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Financing Arrangements | 9 Months Ended
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Jan. 29, 2016
Debt Disclosure [Abstract] |
Financing Arrangements | Financing Arrangements Commercial Paper The Company maintains a commercial paper program that allows the Company to have a maximum of $3.500 billion in commercial paper outstanding, with maturities up to 364 days from the date of issuance. Commercial paper amounts outstanding as of January 29, 2016 totaled $1.293 billion. No amounts were outstanding as of April 24, 2015. During the three and nine months ended January 29, 2016, the weighted average original maturity of the commercial paper outstanding was approximately 53 days and 48 days, respectively, and the weighted average interest rate was 0.56 percent and 0.48 percent, respectively. The issuance of commercial paper proportionately reduced the amount of credit available under the Company’s existing Credit Facility, as defined below. Line of Credit The Company has a $3.500 billion five year credit facility (Credit Facility) which provides back up funding for the commercial paper program described above. As of January 29, 2016 and April 24, 2015, no amounts were outstanding. Interest rates are determined by a pricing matrix, based on the Company’s long-term debt ratings, assigned by Standard & Poor’s Ratings Services and Moody’s Investors Service. Facility fees are payable on the Credit Facility and are determined in the same manner as the interest rates. The agreement also contains customary covenants, all of which the Company remained in compliance with as of January 29, 2016. Long-Term Debt Long-term debt consisted of the following:
(in millions, except interest rates) |  | Maturity by Fiscal Year |  | Payable as of January 29, 2016 |  | Payable as of April 24, 2015
Floating rate three-year 2014 senior notes |  | 2017 |  | $ | 250 |  |  | $ | 250 |
0.875 percent three-year 2014 senior notes |  | 2017 |  | 250 |  |  | 250 |
6.000 percent ten-year 2008 CIFSA senior notes |  | 2018 |  | 1,150 |  |  | 1,150 |
1.500 percent three-year 2015 senior notes |  | 2018 |  | 1,000 |  |  | 1,000 |
1.375 percent five-year 2013 senior notes |  | 2018 |  | 1,000 |  |  | 1,000 |
5.600 percent ten-year 2009 senior notes |  | 2019 |  | 400 |  |  | 400 |
4.450 percent ten-year 2010 senior notes |  | 2020 |  | 1,250 |  |  | 1,250 |
2.500 percent five-year 2015 senior notes |  | 2020 |  | 2,500 |  |  | 2,500 |
Floating rate five-year 2015 senior notes |  | 2020 |  | 500 |  |  | 500 |
4.200 percent ten-year 2010 CIFSA senior notes |  | 2021 |  | 600 |  |  | 600 |
4.125 percent ten-year 2011 senior notes |  | 2021 |  | 500 |  |  | 500 |
3.125 percent ten-year 2012 senior notes |  | 2022 |  | 675 |  |  | 675 |
3.150 percent seven-year 2015 senior notes |  | 2022 |  | 2,500 |  |  | 2,500 |
3.200 percent ten-year 2012 CIFSA senior notes |  | 2023 |  | 650 |  |  | 650 |
2.750 percent ten-year 2013 senior notes |  | 2023 |  | 1,250 |  |  | 1,250 |
2.950 percent ten-year 2013 CIFSA senior notes |  | 2024 |  | 750 |  |  | 750 |
3.625 percent ten-year 2014 senior notes |  | 2024 |  | 850 |  |  | 850 |
3.500 percent ten-year 2015 senior notes |  | 2025 |  | 4,000 |  |  | 4,000 |
4.375 percent twenty-year 2015 senior notes |  | 2035 |  | 2,500 |  |  | 2,500 |
6.550 percent thirty-year 2008 CIFSA senior notes |  | 2038 |  | 850 |  |  | 850 |
6.500 percent thirty-year 2009 senior notes |  | 2039 |  | 300 |  |  | 300 |
5.550 percent thirty-year 2010 senior notes |  | 2040 |  | 500 |  |  | 500 |
4.500 percent thirty-year 2012 senior notes |  | 2042 |  | 400 |  |  | 400 |
4.000 percent thirty-year 2013 senior notes |  | 2043 |  | 750 |  |  | 750 |
4.625 percent thirty-year 2014 senior notes |  | 2044 |  | 650 |  |  | 650 |
4.625 percent thirty-year 2015 senior notes |  | 2045 |  | 4,000 |  |  | 4,000 |
Three-year term loan |  | 2018 |  | 3,000 |  |  | 3,000 |
Interest rate swaps (Note 8) |  | 2017 - 2022 |  | 87 |  |  | 79 |
Deferred gains from interest rate swap terminations, net |  | - |  | — |  |  | 3 |
Capital lease obligations |  | 2017 - 2025 |  | 117 |  |  | 129 |
Bank borrowings |  | 2021 |  | 31 |  |  | 17 |
Debt premium |  | 2017 - 2045 |  | 421 |  |  | 499 |
Total Long-Term Debt |  |  |  | $ | 33,681 |  |  | $ | 33,752 |
Senior Notes The Company has outstanding unsecured senior obligations including those indicated as senior notes in the long-term debt table above (collectively, the Senior Notes). The Senior Notes rank equally with all other unsecured and unsubordinated indebtedness of the Company. The indentures under which the Senior Notes were issued contain customary covenants, all of which the Company remains in compliance with as of January 29, 2016. The Company used the net proceeds from the sale of the Senior Notes primarily for working capital and general corporate uses, which includes the repayment of other indebtedness of the Company, and to fund the acquisition of Covidien in fiscal year 2015. For additional information regarding the terms of these agreements, refer to Note 8 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended April 24, 2015. Financial Instruments Not Measured at Fair Value As of January 29, 2016, the total estimated fair value of the Company’s long-term debt, including the short-term portion, was $31.781 billion compared to a principal value of $30.525 billion; as of April 24, 2015, the total estimated fair value was $34.637 billion compared to a principal value of $32.125 billion. The fair value was estimated using quoted market prices for the publicly registered senior notes, which are classified as Level 2 within the fair value hierarchy. The fair values and principal values consider the terms of the related debt and exclude the impacts of debt discounts and derivative/hedging activity.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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