XML 94 R44.htm IDEA: XBRL DOCUMENT v3.22.2
Retirement Benefit Plans (Tables)
 12 Months Ended
Apr. 29, 2022
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans 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 BenefitsNon-U.S. Pension Benefits
 Fiscal YearFiscal Year
(in millions)2022202120222021
Accumulated benefit obligation at end of year:$3,396 $3,786 $1,638 $2,035 
Change in projected benefit obligation:    
Projected benefit obligation at beginning of year$3,979 $3,723 $2,294 $2,024 
Service cost98 106 64 70 
Interest cost102 109 26 28 
Employee contributions— — 12 12 
Plan curtailments and settlements— — (11)(4)
Actuarial (gain) loss(1)
(513)99 (394)6 
Benefits paid(141)(129)(48)(41)
Special termination benefits— 73 — — 
Currency exchange rate changes and other— — (203)200 
Projected benefit obligation at end of year$3,526 $3,979 $1,740 $2,294 
Change in plan assets:    
Fair value of plan assets at beginning of year$3,660 $2,982 $1,900 $1,404 
Actual return on plan assets15 715 (12)232 
Employer contributions24 95 70 149 
Employee contributions— — 12 12 
Plan settlements— — (1)(4)
Benefits paid(141)(129)(48)(41)
Currency exchange rate changes and other— — (188)149 
Fair value of plan assets at end of year$3,559 $3,660 $1,732 $1,900 
Funded status at end of year:    
Fair value of plan assets$3,559 $3,660 $1,732 $1,900 
Benefit obligations3,526 3,979 1,740 2,294 
Over (under) funded status of the plans33 (319)(8)(394)
Recognized asset (liability)$33 $(319)$(8)$(394)
Amounts recognized on the consolidated
balance sheets consist of:
Non-current assets$313 $110 $240 $48 
Current liabilities(21)(20)(6)(6)
Non-current liabilities(259)(408)(242)(436)
Recognized asset (liability)$33 $(319)$(8)$(394)
Amounts recognized in accumulated other
comprehensive loss:
Prior service cost (credit)$— $— $(4)$(6)
Net actuarial loss854 1,220 161 530 
Ending balance$854 $1,220 $157 $524 
(1)Actuarial gains and losses result from changes in actuarial assumptions (such as changes in the discount rate and revised mortality rates). The actuarial gain in fiscal year 2022 was primarily related to increases in discount rates. The actuarial loss in fiscal year 2021 was primarily related to decreases in discount rates.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets U.S. and non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following:
 Fiscal Year
(in millions)20222021
Accumulated benefit obligation$830 $5,089 
Projected benefit obligation880 5,198 
Plan assets at fair value356 4,561 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets U.S. and non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following:
 Fiscal Year
(in millions)20222021
Projected benefit obligation$907 $5,921 
Plan assets at fair value379 5,159 
Schedule of Net Benefit Costs The net periodic benefit cost of the plans includes the following components:
 U.S. Pension BenefitsNon-U.S. Pension Benefits
 Fiscal YearFiscal Year
(in millions)202220212020202220212020
Service cost$98 $106 $106 $64 $70 $59 
Interest cost102 109 126 26 28 28 
Expected return on plan assets(226)(242)(225)(64)(59)(58)
Amortization of prior service cost— 1 1 (1)(1)(1)
Amortization of net actuarial loss64 69 56 22 25 14 
Settlement and curtailment (gain) loss— — — (10)1 — 
Special termination benefits— 73 — — — — 
Net periodic benefit cost$39 $116 $64 $37 $64 $42 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The other changes in plan assets and projected benefit obligations recognized in other comprehensive income for fiscal year 2022 are as follows:
(in millions)U.S. Pension
Benefits		Non-U.S.
Pension
Benefits
Net actuarial gain$(303)$(317)
Amortization of prior service credit— 1 
Amortization and settlement recognition of actuarial loss(64)(22)
Effect of exchange rates— (29)
Total recognized in other comprehensive income(367)(367)
Total recognized in net periodic benefit cost and other comprehensive income$(328)$(331)
Schedule of Assumptions Used
The actuarial assumptions are as follows:

 U.S. Pension BenefitsNon-U.S. Pension Benefits
 Fiscal YearFiscal Year
 202220212020202220212020
Critical assumptions – projected benefit obligation:      
Discount rate
4.23% - 4.48%
2.80% - 3.50%
3.10% - 3.70%
0.60% - 25.40%
0.30% - 13.30%
0.30% - 13.30%
Rate of compensation increase4.83 %4.83 %3.90 %2.70 %2.90 %2.91 %
Critical assumptions – net periodic benefit cost:      
Discount rate – benefit obligation
2.80% - 3.46%
3.10% - 3.70%
3.90% - 4.30%
0.25% - 12.80%
0.30% - 13.90%
0.40% - 13.90%
Discount rate – service cost
2.50% - 3.51%
2.60% - 3.90%
3.70% - 4.00%
0.24% - 12.80%
0.30% - 13.90%
0.40% - 13.90%
Discount rate – interest cost
2.08% - 2.87%
2.80% - 3.20%
3.50% - 4.30%
0.08% - 12.80%
0.30% - 13.90%
0.40% - 13.90%
Expected return on plan assets
5.60% - 7.40%
7.50 %7.90 %3.67 %3.78 %4.19 %
Rate of compensation increase
3.90% - 4.83%
3.90 %3.90 %2.90 %2.91 %2.87 %
Schedule of Allocation of Plan Assets
The Company’s U.S. plans target asset allocations at April 29, 2022, compared to the U.S. plans actual asset allocations at April 29, 2022 and April 30, 2021 by asset category, are as follows:
U.S. PlansTarget AllocationActual Allocation
 
April 29, 2022
April 29, 2022
April 30, 2021
Asset Category:
Equity securities34 %36 %39 %
Debt securities51 45 32 
Other15 19 29 
Total100 %100 %100 %
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. Certain investments for which the fair value is measured using the net asset value per share (or its equivalent) practical expedient are not presented within the fair value hierarchy. The fair value amounts presented for these investments are intended to permit reconciliation to the total fair value of plan assets at April 29, 2022 and April 30, 2021.
U.S. Pension Benefits
 Fair Value at 
 Fair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 29, 2022Level 1Level 2Level 3
Short-term investments$73 $73 $— $— $— 
Mutual funds125 125 — — — 
Equity commingled trusts1,281 — — — 1,281 
Fixed income commingled trusts1,069 — — — 1,069 
Partnership units1,011 — — 1,011 — 
$3,559 $197 $— $1,011 $2,350 

 Fair Value atFair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 30, 2021Level 1Level 2Level 3
Short-term investments$232 $232 $— $— $— 
Mutual funds99 99 — — — 
Equity commingled trusts1,420 — — — 1,420 
Fixed income commingled trusts1,050 — — — 1,050 
Partnership units860 — — 860 — 
$3,660 $331 $— $860 $2,470 
Non-U.S. Pension Benefits
 Fair Value atFair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 29, 2022Level 1Level 2Level 3
Registered investment companies$1,689 $— $— $— $1,689 
Insurance contracts43 — — 43 — 
$1,732 $— $— $43 $1,689 
 Fair Value atFair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 30, 2021Level 1Level 2Level 3
Registered investment companies$1,850 $— $— $— $1,850 
Insurance contracts49 — — 49 — 
$1,900 $— $— $49 $1,850 
Schedule of 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)Partnership Units
April 24, 2020
$625 
Total realized gains, net8 
Total unrealized gains, net89 
Purchases and sales, net139 
April 30, 2021
860 
Total realized gains, net28 
Total unrealized gains, net72 
Purchases and sales, net51 
April 29, 2022
$1,011 
Schedule of Expected Benefit Payments
Retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows:
(in millions)Gross Payments
Fiscal YearU.S. Pension BenefitsNon-U.S. Pension Benefits
2023$150 $61 
2024160 55 
2025172 59 
2026182 59 
2027193 65 
2028 – 20321,110 367 
Total$1,966 $666