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Financial Instruments (Tables)

6 Months Ended

Oct. 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 October 28, 2022 and April 29, 2022:


	October 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	$	556	$	—	$	(34)	$	522	$	522	$	—
Level 2:
Corporate debt securities	4,386		1		(273)		4,114		4,114		—
U.S. government and agency securities	946		—		(59)		887		887		—
Mortgage-backed securities	558		—		(61)		497		497		—
Non-U.S. government and agency securities	17		—		(1)		16		16		—
Certificates of deposit	10		—		—		10		10		—
Other asset-backed securities	587		—		(31)		556		556		—
Total Level 2	6,502		1		(424)		6,079		6,079		—
Level 3:
Auction rate securities	36		—		(3)		33		—		33
Total available-for-sale debt securities	$	7,094	$	1	$	(460)	$	6,635	$	6,602	$	33


	April 29, 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	$	533	$	1	$	(15)	$	518	$	518	$	—
Level 2:
Corporate debt securities	4,457		4		(140)		4,321		4,321		—
U.S. government and agency securities	910		—		(41)		869		869		—
Mortgage-backed securities	592		—		(35)		558		558		—
Non-U.S. government and agency securities	17		—		—		17		17		—
Certificates of deposit	20		—		—		20		20		—
Other asset-backed securities	567		—		(11)		556		556		—
Total Level 2	6,563		4		(227)		6,341		6,341		—
Level 3:
Auction rate securities	36		—		(3)		33		—		33
Total available-for-sale debt securities	$	7,131	$	5	$	(245)	$	6,893	$	6,859	$	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 October 28, 2022 and April 29, 2022:


	October 28, 2022
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	207	$	(4)	$	3,133	$	(269)
U.S. government and agency securities	—		—		916		(93)
Mortgage-backed securities	—		—		491		(61)
Other asset-backed securities	—		—		554		(31)
Auction rate securities	—		—		33		(3)
Total	$	207	$	(4)	$	5,128	$	(456)


	April 29, 2022
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	222	$	(1)	$	2,993	$	(139)
U.S. government and agency securities	—		—		945		(56)
Mortgage-backed securities	—		—		507		(35)
Other asset-backed securities	—		—		526		(11)
Auction rate securities	—		—		33		(3)
Total	$	222	$	(1)	$	5,004	$	(244)

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


	Three months ended				Six months ended
(in millions)	October 28, 2022		October 29, 2021		October 28, 2022		October 29, 2021
Proceeds from sales	$	1,723	$	2,299	$	3,587	$	4,571
Gross realized gains	1		4		2		8
Gross realized losses	(10)		(2)		(19)		(4)

Available-For-Sale Debt Securities, Contractual Maturities

The October 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)	October 28, 2022
Due in one year or less	$	1,419
Due after one year through five years	3,649
Due after five years through ten years	899
Due after ten years	669
Total	$	6,635

Summary of Equity and Other Investments

The following table summarizes the Company's equity and other investments at October 28, 2022 and April 29, 2022, which are classified as other assets in the consolidated balance sheets:


(in millions)	October 28, 2022		April 29, 2022
Investments with readily determinable fair value (marketable equity securities)	$	19	$	64
Investments without readily determinable fair values	808		732
Equity method and other investments	85		85
Total equity and other investments	$	912	$	881

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				Six months ended
(in millions)	October 28, 2022		October 29, 2021		October 28, 2022		October 29, 2021
Proceeds from sales	$	—	$	14	$	21	$	66
Gross gains	23		12		37		70
Gross losses	(7)		(15)		(11)		(20)
Impairment losses recognized	(4)		—		(12)		(10)