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Derivatives and Currency Exchange Risk Management (Tables)
 3 Months Ended
Jul. 31, 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 the three months ended July 31, 2020 and July 26, 2019 were as follows:
 Three months ended
(in millions)ClassificationJuly 31, 2020July 26, 2019
Currency exchange rate contractsOther operating income, net$127 $6 
Total return swapsOther operating income, net(27)(5)
Total$100 $1 
Amounts of (Gains) Losses Recognized in AOCI
The amount of the (gains) losses recognized in accumulated other comprehensive loss (AOCI) related to the currency exchange rate contract derivative instruments designated as cash flow hedges for the three months ended July 31, 2020 and July 26, 2019 were as follows:
Three months ended
(in millions)July 31, 2020July 26, 2019
Currency exchange rate contracts$389 $(27)
Amount and Location of (Gains) Losses in Statements of Income
The amount of the (gains) losses recognized in the consolidated statements of income related to derivative instruments designated as cash flow hedges for the three months ended July 31, 2020 and July 26, 2019 were as follows:
Three months ended
July 31, 2020July 26, 2019
(in millions)Other operating income, netOther operating income, net
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of cash flow hedges are recorded$(114)$(22)
Currency exchange rate contracts designated as cash flow hedges:
Amount of gain reclassified from AOCI into income(53)(57)
Amount and Location of (Gains) Losses in Statements of Income, Derivative Instruments Designated as Net Investment Hedges
The amount and classifications of the (gains) losses recognized in the consolidated statements of income for the portion of the net investment hedges excluded from the measurement of hedge effectiveness were as follows:
Three months ended
(in millions)ClassificationJuly 31, 2020July 26, 2019
Net investment hedgesOther operating income, net$— $(7)
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 the three months ended July 31, 2020 and July 26, 2019 were as follows:
Three months ended
(in millions)July 31, 2020July 26, 2019
Net investment hedges$1,112 $(99)
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 July 31, 2020 and April 24, 2020. 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.
July 31, 2020
 Derivative AssetsDerivative Liabilities
(in millions)Balance Sheet ClassificationFair ValueBalance Sheet ClassificationFair Value
Derivatives designated as hedging instruments    
Currency exchange rate contractsOther current assets$59 Other accrued expenses$60 
Currency exchange rate contractsOther assets8 Other liabilities57 
Total derivatives designated as hedging instruments 67  117 
Derivatives not designated as hedging instruments    
Currency exchange rate contractsOther current assets70 Other accrued expenses75 
Total return swapsOther current assets1 Other accrued expenses— 
Cross-currency interest rate contractsOther current assets2 Other accrued expenses— 
Total derivatives not designated as hedging instruments73  75 
Total derivatives $140  $192 

April 24, 2020
 Derivative AssetsDerivative Liabilities
(in millions)Balance Sheet ClassificationFair ValueBalance Sheet ClassificationFair Value
Derivatives designated as hedging instruments    
Currency exchange rate contractsOther current assets$271 Other accrued expenses$2 
Currency exchange rate contractsOther assets103 Other liabilities2 
Total derivatives designated as hedging instruments 374  4 
Derivatives not designated as hedging instruments    
Currency exchange rate contractsOther current assets25 Other accrued expenses13 
Total return swapsOther current assets— Other accrued expenses25 
Cross-currency interest rate contractsOther current assets3 Other accrued expenses— 
Total derivatives not designated as hedging instruments 28  38 
Total derivatives $402  $42 
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.
July 31, 2020April 24, 2020
(in millions)Level 1Level 2Level 1Level 2
Derivative assets$137 $3 $399 $3 
Derivative liabilities192 — 17 25 
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.
July 31, 2020
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recorded Assets (Liabilities)Financial InstrumentsCash Collateral Posted (Received)Net Amount
Derivative assets:
Currency exchange rate contracts$137 $(86)$— $51 
Cross-currency interest rate contracts2 — — 2 
Total return swaps1 — — 1 
140 (86)— 54 
Derivative liabilities:
Currency exchange rate contracts(192)86 6 (100)
Total$(52)$— $6 $(46)

April 24, 2020
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recorded Assets (Liabilities)Financial InstrumentsCash Collateral Posted (Received)Net Amount
Derivative assets:
Currency exchange rate contracts$399 $(17)$(48)$334 
Cross-currency interest rate contracts3 — — 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 
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.
July 31, 2020
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recorded Assets (Liabilities)Financial InstrumentsCash Collateral Posted (Received)Net Amount
Derivative assets:
Currency exchange rate contracts$137 $(86)$— $51 
Cross-currency interest rate contracts2 — — 2 
Total return swaps1 — — 1 
140 (86)— 54 
Derivative liabilities:
Currency exchange rate contracts(192)86 6 (100)
Total$(52)$— $6 $(46)

April 24, 2020
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recorded Assets (Liabilities)Financial InstrumentsCash Collateral Posted (Received)Net Amount
Derivative assets:
Currency exchange rate contracts$399 $(17)$(48)$334 
Cross-currency interest rate contracts3 — — 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