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Derivatives and Foreign Exchange Risk Management (Tables)
 9 Months Ended
Jan. 29, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Amount and Location of Gains (Losses) in Statements of Income, Derivative Instruments Not Designated as Hedging Instruments
The amount and location of the gains (losses) in the condensed consolidated statements of income related to derivative instruments, not designated as hedging instruments, for the three and nine months ended January 29, 2016 and January 23, 2015 are as follows:
(in millions)
 
 
 
Three months ended
Derivatives Not Designated as Hedging Instruments
 
Location
 
January 29, 2016
 
January 23, 2015
Foreign currency exchange rate contracts gains (losses)
 
Other expense, net
 
$
19

 
$
153

(in millions)
 
 
 
Nine months ended
Derivatives Not Designated as Hedging Instruments
 
Location
 
January 29, 2016
 
January 23, 2015
Foreign currency exchange rate contracts gains (losses)
 
Other expense, net
 
$
35

 
$
202
Amount and Location of Gains (Losses) in Statements of Income and OCI, Derivative Instruments Designated as Cash Flow Hedges
The amount of gains (losses) and location of the gains (losses) in the condensed consolidated statements of income and other comprehensive (loss) income (OCI) related to foreign currency exchange rate contract derivative instruments designated as cash flow hedges for the three months ended January 29, 2016 and January 23, 2015 are as follows:
Three months ended January 29, 2016
 
 

 
 
 
 

 
 
Gross Gains (Losses) Recognized in OCI
on Effective Portion of Derivative
 
Effective Portion of Gains (Losses) on Derivative Reclassified from
AOCI into Income
(in millions)
 
 
Derivatives in Cash Flow
Hedging Relationships
 
Amount
 
Location
 
Amount
Foreign currency exchange rate contracts
 
$
104

 
Other expense, net
 
$
111

 
 
 

 
Cost of products sold
 
(9
)
Total
 
$
104

 
 
 
$
102

Three months ended January 23, 2015
 
 

 
 
 
 

 
 
Gross Gains (Losses) Recognized in OCI
on Effective Portion of Derivative
 
Effective Portion of Gains (Losses) on Derivative Reclassified from
AOCI into Income
(in millions)
 
 
Derivatives in Cash Flow
Hedging Relationships
 
Amount
 
Location
 
Amount
Foreign currency exchange rate contracts
 
$
265

 
Other expense, net
 
$
65

 
 
 

 
Cost of products sold
 
(27
)
Total
 
$
265

 
 
 
$
38

Nine months ended January 29, 2016
 
 

 
 
 
 

 
 
Gross Gains (Losses) Recognized in OCI
on Effective Portion of Derivative
 
Effective Portion of Gains (Losses) on Derivative Reclassified from
AOCI into Income
(in millions)
 
 
Derivatives in Cash Flow
Hedging Relationships
 
Amount
 
Location
 
Amount
Foreign currency exchange rate contracts
 
$
108

 
Other expense, net
 
$
295

 
 
 

 
Cost of products sold
 
(45
)
Total
 
$
108

 
 
 
$
250

Nine months ended January 23, 2015
 
 

 
 
 
 

 
 
Gross Gains (Losses) Recognized in OCI
on Effective Portion of Derivative
 
Effective Portion of Gains (Losses) on Derivative Reclassified from
AOCI into Income
(in millions)
 
 
Derivatives in Cash Flow
Hedging Relationships
 
Amount
 
Location
 
Amount
Foreign currency exchange rate contracts
 
$
556

 
Other expense, net
 
$
86

 
 
 

 
Cost of products sold
 
(28
)
Total
 
$
556

 
 
 
$
58
Location and Fair Value Amounts of Derivative Instruments in Balance Sheets
The following tables summarize the location and fair value amounts of derivative instruments reported in the condensed consolidated balance sheets as of January 29, 2016 and April 24, 2015. The fair value amounts are presented on a gross basis and are segregated between derivatives that are designated and qualify as hedging instruments and those that are not and are further segregated by type of contract within those two categories.
January 29, 2016
 
 
 

 
 
 
 

 
Asset Derivatives
 
Liability Derivatives
(in millions)
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Derivatives designated as hedging instruments
 
 
 

 
 
 
 

Interest rate contracts
Prepaid expenses and
other current assets
 
$
1

 
Other accrued expenses
 
$
—

Foreign currency exchange rate contracts
Prepaid expenses and
other current assets
 
281

 
Other accrued expenses
 
13

Interest rate contracts
Other assets
 
87

 
Other long-term liabilities
 
41

Foreign currency exchange rate contracts
Other assets
 
85

 
Other long-term liabilities
 
8

Total derivatives designated as hedging instruments
 
 
$
454

 
 
 
$
62

Derivatives not designated as hedging instruments
 
 
 

 
 
 
 

Commodity derivatives
Prepaid expenses and
other current assets
 
$
—

 
Other accrued expenses
 
$
5

Foreign currency exchange rate contracts
Prepaid expenses and
other current assets
 
21

 
Other accrued expenses
 
19

Cross currency interest rate contracts
Other assets
 
21

 
Other long-term liabilities
 
5

Total derivatives not designated as hedging instruments
 
 
$
42

 
 
 
$
29

 
 
 
 
 
 
 
 
Total derivatives
 
 
$
496

 
 
 
$
91

April 24, 2015
 
 
 

 
 
 
 

 
Asset Derivatives
 
Liability Derivatives
(in millions)
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Derivatives designated as hedging instruments
 
 
 

 
 
 
 

Interest rate contracts
Prepaid expenses and
other current assets
 
$
10

 
Other accrued expenses
 
$
—

Foreign currency exchange rate contracts
Prepaid expenses and
other current assets
 
382

 
Other accrued expenses
 
12

Interest rate contracts
Other assets
 
79

 
Other long-term liabilities
 
71

Foreign currency exchange rate contracts
Other assets
 
143

 
Other long-term liabilities
 
3

Total derivatives designated as hedging instruments
 
 
$
614

 
 
 
$
86

Derivatives not designated as hedging instruments
 
 
 

 
 
 
 

Foreign currency exchange rate contracts
Prepaid expenses and
other current assets
 
$
119

 
Other accrued expenses
 
$
30

Total derivatives not designated as hedging instruments
 
 
$
119

 
 
 
$
30

 
 
 
 
 
 
 
 
Total derivatives
 
 
$
733

 
 
 
$
116
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides information by level for the derivative assets and liabilities that are measured at fair value on a recurring basis as of October 30, 2015 and April 24, 2015:
(in millions)
January 29, 2016
 
April 24, 2015
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
Derivative Assets
$
387

 
$
109

 
$
—

 
$
644

 
$
89

 
$
—

Derivative Liabilities
40

 
51

 
—

 
45

 
71

 
—
Offsetting Assets
The following table provides information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.
January 29, 2016
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recognized Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) or Posted
 
Net Amount
Derivative Assets
 
 
 
 
 
 
 
 
Foreign currency exchange rate contracts
 
$
387

 
$
(63
)
 
$
(197
)
 
$
127

Interest rate contracts
 
88

 
(6
)
 
(15
)
 
67

Cross currency interest rate contracts
 
21

 
—

 
—

 
21

 
 
$
496

 
$
(69
)
 
$
(212
)
 
$
215

 
 
 
 
 
 
 
 
 
Derivative Liabilities
 
 
 
 
 
 
 
 
Foreign currency exchange rate contracts
 
$
(40
)
 
$
33

 
$
—

 
$
(7
)
Interest rate contracts
 
(41
)
 
36

 
—

 
(5
)
Cross currency interest rate contracts
 
(5
)
 
—

 
—

 
(5
)
Commodity derivatives
 
(5
)
 
—

 
—

 
(5
)
 
 
$
(91
)
 
$
69

 
$
—

 
$
(22
)
Total
 
$
405

 
$
—

 
$
(212
)
 
$
193

April 24, 2015
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recognized Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) or Posted
 
Net Amount
Derivative Assets
 
 
 
 
 
 
 
 
Foreign currency exchange rate contracts
 
$
644

 
$
(61
)
 
$
(325
)
 
$
258

Interest rate contracts
 
89

 
(10
)
 
(13
)
 
66

 
 
$
733

 
$
(71
)
 
$
(338
)
 
$
324

 
 
 
 
 
 
 
 
 
Derivative Liabilities
 
 
 
 
 
 
 
 
Foreign currency exchange rate contracts
 
$
(45
)
 
$
31

 
$
—

 
$
(14
)
Interest rate contracts
 
(71
)
 
40

 
8

 
(23
)
 
 
$
(116
)
 
$
71

 
$
8

 
$
(37
)
Total
 
$
617

 
$
—

 
$
(330
)
 
$
287
Offsetting Liabilities
The following table provides information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.
January 29, 2016
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recognized Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) or Posted
 
Net Amount
Derivative Assets
 
 
 
 
 
 
 
 
Foreign currency exchange rate contracts
 
$
387

 
$
(63
)
 
$
(197
)
 
$
127

Interest rate contracts
 
88

 
(6
)
 
(15
)
 
67

Cross currency interest rate contracts
 
21

 
—

 
—

 
21

 
 
$
496

 
$
(69
)
 
$
(212
)
 
$
215

 
 
 
 
 
 
 
 
 
Derivative Liabilities
 
 
 
 
 
 
 
 
Foreign currency exchange rate contracts
 
$
(40
)
 
$
33

 
$
—

 
$
(7
)
Interest rate contracts
 
(41
)
 
36

 
—

 
(5
)
Cross currency interest rate contracts
 
(5
)
 
—

 
—

 
(5
)
Commodity derivatives
 
(5
)
 
—

 
—

 
(5
)
 
 
$
(91
)
 
$
69

 
$
—

 
$
(22
)
Total
 
$
405

 
$
—

 
$
(212
)
 
$
193

April 24, 2015
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recognized Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) or Posted
 
Net Amount
Derivative Assets
 
 
 
 
 
 
 
 
Foreign currency exchange rate contracts
 
$
644

 
$
(61
)
 
$
(325
)
 
$
258

Interest rate contracts
 
89

 
(10
)
 
(13
)
 
66

 
 
$
733

 
$
(71
)
 
$
(338
)
 
$
324

 
 
 
 
 
 
 
 
 
Derivative Liabilities
 
 
 
 
 
 
 
 
Foreign currency exchange rate contracts
 
$
(45
)
 
$
31

 
$
—

 
$
(14
)
Interest rate contracts
 
(71
)
 
40

 
8

 
(23
)
 
 
$
(116
)
 
$
71

 
$
8

 
$
(37
)
Total
 
$
617

 
$
—

 
$
(330
)
 
$
287