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Derivatives and Currency Exchange Risk Management (Tables)
 6 Months Ended
Oct. 26, 2018
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 amounts and classification of the gains (losses) in the consolidated statements of income related to derivative instruments, not designated as hedging instruments, for the three and six months ended October 26, 2018 and October 27, 2017 were as follows:
 
 
 
 
Three months ended
 
Six months ended
(in millions)
 
Classification
 
October 26, 2018
 
October 27, 2017
 
October 26, 2018
 
October 27, 2017
Currency exchange rate contracts
 
Other operating expense, net
 
$
71

 
$
(42
)
 
$
201

 
$
(137
)
Total return swaps
 
Other operating expense, net
 
(11
)
 
9

 
—

 
15

Total
 
 
 
$
60

 
$
(33
)
 
$
201

 
$
(122
)
Amount and Location of Gains (Losses) in Statements of Income and OCI, Derivative Instruments Designated as Cash Flow Hedges
The amount of gross gains (losses), classification of the gains (losses) in the consolidated statements of income, and the AOCI related to the effective portion of currency exchange rate contract derivative instruments designated as cash flow hedges for the three and six months ended October 26, 2018 and October 27, 2017 were as follows:
 
 
Three months ended October 26, 2018
 
 
Recognized in AOCI
 
Recognized in Income
(in millions)
 
Amount
 
Classification
 
Amount
Currency exchange rate contracts
 
$
174

 
Other operating expense, net
 
$
11

 
 
 
 
 
 
 
 
 
Three months ended October 27, 2017
 
 
Recognized in AOCI
 
Recognized in Income
(in millions)
 
Amount
 
Classification
 
Amount
Currency exchange rate contracts
 
$
30

 
Other operating expense, net
 
$
(10
)
 
 
 
 
 
 
 
 
 
Six months ended October 26, 2018
 
 
Recognized in AOCI
 
Recognized in Income
(in millions)
 
Amount
 
Classification
 
Amount
Currency exchange rate contracts
 
$
444

 
Other operating expense, net
 
$
8

 
 
 
 
 
 
 
 
 
Six months ended October 27, 2017
 
 
Recognized in AOCI
 
Recognized in Income
(in millions)
 
Amount
 
Classification
 
Amount
Currency exchange rate contracts
 
$
(220
)
 
Other operating expense, net
 
$
12
Classification and Fair Value Amounts of Derivative Instruments in Balance Sheets
The following tables summarize the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at October 26, 2018 and April 27, 2018. 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 designated and do not qualify as hedging instruments and are further segregated by type of contract within those two categories.
 
October 26, 2018
 
Derivative Assets
 
Derivative Liabilities
(in millions)
Balance Sheet Classification
 
Fair Value
 
Balance Sheet Classification
 
Fair Value
Derivatives designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Other current assets
 
$
172

 
Other accrued expenses
 
$
12

Interest rate contracts
Other assets
 
5

 
Other liabilities
 
16

Currency exchange rate contracts
Other assets
 
88

 
Other liabilities
 
3

Total derivatives designated as hedging instruments
 
 
265

 
 
 
31

Derivatives not designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Other current assets
 
30

 
Other accrued expenses
 
22

Total return swap
Other current assets
 
—

 
Other accrued expenses
 
12

Cross currency interest rate contracts
Other current assets
 
4

 
Other accrued expenses
 
4

Stock warrants
Other assets
 
17

 
Other liabilities
 
—

Cross currency interest rate contracts
Other assets
 
5

 
Other liabilities
 
1

Total derivatives not designated as hedging instruments
 
 
56

 
 
 
39

Total derivatives
 
 
$
321

 
 
 
$
70

 
April 27, 2018
 
Derivative Assets
 
Derivative Liabilities
(in millions)
Balance Sheet Classification
 
Fair Value
 
Balance Sheet Classification
 
Fair Value
Derivatives designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Other current assets
 
$
37

 
Other accrued expenses
 
$
162

Interest rate contracts
Other assets
 
8

 
Other liabilities
 
14

Currency exchange rate contracts
Other assets
 
11

 
Other liabilities
 
51

Total derivatives designated as hedging instruments
 
 
56

 
 
 
227

Derivatives not designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Other current assets
 
31

 
Other accrued expenses
 
25

Total return swaps
Other current assets
 
4

 
Other accrued expenses
 
—

Stock warrants
Other assets
 
21

 
Other liabilities
 
—

Cross currency interest rate contracts
Other assets
 
6

 
Other liabilities
 
6

Total derivatives not designated as hedging instruments
 
 
62

 
 
 
31

Total derivatives
 
 
$
118

 
 
 
$
258
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.
 
October 26, 2018
 
April 27, 2018
(in millions)
Level 1
 
Level 2
 
Level 1
 
Level 2
Derivative assets
$
294

 
$
27

 
$
79

 
$
39

Derivative liabilities
41

 
29

 
238

 
20
Offsetting Assets
The following tables 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.
 
 
October 26, 2018
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Cash Collateral Posted (Received)
 
Securities Collateral Posted (Received)
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
290

 
$
(35
)
 
$
(18
)
 
$
—

 
$
237

Interest rate contracts
 
5

 
(2
)
 
—

 
—

 
3

Stock warrants
 
17

 
—

 
—

 
—

 
17

Cross currency interest rate contracts
 
9

 
(1
)
 
—

 
—

 
8

 
 
321

 
(38
)
 
(18
)
 
—

 
265

Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
(37
)
 
25

 
—

 
—

 
(12
)
Interest rate contracts
 
(16
)
 
12

 
—

 
—

 
(4
)
Total return swaps
 
(12
)
 
—

 
—

 
—

 
(12
)
Cross currency interest rate contracts
 
(5
)
 
1

 
—

 
—

 
(4
)
 
 
(70
)
 
38

 
—

 
—

 
(32
)
Total
 
$
251

 
$
—

 
$
(18
)
 
$
—

 
$
233

 
 
April 27, 2018
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Cash Collateral Posted (Received)
 
Securities Collateral Posted (Received)
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
79

 
$
(61
)
 
$
—

 
$
—

 
$
18

Interest rate contracts
 
8

 
(6
)
 
—

 
—

 
2

Total return swaps
 
4

 
—

 
—

 
—

 
4

Stock warrants
 
21

 
—

 
—

 
—

 
21

Cross currency interest rate contracts
 
6

 
(4
)
 
—

 
—

 
2

 
 
118

 
(71
)
 
—

 
—

 
47

Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
(238
)
 
61

 
—

 
74

 
(103
)
Interest rate contracts
 
(14
)
 
6

 
—

 
2

 
(6
)
Cross currency interest rate contracts
 
(6
)
 
4

 
—

 
—

 
(2
)
 
 
(258
)
 
71

 
—

 
76

 
(111
)
Total
 
$
(140
)
 
$
—

 
$
—

 
$
76

 
$
(64
)
Offsetting Liabilities
The following tables 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.
 
 
October 26, 2018
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Cash Collateral Posted (Received)
 
Securities Collateral Posted (Received)
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
290

 
$
(35
)
 
$
(18
)
 
$
—

 
$
237

Interest rate contracts
 
5

 
(2
)
 
—

 
—

 
3

Stock warrants
 
17

 
—

 
—

 
—

 
17

Cross currency interest rate contracts
 
9

 
(1
)
 
—

 
—

 
8

 
 
321

 
(38
)
 
(18
)
 
—

 
265

Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
(37
)
 
25

 
—

 
—

 
(12
)
Interest rate contracts
 
(16
)
 
12

 
—

 
—

 
(4
)
Total return swaps
 
(12
)
 
—

 
—

 
—

 
(12
)
Cross currency interest rate contracts
 
(5
)
 
1

 
—

 
—

 
(4
)
 
 
(70
)
 
38

 
—

 
—

 
(32
)
Total
 
$
251

 
$
—

 
$
(18
)
 
$
—

 
$
233

 
 
April 27, 2018
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Cash Collateral Posted (Received)
 
Securities Collateral Posted (Received)
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
79

 
$
(61
)
 
$
—

 
$
—

 
$
18

Interest rate contracts
 
8

 
(6
)
 
—

 
—

 
2

Total return swaps
 
4

 
—

 
—

 
—

 
4

Stock warrants
 
21

 
—

 
—

 
—

 
21

Cross currency interest rate contracts
 
6

 
(4
)
 
—

 
—

 
2

 
 
118

 
(71
)
 
—

 
—

 
47

Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
(238
)
 
61

 
—

 
74

 
(103
)
Interest rate contracts
 
(14
)
 
6

 
—

 
2

 
(6
)
Cross currency interest rate contracts
 
(6
)
 
4

 
—

 
—

 
(2
)
 
 
(258
)
 
71

 
—

 
76

 
(111
)
Total
 
$
(140
)
 
$
—

 
$
—

 
$
76

 
$
(64
)