Derivatives and Currency Exchange Risk Management (Tables)

12 Months Ended

Apr. 24, 2020

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 fiscal years 2020, 2019, and 2018 were as follows:

		Fiscal Year
(in millions)	Classification	2020		2019		2018
Currency exchange rate contracts	Other operating expense, net	$	(133)	$	(218)	$	253
Total return swaps	Other operating expense, net	7		(18)		(27)
Total		$	(126)	$	(236)	$	226

Amounts of (Gains) Losses Recognized in AOCI

The amount of the (gains) losses recognized in AOCI related to currency exchange rate contract derivative instruments designated as cash flow hedges for fiscal years 2020, 2019, and 2018 were as follows:

	Fiscal Year
(in millions)	2020		2019		2018
Currency exchange rate contracts	$	(397)	$	(615)	$	404

Amount and Location of (Gains) Losses in Statements of Income

The amount of the (gains) losses recognized in the consolidated statements of income related to derivative instruments designated as cash flow hedges for fiscal years 2020, 2019, and 2018 were as follows:

	Fiscal Year
	2020		2019		2018
(in millions)	Other operating expense, net		Other operating expense, net		Other operating expense, net
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of cash flow hedges are recorded	$	71	$	258	$	535
Currency exchange rate contracts designated as cash flow hedges:
Amount of (gain) loss reclassified from AOCI into income	(335)		(108)		69

Schedule of Amounts Recorded on Consolidated Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges

The following amounts were recorded on the consolidated balance sheet related to the cumulative basis adjustments for fair value hedges:

(in millions)	Carrying Amount of Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Location on the Consolidated Balance Sheet	April 24, 2020		April 26, 2019		April 24, 2020		April 26, 2019
Long-term debt	$	—	$	(1,175)	$	—	$	9

Amount and Location of (Gains) Losses in Statements of Income, Derivative Instruments Designated as Net Investment Hedges

The amount and classifications of the (gains) losses recognized in the consolidated statements of income for the portion of the net investment hedges excluded from the measurement of hedge effectiveness were as follows:

		Fiscal Year
(in millions)	Classification	2020		2019		2018
Net investment hedges	Other operating expense, net	$	(9)	$	(12)	$	—

Amounts of (Gains) Losses Recognized in AOCI for Net Investment Hedges

The amount of the (gains) losses recognized in AOCI related to instruments designated as net investment hedges for fiscal year 2020, 2019, or 2018 were as follows:

	Fiscal Year
(in millions)	2020		2019		2018
Net investment hedges	$	(405)	$	(88)	$	—

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 April 24, 2020 and April 26, 2019. 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.

	April 24, 2020
	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	$	271	Other accrued expenses	$	2
Currency exchange rate contracts	Other assets	103		Other liabilities	2
Total derivatives designated as hedging instruments		374			4
Derivatives not designated as hedging instruments
Currency exchange rate contracts	Other current assets	25		Other accrued expenses	13
Total return swaps	Other current assets	—		Other accrued expenses	25
Cross-currency interest rate contracts	Other current assets	3		Other accrued expenses	—
Total derivatives not designated as hedging instruments		28			38
Total derivatives		$	402		$	42
	April 26, 2019
	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	$	234	Other accrued expenses	$	1
Interest rate contracts	Other assets	9		Other liabilities	—
Currency exchange rate contracts	Other assets	78		Other liabilities	1
Total derivatives designated as hedging instruments		321			2
Derivatives not designated as hedging instruments
Currency exchange rate contracts	Other current assets	23		Other accrued expenses	17
Total return swaps	Other current assets	15		Other accrued expenses	—
Cross-currency interest rate contracts	Other current assets	6		Other accrued expenses	—
Total derivatives not designated as hedging instruments		44			17
Total derivatives		$	365		$	19

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:

	April 24, 2020				April 26, 2019
(in millions)	Level 1		Level 2		Level 1		Level 2
Derivative assets	$	399	$	3	$	335	$	30
Derivative liabilities	17		25		19		—

Offsetting Assets

The following tables provide 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.

	April 24, 2020
			Gross Amount Not Offset on the Balance Sheet
(in millions)	Gross Amount of Recognized Assets (Liabilities)		Financial Instruments		Cash Collateral (Received) Posted		Net Amount
Derivative assets:
Currency exchange rate contracts	$	399	$	(17)	$	(48)	$	334
Cross-currency interest rate contracts	3		—		—		3
	402		(17)		(48)		337
Derivative liabilities:
Currency exchange rate contracts	(17)		17		—		—
Total return swaps	(25)		—		—		(25)
	(42)		17		—		(25)
Total	$	360	$	—	$	(48)	$	312

	April 26, 2019
			Gross Amount Not Offset on the Balance Sheet
(in millions)	Gross Amount of Recognized Assets (Liabilities)		Financial Instruments		Cash Collateral (Received) Posted		Net Amount
Derivative assets:
Currency exchange rate contracts	$	335	$	(9)	$	(43)	$	283
Interest rate contracts	9		—		(1)		8
Total return swaps	15		—		—		15
Cross-currency interest rate contracts	6		—		—		6
	365		(9)		(44)		312
Derivative liabilities:
Currency exchange rate contracts	(19)		9		—		(10)
	(19)		9		—		(10)
Total	$	346	$	—	$	(44)	$	302

Offsetting Liabilities

The following tables provide 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.

	April 24, 2020
			Gross Amount Not Offset on the Balance Sheet
(in millions)	Gross Amount of Recognized Assets (Liabilities)		Financial Instruments		Cash Collateral (Received) Posted		Net Amount
Derivative assets:
Currency exchange rate contracts	$	399	$	(17)	$	(48)	$	334
Cross-currency interest rate contracts	3		—		—		3
	402		(17)		(48)		337
Derivative liabilities:
Currency exchange rate contracts	(17)		17		—		—
Total return swaps	(25)		—		—		(25)
	(42)		17		—		(25)
Total	$	360	$	—	$	(48)	$	312

	April 26, 2019
			Gross Amount Not Offset on the Balance Sheet
(in millions)	Gross Amount of Recognized Assets (Liabilities)		Financial Instruments		Cash Collateral (Received) Posted		Net Amount
Derivative assets:
Currency exchange rate contracts	$	335	$	(9)	$	(43)	$	283
Interest rate contracts	9		—		(1)		8
Total return swaps	15		—		—		15
Cross-currency interest rate contracts	6		—		—		6
	365		(9)		(44)		312
Derivative liabilities:
Currency exchange rate contracts	(19)		9		—		(10)
	(19)		9		—		(10)
Total	$	346	$	—	$	(44)	$	302