Retirement Benefit Plans (Tables)

12 Months Ended

Apr. 25, 2014

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)	2014			2013			2014			2013			2014			2013
Accumulated benefit obligation at end of year:	$	1,996		$	1,924		$	871		$	689		$	327		$	302
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	2,154		$	1,877		$	811		$	717		$	302		$	339
Service cost	107			104			54			43			19			19
Interest cost	97			94			29			27			14			15
Employee contributions	—			—			16			15			9			9
Plan amendments	—			—			—			(8		)	—			—
Plan curtailments	—			—			(2		)	—			—			—
Actuarial (gain) loss	(104		)	151			88			65			1			(62		)
Benefits paid	(51		)	(72		)	(27		)	(25		)	(19		)	(19		)
Medicare Part D reimbursements	—			—			—			—			1			1
Foreign currency exchange rate changes	—			—			62			(23		)	—			—
Projected benefit obligation at end of year	$	2,203		$	2,154		$	1,031		$	811		$	327		$	302
Change in plan assets:
Fair value of plan assets at beginning of year	$	1,717		$	1,470		$	733		$	638		$	233		$	204
Actual return on plan assets	163			129			61			69			24			19
Employer contributions	88			190			48			49			20			20
Employee contributions	—			—			16			15			9			9
Benefits paid	(51		)	(72		)	(27		)	(25		)	(19		)	(19		)
Foreign currency exchange rate changes	—			—			58			(13		)	—			—
Fair value of plan assets at end of year	$	1,917		$	1,717		$	889		$	733		$	267		$	233
Funded status at end of year:
Fair value of plan assets	$	1,917		$	1,717		$	889		$	733		$	267		$	233
Benefit obligations	2,203			2,154			1,031			811			327			302
Underfunded status of the plans	$	(286	)	$	(437	)	$	(142	)	$	(78	)	$	(60	)	$	(69	)
Recognized liability	$	(286	)	$	(437	)	$	(142	)	$	(78	)	$	(60	)	$	(69	)
Amounts recognized on the consolidated balance sheets consist of:
Non-current assets	$	—		$	—		$	17		$	19		$	—		$	—
Current liabilities	(10		)	(9		)	(4		)	(4		)	(1		)	(1		)
Non-current liabilities	(276		)	(428		)	(155		)	(93		)	(59		)	(68		)
Recognized liability	$	(286	)	$	(437	)	$	(142	)	$	(78	)	$	(60	)	$	(69	)
Amounts recognized in accumulated other comprehensive (loss) income:
Prior service cost (benefit)	$	4		$	5		$	(2	)	$	(1	)	$	(3	)	$	(3	)
Net actuarial loss	837			1,048			254			190			39			43
Ending balance	$	841		$	1,053		$	252		$	189		$	36		$	40

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 25, 2014 and April 26, 2013. U.S. and non-U.S. plans with accumulated benefit obligations in excess of plan assets consist of the following:

	Fiscal Year
(in millions)	2014		2013
Accumulated benefit obligation	$	2,426	$	2,003
Projected benefit obligation	2,703		2,243
Plan assets at fair value	2,268		1,740

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)	2014		2013
Projected benefit obligation	$	2,864	$	2,637
Plan assets at fair value	2,419		2,104

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)	2014			2013			2012			2014			2013			2012			2014			2013			2012
Service cost	$	107		$	104		$	92		$	54		$	43		$	42		$	19		$	19		$	19
Interest cost	97			94			87			29			27			29			14			15			17
Expected return on plan assets	(141		)	(128		)	(121		)	(35		)	(33		)	(36		)	(19		)	(17		)	(16		)
Amortization of prior service cost (credit)	1			(1		)	(1		)	1			1			1			—			—			—
Amortization of net actuarial loss	85			71			45			11			8			4			1			3			3
Net periodic benefit cost	$	149		$	140		$	102		$	60		$	46		$	40		$	15		$	20		$	23

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 2014 are as follows:

(in millions)	U.S. Pension Benefits			Non-U.S. Pension Benefits			Post- Retirement Benefits
Net actuarial (gain) loss	$	(126	)	$	61		$	(3	)
Amortization of prior service cost	(1		)	(1		)	—
Amortization of net actuarial gain	(85		)	(11		)	(1		)
Effect of exchange rates	—			14			—
Total recognized in accumulated other comprehensive loss	$	(212	)	$	63		$	(4	)
Total recognized in net periodic benefit cost and accumulated other comprehensive loss	$	(63	)	$	124		$	11

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 into net periodic benefit cost, before tax, in fiscal year 2015 are as follows:

(in millions)	U.S. Pension Benefits		Non-U.S. Pension Benefits		Post- Retirement Benefits
Amortization of net actuarial loss	$	65	$	13	$	—
	$	65	$	13	$	—

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
	2014		2013		2012		2014		2013		2012		2014		2013		2012
Weighted average assumptions – projected benefit obligation:
Discount rate	4.75	%	4.55	%	5.05	%	3.32	%	3.52	%	3.98	%	4.75	%	4.55	%	5.05	%
Rate of compensation increase	3.90	%	3.90	%	3.80	%	2.80	%	2.78	%	2.85	%	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	%	7.50	%
Initial health care cost trend rate post-65	N/A		N/A		N/A		N/A		N/A		N/A		6.75	%	7.00	%	7.25	%
Weighted average assumptions – net periodic benefit cost:
Discount rate	4.55	%	5.05	%	5.80	%	3.52	%	3.98	%	4.75	%	4.55	%	5.05	%	5.80	%
Expected return on plan assets	8.25	%	8.25	%	8.25	%	4.76	%	5.19	%	5.82	%	8.25	%	8.25	%	8.25	%
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	%

Schedule of Allocation of Plan Assets

The Company’s pension plan target allocations at April 25, 2014 and April 26, 2013, by asset category, are as follows:

U.S. Plans
	Target Allocation
	2014		2013
Asset Category
Equity securities	50	%	50	%
Debt securities	20		20
Other	30		30
Total	100	%	100	%
Non-U.S. Plans
	Target Allocation
	2014		2013
Asset Category
Equity securities	41	%	40	%
Debt securities	22		22
Other	37		38
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
2015	$	59	$	36	$	12	$	—
2016	69		30		14		—
2017	78		31		16		—
2018	88		33		18		—
2019	98		32		20		—
2020 – 2024	659		187		137		—
Total	$	1,051	$	349	$	217	$	—

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	$	1	$	(1	)
Effect on post-retirement benefit obligation	11		(9		)

U.S. Pension Benefits

Defined Benefit Plan Disclosure

Fair Value Measurements, Retirement Benefit Plan Assets

U.S. Pension Benefits

	Fair Value as of
			Fair Value Measurements Using Inputs Considered as
(in millions)	April 25, 2014		Level 1		Level 2		Level 3
Short-term investments	$	157	$	157	$	—	$	—
U.S. government securities	158		108		50		—
Corporate debt securities	60		—		59		1
Other common stock	125		125		—		—
Equity mutual funds/commingled trusts	578		—		293		285
Fixed income mutual funds	166		—		166		—
Partnership units	673		—		—		673
	$	1,917	$	390	$	568	$	959

	Fair Value as of		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, 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)	Total Level 3 Investments			Corporate Debt Securities		Commingled Trusts		Partnership Units
Balance as of April 26, 2013	$	851		$	1	$	227	$	623
Total realized gains (losses) included in earnings	23			—		—		23
Total unrealized gains (losses) included in accumulated other comprehensive loss	86			—		58		28
Purchases and sales, net	(1		)	—		—		(1		)
Balance as of April 25, 2014	$	959		$	1	$	285	$	673

(in millions)	Total Level 3 Investments		Corporate Debt Securities		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

Non-U.S. Pension Benefits

Defined Benefit Plan Disclosure

Fair Value Measurements, Retirement Benefit Plan Assets

Non-U.S. Pension Benefits

	Fair Value as of		Fair Value Measurements Using Inputs Considered as
(in millions)	April 25, 2014		Level 1		Level 2		Level 3
Registered investment companies	$	868	$	—	$	868	$	—
Insurance contracts	11		—		—		11
Partnership units	10		—		—		10
	$	889	$	—	$	868	$	21
	Fair Value as of		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, Retirement Benefit Plan Assets, Unobservable Input Reconciliation

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)	Total Level 3 Investments		Insurance Contracts		Partnership Units
Balance as of April 26, 2013	$	18	$	10	$	8
Total unrealized gains (losses) included in accumulated other comprehensive loss	1		—		1
Purchases and sales, net	1		—		1
Foreign currency exchange	1		1		—
Balance as of April 25, 2014	$	21	$	11	$	10

(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

Post-Retirement Benefits

Defined Benefit Plan Disclosure

Fair Value Measurements, Retirement Benefit Plan Assets

Post-Retirement Benefits

	Fair Value as of			Fair Value Measurements Using Inputs Considered as
(in millions)	April 25, 2014			Level 1		Level 2		Level 3
Short-term investments	$	22		$	22	$	—	$	—
U.S. government securities	23			16		7		—
Corporate debt securities	9			—		9		—
Other common stock	18			18		—		—
Equity mutual funds/commingled trusts	83			—		42		41
Fixed income mutual funds	24			—		24		—
Partnership units	97			—		—		97
Total	$	276		$	56	$	82	$	138
Other items to reconcile to fair value of plan assets	(9		)
	$	267
	Fair Value as of			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, 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		Commingled Trusts		Partnership Units
Balance as of April 26, 2013	$	120	$	32	$	88
Total realized gains (losses) included in earnings	4		—		4
Total unrealized gains (losses) included in accumulated other comprehensive loss	13		9		4
Purchases and sales, net	1		—		1
Balance as of April 25, 2014	$	138	$	41	$	97

(in millions)	Total Level 3 Investments		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