Income Taxes (Tables)

12 Months Ended

Apr. 28, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Taxes, Based on Jurisdiction

The components of income before income taxes, based on tax jurisdiction, are as follows:

	Fiscal Year
(in millions)	2023		2022		2021
U.S.	$	1,295	$	436	$	(358)
International	4,069		5,081		4,253
Income before income taxes	$	5,364	$	5,517	$	3,895

Schedule of Income Tax (Benefit) Provision

The income tax provision consists of the following:

	Fiscal Year
(in millions)	2023		2022		2021
Current tax expense:
U.S.	$	1,303	$	467	$	287
International	530		599		439
Total current tax expense	1,833		1,066		726
Deferred tax (benefit) expense:
U.S.	(336)		(402)		(625)
International	83		(209)		165
Net deferred tax benefit	(253)		(611)		(461)
Income tax provision	$	1,580	$	456	$	265

Schedule of Deferred Tax Assets and Liabilities

Tax assets (liabilities), shown before jurisdictional netting of deferred tax assets (liabilities), are comprised of the following:

(in millions)	April 28, 2023		April 29, 2022
Deferred tax assets:
Intangible assets	$	2,259	$	2,334
Net operating loss, capital loss, and credit carryforwards	10,803		5,982
Capitalization of research and development	971		597
Other accrued liabilities	458		483
Accrued compensation	312		332
Pension and post-retirement benefits	66		66
Stock-based compensation	141		146
Inventory	135		146
Lease obligations	150		92
Federal and state benefit on uncertain tax positions	79		60
Interest limitation	377		386
Unrealized gain on available-for-sale securities and derivative financial instruments	39		—
Other	277		374
Gross deferred tax assets	16,067		10,998
Valuation allowance	(11,311)		(6,583)
Total deferred tax assets	4,756		4,415
Deferred tax liabilities:
Intangible assets	(1,551)		(1,488)
Realized loss on derivative financial instruments	(70)		(66)
Right of use leases	(147)		(89)
Accumulated depreciation	(109)		(121)
Outside basis difference of subsidiaries	(119)		(129)
Other	(80)		(70)
Total deferred tax liabilities	(2,076)		(1,963)
Prepaid income taxes	480		474
Income tax receivables	494		358
Tax assets, net	$	3,654	$	3,284
Reported as (after valuation allowance and jurisdictional netting):
Other current assets	$	885	$	765
Tax assets	3,477		3,403
Deferred tax liabilities	(708)		(884)
Tax assets, net	$	3,654	$	3,284

Schedule of Effective Income Tax Rate Reconciliation

The Company’s effective income tax rate varied from the U.S. federal statutory tax rate as follows:

	Fiscal Year
	2023		2022		2021
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) in tax rate resulting from:
U.S. state taxes, net of federal tax benefit	0.1		0.2		(1.1)
Research and development credit	(1.9)		(1.3)		(2.3)
Puerto Rico excise tax	(1.0)		(1.1)		(2.0)
International	(8.2)		(11.2)		(12.6)
Stock based compensation	0.2		(0.8)		(0.8)
Interest on uncertain tax positions	0.7		0.5		0.9
Base erosion anti-abuse tax	—		0.9		0.5
Foreign derived intangible income benefit	(1.2)		(1.0)		(1.9)
Certain tax adjustments	17.0		(0.9)		(1.0)
Legal entity restructuring	—		—		1.8
U.S. tax on foreign earnings	2.5		2.2		3.4
Other, net	0.3		(0.2)		0.9
Effective tax rate	29.5	%	8.3	%	6.8	%

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal years 2023, 2022, and 2021 is as follows:

	Fiscal Year
(in millions)	2023		2022		2021
Gross unrecognized tax benefits at beginning of fiscal year	$	1,661	$	1,668	$	1,862
Gross increases:
Prior year tax positions	980		1		88
Current year tax positions	89		40		62
Gross decreases:
Prior year tax positions	(12)		(29)		(106)
Settlements	(4)		(8)		(216)
Statute of limitation lapses	(32)		(11)		(21)
Gross unrecognized tax benefits at end of fiscal year	2,682		1,661		1,668
Cash advance paid to taxing authorities	(918)		(859)		(859)
Gross unrecognized tax benefits at end of fiscal year, net of cash advance	$	1,764	$	802	$	809

Schedule of Major Tax Jurisdictions Which Remain Subject to Examination

The major tax jurisdictions where the Company conducts business which remain subject to examination are as follows:

Jurisdiction	Earliest Year Open
United States - federal and state	2005
Australia	2018
Brazil	2018
Canada	2013
China	2015
Costa Rica	2019
Dominican Republic	2019
France	2020
Germany	2014
India	2002
Ireland	2012
Israel	2010
Italy	2018
Japan	2019
Korea	2022
Luxembourg	2018
Mexico	2014
Puerto Rico	2014
Singapore	2018
Switzerland	2010
United Kingdom	2019