Retirement Benefit Plans (Tables)

12 Months Ended

Apr. 26, 2013

Defined Benefit Plan Disclosure

Schedule of Defined Benefit Plans

The change in benefit obligation and funded status of the Company’s employee retirement plans are as follows:

	U.S. Pension Benefits						Non-U.S. Pension Benefits						Post-Retirement Benefits
	Fiscal Year						Fiscal Year						Fiscal Year
(in millions)	2013			2012			2013			2012			2013			2012
Accumulated benefit obligation at end of year:	$	1,924		$	1,673		$	689		$	589		$	302		$	339
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	1,877		$	1,516		$	717		$	638		$	339		$	295
Service cost	104			92			43			42			19			19
Interest cost	94			87			27			29			15			17
Employee contributions	—			—			15			14			9			9
Plan amendments	—			—			(8		)	(4		)	—			—
Actuarial loss (gain)	151			230			65			72			(62		)	16
Benefits paid	(72		)	(48		)	(25		)	(25		)	(19		)	(18		)
Medicare Part D reimbursements	—			—			—			—			1			1
Foreign currency exchange rate changes	—			—			(23		)	(49		)	—			—
Projected benefit obligation at end of year	$	2,154		$	1,877		$	811		$	717		$	302		$	339
Change in plan assets:
Fair value of plan assets at beginning of year	$	1,470		$	1,392		$	638		$	606		$	204		$	198
Actual return on plan assets	129			25			69			49			19			4
Employer contributions	190			101			49			39			20			11
Employee contributions	—			—			15			14			9			9
Benefits paid	(72		)	(48		)	(25		)	(25		)	(19		)	(18		)
Foreign currency exchange rate changes	—			—			(13		)	(45		)	—			—
Fair value of plan assets at end of year	$	1,717		$	1,470		$	733		$	638		$	233		$	204
Funded status at end of year:
Fair value of plan assets	$	1,717		$	1,470		$	733		$	638		$	233		$	204
Benefit obligations	2,154			1,877			811			717			302			339
Underfunded status of the plans	$	(437	)	$	(407	)	$	(78	)	$	(79	)	$	(69	)	$	(135	)
Recognized liability	$	(437	)	$	(407	)	$	(78	)	$	(79	)	$	(69	)	$	(135	)
Amounts recognized on the consolidated balance sheets consist of:
Non-current assets	$	—		$	—		$	19		$	20		$	—		$	—
Current liabilities	(9		)	(8		)	(4		)	(2		)	(1		)	(1		)
Non-current liabilities	(428		)	(399		)	(93		)	(97		)	(68		)	(134		)
Recognized liability	$	(437	)	$	(407	)	$	(78	)	$	(79	)	$	(69	)	$	(135	)
Amounts recognized in accumulated other comprehensive (loss) income:
Prior service (benefit) cost	$	5		$	5		$	(1	)	$	6		$	(3	)	$	(3	)
Net actuarial loss	1,048			969			190			175			43			108
Ending balance	$	1,053		$	974		$	189		$	181		$	40		$	105

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

In certain countries outside the U.S., fully funding pension plans is not a common practice, as funding provides no income tax benefit. Consequently, certain pension plans were partially funded as of April 26, 2013 and April 27, 2012. U.S. and non-U.S. plans with accumulated benefit obligations in excess of plan assets consist of the following:

	Fiscal Year
(in millions)	2013		2012
Accumulated benefit obligation	$	2,003	$	1,737
Projected benefit obligation	2,243		1,955
Plan assets at fair value	1,740		1,481

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)	2013		2012
Projected benefit obligation	$	2,637	$	2,456
Plan assets at fair value	2,104		1,950

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									Post-Retirement Benefits
	Fiscal Year									Fiscal Year									Fiscal Year
(in millions)	2013			2012			2011			2013			2012			2011			2013			2012			2011
Service cost	$	104		$	92		$	87		$	43		$	42		$	39		$	19		$	19		$	18
Interest cost	94			87			77			27			29			26			15			17			16
Expected return on plan assets	(128		)	(121		)	(106		)	(33		)	(36		)	(27		)	(17		)	(16		)	(13		)
Amortization of prior service cost (credit)	(1		)	(1		)	(2		)	1			1			1			—			—			—
Amortization of net actuarial loss	71			45			34			8			4			5			3			3			5
Net periodic benefit cost	140			102			90			46			40			44			20			23			26
Special termination benefits	—			—			13			—			—			—			—			—			2
Total cost for the period	$	140		$	102		$	103		$	46		$	40		$	44		$	20		$	23		$	28

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) income for fiscal year 2013 are as follows:

(in millions)	U.S. Pension Benefits			Non-U.S. Pension Benefits			Post- Retirement Benefits
Net actuarial loss (gain)	$	150		$	29		$	(63	)
Prior service credit	—			(8		)	—
Amortization of prior service cost	1			—			—
Amortization of net actuarial gain	(71		)	(8		)	(3		)
Effect of exchange rates	—			(5		)	—
Total recognized in accumulated other comprehensive loss	$	80		$	8		$	(66	)
Total recognized in net periodic pension cost and accumulated other comprehensive loss	$	220		$	54		$	(46	)

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The estimated amounts that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit cost, before tax, in fiscal year 2013 are as follows:

(in millions)	U.S. Pension Benefits		Non-U.S. Pension Benefits		Post- Retirement Benefits
Amortization of prior service cost	$	1	$	—	$	—
Amortization of net actuarial loss	85		11		1
	$	86	$	11	$	1

Schedule of Assumptions Used

The actuarial assumptions are as follows:

	U.S. Pension Benefits						Non-U.S. Pension Benefits						Post-Retirement Benefits
	Fiscal Year						Fiscal Year						Fiscal Year
	2013		2012		2011		2013		2012		2011		2013		2012		2011
Weighted average assumptions – projected benefit obligation:
Discount rate	4.55	%	5.05	%	5.80	%	3.53	%	3.98	%	4.75	%	4.55	%	5.05	%	5.80	%
Rate of compensation increase	3.90	%	3.80	%	3.80	%	2.78	%	2.85	%	2.97	%	N/A		N/A		N/A
Initial health care cost trend rate pre-65	N/A		N/A		N/A		N/A		N/A		N/A		7.75	%	7.50	%	7.75	%
Initial health care cost trend rate post-65	N/A		N/A		N/A		N/A		N/A		N/A		7.00	%	7.25	%	7.50	%
Weighted average assumptions – net periodic benefit cost:
Discount rate	5.05	%	5.80	%	6.05	%	3.98	%	4.75	%	4.68	%	5.05	%	5.80	%	6.05	%
Expected return on plan assets	8.25	%	8.25	%	8.25	%	5.19	%	5.82	%	5.71	%	8.25	%	8.25	%	8.25	%
Rate of compensation increase	3.80	%	3.80	%	3.80	%	2.85	%	2.97	%	3.05	%	N/A		N/A		N/A
Initial health care cost trend rate pre-65	N/A		N/A		N/A		N/A		N/A		N/A		7.50	%	7.75	%	8.00	%
Initial health care cost trend rate post-65	N/A		N/A		N/A		N/A		N/A		N/A		7.25	%	7.50	%	7.75	%

Schedule of Allocation of Plan Assets

The Company’s pension plan target allocations at April 26, 2013 and April 27, 2012, by asset category, are as follows:

U.S. Plans

	Target Allocation
	2013		2012
Asset Category
Equity securities	50	%	50	%
Debt securities	20		20
Other	30		30
Total	100	%	100	%
Non-U.S. Plans
	Target Allocation
	2013		2012
Asset Category
Equity securities	40	%	41	%
Debt securities	22		23
Other	38		36
Total	100	%	100	%

Schedule of Expected Benefit Payments

Retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows:

(in millions)	U.S. Pension Benefits		Non-U.S. Pension Benefits		Post-Retirement Benefits
Fiscal Year	Gross Payments		Gross Payments		Gross Payments		Gross Medicare Part D Receipts
2014	$	51	$	25	$	10	$	—
2015	59		26		11		—
2016	68		27		12		—
2017	77		28		14		—
2018	87		30		16		—
2019 – 2023	597		161		107		—
Total	$	939	$	297	$	170	$	—

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

(in millions)	One-Percentage- Point Increase		One-Percentage- Point Decrease
Effect on post-retirement benefit cost	$	2	$	(1	)
Effect on post-retirement benefit obligation	13		(10		)

U.S. Pension Benefits

Defined Benefit Plan Disclosure

Fair Value Measurements, Retirement Benefit Plan Assets

U.S. Pension Benefits

	Fair Value at
			Fair Value Measurements Using Inputs Considered as
(in millions)	April 26, 2013		Level 1		Level 2		Level 3
Short-term investments	$	195	$	195	$	—	$	—
U.S. government securities	172		145		27		—
Corporate debt securities	62		—		61		1
Other common stock	216		216		—		—
Equity mutual funds/commingled trusts	377		—		150		227
Fixed income mutual funds	72		—		72		—
Partnership units	623		—		—		623
	$	1,717	$	556	$	310	$	851

	Fair Value at		Fair Value Measurements Using Inputs Considered as
(in millions)	April 27, 2012		Level 1		Level 2		Level 3
Short-term investments	$	133	$	133	$	—	$	—
U.S. government securities	169		151		18		—
Corporate debt securities	46		—		45		1
Other common stock	186		186		—		—
Equity mutual funds/commingled trusts	316		—		123		193
Fixed income mutual funds	62		—		62		—
Partnership units	558		—		—		558
	$	1,470	$	470	$	248	$	752

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 benefits assets measured at fair value that used significant unobservable inputs (Level 3):

(in millions)	Total Level 3 Investments		Corporate Debt Securities		Equity Mutual Funds/Commingled Trusts		Partnership Units
Balance as of April 27, 2012	$	752	$	1	$	193	$	558
Total realized gains (losses) included in earnings	8		—		—		8
Total unrealized gains (losses) included in accumulated other comprehensive loss	62		—		34		28
Purchases and sales, net	29		—		—		29
Balance as of April 26, 2013	$	851	$	1	$	227	$	623

(in millions)	Total Level 3 Investments			Corporate Debt Securities		Equity Mutual Funds/Commingled Trusts			Partnership Units
Balance as of April 29, 2011	$	685		$	—	$	242		$	443
Total realized gains (losses) included in earnings	17			—		17			—
Total unrealized (losses) gains included in accumulated other comprehensive loss	(17		)	—		(13		)	(4		)
Purchases and sales, net	67			1		(53		)	119
Balance as of April 27, 2012	$	752		$	1	$	193		$	558

Non-U.S. Pension Benefits

Defined Benefit Plan Disclosure

Fair Value Measurements, Retirement Benefit Plan Assets

Non-U.S. Pension Benefits

	Fair Value at		Fair Value Measurements Using Inputs Considered as
(in millions)	April 26, 2013		Level 1		Level 2		Level 3
Registered investment companies	$	715	$	—	$	715	$	—
Insurance contracts	10		—		—		10
Partnership units	8		—		—		8
	$	733	$	—	$	715	$	18
	Fair Value at		Fair Value Measurements Using Inputs Considered as
(in millions)	April 27, 2012		Level 1		Level 2		Level 3
Registered investment companies	$	622	$	—	$	622	$	—
Insurance contracts	9		—		—		9
Partnership units	7		—		—		7
	$	638	$	—	$	622	$	16

Fair Value, Retirement Benefit Plan Assets, Unobservable Input Reconciliation

The following tables provide a reconciliation of the beginning and ending balances of non-U.S. pension benefits assets measured at fair value that used significant unobservable inputs (Level 3):

(in millions)	Total Level 3 Investments		Insurance Contracts		Partnership Units
Balance as of April 27, 2012	$	16	$	9	$	7
Total unrealized gains (losses) included in accumulated other comprehensive loss	1		—		1
Purchases and sales, net	1		1		—
Balance as of April 26, 2013	$	18	$	10	$	8

(in millions)	Total Level 3 Investments			Insurance Contracts			Partnership Units
Balance as of April 29, 2011	$	16		$	9		$	7
Purchases and sales, net	2			1			1
Foreign currency exchange	(2		)	(1		)	(1		)
Balance as of April 27, 2012	$	16		$	9		$	7

Post-Retirement Benefits

Defined Benefit Plan Disclosure

Fair Value Measurements, Retirement Benefit Plan Assets

Post-Retirement Benefits

	Fair Value at			Fair Value Measurements Using Inputs Considered as
(in millions)	April 26, 2013			Level 1		Level 2		Level 3
Short-term investments	$	28		$	28	$	—	$	—
U.S. government securities	24			20		4		—
Corporate debt securities	9			—		9		—
Other common stock	31			31		—		—
Equity mutual funds/commingled trusts	53			—		21		32
Fixed income mutual funds	10			—		10		—
Partnership units	88			—		—		88
Total	$	243		$	79	$	44	$	120
Other items to reconcile to fair value of plan assets	(10		)
	$	233
	Fair Value at			Fair Value Measurements Using Inputs Considered as
(in millions)	April 27, 2012			Level 1		Level 2		Level 3
Short-term investments	$	19		$	19	$	—	$	—
U.S. government securities	25			22		3		—
Corporate debt securities	6			—		6		—
Other common stock	27			27		—		—
Equity mutual funds/commingled trusts	46			—		18		28
Fixed income mutual funds	9			—		9		—
Partnership units	80			—		—		80
Total	$	212		$	68	$	36	$	108
Other items to reconcile to fair value of plan assets	(8		)
	$	204

Fair Value, Retirement Benefit Plan Assets, Unobservable Input Reconciliation

The following tables provide a reconciliation of the beginning and ending balances of post-retirement benefit assets measured at fair value that used significant unobservable inputs (Level 3):

(in millions)	Total Level 3 Investments		Equity Mutual Funds/Commingled Trusts		Partnership Units
Balance as of April 27, 2012	$	108	$	28	$	80
Total realized gains (losses) included in earnings	5		4		1
Total unrealized gains (losses) included in accumulated other comprehensive loss	4		—		4
Purchases and sales, net	3		—		3
Balance as of April 26, 2013	$	120	$	32	$	88

(in millions)	Total Level 3 Investments			Equity Mutual Funds/Commingled Trusts			Partnership Units
Balance as of April 29, 2011	$	102		$	36		$	66
Total realized gains (losses) included in earnings	2			2			—
Total unrealized (losses) gains included in accumulated other comprehensive loss	(2		)	(1		)	(1		)
Purchases and sales, net	6			(9		)	15
Balance as of April 27, 2012	$	108		$	28		$	80