | | | U.S. Plans | | | | | | | Target Allocation | | Actual Allocation | | April 26, 2019 | | April 26, 2019 | | April 27, 2018 | Asset Category: | | | | | | Equity securities | 49 | % | | 50 | % | | 49 | % | Debt securities | 32 |
| | 34 |
| | 32 |
| Other | 19 |
| | 16 |
| | 19 |
| Total | 100 | % | | 100 | % | | 100 | % |
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| Fair Value Measurements, Retirement Benefit Plan Assets |
Non-U.S. Pension Benefits | | | | | | | | | | | | | | | | | | | | | | Fair Value at | | Fair Value Measurements Using Inputs Considered as | | Investments Measured at Net Asset Value | (in millions) | April 26, 2019 | Level 1 | | Level 2 | | Level 3 | | Registered investment companies | $ | 1,368 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 1,368 |
| Insurance contracts | 41 |
| | — |
| | — |
| | 41 |
| | — |
| | $ | 1,409 |
| | $ | — |
| | $ | — |
| | $ | 41 |
| | $ | 1,368 |
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| | | | | | | | | | | | | | | | | | | | | | Fair Value at | | Fair Value Measurements Using Inputs Considered as | | Investments Measured at Net Asset Value | (in millions) | April 27, 2018 | Level 1 | | Level 2 | | Level 3 | | Registered investment companies | $ | 1,362 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 1,362 |
| Insurance contracts | 42 |
| | — |
| | — |
| | 42 |
| | — |
| | $ | 1,404 |
| | $ | — |
| | $ | — |
| | $ | 42 |
| | $ | 1,362 |
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The following tables provide information by level for the retirement benefit plan assets that are measured at fair value, as defined by U.S. GAAP. See Note 1 for discussion of the fair value measurement terms of Levels 1, 2, and 3. In accordance with authoritative guidance adopted in fiscal year 2017, certain investments for which the fair value is measured using the net asset value per share (or its equivalent) practical expedient are not presented within the fair value hierarchy. The fair value amounts presented for these investments are intended to permit reconciliation to the total fair value of plan assets at April 26, 2019 and April 27, 2018. U.S. Pension Benefits | | | | | | | | | | | | | | | | | | | | | | Fair Value at | | Fair Value Measurements Using Inputs Considered as | | Investments Measured at Net Asset Value | (in millions) | April 26, 2019 | Level 1 | | Level 2 | | Level 3 | | Short-term investments | $ | 61 |
| | $ | 61 |
| | $ | — |
| | $ | — |
| | $ | — |
| U.S. government securities | 228 |
| | 228 |
| | — |
| | — |
| | — |
| Corporate debt securities | 144 |
| | — |
| | 144 |
| | — |
| | — |
| Equity commingled trusts | 1,365 |
| | — |
| | — |
| | — |
| | 1,365 |
| Fixed income commingled trusts | 301 |
| | — |
| | — |
| | — |
| | 301 |
| Partnership units | 629 |
| | — |
| | — |
| | 629 |
| | — |
| | $ | 2,728 |
| | $ | 289 |
| | $ | 144 |
| | $ | 629 |
| | $ | 1,666 |
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| | | | | | | | | | | | | | | | | | | | | | Fair Value at | | Fair Value Measurements Using Inputs Considered as | | Investments Measured at Net Asset Value | (in millions) | April 27, 2018 | Level 1 | | Level 2 | | Level 3 | | Short-term investments | $ | 181 |
| | $ | 181 |
| | $ | — |
| | $ | — |
| | $ | — |
| U.S. government securities | 181 |
| | 181 |
| | — |
| | — |
| | — |
| Corporate debt securities | 142 |
| | — |
| | 142 |
| | — |
| | — |
| Equity commingled trusts | 1,322 |
| | — |
| | — |
| | — |
| | 1,322 |
| Fixed income commingled trusts | 298 |
| | — |
| | — |
| | — |
| | 298 |
| Partnership units | 537 |
| | — |
| | — |
| | 537 |
| | — |
| | $ | 2,661 |
| | $ | 362 |
| | $ | 142 |
| | $ | 537 |
| | $ | 1,620 |
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| Fair Value, Retirement Benefit Plan Assets, Unobservable Input Reconciliation |
The following tables provide a reconciliation of the beginning and ending balances of U.S. pension benefit assets measured at fair value that used significant unobservable inputs (Level 3): | | | | | (in millions) | Partnership Units | April 27, 2018 | $ | 537 |
| Total realized losses | (1 | ) | Total unrealized gains | 52 |
| Purchases and sales, net | 41 |
| April 26, 2019 | $ | 629 |
|
| | | | | (in millions) | Partnership Units | April 28, 2017 | $ | 468 |
| Total realized losses | (42 | ) | Total unrealized gains | 141 |
| Purchases and sales, net | (30 | ) | April 27, 2018 | $ | 537 |
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The following tables provide a reconciliation of the beginning and ending balances of non-U.S. pension benefit assets measured at fair value that used significant unobservable inputs (Level 3): | | | | | (in millions) | Insurance Contracts | April 27, 2018 | $ | 42 |
| Total unrealized gains | 1 |
| Purchases and sales, net | 1 |
| Currency exchange rate changes | (3 | ) | April 26, 2019 | $ | 41 |
|
| | | | | (in millions) | Insurance Contracts | April 28, 2017 | $ | 44 |
| Total unrealized gains | 2 |
| Purchases and sales, net | (7 | ) | Currency exchange rate changes | 3 |
| April 27, 2018 | $ | 42 |
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| Schedule of Expected Benefit Payments |
Retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows: | | | | | | | | | (in millions) | Gross Payments | Fiscal Year | U.S. Pension Benefits | | Non-U.S. Pension Benefits | 2020 | $ | 115 |
| | $ | 51 |
| 2021 | 123 |
| | 49 |
| 2022 | 133 |
| | 51 |
| 2023 | 144 |
| | 57 |
| 2024 | 154 |
| | 56 |
| 2025 – 2029 | 954 |
| | 350 |
| Total | $ | 1,623 |
| | $ | 614 |
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