Derivatives and Currency Exchange Risk Management (Tables)

9 Months Ended

Jan. 28, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gains and Losses on Derivative Instruments

The amount of the gains and losses on our hedging instruments and derivative instruments not designated as hedging instruments and the classification of those gains and losses within our consolidated financial statements for the three and nine months ended January 28, 2022 and January 29, 2021 were as follows:

	(Gain) Loss Recognized in Accumulated Other Comprehensive Income								(Gain) Loss Reclassified into Income
	Three months ended				Nine months ended				Three months ended				Nine months ended				Location of (Gain) Loss in Income Statement
(in millions)	January 28, 2022		January 29, 2021		January 28, 2022		January 29, 2021		January 28, 2022		January 29, 2021		January 28, 2022		January 29, 2021
Cash flow hedges
Currency exchange rate contracts	$	(180)	$	230	$	(502)	$	632	$	(56)	$	17	$	(51)	$	(38)	Other operating (income) expense, net
Currency exchange rate contracts	41		52		84		101		17		4		42		4		Cost of products sold
Net investment hedges	(475)		587		(1,254)		1,863		—		—		—		—		N/A
Total	$	(614)	$	869	$	(1,672)	$	2,596	$	(39)	$	21	$	(9)	$	(34)

	(Gain) Loss Recognized in Income				(Gain) Loss Recognized in Income
	Three months ended				Nine months ended				Location of (Gain) Loss in Income Statement
(in millions)	January 28, 2022		January 29, 2021		January 28, 2022		January 29, 2021
Derivatives not designated as hedging instruments
Currency exchange rate contracts	$	(34)	$	47	$	(67)	$	172	Other operating (income) expense, net
Total return swaps	10		(26)		(15)		(54)		Other operating (income) expense, net
Total	$	(24)	$	21	$	(82)	$	118

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 January 28, 2022 and April 30, 2021. 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.

	Fair Value - Assets					Fair Value - Liabilities
(in millions)	January 28, 2022		April 30, 2021		Classification	January 28, 2022		April 30, 2021		Classification
Derivatives designated as hedging instruments
Currency exchange rate contracts	$	227	$	49	Other current assets	$	80	$	190	Other accrued expenses
Currency exchange rate contracts	84		22		Other assets	62		94		Other liabilities
Total derivatives designated as hedging instruments	311		70			142		285
Derivatives not designated as hedging instruments
Currency exchange rate contracts	15		14		Other current assets	20		11		Other accrued expenses
Total return swaps	—		18		Other current assets	15		—		Other accrued expenses
Total derivatives not designated as hedging instruments	15		32			35		11
Total derivatives	$	326	$	102		$	177	$	296

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.

	January 28, 2022				April 30, 2021
(in millions)	Level 1		Level 2		Level 1		Level 2
Derivative assets	$	326	$	—	$	85	$	18
Derivative liabilities	162		15		296		—

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.

	January 28, 2022
			Gross Amount Not Offset on the Balance Sheet
(in millions)	Gross Amount of Recorded Assets (Liabilities)		Financial Instruments		Cash Collateral Posted (Received)		Net Amount
Derivative assets:
Currency exchange rate contracts	$	326	$	(104)	$	(30)	$	192
Derivative liabilities:
Currency exchange rate contracts	(162)		104		12		(46)
Total return swaps	(15)		—		—		(15)
	(177)		104		12		(61)
Total	$	149	$	—	$	(18)	$	131

	April 30, 2021
			Gross Amount Not Offset on the Balance Sheet
(in millions)	Gross Amount of Recorded Assets (Liabilities)		Financial Instruments		Cash Collateral Posted (Received)		Net Amount
Derivative assets:
Currency exchange rate contracts	$	85	$	(83)	$	—	$	1
Total return swaps	18		—		—		18
	102		(83)		—		19
Derivative liabilities:
Currency exchange rate contracts	(296)		83		46		(167)
Total	$	(193)	$	—	$	46	$	(148)

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.

	January 28, 2022
			Gross Amount Not Offset on the Balance Sheet
(in millions)	Gross Amount of Recorded Assets (Liabilities)		Financial Instruments		Cash Collateral Posted (Received)		Net Amount
Derivative assets:
Currency exchange rate contracts	$	326	$	(104)	$	(30)	$	192
Derivative liabilities:
Currency exchange rate contracts	(162)		104		12		(46)
Total return swaps	(15)		—		—		(15)
	(177)		104		12		(61)
Total	$	149	$	—	$	(18)	$	131

	April 30, 2021
			Gross Amount Not Offset on the Balance Sheet
(in millions)	Gross Amount of Recorded Assets (Liabilities)		Financial Instruments		Cash Collateral Posted (Received)		Net Amount
Derivative assets:
Currency exchange rate contracts	$	85	$	(83)	$	—	$	1
Total return swaps	18		—		—		18
	102		(83)		—		19
Derivative liabilities:
Currency exchange rate contracts	(296)		83		46		(167)
Total	$	(193)	$	—	$	46	$	(148)