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Derivatives and Currency Exchange Risk Management (Tables)
 9 Months Ended
Jan. 23, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Instruments and Gains and Losses on Hedging Instruments and Derivatives Not Designated as Hedging Instruments
The following table presents the contractual amounts of the Company's outstanding instruments:
As of
(in billions)DesignationJanuary 23, 2026April 25, 2025
Currency exchange rate contractsCash flow hedge$8.9 $10.6 
Currency exchange rate contracts(1)
Net investment hedge6.7 8.0 
Foreign currency-denominated debt(2)
Net investment hedge21.1 20.6 
Currency exchange rate contractsFair value hedge— 1.1 
Currency exchange rate contractsUndesignated4.2 3.9 
(1)At January 23, 2026, includes derivative contracts with a notional value of €4.0 billion, or $4.7 billion, designated as hedges of a portion of our net investment in certain European operations and derivative contracts with a notional value of ¥320.8 billion, or $2.0 billion, designated as hedges of a portion of our net investment in certain Japanese operations. These derivative contracts mature in fiscal years 2026 through 2033.
(2)At January 23, 2026, includes €18.0 billion, or $21.1 billion, of outstanding Euro-denominated debt designated as hedges of a portion of our net investment in foreign operations. This debt matures in fiscal years 2027 through 2054.
The amount of the gains and losses on hedging instruments and the classification of those gains and losses within our consolidated financial statements for the three and nine months ended January 23, 2026 and January 24, 2025 were as follows:
(Gain) Loss Recognized in Accumulated Other Comprehensive Loss(Gain) Loss Reclassified into Income
Three months endedNine months endedThree months endedNine months endedLocation of (Gain) Loss in Income Statement
(in millions)January 23, 2026January 24, 2025January 23, 2026January 24, 2025January 23, 2026January 24, 2025January 23, 2026January 24, 2025
Cash flow hedges
Currency exchange rate contracts$8 $(346)$(57)$(303)$26 $(49)$71 $(88)Other operating expense (income), net
Currency exchange rate contracts9 (55)19 (55)(11)(17)(50)(56)Cost of products sold
Net investment hedges
Foreign currency-denominated debt192 (684)517 (525)— — — — N/A
Currency exchange rate contracts(33)(124)(148)(112)— — — — N/A
Fair value hedges
Currency exchange rate contracts— — 1 (1)— 38 (20)42 Other operating expense (income), net
Total $176 $(1,209)$331 $(996)$15 $(28)$1 $(102)
The amount of the gains and losses on our derivative instruments not designated as hedging instruments and the classification of those gains and losses within our consolidated financial statements during the three and nine months ended January 23, 2026 and January 24, 2025 were as follows:
(Gain) Loss Recognized in Income
Three months endedNine months endedLocation of (Gain) Loss in Income Statement
(in millions)January 23, 2026January 24, 2025January 23, 2026January 24, 2025
Currency exchange rate contracts$50 $65 $74 $60 Other operating expense (income), net
Schedule of Classification and Fair Value of Derivative Instruments in Balance Sheets
The following table summarizes the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at January 23, 2026 and April 25, 2025. The fair value amounts of qualified hedging instruments are presented on a gross basis and segregated between designated and not designated as hedging instruments. These hedging instruments are segregated by type of contract.
 Fair Value - AssetsFair Value - Liabilities
(in millions)January 23, 2026April 25, 2025Balance Sheet ClassificationJanuary 23, 2026April 25, 2025Balance Sheet Classification
Derivatives designated as hedging instruments   
Currency exchange rate contracts $175 $269 Other current assets$242 $200 Other accrued expenses
Currency exchange rate contracts347 57 Other assets132 196 Other liabilities
Total derivatives designated as hedging instruments522 326 374 396 
Derivatives not designated as hedging instruments 
Currency exchange rate contracts7 7 Other current assets14 5 Other accrued expenses
Total return swaps7 — Other current assets— 16 Other accrued expenses
Total derivatives not designated as hedging instruments14 7 14 21 
Total derivatives$536 $334 $388 $417 
Schedule of 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 23, 2026April 25, 2025
(in millions)Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Level 1$529 $388 $334 $401 
Level 27 — — 16 
Total$536 $388 $334 $417 
Schedule of Offsetting Assets
January 23, 2026
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral PostedNet Amount
Derivative assets:
Currency exchange rate contracts$529 $(204)$— $326 
Total return swaps7 — — 7 
536 (204)— 333 
Derivative liabilities:
Currency exchange rate contracts(388)204 115 (69)
Total$149 $— $115 $264 
April 25, 2025
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral PostedNet Amount
Derivative assets:
Currency exchange rate contracts$334 $(195)$— $139 
Derivative liabilities:
Currency exchange rate contracts(401)195 125 (82)
Total return swaps(16)— — (16)
(417)195 125 (97)
Total$(84)$— $125 $42 
Schedule of Offsetting Liabilities
January 23, 2026
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral PostedNet Amount
Derivative assets:
Currency exchange rate contracts$529 $(204)$— $326 
Total return swaps7 — — 7 
536 (204)— 333 
Derivative liabilities:
Currency exchange rate contracts(388)204 115 (69)
Total$149 $— $115 $264 
April 25, 2025
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral PostedNet Amount
Derivative assets:
Currency exchange rate contracts$334 $(195)$— $139 
Derivative liabilities:
Currency exchange rate contracts(401)195 125 (82)
Total return swaps(16)— — (16)
(417)195 125 (97)
Total$(84)$— $125 $42