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Financial Instruments (Tables)
 3 Months Ended
Jul. 26, 2019
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 July 26, 2019 and April 26, 2019:    
 
July 26, 2019
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Level 1:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
549

 
$
8

 
$
—

 
$
557

 
$
557

 
$
—

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
3,123

 
30

 
(13
)
 
3,140

 
3,140

 
—

U.S. government and agency securities
788

 
—

 
(2
)
 
786

 
786

 
—

Mortgage-backed securities
578

 
8

 
(14
)
 
572

 
572

 
—

Non-U.S. government and agency securities
11

 
—

 
—

 
11

 
11

 
—

Other asset-backed securities
537

 
3

 
(3
)
 
537

 
537

 
—

Total Level 2
5,037

 
41

 
(32
)
 
5,046

 
5,046

 
—

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Auction rate securities
47

 
—

 
(3
)
 
44

 
—

 
44

Total available-for-sale debt securities
$
5,633

 
$
49

 
$
(35
)
 
$
5,647

 
$
5,603

 
$
44

 
April 26, 2019
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Level 1:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
529

 
$
1

 
$
(7
)
 
$
523

 
$
523

 
$
—

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
3,500

 
14

 
(21
)
 
3,493

 
3,493

 
—

U.S. government and agency securities
387

 
1

 
(7
)
 
381

 
381

 
—

Mortgage-backed securities
537

 
3

 
(20
)
 
520

 
520

 
—

Non-U.S. government and agency securities
11

 
—

 
—

 
11

 
11

 
—

Other asset-backed securities
529

 
1

 
(3
)
 
527

 
527

 
—

Total Level 2
4,964

 
19

 
(51
)
 
4,932

 
4,932

 
—

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Auction rate securities
47

 
—

 
(3
)
 
44

 
—

 
44

Total available-for-sale debt securities
$
5,540

 
$
20

 
$
(61
)
 
$
5,499

 
$
5,455

 
$
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 July 26, 2019 and April 26, 2019:
 
July 26, 2019
 
Less than 12 months
 
More than 12 months
(in millions)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
U.S. government and agency securities
$
62

 
$
—

 
$
311

 
$
(2
)
Corporate debt securities
535

 
(8
)
 
371

 
(5
)
Mortgage-backed securities
79

 
(1
)
 
113

 
(13
)
Non-U.S. government and agency securities
3

 
—

 
—

 
—

Other asset-backed securities
193

 
(2
)
 
112

 
(1
)
Auction rate securities
—

 
—

 
44

 
(3
)
Total
$
872

 
$
(11
)
 
$
951

 
$
(24
)
 
April 26, 2019
 
Less than 12 months
 
More than 12 months
(in millions)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
U.S. government and agency securities
$
130

 
$
(1
)
 
$
649

 
$
(13
)
Corporate debt securities
582

 
(5
)
 
1,153

 
(16
)
Mortgage-backed securities
73

 
(1
)
 
250

 
(19
)
Other asset-backed securities
290

 
(2
)
 
85

 
(1
)
Auction rate securities
—

 
—

 
44

 
(3
)
Total
$
1,075

 
$
(9
)
 
$
2,181

 
$
(52
)
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 for which a liability is recorded include the following significant unobservable inputs:
 
 
Fair Value at
 
 
 
 
 
 
(in millions)
 
July 26, 2019
 
Valuation Technique
 
Unobservable Input
 
Range
 
 
 
 
 
 
Discount rate
 
11.5% - 32.5%
Revenue and other performance-based payments
 
$135
 
Discounted cash flow
 
Probability of payment
 
40% - 100%
 
 
 
 
 
 
Projected fiscal year of payment
 
2020 - 2025
 
 
 
 
 
 
Discount rate
 
5.5%
Product development and other milestone-based payments
 
$134
 
Discounted cash flow
 
Probability of payment
 
75% - 100%
 
 
 
 
 
 
Projected fiscal year of payment
 
2020 - 2027
Activity Related to the Company's Debt Securities Portfolio
Activity related to the Company’s debt securities portfolio is as follows:
 
Three months ended
(in millions)
July 26, 2019
 
July 27, 2018
Proceeds from sales
$
1,567

 
$
1,112

Gross realized gains
4

 
6

Gross realized losses
(8
)
 
(7
)
Available-for-sale Debt Securities Contractual Maturities
The July 26, 2019 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)
July 26, 2019
Due in one year or less
$
1,157

Due after one year through five years
2,407

Due after five years through ten years
2,030

Due after ten years
53

Total
$
5,647
Summary of Equity and Other Investments
The following table summarizes the Company's equity and other investments at July 26, 2019 and April 26, 2019, which are classified as other assets in the consolidated balance sheets:
(in millions)
 
July 26, 2019
 
April 26, 2019
Investments without readily determinable fair values
 
$
308

 
$
308

Equity method and other investments
 
64

 
64

Total equity and other investments
 
$
372

 
$
372
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
(in millions)
 
July 26, 2019
 
July 27, 2018
Proceeds from sales
 
$
2

 
$
908

Gross gains
 
—

 
114

Gross losses
 
—

 
(16
)
Recognized impairment losses
 
(1
)
 
—