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Derivatives and Foreign Exchange Risk Management (Tables) | 9 Months Ended
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Jan. 29, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Amount and Location of Gains (Losses) in Statements of Income, Derivative Instruments Not Designated as Hedging Instruments | The amount and location of the gains (losses) in the condensed consolidated statements of income related to derivative instruments, not designated as hedging instruments, for the three and nine months ended January 29, 2016 and January 23, 2015 are as follows:
(in millions) |  |  |  | Three months ended
Derivatives Not Designated as Hedging Instruments |  | Location |  | January 29, 2016 |  | January 23, 2015
Foreign currency exchange rate contracts gains (losses) |  | Other expense, net |  | $ | 19 |  |  | $ | 153 |
(in millions) |  |  |  | Nine months ended
Derivatives Not Designated as Hedging Instruments |  | Location |  | January 29, 2016 |  | January 23, 2015
Foreign currency exchange rate contracts gains (losses) |  | Other expense, net |  | $ | 35 |  |  | $ | 202 |
Amount and Location of Gains (Losses) in Statements of Income and OCI, Derivative Instruments Designated as Cash Flow Hedges | The amount of gains (losses) and location of the gains (losses) in the condensed consolidated statements of income and other comprehensive (loss) income (OCI) related to foreign currency exchange rate contract derivative instruments designated as cash flow hedges for the three months ended January 29, 2016 and January 23, 2015 are as follows:
Three months ended January 29, 2016 |  |  |  |  |  |  |  |
|  | Gross Gains (Losses) Recognized in OCI on Effective Portion of Derivative |  | Effective Portion of Gains (Losses) on Derivative Reclassified from AOCI into Income
(in millions) |  |
Derivatives in Cash Flow Hedging Relationships |  | Amount |  | Location |  | Amount
Foreign currency exchange rate contracts |  | $ | 104 |  |  | Other expense, net |  | $ | 111 |
|  |  |  |  | Cost of products sold |  | (9 | )
Total |  | $ | 104 |  |  |  |  | $ | 102 |
Three months ended January 23, 2015 |  |  |  |  |  |  |  |
|  | Gross Gains (Losses) Recognized in OCI on Effective Portion of Derivative |  | Effective Portion of Gains (Losses) on Derivative Reclassified from AOCI into Income
(in millions) |  |
Derivatives in Cash Flow Hedging Relationships |  | Amount |  | Location |  | Amount
Foreign currency exchange rate contracts |  | $ | 265 |  |  | Other expense, net |  | $ | 65 |
|  |  |  |  | Cost of products sold |  | (27 | )
Total |  | $ | 265 |  |  |  |  | $ | 38 |
Nine months ended January 29, 2016 |  |  |  |  |  |  |  |
|  | Gross Gains (Losses) Recognized in OCI on Effective Portion of Derivative |  | Effective Portion of Gains (Losses) on Derivative Reclassified from AOCI into Income
(in millions) |  |
Derivatives in Cash Flow Hedging Relationships |  | Amount |  | Location |  | Amount
Foreign currency exchange rate contracts |  | $ | 108 |  |  | Other expense, net |  | $ | 295 |
|  |  |  |  | Cost of products sold |  | (45 | )
Total |  | $ | 108 |  |  |  |  | $ | 250 |
Nine months ended January 23, 2015 |  |  |  |  |  |  |  |
|  | Gross Gains (Losses) Recognized in OCI on Effective Portion of Derivative |  | Effective Portion of Gains (Losses) on Derivative Reclassified from AOCI into Income
(in millions) |  |
Derivatives in Cash Flow Hedging Relationships |  | Amount |  | Location |  | Amount
Foreign currency exchange rate contracts |  | $ | 556 |  |  | Other expense, net |  | $ | 86 |
|  |  |  |  | Cost of products sold |  | (28 | )
Total |  | $ | 556 |  |  |  |  | $ | 58 |
Location and Fair Value Amounts of Derivative Instruments in Balance Sheets | The following tables summarize the location and fair value amounts of derivative instruments reported in the condensed consolidated balance sheets as of January 29, 2016 and April 24, 2015. The fair value amounts are presented on a gross basis and are segregated between derivatives that are designated and qualify as hedging instruments and those that are not and are further segregated by type of contract within those two categories.
January 29, 2016 |  |  |  |  |  |  |  |  |
| Asset Derivatives |  | Liability Derivatives
(in millions) | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Interest rate contracts | Prepaid expenses and other current assets |  | $ | 1 |  |  | Other accrued expenses |  | $ | — |
Foreign currency exchange rate contracts | Prepaid expenses and other current assets |  | 281 |  |  | Other accrued expenses |  | 13 |
Interest rate contracts | Other assets |  | 87 |  |  | Other long-term liabilities |  | 41 |
Foreign currency exchange rate contracts | Other assets |  | 85 |  |  | Other long-term liabilities |  | 8 |
Total derivatives designated as hedging instruments |  |  | $ | 454 |  |  |  |  | $ | 62 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity derivatives | Prepaid expenses and other current assets |  | $ | — |  |  | Other accrued expenses |  | $ | 5 |
Foreign currency exchange rate contracts | Prepaid expenses and other current assets |  | 21 |  |  | Other accrued expenses |  | 19 |
Cross currency interest rate contracts | Other assets |  | 21 |  |  | Other long-term liabilities |  | 5 |
Total derivatives not designated as hedging instruments |  |  | $ | 42 |  |  |  |  | $ | 29 |
Total derivatives |  |  | $ | 496 |  |  |  |  | $ | 91 |
April 24, 2015 |  |  |  |  |  |  |  |  |
| Asset Derivatives |  | Liability Derivatives
(in millions) | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Interest rate contracts | Prepaid expenses and other current assets |  | $ | 10 |  |  | Other accrued expenses |  | $ | — |
Foreign currency exchange rate contracts | Prepaid expenses and other current assets |  | 382 |  |  | Other accrued expenses |  | 12 |
Interest rate contracts | Other assets |  | 79 |  |  | Other long-term liabilities |  | 71 |
Foreign currency exchange rate contracts | Other assets |  | 143 |  |  | Other long-term liabilities |  | 3 |
Total derivatives designated as hedging instruments |  |  | $ | 614 |  |  |  |  | $ | 86 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Foreign currency exchange rate contracts | Prepaid expenses and other current assets |  | $ | 119 |  |  | Other accrued expenses |  | $ | 30 |
Total derivatives not designated as hedging instruments |  |  | $ | 119 |  |  |  |  | $ | 30 |
Total derivatives |  |  | $ | 733 |  |  |  |  | $ | 116 |
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 as of October 30, 2015 and April 24, 2015:
(in millions) | January 29, 2016 |  | April 24, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Derivative Assets | $ | 387 |  |  | $ | 109 |  |  | $ | — |  |  | $ | 644 |  |  | $ | 89 |  |  | $ | — |
Derivative Liabilities | 40 |  |  | 51 |  |  | — |  |  | 45 |  |  | 71 |  |  | — |
Offsetting Assets | The following table provides information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.
January 29, 2016 |  |  |  | Gross Amount Not Offset on the Balance Sheet |  |
(in millions) |  | Gross Amount of Recognized Assets (Liabilities) |  | Financial Instruments |  | Collateral (Received) or Posted |  | Net Amount
Derivative Assets |  |  |  |  |  |  |  |
Foreign currency exchange rate contracts |  | $ | 387 |  |  | $ | (63 | ) |  | $ | (197 | ) |  | $ | 127 |
Interest rate contracts |  | 88 |  |  | (6 | ) |  | (15 | ) |  | 67 |
Cross currency interest rate contracts |  | 21 |  |  | — |  |  | — |  |  | 21 |
|  | $ | 496 |  |  | $ | (69 | ) |  | $ | (212 | ) |  | $ | 215 |
Derivative Liabilities |  |  |  |  |  |  |  |
Foreign currency exchange rate contracts |  | $ | (40 | ) |  | $ | 33 |  |  | $ | — |  |  | $ | (7 | )
Interest rate contracts |  | (41 | ) |  | 36 |  |  | — |  |  | (5 | )
Cross currency interest rate contracts |  | (5 | ) |  | — |  |  | — |  |  | (5 | )
Commodity derivatives |  | (5 | ) |  | — |  |  | — |  |  | (5 | )
|  | $ | (91 | ) |  | $ | 69 |  |  | $ | — |  |  | $ | (22 | )
Total |  | $ | 405 |  |  | $ | — |  |  | $ | (212 | ) |  | $ | 193 |
April 24, 2015 |  |  |  | Gross Amount Not Offset on the Balance Sheet |  |
(in millions) |  | Gross Amount of Recognized Assets (Liabilities) |  | Financial Instruments |  | Collateral (Received) or Posted |  | Net Amount
Derivative Assets |  |  |  |  |  |  |  |
Foreign currency exchange rate contracts |  | $ | 644 |  |  | $ | (61 | ) |  | $ | (325 | ) |  | $ | 258 |
Interest rate contracts |  | 89 |  |  | (10 | ) |  | (13 | ) |  | 66 |
|  | $ | 733 |  |  | $ | (71 | ) |  | $ | (338 | ) |  | $ | 324 |
Derivative Liabilities |  |  |  |  |  |  |  |
Foreign currency exchange rate contracts |  | $ | (45 | ) |  | $ | 31 |  |  | $ | — |  |  | $ | (14 | )
Interest rate contracts |  | (71 | ) |  | 40 |  |  | 8 |  |  | (23 | )
|  | $ | (116 | ) |  | $ | 71 |  |  | $ | 8 |  |  | $ | (37 | )
Total |  | $ | 617 |  |  | $ | — |  |  | $ | (330 | ) |  | $ | 287 |
Offsetting Liabilities | The following table provides information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.
January 29, 2016 |  |  |  | Gross Amount Not Offset on the Balance Sheet |  |
(in millions) |  | Gross Amount of Recognized Assets (Liabilities) |  | Financial Instruments |  | Collateral (Received) or Posted |  | Net Amount
Derivative Assets |  |  |  |  |  |  |  |
Foreign currency exchange rate contracts |  | $ | 387 |  |  | $ | (63 | ) |  | $ | (197 | ) |  | $ | 127 |
Interest rate contracts |  | 88 |  |  | (6 | ) |  | (15 | ) |  | 67 |
Cross currency interest rate contracts |  | 21 |  |  | — |  |  | — |  |  | 21 |
|  | $ | 496 |  |  | $ | (69 | ) |  | $ | (212 | ) |  | $ | 215 |
Derivative Liabilities |  |  |  |  |  |  |  |
Foreign currency exchange rate contracts |  | $ | (40 | ) |  | $ | 33 |  |  | $ | — |  |  | $ | (7 | )
Interest rate contracts |  | (41 | ) |  | 36 |  |  | — |  |  | (5 | )
Cross currency interest rate contracts |  | (5 | ) |  | — |  |  | — |  |  | (5 | )
Commodity derivatives |  | (5 | ) |  | — |  |  | — |  |  | (5 | )
|  | $ | (91 | ) |  | $ | 69 |  |  | $ | — |  |  | $ | (22 | )
Total |  | $ | 405 |  |  | $ | — |  |  | $ | (212 | ) |  | $ | 193 |
April 24, 2015 |  |  |  | Gross Amount Not Offset on the Balance Sheet |  |
(in millions) |  | Gross Amount of Recognized Assets (Liabilities) |  | Financial Instruments |  | Collateral (Received) or Posted |  | Net Amount
Derivative Assets |  |  |  |  |  |  |  |
Foreign currency exchange rate contracts |  | $ | 644 |  |  | $ | (61 | ) |  | $ | (325 | ) |  | $ | 258 |
Interest rate contracts |  | 89 |  |  | (10 | ) |  | (13 | ) |  | 66 |
|  | $ | 733 |  |  | $ | (71 | ) |  | $ | (338 | ) |  | $ | 324 |
Derivative Liabilities |  |  |  |  |  |  |  |
Foreign currency exchange rate contracts |  | $ | (45 | ) |  | $ | 31 |  |  | $ | — |  |  | $ | (14 | )
Interest rate contracts |  | (71 | ) |  | 40 |  |  | 8 |  |  | (23 | )
|  | $ | (116 | ) |  | $ | 71 |  |  | $ | 8 |  |  | $ | (37 | )
Total |  | $ | 617 |  |  | $ | — |  |  | $ | (330 | ) |  | $ | 287 |

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- Definition Tabular disclosure of the location and amount of gains and losses recognized in the statement of financial performance on foreign currency derivative instruments not designated as hedging instruments. + References No definition available. + Details
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- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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