Retirement Benefit Plans (Tables)

12 Months Ended

Apr. 24, 2015

Defined Benefit Plan Disclosure [Line items]

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)	2015			2014			2015			2014
Accumulated benefit obligation at end of year:	$	2,699		$	1,996		$	1,462		$	871
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	2,203		$	2,154		$	1,031		$	811
Service cost	104			107			60			54
Interest cost	105			97			33			29
Benefit obligations assumed in Covidien acquisition	214			—			472			—
Employee contributions	—			—			16			16
Plan curtailments and settlements	—			—			(35		)	(2		)
Actuarial (gain) loss	391			(104		)	354			88
Benefits paid	(61		)	(51		)	(34		)	(27		)
Foreign currency exchange rate changes and other	—			—			(250		)	62
Projected benefit obligation at end of year	$	2,956		$	2,203		$	1,647		$	1,031
Change in plan assets:
Fair value of plan assets at beginning of year	$	1,917		$	1,717		$	889		$	733
Actual return on plan assets	69			163			162			61
Plan assets acquired in Covidien acquisition	188			—			262			—
Employer contributions	91			88			80			48
Employee contributions	—			—			16			16
Plan settlements	—			—			(1		)	—
Benefits paid	(61		)	(51		)	(34		)	(27		)
Foreign currency exchange rate changes	—			—			(185		)	58
Fair value of plan assets at end of year	$	2,204		$	1,917		$	1,189		$	889
Funded status at end of year:
Fair value of plan assets	$	2,204		$	1,917		$	1,189		$	889
Benefit obligations	2,956			2,203			1,647			1,031
Underfunded status of the plans	$	(752	)	$	(286	)	$	(458	)	$	(142	)
Recognized liability	$	(752	)	$	(286	)	$	(458	)	$	(142	)
Amounts recognized on the consolidated balance sheets consist of:
Non-current assets	$	21		$	—		$	2		$	17
Current liabilities	(11		)	(10		)	(48		)	(4		)
Non-current liabilities	(762		)	(276		)	(412		)	(155		)
Recognized liability	$	(752	)	$	(286	)	$	(458	)	$	(142	)
Amounts recognized in accumulated other comprehensive (loss) income:
Prior service cost (benefit)	$	4		$	4		$	(2	)	$	(2	)
Net actuarial loss	1,253			837			372			254
Ending balance	$	1,257		$	841		$	370		$	252

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)	2015		2014
Accumulated benefit obligation	$	3,678	$	2,426
Projected benefit obligation	4,032		2,703
Plan assets at fair value	2,823		2,268

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)	2015		2014
Projected benefit obligation	$	4,319	$	2,864
Plan assets at fair value	3,086		2,419

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)	2015			2014			2013			2015			2014			2013
Service cost	$	104		$	107		$	104		$	60		$	54		$	43
Interest cost	105			97			94			33			29			27
Expected return on plan assets	(160		)	(141		)	(128		)	(41		)	(35		)	(33		)
Amortization of prior service cost (credit)	—			1			(1		)	—			1			1
Amortization of net actuarial loss	65			85			71			12			11			8
Net periodic benefit cost	$	114		$	149		$	140		$	64		$	60		$	46

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 2015 are as follows:



(in millions)	U.S. Pension Benefits			Non-U.S. Pension Benefits
Net actuarial loss	$	481		$	199
Amortization of prior service cost	—			(1		)
Amortization of net actuarial gain	(65		)	(12		)
Effect of exchange rates	—			(68		)
Total recognized in accumulated other comprehensive loss	$	416		$	118
Total recognized in net periodic benefit cost and accumulated other comprehensive loss	$	530		$	182

Schedule of Assumptions Used

The actuarial assumptions are as follows:



	U.S. Pension Benefits						Non-U.S. Pension Benefits
	Fiscal Year						Fiscal Year
	2015		2014		2013		2015		2014		2013
Weighted average assumptions – projected benefit obligation:
Discount rate	4.20	%	4.75	%	4.55	%	1.88	%	3.32	%	3.52	%
Rate of compensation increase	3.90	%	3.90	%	3.90	%	2.92	%	2.80	%	2.78	%
Weighted average assumptions – net periodic benefit cost:
Discount rate	4.75	%	4.55	%	5.05	%	3.32	%	3.52	%	3.98	%
Expected return on plan assets	8.25	%	8.25	%	8.25	%	4.77	%	4.76	%	5.19	%
Rate of compensation increase	3.90	%	3.90	%	3.80	%	2.80	%	2.78	%	2.85	%

Schedule of Allocation of Plan Assets

The Company’s pension plan target allocations at April 24, 2015 and April 25, 2014, by asset category, are as follows:



U.S. Plans
	Target Allocation
	2015		2014
Asset Category
Equity securities	49	%	50	%
Debt securities	23		20
Other	28		30
Total	100	%	100	%

Non-U.S. Plans
	Target Allocation
	2015		2014
Asset Category
Equity securities	35	%	41	%
Debt securities	29		22
Other	36		37
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
Fiscal Year	Gross Payments		Gross Payments
2016	$	96	$	160
2017	93		38
2018	103		40
2019	114		39
2020	125		41
2021 – 2025	792		239
Total	$	1,323	$	557

U.S. Pension Benefits

Defined Benefit Plan Disclosure [Line items]

Fair Value Measurements, Retirement Benefit Plan Assets

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.

U.S. Pension Benefits



	Fair Value as of
	Fair Value as of		Fair Value Measurements Using Inputs Considered as
(in millions)	April 24, 2015		Level 1		Level 2		Level 3
Short-term investments	$	247	$	247	$	—	$	—
U.S. government securities	155		109		46		—
Corporate debt securities	5		—		4		1
Equity mutual funds/commingled trusts	951		—		751		200
Fixed income mutual funds	374		—		374		—
Partnership units	472		—		—		472
	$	2,204	$	356	$	1,175	$	673



	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, 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 25, 2014	$	959		$	1	$	285		$	673
Total realized gains included in income	162			—		65			97
Total unrealized losses included in accumulated other comprehensive loss	(130		)	—		(31		)	(99		)
Purchases and sales, net	(318		)	—		(119		)	(199		)
Balance as of April 24, 2015	$	673		$	1	$	200		$	472



(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 included in income	23			—		—		23
Total unrealized gains 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

Non-U.S. Pension Benefits

Defined Benefit Plan Disclosure [Line items]

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 24, 2015		Level 1		Level 2		Level 3
Registered investment companies	$	1,113	$	—	$	1,113	$	—
Insurance contracts	60		—		—		60
Partnership units	16		—		—		16
	$	1,189	$	—	$	1,113	$	76

	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, 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 25, 2014	$	21		$	11		$	10
Total unrealized gains included in accumulated other comprehensive loss	1			(1		)	2
Purchases and sales, net	63			56			7
Foreign currency exchange	(9		)	(6		)	(3		)
Balance as of April 24, 2015	$	76		$	60		$	16



(in millions)	Total Level 3 Investments		Insurance Contracts		Partnership Units
Balance as of April 26, 2013	$	18	$	10	$	8
Total unrealized gains 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