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Financial Instruments (Tables)
 9 Months Ended
Jan. 29, 2016
Investments [Abstract]  
Investments by Category and Related Balance Sheet Presentation
The following table summarizes the Company's investments by significant investment categories and the related condensed consolidated balance sheets presentation at January 29, 2016:
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Available-for-sale securities
 

 
 

 
 

 
 

 
 
 
 
Level 1:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
1,517

 
$
14

 
$
(1
)
 
$
1,530

 
$
1,530

 
$
—

Marketable equity securities
77

 
24

 
(5
)
 
96

 
—

 
96

Total Level 1
1,594

 
38

 
(6
)
 
1,626

 
1,530

 
96

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
6,568

 
56

 
(95
)
 
6,529

 
6,526

 
3

U.S. government and agency securities
1,683

 
4

 
(1
)
 
1,686

 
1,686

 
—

Mortgage-backed securities
1,407

 
12

 
(16
)
 
1,403

 
1,403

 
—

Foreign government and agency securities
27

 
—

 
—

 
27

 
27

 
—

Certificates of deposit
28

 
—

 
—

 
28

 
28

 
—

Other asset-backed securities
517

 
3

 
—

 
520

 
520

 
—

Debt funds
3,148

 
1

 
(379
)
 
2,770

 
2,770

 
—

Total Level 2
13,378

 
76

 
(491
)
 
12,963

 
12,960

 
3

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
1

 
—

 
—

 
1

 
—

 
1

Auction rate securities
109

 
—

 
(7
)
 
102

 
—

 
102

Total Level 3
110

 
—

 
(7
)
 
103

 
—

 
103

Total available-for-sale securities
15,082

 
114

 
(504
)
 
14,692

 
14,490

 
202

Trading securities:
 

 
 

 
 

 
 

 
 
 
 
Level 1:
 
 
 
 
 
 
 
 
 
 
 
Exchange-traded funds
65

 
12

 
(2
)
 
75

 
75

 
—

Total Level 1:
65

 
12

 
(2
)
 
75

 
75

 
—

Total trading securities
65

 
12

 
(2
)
 
75

 
75

 
—

Cost method, equity method, and other investments:
 
 
 
 
 
 
 
 
 
 
 
Level 3:
 
 
 
 
 
 
 
 
 
 
 
Cost method, equity method, and other investments
524

 
—

 
—

 
N/A

 
—

 
524

Total Level 3:
524

 
—

 
—

 
N/A

 
—

 
524

Total cost method, equity method, and other investments
524

 
—

 
—

 
N/A

 
—

 
524

Total investments
$
15,671

 
$
126

 
$
(506
)
 
$
14,767

 
$
14,565

 
$
726

The following table summarizes the Company's investments by significant investment categories and the related condensed consolidated balance sheets presentation at April 24, 2015:
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Available-for-sale securities:
 

 
 

 
 

 
 

 
 
 
 
Level 1:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
1,525

 
$
17

 
$
(1
)
 
$
1,541

 
$
1,541

 
$
—

Marketable equity securities
64

 
35

 
(19
)
 
80

 
—

 
80

Total Level 1
1,589

 
52

 
(20
)
 
1,621

 
1,541

 
80

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
6,282

 
105

 
(10
)
 
6,377

 
6,377

 
—

U.S. government and agency securities
1,597

 
4

 
(3
)
 
1,598

 
1,598

 
—

Mortgage-backed securities
1,462

 
22

 
(6
)
 
1,478

 
1,478

 
—

Foreign government and agency securities
85

 
—

 
—

 
85

 
85

 
—

Certificates of deposit
44

 
—

 
—

 
44

 
44

 
—

Other asset-backed securities
504

 
3

 
—

 
507

 
507

 
—

Debt funds
3,061

 
19

 
(150
)
 
2,930

 
2,930

 
—

Total Level 2
13,035

 
153

 
(169
)
 
13,019

 
13,019

 
—

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
1

 
—

 
—

 
1

 
—

 
1

Auction rate securities
109

 
—

 
(4
)
 
105

 
—

 
105

Total Level 3
110

 
—

 
(4
)
 
106

 
—

 
106

Total available-for-sale securities
14,734

 
205

 
(193
)
 
14,746

 
14,560

 
186

Trading securities:
 

 
 

 
 

 
 

 
 
 
 
Level 1:
 
 
 
 
 
 
 
 
 
 
 
Exchange-traded funds
58

 
19

 
—

 
77

 
77

 
—

Total Level 1
58

 
19

 
—

 
77

 
77

 
—

Total trading securities
58

 
19

 
—

 
77

 
77

 
—

Cost method, equity method, and other investments:
 
 
 
 
 
 
 
 
 
 
 
Level 3:
 
 
 
 
 
 
 
 
 
 
 
Cost method, equity method, and other investments
520

 
—

 
—

 
N/A

 
—

 
520

Total Level 3
520

 
—

 
—

 
N/A

 
—

 
520

Total cost method, equity method, and other investments
520

 
—

 
—

 
N/A

 
—

 
520

Total investments
$
15,312

 
$
224

 
$
(193
)
 
$
14,823

 
$
14,637

 
$
706
Gross Unrealized Losses and Fair Values of Available-for-sale Securities that Have Been in a Continuous Unrealized Loss Position Deemed to be Temporary, Aggregated by Investment Category
The following tables show the gross unrealized losses and fair values of the Company’s available-for-sale securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category as of January 29, 2016 and April 24, 2015:
 
January 29, 2016
 
Less than 12 months
 
More than 12 months
(in millions)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Corporate debt securities
$
2,817

 
$
(80
)
 
$
186

 
$
(16
)
Auction rate securities
—

 
—

 
102

 
(7
)
Mortgage-backed securities
626

 
(11
)
 
223

 
(6
)
U.S. government and agency securities
716

 
(1
)
 
103

 
—

Debt funds
1,231

 
(62
)
 
1,538

 
(317
)
Marketable equity securities
51

 
(6
)
 
—

 
—

Total
$
5,441

 
$
(160
)
 
$
2,152

 
$
(346
)
 
April 24, 2015
 
Less than 12 months
 
More than 12 months
(in millions)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Corporate debt securities
$
944

 
$
(9
)
 
$
34

 
$
(1
)
Auction rate securities
—

 
—

 
105

 
(4
)
Mortgage-backed securities
346

 
(3
)
 
206

 
(3
)
U.S. government and agency securities
356

 
(1
)
 
267

 
(3
)
Debt funds
1,291

 
(109
)
 
559

 
(41
)
Marketable equity securities
4

 
(19
)
 
—

 
—

Total
$
2,941

 
$
(141
)
 
$
1,171

 
$
(52
)
Unobservable Inputs Utilized in the Fair Value Measurement of Auction Rate Securities Classified as Level 3
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 January 29, 2016:

 
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
6%
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 a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3):
Three months ended January 29, 2016
 

 
 

 
 

(in millions)
Total Level 3
Investments
 
Corporate debt
securities
 
Auction rate
securities
Balance as of October 30, 2015
$
103

 
$
1

 
$
102

Total unrealized gains included in other comprehensive income
—

 
—

 
—

Balance as of January 29, 2016
$
103

 
$
1

 
$
102

 
 
 
 
 
 
Three months ended January 23, 2015
 

 
 

 
 

(in millions)
Total Level 3
Investments
 
Corporate debt
securities
 
Auction rate
securities
Balance as of October 24, 2014
$
108

 
$
9

 
$
99

Total unrealized gains included in other comprehensive income
—

 
—

 
—

Balance as of January 23, 2015
$
108

 
$
9

 
$
99

 
 
 
 
 
 
Nine months ended January 29, 2016
 

 
 

 
 

(in millions)
Total Level 3
Investments
 
Corporate debt
securities
 
Auction rate
securities
Balance as of April 24, 2015
$
106

 
$
1

 
$
105

Total unrealized losses included in other comprehensive income
(3
)
 
—

 
(3
)
Balance as of January 29, 2016
$
103

 
$
1

 
$
102

 
 
 
 
 
 
Nine months ended January 23, 2015
 

 
 

 
 

(in millions)
Total Level 3
Investments
 
Corporate debt
securities
 
Auction rate
securities
Balance as of April 24, 2014
$
106

 
$
9

 
$
97

Total unrealized gains included in other comprehensive income
2

 
—

 
2

Balance as of January 23, 2015
$
108

 
$
9

 
$
99
Activity Related to the Company's Investment Portfolio
Activity related to the Company’s investment portfolio is as follows:
 
Three months ended
 
January 29, 2016
 
January 23, 2015
(in millions)
Debt (a)
 
Equity (b)
 
Debt (a)
 
Equity (b)
Proceeds from sales
$
1,261

 
$
4

 
$
1,478

 
$
208

Gross realized gains
2

 
4

 
10

 
99

Gross realized losses
(9
)
 
—

 
(4
)
 
—

Impairment losses recognized
—

 
(2
)
 
—

 
(1
)
 
 
 
 
 
 
 
 
 
Nine months ended
 
January 29, 2016
 
January 23, 2015
(in millions)
Debt (a)
 
Equity (b) (c)
 
Debt (a)
 
Equity (b) (d)
Proceeds from sales
$
3,979

 
$
38

 
$
4,114

 
$
237

Gross realized gains
11

 
36

 
26

 
157

Gross realized losses
(21
)
 
—

 
(9
)
 
—

Impairment losses recognized
—

 
(43
)
 
—

 
(22
)
(a)
Includes available-for-sale debt securities.
(b)
Includes marketable equity securities, cost method, equity method, exchange-traded funds, and other investments.
(c)
As a result of certain acquisitions that occurred during the nine months ended January 29, 2016, the Company recognized a non-cash realized gain of $9 million on its previously-held minority investment included in other expense, net on the condensed consolidated statement of income.
(d)
As a result of certain acquisitions that occurred during the nine months ended January 23, 2015, the Company recognized a non-cash realized gain of $41 million on its previously-held minority investments included in other expense, net on the condensed consolidated statement of income.
Available-for-sale Debt Securities Contractual Maturities
The January 29, 2016 balance of available-for-sale debt securities, excluding debt funds which have no single maturity date, by contractual maturity is shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
(in millions)
January 29, 2016
Due in one year or less
$
2,197

Due after one year through five years
6,294

Due after five years through ten years
3,050

Due after ten years
285

Total
$
11,826