Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Apr. 28, 2013

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 28, 2013 and April 29, 2012.

	Pension Benefits						Other Retiree Benefits
	2013			2012			2013			2012
	(In thousands)
Change in Benefit Obligation:
Benefit obligation at the beginning of the year	$	2,930,347		$	2,765,316		$	249,017		$	234,431
Service cost	31,580			33,719			6,486			5,967
Interest cost	132,110			139,525			9,923			11,457
Participants’ contributions	2,294			2,281			659			712
Amendments	(145		)	3,396			—			735
Actuarial loss	428,881			196,606			9,153			17,278
Settlement	(11,971		)	(1,854		)	—			—
Benefits paid	(157,672		)	(152,342		)	(15,760		)	(19,574		)
Exchange/other	(83,858		)	(56,300		)	(2,161		)	(1,989		)
Benefit obligation at the end of the year	$	3,271,566		$	2,930,347		$	257,317		$	249,017
Change in Plan Assets:
Fair value of plan assets at the beginning of the year	$	3,140,834		$	3,261,881		$	—		$	—
Actual return on plan assets	429,011			84,004			—			—
Settlement	(11,971		)	(1,854		)	—			—
Employer contribution	69,388			23,469			15,101			18,862
Participants’ contributions	2,294			2,281			659			712
Benefits paid	(157,672		)	(152,342		)	(15,760		)	(19,574		)
Exchange/other	(92,741		)	(76,605		)	—			—
Fair value of plan assets at the end of the year	3,379,143			3,140,834			—			—
Funded status	$	107,577		$	210,487		$	(257,317	)	$	(249,017	)

Benefit obligation recognized in consolidated balance sheet

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

	Pension Benefits						Other Retiree Benefits
	2013			2012			2013			2012
	(In thousands)
Other non-current assets	$	287,467		$	399,868		$	—		$	—
Other accrued liabilities	(32,271		)	(15,943		)	(16,998		)	(17,565		)
Other non-current liabilities	(147,619		)	(173,438		)	(240,319		)	(231,452		)
Net asset/(liabilities) recognized	$	107,577		$	210,487		$	(257,317	)	$	(249,017	)

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
	2013			2012			2011			2013			2012			2011
	(In thousands)
Components of defined benefit net periodic benefit cost:
Service cost	$	31,580		$	33,719		$	32,329		$	6,486		$	5,967		$	6,311
Interest cost	132,110			139,525			142,133			9,923			11,457			12,712
Expected return on assets	(250,660		)	(234,717		)	(229,258		)	—			—			—
Amortization of:
Prior service cost/(credit)	2,495			1,995			2,455			(6,178		)	(6,127		)	(5,155		)
Net actuarial loss	75,897			83,800			77,687			1,803			1,095			1,604
Loss due to curtailment, settlement and special termination benefits	4,524			1,120			2,039			—			—			—
Net periodic benefit (income)/cost	(4,054		)	25,442			27,385			12,034			12,392			15,472
Defined contribution plans	47,382			46,572			49,089			—			—			—
Total cost	$	43,328		$	72,014		$	76,474		$	12,034		$	12,392		$	15,472

Accumulated other comprehensive loss before tax

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

	Pension Benefits				Other Retiree Benefits
	2013		2012		2013			2012
	(In thousands)
Net actuarial loss	$	1,349,614	$	1,174,199	$	35,349		$	28,000
Prior service cost/(credit)	27,410		30,051		(7,296		)	(13,474		)
Net amount recognized	$	1,377,024	$	1,204,250	$	28,053		$	14,526

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
	2013		2012		2013			2012
	(In thousands)
Net actuarial loss	$	95,772	$	77,238	$	2,030		$	1,803
Prior service cost/(credit)	2,253		2,569		(6,180		)	(6,174		)
Net amount recognized	$	98,025	$	79,807	$	(4,150	)	$	(4,371	)

Weighted average rates used for determining the projected benefit obligations

The weighted-average rates used for the fiscal years ended April 28, 2013 and April 29, 2012 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
	2013		2012		2013		2012
Discount rate	4.0	%	4.8	%	3.4	%	4.1	%
Compensation increase rate	3.5	%	3.4	%	—	%	—	%

Weighted average rates used for determining the defined benefit plans

The weighted-average rates used for the fiscal years ended April 28, 2013, April 29, 2012, and April 27, 2011 in determining the defined benefit plans’ net pension costs and net postretirement benefit costs were as follows:

	Pension Benefits						Other Retiree Benefits
	2013		2012		2011		2013		2012		2011
Expected rate of return	8.1	%	8.2	%	8.2	%	—	%	—	%	—	%
Discount rate	4.0	%	4.8	%	5.6	%	3.4	%	4.1	%	5.5	%
Compensation increase rate	3.5	%	3.4	%	4.0	%	—	%	—	%	—	%

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	$	1,551	$	1,389
Effect on postretirement benefit obligations	$	18,881	$	16,978

Weighted average asset allocation

The Company’s defined benefit pension plans’ weighted average actual and target asset allocation at April 28, 2013 and April 29, 2012 were as follows:

					Target
	Plan Assets at				Allocation at
Asset Category	2013		2012		2013		2012
Equity securities	62	%	61	%	58	%	59	%
Debt securities	29	%	31	%	33	%	32	%
Real estate	8	%	7	%	8	%	8	%
Other	1	%	1	%	1	%	1	%
	100	%	100	%	100	%	100	%

Direct Cash Holdings And Institutional Short Term Investment Vehicles

	April 28, 2013
Asset Category	Level 1		Level 2		Level 3		Total
	(In thousands)
Equity Securities	$	882,081	$	—	$	—	$	882,081
Equity Securities (mutual and pooled funds)	182,723		1,057,111		—		1,239,834
Fixed Income Securities	49,577		919,383		11,336		980,296
Other Investments	—		—		256,781		256,781
Cash and Cash Equivalents	6,787		13,364		—		20,151
Total	$	1,121,168	$	1,989,858	$	268,117	$	3,379,143

	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

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 29, 2012		Acquisitions		Transfers Out			Dispositions			Realized Gain/(Loss)			Unrealized Gain/(Loss)		Fair Value April 28, 2013
	(In thousands)
Fixed Income Securities	$	10,486	$	—	$	—		$	—		$	—		$	850	$	11,336
Other Investments	216,234		58,701		(10,498		)	(3,605		)	(6,637		)	2,586		256,781
Total	$	226,720	$	58,701	$	(10,498	)	$	(3,605	)	$	(6,637	)	$	3,436	$	268,117

	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

Benefit payment expected in future years

Benefit payments expected in future years are as follows:

	Pension Benefits		Other Retiree Benefits
	(In thousands)
2014	$	190,917	$	17,143
2015	$	172,992	$	17,675
2016	$	174,486	$	18,325
2017	$	175,665	$	19,095
2018	$	174,844	$	19,655
Years 2019-2023	$	893,504	$	97,337