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Financial Instruments (Tables)
 6 Months Ended
Oct. 26, 2018
Investments [Abstract]  
Investments by Category and Related Balance Sheet Classification, Debt Securities
The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at October 26, 2018 and April 27, 2018:    
 
October 26, 2018
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Level 1:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
607

 
$
—

 
$
(26
)
 
$
581

 
$
581

 
$
—

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
3,859

 
12

 
(76
)
 
3,795

 
3,795

 
—

U.S. government and agency securities
854

 
—

 
(23
)
 
831

 
831

 
—

Mortgage-backed securities
502

 
1

 
(34
)
 
469

 
469

 
—

Non-U.S. government and agency securities
112

 
—

 
(1
)
 
111

 
111

 
—

Other asset-backed securities
438

 
—

 
(3
)
 
435

 
435

 
—

Total Level 2
5,765

 
13

 
(137
)
 
5,641

 
5,641

 
—

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Auction rate securities
47

 
—

 
(3
)
 
44

 
—

 
44

Total available-for-sale debt securities
$
6,419

 
$
13

 
$
(166
)
 
$
6,266

 
$
6,222

 
$
44

 
April 27, 2018
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Level 1:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
732

 
$
—

 
$
(26
)
 
$
706

 
$
706

 
$
—

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
4,179

 
20

 
(75
)
 
4,124

 
4,124

 
—

U.S. government and agency securities
848

 
—

 
(24
)
 
824

 
824

 
—

Mortgage-backed securities
725

 
2

 
(34
)
 
693

 
693

 
—

Non-U.S. government and agency securities
74

 
—

 
(1
)
 
73

 
73

 
—

Other asset-backed securities
358

 
—

 
(2
)
 
356

 
356

 
—

Total Level 2
6,184

 
22

 
(136
)
 
6,070

 
6,070

 
—

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Auction rate securities
47

 
—

 
(3
)
 
44

 
—

 
44

Total available-for-sale debt securities
$
6,963

 
$
22

 
$
(165
)
 
$
6,820

 
$
6,776

 
$
44
Available-For-Sale Debt Securities in Continuous Unrealized Loss Position

The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at October 26, 2018 and April 27, 2018:
 
October 26, 2018
 
Less than 12 months
 
More than 12 months
(in millions)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
U.S. government and agency securities
$
223

 
$
(8
)
 
$
804

 
$
(41
)
Corporate debt securities
2,538

 
(47
)
 
536

 
(29
)
Mortgage-backed securities
165

 
(5
)
 
237

 
(29
)
Non-U.S. government and agency securities
42

 
—

 
36

 
(1
)
Other asset-backed securities
266

 
(2
)
 
115

 
(1
)
Auction rate securities
—

 
—

 
44

 
(3
)
Total
$
3,234

 
$
(62
)
 
$
1,772

 
$
(104
)
 
April 27, 2018
 
Less than 12 months
 
More than 12 months
(in millions)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
U.S. government and agency securities
$
762

 
$
(33
)
 
$
374

 
$
(17
)
Corporate debt securities
2,620

 
(58
)
 
272

 
(17
)
Mortgage-backed securities
442

 
(15
)
 
102

 
(19
)
Non-U.S. government and agency securities
32

 
—

 
36

 
(1
)
Other asset-backed securities
238

 
(1
)
 
63

 
(1
)
Auction rate securities
—

 
—

 
44

 
(3
)
Total
$
4,094

 
$
(107
)
 
$
891

 
$
(58
)
Unobservable Inputs Utilized in the Fair Value Measurement of Auction Rate Securities Classified as Level 3
The recurring Level 3 fair value measurements of contingent consideration include the following significant unobservable inputs:
 
 
Fair Value at
 
 
 
 
 
 
(in millions)
 
October 26, 2018
 
Valuation Technique
 
Unobservable Input
 
Range
 
 
 
 
 
 
Discount rate
 
11.5% - 32.5%
Revenue and other performance-based payments
 
$104
 
Discounted cash flow
 
Probability of payment
 
100%
 
 
 
 
 
 
Projected fiscal year of payment
 
2019 - 2025
 
 
 
 
 
 
Discount rate
 
5.5%
Product development and other milestone-based payments
 
$99
 
Discounted cash flow
 
Probability of payment
 
75% - 100%
 
 
 
 
 
 
Projected fiscal year of payment
 
2019 - 2027
The following table presents the unobservable inputs utilized in the fair value measurement of the auction rate securities classified as Level 3 at October 26, 2018:
 
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%
Activity Related to the Company's Debt Securities Portfolio
Activity related to the Company’s debt securities portfolio is as follows:
 
Three months ended
 
Six months ended
(in millions)
October 26, 2018
 
October 27, 2017
 
October 26, 2018
 
October 27, 2017
Proceeds from sales
$
804

 
$
980

 
$
1,916

 
$
1,951

Gross realized gains
2

 
11

 
8

 
19

Gross realized losses
(12
)
 
(11
)
 
(19
)
 
(14
)
Available-for-sale Debt Securities Contractual Maturities
The October 26, 2018 balance of available-for-sale debt securities 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)
October 26, 2018
Due in one year or less
$
1,103

Due after one year through five years
2,568

Due after five years through ten years
2,479

Due after ten years
116

Total
$
6,266
Summary of Equity and Other Investments
The following table summarizes the Company's equity and other investments at October 26, 2018, which are classified as other assets in the consolidated balance sheets:
(in millions)
 
October 26, 2018
Investments with readily determinable fair values (marketable equity securities)
 
$
205

Investments without readily determinable fair values
 
235

Equity method and other investments
 
71

Total equity and other investments
 
$
511
Investments by Category and Related Balance Sheet Classification, Equity and Other Investments
The following table summarizes the values of the Company's equity and other investments by significant investment category and the related consolidated balance sheet classification at April 27, 2018:
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Available-for-sale securities
 

 
 

 
 

 
 

 
 
 
 
Level 1:
 
 
 
 
 
 
 
 
 
 
 
Marketable equity securities
$
63

 
$
99

 
$
—

 
$
162

 
$
—

 
$
162

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Debt funds
739

 
—

 
(154
)
 
585

 
585

 
—

Investments measured at net asset value(1):
 
 
 
 
 
 
 
 
 
 
 
Debt funds
199

 
—

 
(2
)
 
197

 
197

 
—

Total available-for-sale equity securities
1,001

 
99

 
(156
)
 
944

 
782

 
162

Cost method, equity method, and other investments:
 
 
 
 
 
 
 
 
 
 
 
Level 3:
 
 
 
 
 
 
 
 
 
 
 
Cost method, equity method, and other investments
353

 
—

 
—

 
N/A

 
—

 
353

Total equity and other investments
$
1,354

 
$
99

 
$
(156
)
 
$
944

 
$
782

 
$
515

(1) Certain investments that are measured at the net asset value per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy. The fair value amounts presented herein are intended to permit reconciliation to the consolidated balance sheets.
Activity Related to the Company's Equity and Other Investments Portfolio
The table below includes activity related to the Company’s portfolio of equity and other investments. Gains and losses on equity and other investments are recognized in other non-operating income, net in the consolidated statements of income.    
 
 
Three months ended
 
Six months ended
(in millions)
 
October 26, 2018
 
October 27, 2017(1)
 
October 26, 2018
 
October 27, 2017(1)
Proceeds from sales
 
$
—

 
$
403

 
$
908

 
$
403

Gross gains
 
9

 
—

 
123

 
7

Gross losses
 
(13
)
 
(1
)
 
(29
)
 
(1
)
Impairment losses recognized
 
(12
)
 
(1
)
 
(12
)
 
(1
)
(1) Gains and losses for the three and six months ended October 27, 2017 represent realized amounts.