Fair Value Measurements (Tables)

3 Months Ended

Jul. 26, 2013

Information by Level for Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis:



	Fair Value as of July 26, 2013		Fair Value Measurements Using Inputs Considered as
(in millions)	Fair Value as of July 26, 2013		Level 1		Level 2		Level 3
Assets:
Corporate debt securities	$	4,805	$	—	$	4,795	$	10
Auction rate securities	107		—		—		107
Mortgage-backed securities	1,059		—		1,044		15
U.S. government and agency securities	3,599		1,639		1,960		—
Foreign government and agency securities	29		—		29		—
Certificates of deposit	6		—		6		—
Other asset-backed securities	627		—		627		—
Debt funds	430		—		430		—
Marketable equity securities	127		127		—		—
Exchange-traded funds	55		55		—		—
Derivative assets	314		186		128		—
Total assets	$	11,158	$	2,007	$	9,019	$	132

Liabilities:
Derivative liabilities	$	73	$	58	$	15	$	—
Contingent consideration associated with acquisitions subsequent to April 24, 2009	45		—		—		45
Total liabilities	$	118	$	58	$	15	$	45



	Fair Value as of April 26, 2013		Fair Value Measurements Using Inputs Considered as
(in millions)	Fair Value as of April 26, 2013		Level 1		Level 2		Level 3
Assets:
Corporate debt securities	$	4,661	$	—	$	4,651	$	10
Auction rate securities	103		—		—		103
Mortgage-backed securities	1,053		—		1,039		14
U.S. government and agency securities	3,898		1,833		2,065		—
Foreign government and agency securities	38		—		38		—
Certificates of deposit	6		—		6		—
Other asset-backed securities	541		—		541		—
Marketable equity securities	155		155		—		—
Exchange-traded funds	50		50		—		—
Derivative assets	394		213		181		—
Total assets	$	10,899	$	2,251	$	8,521	$	127

Liabilities:
Derivative liabilities	$	58	$	40	$	18	$	—
Contingent consideration associated with acquisitions subsequent to April 24, 2009	142		—		—		142
Total liabilities	$	200	$	40	$	18	$	142

Fair Value Inputs, Assets, Quantitative Information

The following table represents the range of unobservable inputs utilized in the fair value measurement of auction rate securities classified as Level 3 as of July 26, 2013:



	Valuation Technique	Unobservable Input	Range (Weighted Average)
Auction rate securities	Discounted cash flow	Years to principal recovery	2 yrs. - 12 yrs. (3 yrs.)
Auction rate securities	Discounted cash flow	Illiquidity premium	6%

Reconciliation of Beginning and Ending Balances of Items Measured at Fair Value on a Recurring Basis that Used Significant Unobservable Inputs (Level 3)

The following tables provide a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) for the three months ended July 26, 2013 and July 27, 2012:



Three months ended July 26, 2013
(in millions)	Total Level 3 Investments			Corporate debt securities		Auction rate securities		Mortgage- backed securities			Other asset- backed securities
Balance as of April 26, 2013	$	127		$	10	$	103	$	14		$	—
Total unrealized gains (losses) included in other comprehensive income	5			—		4		1			—
Balance as of July 26, 2013	$	132		$	10	$	107	$	15		$	—

Three months ended July 27, 2012
(in millions)	Total Level 3 Investments			Corporate debt securities		Auction rate securities		Mortgage- backed securities			Other asset- backed securities
Balance as of April 27, 2012	$	172		$	10	$	127	$	29		$	6
Total unrealized gains (losses) included in other comprehensive income	2			—		2		—			—
Settlements	(1		)	—		—		(1		)	—
Balance as of July 27, 2012	$	173		$	10	$	129	$	28		$	6

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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