Fair Value Measurements (Tables)

12 Months Ended

Apr. 24, 2015

Information by Level for Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis:



	Fair Value as of		Fair Value Measurements Using Inputs Considered as
(in millions)	April 24, 2015		Level 1		Level 2		Level 3
Assets:
Corporate debt securities	$	6,378	$	—	$	6,377	$	1
Auction rate securities	105		—		—		105
Mortgage-backed securities	1,478		—		1,478		—
U.S. government and agency securities	3,139		1,541		1,598		—
Foreign government and agency securities	85		—		85		—
Certificates of deposit	44		—		44		—
Other asset-backed securities	507		—		507		—
Debt funds	2,930		—		2,930		—
Marketable equity securities	80		80		—		—
Exchange-traded funds	77		77		—		—
Derivative assets	733		644		89		—
Total assets	$	15,556	$	2,342	$	13,108	$	106

Liabilities:
Derivative liabilities	$	116	$	45	$	71	$	—
Contingent consideration associated with acquisitions subsequent to April 24, 2009	264		—		—		264
Total liabilities	$	380	$	45	$	71	$	264



	Fair Value as of		Fair Value Measurements Using Inputs Considered as
(in millions)	April 25, 2014		Level 1		Level 2		Level 3
Assets:
Corporate debt securities	$	5,542	$	—	$	5,533	$	9
Auction rate securities	97		—		—		97
Mortgage-backed securities	1,336		—		1,336		—
U.S. government and agency securities	3,116		1,251		1,865		—
Foreign government and agency securities	67		—		67		—
Certificates of deposit	54		—		54		—
Other asset-backed securities	542		—		542		—
Debt funds	2,123		—		2,123		—
Marketable equity securities	49		49		—		—
Exchange-traded funds	67		67		—		—
Derivative assets	175		89		86		—
Total assets	$	13,168	$	1,456	$	11,606	$	106

Liabilities:
Derivative liabilities	$	127	$	116	$	11	$	—
Contingent consideration associated with acquisitions subsequent to April 24, 2009	68		—		—		68
Total liabilities	$	195	$	116	$	11	$	68

Fair Value Inputs, Assets, Quantitative Information

The following table represents the range of the unobservable inputs utilized in the fair value measurement of the auction rate securities classified as Level 3 as of April 24, 2015:

Reconciliation of Beginning and Ending Balances of Items Measured at Fair Value on a Recurring Basis that Used Significant Unobservable Inputs (Level 3)

The following tables provide reconciliations of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3):



(in millions)	Total Level 3 Investments			Corporate debt securities			Auction rate securities		Mortgage- backed securities
Balance as of April 25, 2014	$	106		$	9		$	97	$	—
Total realized losses and other-than-temporary impairment losses included in earnings	(5		)	(5		)	—		—
Total unrealized gains included in other comprehensive income	10			2			8		—
Settlements	(5		)	(5		)	—		—
Balance as of April 24, 2015	$	106		$	1		$	105	$	—



(in millions)	Total Level 3 Investments			Corporate debt securities			Auction rate securities			Mortgage- backed securities
Balance as of April 26, 2013	$	127		$	10		$	103		$	14
Total realized losses and other-than-temporary impairment losses included in earnings	(5		)	—			(5		)	—
Total unrealized gains included in other comprehensive income	4			—			3			1
Settlements	(20		)	(1		)	(4		)	(15		)
Balance as of April 25, 2014	$	106		$	9		$	97		$	—

Valuation
Technique

Unobservable Input

Range
(Weighted Average)

Auction rate securities

Discounted cash flow

Years to principal recovery

2 yrs. - 12 yrs. (3 yrs.)

Illiquidity premium