Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Apr. 29, 2012

Compensation and Retirement Disclosure [Abstract]

Change in Benefit Obligation and Plan Assets

The following table sets forth the changes in benefit obligation, plan assets and funded status of the Company’s principal defined benefit plans and other postretirement benefit plans at April 29, 2012 and April 27, 2011.

	Pension Benefits						Other Retiree Benefits
	2012			2011			2012			2011
	(In thousands)
Change in Benefit Obligation:
Benefit obligation at the beginning of the year	$	2,765,316		$	2,585,984		$	234,431		$	235,297
Service cost	33,719			32,329			5,967			6,311
Interest cost	139,525			142,133			11,457			12,712
Participants’ contributions	2,281			2,444			712			822
Amendments	3,396			377			735			(3,710		)
Actuarial loss/(gain)	196,606			(8,457		)	17,278			(3,786		)
Settlement	(1,854		)	(3,275		)	—			—
Benefits paid	(152,342		)	(159,307		)	(19,574		)	(16,986		)
Exchange/other	(56,300		)	173,088			(1,989		)	3,771
Benefit obligation at the end of the year	$	2,930,347		$	2,765,316		$	249,017		$	234,431
Change in Plan Assets:
Fair value of plan assets at the beginning of the year	$	3,261,881		$	2,869,971		$	—		$	—
Actual return on plan assets	84,004			318,494			—			—
Settlement	(1,854		)	(3,275		)	—			—
Employer contribution	23,469			22,411			18,862			16,164
Participants’ contributions	2,281			2,444			712			822
Benefits paid	(152,342		)	(159,307		)	(19,574		)	(16,986		)
Exchange/other	(76,605		)	211,143			—			—
Fair value of plan assets at the end of the year	3,140,834			3,261,881			—			—
Funded status	$	210,487		$	496,565		$	(249,017	)	$	(234,431	)

Benefit obligation recognized in consolidated balance sheet

Amounts recognized in the consolidated balance sheets consist of the following:

	Pension Benefits						Other Retiree Benefits
	2012			2011			2012			2011
	(In thousands)
Other non-current assets	$	399,868		$	644,598		$	—		$	—
Other accrued liabilities	(15,943		)	(31,589		)	(17,565		)	(18,259		)
Other non-current liabilities	(173,438		)	(116,444		)	(231,452		)	(216,172		)
Net asset/(liabilities) recognized	$	210,487		$	496,565		$	(249,017	)	$	(234,431	)

Components of net periodic benefit cost

Total pension cost of the Company’s principal pension plans and postretirement plans consisted of the following:

	Pension Benefits									Other Retiree Benefits
	2012			2011			2010			2012			2011			2010
	(In thousands)
Components of defined benefit net periodic benefit cost:
Service cost	$	33,719		$	32,329		$	30,486		$	5,967		$	6,311		$	5,999
Interest cost	139,525			142,133			149,640			11,457			12,712			15,093
Expected return on assets	(234,717		)	(229,258		)	(211,408		)	—			—			—
Amortization of:
Prior service cost/(credit)	1,995			2,455			2,173			(6,127		)	(5,155		)	(3,796		)
Net actuarial loss	83,800			77,687			53,882			1,095			1,604			540
Loss due to curtailment, settlement and special termination benefits	1,120			2,039			612			—			—			—
Net periodic benefit cost	25,442			27,385			25,385			12,392			15,472			17,836
Defined contribution plans	46,572			49,089			47,356			—			—			—
Total cost	72,014			76,474			72,741			12,392			15,472			17,836
Less periodic benefit cost associated with discontinued operations	—			—			618			—			—			—
Periodic benefit cost associated with continuing operations	$	72,014		$	76,474		$	72,123		$	12,392		$	15,472		$	17,836

Accumulated other comprehensive loss before tax

Amounts recognized in accumulated other comprehensive loss, before tax, consist of the following:

	Pension Benefits				Other Retiree Benefits
	2012		2011		2012			2011
	(In thousands)
Net actuarial loss	$	1,174,199	$	909,796	$	28,000		$	11,816
Prior service cost/(credit)	30,051		28,649		(13,474		)	(20,335		)
Net amount recognized	$	1,204,250	$	938,445	$	14,526		$	(8,519	)

Accumulated other comprehensive loss income expected to be recognized as components of net periodic benefit costs credits

Amounts in accumulated other comprehensive loss (income) expected to be recognized as components of net periodic benefit cost/(credit) in the following fiscal year are as follows:

	Pension Benefits				Other Retiree Benefits
	2012		2011		2012			2011
	(In thousands)
Net actuarial loss	$	77,238	$	85,932	$	1,803		$	1,095
Prior service cost/(credit)	2,569		2,020		(6,174		)	(6,116		)
Net amount recognized	$	79,807	$	87,952	$	(4,371	)	$	(5,021	)

Weighted average rates used for determining the projected benefit obligations

The weighted-average rates used for the fiscal years ended April 29, 2012 and April 27, 2011 in determining the projected benefit obligations for defined benefit pension plans and the accumulated postretirement benefit obligation for other postretirement plans were as follows:

	Pension Benefits				Other Retiree Benefits
	2012		2011		2012		2011
Discount rate	4.8	%	5.5	%	4.1	%	5.0	%
Compensation increase rate	3.4	%	3.8	%	—	%	—	%

Weighted average rates used for determining the defined benefit plans

The weighted-average rates used for the fiscal years ended April 29, 2012, April 27, 2011, and April 28, 2010 in determining the defined benefit plans’ net pension costs and net postretirement benefit costs were as follows:

	Pension Benefits						Other Retiree Benefits
	2012		2011		2010		2012		2011		2010
Expected rate of return	8.2	%	8.2	%	8.1	%	—	%	—	%	—	%
Discount rate	4.8	%	5.6	%	6.5	%	4.1	%	5.5	%	6.4	%
Compensation increase rate	3.4	%	4.0	%	4.3	%	—	%	—	%	—	%

One percentage point change

A one-percentage-point change in assumed health care cost trend rates would have the following effects:

	1% Increase		1% Decrease
	(In thousands)
Effect on total service and interest cost components	$	1,592	$	1,426
Effect on postretirement benefit obligations	$	17,501	$	15,882

Weighted average asset allocation

The Company’s defined benefit pension plans’ weighted average actual and target asset allocation at April 29, 2012 and April 27, 2011 were as follows:

					Target
	Plan Assets at				Allocation at
Asset Category	2012		2011		2012		2011
Equity securities	61	%	62	%	59	%	58	%
Debt securities	31	%	32	%	32	%	32	%
Real estate	7	%	3	%	8	%	9	%
Other	1	%	3	%	1	%	1	%
	100	%	100	%	100	%	100	%

Direct Cash Holdings And Institutional Short Term Investment Vehicles

	April 29, 2012
Asset Category	Level 1		Level 2		Level 3		Total
	(In thousands)
Equity Securities	$	822,184	$	—	$	—	$	822,184
Equity Securities (mutual and pooled funds)	147,865		943,745		—		1,091,610
Fixed Income Securities	76,032		894,978		10,486		981,496
Other Investments	—		—		216,234		216,234
Cash and Cash Equivalents	10,335		18,975		—		29,310
Total	$	1,056,416	$	1,857,698	$	226,720	$	3,140,834

	April 27, 2011
Asset Category	Level 1		Level 2		Level 3		Total
	(In thousands)
Equity Securities	$	863,404	$	—	$	—	$	863,404
Equity Securities (mutual and pooled funds)	157,296		1,005,678		—		1,162,974
Fixed Income Securities	53,381		966,157		9,649		1,029,187
Other Investments	—		—		131,095		131,095
Cash and Cash Equivalents	16,270		58,951		—		75,221
Total	$	1,090,351	$	2,030,786	$	140,744	$	3,261,881

Changes in fair value of Pension plan level 3 assets

Changes in the fair value of the Plan’s Level 3 assets are summarized as follows:

	Fair Value April 27, 2011		Acquisitions		Transfers In		Dispositions			Realized Gain/(Loss)		Unrealized Gain/(Loss)			Fair Value April 29, 2012
	(In thousands)
Fixed Income Securities	$	9,649	$	—	$	—	$	—		$	—	$	837		$	10,486
Other Investments	131,095		96,938		10,138		(21,262		)	753		(1,428		)	216,234
Total	$	140,744	$	96,938	$	10,138	$	(21,262	)	$	753	$	(591	)	$	226,720

	Fair Value April 28, 2010		Acquisitions		Dispositions			Realized Gain/(Loss)		Unrealized Gain/(Loss)			Fair Value April 27, 2011
	(In thousands)
Fixed Income Securities	$	8,646	$	—	$	—		$	—	$	1,003		$	9,649
Other Investments	35,569		95,518		(619		)	2,727		(2,100		)	131,095
Total	$	44,215	$	95,518	$	(619	)	$	2,727	$	(1,097	)	$	140,744

Benefit payment expected in future years

Benefit payments expected in future years are as follows:

	Pension Benefits		Other Retiree Benefits
	(In thousands)
2013	$	171,479	$	17,565
2014	$	186,555	$	18,265
2015	$	171,446	$	18,706
2016	$	174,053	$	19,240
2017	$	174,488	$	19,831
Years 2018-2022	$	891,680	$	99,799