Retirement Benefit Plans

9 Months Ended

Jan. 28, 2022

Retirement Benefits [Abstract]

Retirement Benefit Plans

Retirement Benefit Plans

The Company sponsors various retirement benefit plans, including defined benefit pension plans, post-retirement medical plans, defined contribution savings plans, and termination indemnity plans, covering substantially all U.S. employees and many employees outside the U.S. The net periodic benefit cost of the defined benefit pension plans included the following components for the three and nine months ended January 28, 2022 and January 29, 2021:

	U.S.				Non-U.S.
	Three months ended				Three months ended
(in millions)	January 28, 2022		January 29, 2021		January 28, 2022		January 29, 2021
Service cost	$	25	$	26	$	16	$	17
Interest cost	26		28		7		7
Expected return on plan assets	(57)		(60)		(16)		(13)
Amortization of net actuarial loss	16		17		5		6
Net periodic benefit cost	$	10	$	11	$	12	$	17
	U.S.				Non-U.S.
	Nine months ended				Nine months ended
(in millions)	January 28, 2022		January 29, 2021		January 28, 2022		January 29, 2021
Special termination benefits	$	—	$	80	$	—	$	—
Service cost	75		80		48		51
Interest cost	78		82		21		20
Expected return on plan assets	(171)		(182)		(48)		(41)
Amortization of net actuarial loss	48		52		15		18
Net periodic benefit cost	$	30	$	112	$	36	$	48

Components of net periodic benefit cost other than the service component are recognized in other non-operating income, net in the consolidated statements of income.

During fiscal year 2021, as part of the Simplification restructuring program, the Company offered certain eligible U.S. employees voluntary early retirement packages, resulting in incremental expense of $97 million recognized during the nine months ended January 29, 2021. Of this amount, $73 million related to U.S. pension benefits, $11 million related to defined contribution plans, $11 million related to U.S. post-retirement benefits, and $2 million related to cash payments and administrative fees. See Note 5 for additional information on the Simplification restructuring program.