Investments (Tables)

9 Months Ended

Jan. 27, 2012

Information regarding the Company's short-term and long-term investments

Information regarding the Company's short-term and long-term investments at January 27, 2012 is as follows:

			Unrealized		Unrealized
(in millions)	Cost		Gains		Losses		Fair Value
Available-for-sale securities:
Corporate debt securities	$	2,912	$	38	$	(10)	$	2,940
Auction rate securities		167		-		(34)		133
Mortgage-backed securities		786		9		(11)		784
U.S. government and agency securities		2,972		43		-		3,015
Foreign government and agency securities		56		0		-		56
Certificates of deposit		73		-		-		73
Other asset-backed securities		474		2		(1)		475
Marketable equity securities		115		127		(14)		228
Trading securities:
Exchange-traded funds		45		1		(2)		44
Cost method, equity method, and other investments		503		-		-		503
Total short-term and long-term investments	$	8,103	$	220	$	(72)	$	8,251

Information regarding the Company's short-term and long-term investments at April 29, 2011 is as follows:

Information regarding the Company's available-for-sale and trading securities

	January 27, 2012				April 29, 2011
(in millions)	Short-term		Long-term		Short-term		Long-term
Available-for-sale securities	$	1,155	$	6,549	$	1,046	$	5,425
Trading securities		-		44		-		39
Total	$	1,155	$	6,593	$	1,046	$	5,464

The gross unrealized losses and fair values of the Company's available-for-sale securities that have been in a continuous unrealized loss position deemed to be temporary for less than 12 months and for more than 12 months, aggregated by investment category

	January 27, 2012
		Less than 12 months			More than 12 months
			Unrealized				Unrealized
(in millions)	Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	608	$	(7)	$	11	$	(3)
Auction rate securities		-		-		133		(34)
Mortgage-backed securities		208		(3)		57		(8)
Other asset-backed securities		-		-		9		(1)
Marketable equity securities		18		(14)		-		-
Total	$	834	$	(24)	$	210	$	(46)

	April 29, 2011
		Less than 12 months			More than 12 months
			Unrealized				Unrealized
(in millions)	Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	256	$	(1)	$	16	$	(5)
Auction rate securities		-		-		133		(34)
Mortgage-backed securities		161		(1)		67		(7)
U.S. government and agency securities		267		(1)		-		-
Other asset-backed securities		74		(1)		12		(2)
Total	$	758	$	(4)	$	228	$	(48)

Activity related to the Company’s short-term and long-term investment portfolio is as follows:

	Three months ended
	January 27, 2012				January 28, 2011
(in millions)	Debt (a)		Equity (b)		Debt (a)		Equity (b)(d)
Proceeds from sales	$	1,486	$	28	$	1,297	$	-
Gross realized gains		21		17		7		85
Gross realized losses		(6)		-		(4)		-
Impairment losses recognized		(1)		-		-		(10)

	Nine months ended
	January 27, 2012				January 28, 2011
(in millions)	Debt (a)		Equity (b)(c)		Debt (a)		Equity (b)(d)
Proceeds from sales	$	4,453	$	81	$	4,090	$	-
Gross realized gains		45		72		24		85
Gross realized losses		(13)		-		(11)		-
Impairment losses recognized		(2)		(4)		(5)		(15)

(a) Includes available-for-sale debt securities.
(b) Includes marketable equity securities, cost method, equity method, exchange-traded funds, and other investments.
(c) As a result of the Salient and PEAK acquisitions, the Company recognized a non-cash gain of $38 million during the nine months ended January 27, 2012 on its previously held minority investments.

(d) As a result of the Ardian acquisition that occurred during the three months ended January 28, 2011, the Company recognized an $85 million non-cash gain on its previously held minority investment.

The credit loss portion of other-than-temporary impairments on debt securities held by the Company

	Three months ended
(in millions)	January 27, 2012		January 28, 2011
Beginning Balance	$	20		21
Additional credit losses recognized on securities previously impaired		1		-
Reductions for securities sold during the period		-		(1)
Ending Balance	$	21	$	20

	Nine months ended
(in millions)	January 27, 2012		January 28, 2011
Beginning Balance	$	20		17
Additional credit losses recognized on securities previously impaired		1		3
Credit losses recognized on securities previously not impaired		1		2
Reductions for securities sold during the period		(1)		(2)
Ending Balance	$	21	$	20

Schedule of Available-for-sale Securities Contractual Maturities

(in millions)	January 27,
(in millions)	2012
Due in one year or less	$	1,705
Due after one year through five years		5,022
Due after five years through ten years		607
Due after ten years		142
Total debt securities	$	7,476

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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