Financial Instruments (Tables)

9 Months Ended

Jan. 24, 2020

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 January 24, 2020 and April 26, 2019: 

	January 24, 2020
	Valuation								Balance Sheet Classification
(in millions)	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Investments		Other Assets
Level 1:
U.S. government and agency securities	$	623	$	17	$	—	$	640	$	640	$	—
Level 2:
Corporate debt securities	5,155		52		(8)		5,199		5,199		—
U.S. government and agency securities	900		—		—		900		900		—
Mortgage-backed securities	655		13		(13)		655		655		—
Non-U.S. government and agency securities	13		—		—		13		13		—
Other asset-backed securities	511		3		(2)		512		512		—
Total Level 2	7,234		68		(23)		7,279		7,279		—
Level 3:
Auction rate securities	36		—		(3)		33		—		33
Total available-for-sale debt securities	$	7,893	$	85	$	(26)	$	7,952	$	7,919	$	33

	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 January 24, 2020 and April 26, 2019:

	January 24, 2020
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government and agency securities	$	96	$	—	$	40	$	—
Corporate debt securities	371		(3)		65		(5)
Mortgage-backed securities	82		(1)		63		(12)
Other asset-backed securities	23		—		165		(2)
Auction rate securities	—		—		33		(3)
Total	$	572	$	(4)	$	366	$	(22)

	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)

Activity Related to the Company's Debt Securities Portfolio

Activity related to the Company’s debt securities portfolio is as follows:

	Three months ended				Nine months Ended
(in millions)	January 24, 2020		January 25, 2019		January 24, 2020		January 25, 2019
Proceeds from sales	$	2,531	$	1,301	$	5,789	$	3,217
Gross realized gains	9		9		17		17
Gross realized losses	(2)		(36)		(13)		(55)

Available-for-sale Debt Securities Contractual Maturities

The January 24, 2020 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)	January 24, 2020
Due in one year or less	$	3,595
Due after one year through five years	2,727
Due after five years through ten years	1,577
Due after ten years	53
Total	$	7,952

Summary of Equity and Other Investments

The following table summarizes the Company's equity and other investments at January 24, 2020 and April 26, 2019, which are classified as other assets in the consolidated balance sheets:

(in millions)	January 24, 2020		April 26, 2019
Investments with readily determinable fair value (marketable equity securities)	$	39	$	—
Investments without readily determinable fair values	373		308
Equity method and other investments	68		64
Total equity and other investments	$	480	$	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				Nine months ended
(in millions)	January 24, 2020		January 25, 2019		January 24, 2020		January 25, 2019
Proceeds from sales	$	—	$	33	$	2	$	941
Gross gains	1		8		16		131
Gross losses	—		(1)		—		(30)
Impairment losses recognized	(1)		—		(5)		(12)