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Financial Instruments (Tables)

9 Months Ended

Jan. 28, 2022

Investments by Category and Related Balance Sheet Presentation

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 28, 2022 and April 30, 2021:


	January 28, 2022
	Valuation								Balance Sheet Classification
(in millions)	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Investments		Other Assets
Level 1:
U.S. government and agency securities	$	515	$	11	$	(2)	$	525	$	525	$	—
Level 2:
Corporate debt securities	4,964		39		(40)		4,963		4,963		—
U.S. government and agency securities	1,010		—		(17)		993		993		—
Mortgage-backed securities	620		7		(15)		612		612		—
Non-U.S. government and agency securities	17		—		—		18		18		—
Certificates of deposit	45		—		—		45		45		—
Other asset-backed securities	588		1		(2)		587		587		—
Total Level 2	7,244		48		(74)		7,218		7,218		—
Level 3:
Auction rate securities	36		—		(3)		33		—		33
Total available-for-sale debt securities	$	7,796	$	59	$	(79)	$	7,776	$	7,742	$	33


	April 30, 2021
	Valuation								Balance Sheet Classification
(in millions)	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Investments		Other Assets
Level 1:
U.S. government and agency securities	$	505	$	26	$	(3)	$	528	$	528	$	—
Level 2:
Corporate debt securities	4,557		103		(13)		4,647		4,647		—
U.S. government and agency securities	810		—		(7)		804		804		—
Mortgage-backed securities	645		21		(16)		650		650		—
Non-U.S. government and agency securities	31		1		—		33		33		—
Certificates of deposit	19		—		—		19		19		—
Other asset-backed securities	534		4		(1)		537		537		—
Debt funds	7		—		—		7		7		—
Total Level 2	6,603		129		(36)		6,696		6,696		—
Level 3:
Auction rate securities	36		—		(3)		33		—		33
Total available-for-sale debt securities	$	7,144	$	155	$	(42)	$	7,257	$	7,224	$	33

Gross Unrealized Losses and Fair Values of Available-for-sale Securities that Have Been in a Continuous Unrealized Loss Position Deemed to be Temporary, Aggregated by Investment Category

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 28, 2022 and April 30, 2021:


	January 28, 2022
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government and agency securities	$	—	$	—	$	551	$	(19)
Corporate debt securities	—		—		1,676		(40)
Mortgage-backed securities	—		—		289		(15)

Other asset-backed securities	—		—		309		(2)
Auction rate securities	—		—		33		(3)
Total	$	—	$	—	$	2,858	$	(79)


	April 30, 2021
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government and agency securities	$	946	$	(10)	$	—	$	—
Corporate debt securities	—		—		3,209		(13)
Mortgage-backed securities	—		—		650		(16)
Other asset-backed securities	—		—		531		(1)
Auction rate securities	—		—		33		(3)
Total	$	946	$	(10)	$	4,423	$	(32)

Activity related to the Company’s available-for-sale debt securities portfolio is as follows:


	Three months ended				Nine months ended
(in millions)	January 28, 2022		January 29, 2021		January 28, 2022		January 29, 2021
Proceeds from sales	$	2,481	$	2,406	$	7,052	$	6,740
Gross realized gains	3		4		15		12
Gross realized losses	(6)		(4)		(10)		(11)

Available-For-Sale Debt Securities, Contractual Maturities

The January 28, 2022 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 28, 2022
Due in one year or less	$	2,208
Due after one year through five years	3,337
Due after five years through ten years	1,540
Due after ten years	691
Total	$	7,776

Summary of Equity and Other Investments

The following table summarizes the Company's equity and other investments at January 28, 2022 and April 30, 2021, which are classified as other assets in the consolidated balance sheets:


(in millions)	January 28, 2022		April 30, 2021
Investments with readily determinable fair value (marketable equity securities)	$	64	$	74
Investments without readily determinable fair values	679		537
Equity method and other investments	84		76
Total equity and other investments	$	827	$	687

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 28, 2022		January 29, 2021		January 28, 2022		January 29, 2021
Proceeds from sales	$	15	$	10	$	82	$	11
Gross gains	29		18		99		32
Gross losses	(28)		—		(48)		(2)
Impairment losses recognized	—		—		(10)		(2)