Accumulated Other Comprehensive Loss

9 Months Ended

Jan. 23, 2026

The following table provides changes in accumulated other comprehensive loss (AOCI), net of tax, and by component:


(in millions)	Unrealized (Loss) Gain on Investment Securities		Cumulative Translation Adjustments		Net Investment Hedges		Net Change in Retirement Obligations		Unrealized (Loss) Gain on Cash Flow Hedges		Total Accumulated Other Comprehensive Loss
April 25, 2025	$	(63)	$	(2,835)	$	(597)	$	(640)	$	(149)	$	(4,284)
Other comprehensive income (loss) before reclassifications	62		205		(350)		(1)		(2)		(86)
Reclassifications	—		—		—		8		33		40
Other comprehensive income (loss)	62		205		(350)		6		31		(46)
January 23, 2026	$	(1)	$	(2,630)	$	(947)	$	(636)	$	(116)	$	(4,330)


(in millions)	Unrealized (Loss) Gain on Investment Securities		Cumulative Translation Adjustments		Net Investment Hedges		Net Change in Retirement Obligations		Unrealized Gain (Loss) on Cash Flow Hedges		Total Accumulated Other Comprehensive Loss
April 26, 2024	$	(212)	$	(3,686)	$	878	$	(529)	$	229	$	(3,318)
Other comprehensive income (loss) before reclassifications	98		(443)		610		(1)		307		570
Reclassifications	12		—		—		4		(107)		(91)
Other comprehensive income (loss)	110		(443)		610		3		200		479

January 24, 2025	$	(102)	$	(4,129)	$	1,488	$	(527)	$	432	$	(2,839)

The income tax on gains and losses on investment securities in other comprehensive income (loss) before reclassifications during the nine months ended January 23, 2026 and January 24, 2025 was an expense of $11 million and $19 million, respectively. During the nine months ended January 23, 2026 the income taxes on realized gains and losses on investment securities reclassified from AOCI were not material. During the nine months ended January 24, 2025, realized gains and losses on investment securities reclassified from AOCI were reduced by income taxes of $2 million. When realized, gains and losses on investment securities reclassified from AOCI are recognized within other non-operating income, net. Refer to Note 6 in the consolidated financial statements for additional information.

For the nine months ended January 23, 2026 there was no income tax on cumulative translation adjustments. During the nine months ended January 24, 2025, the income tax on cumulative translation adjustments was a benefit of $3 million.

The income tax on net investment hedges in other comprehensive income (loss) before reclassifications during the nine months ended January 23, 2026 and January 24, 2025, was a benefit of $19 million and an expense of $28 million, respectively. Refer to Note 8 in the consolidated financial statements for additional information.

The net change in retirement obligations in other comprehensive income (loss) includes amortization of net actuarial losses included in net periodic benefit cost. During the nine months ended January 23, 2026, the tax impact on retirement obligations in other comprehensive income (loss) before reclassifications was a benefit of $1 million. During the nine months ended January 24, 2025, there were no tax impacts on retirement obligations in other comprehensive income (loss) before reclassifications. During the nine months ended January 23, 2026 and January 24, 2025, the gains and losses on defined benefit and pension items reclassified from AOCI were reduced by income taxes of $2 million. When realized, net gains and losses on defined benefit and pension items reclassified from AOCI are recognized within other non-operating income, net. Refer to Note 14 in the consolidated financial statements for additional information.

The income tax on unrealized gains and losses on cash flow hedges in other comprehensive income (loss) before reclassifications during the nine months ended January 23, 2026 and January 24, 2025, was an expense of $40 million and $51 million, respectively. During the nine months ended January 23, 2026 and January 24, 2025, gains and losses on cash flow hedges reclassified from AOCI were reduced by income taxes of $12 million and $36 million, respectively. When realized, gains and losses on currency exchange rate contracts reclassified from AOCI are recognized within other operating expense (income), net or cost of products sold. Refer to Note 8 in the consolidated financial statements for additional information.