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Financial Instruments (Tables)
 12 Months Ended
Apr. 28, 2017
Investments [Abstract]  
Investments by Category and Related Balance Sheet Presentation
The following table summarizes the Company's investments by significant investment category and the consolidated balance sheet classification at April 28, 2017:
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Available-for-sale securities
 

 
 

 
 

 
 

 
 
 
 
Level 1:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
613

 
$
2

 
$
(5
)
 
$
610

 
$
610

 
$
—

Marketable equity securities
58

 
49

 
(4
)
 
103

 
—

 
103

Total Level 1
671

 
51

 
(9
)
 
713

 
610

 
103

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
4,643

 
62

 
(23
)
 
4,682

 
4,682

 
—

U.S. government and agency securities
860

 
—

 
(10
)
 
850

 
850

 
—

Mortgage-backed securities
766

 
9

 
(16
)
 
759

 
759

 
—

Foreign government and agency securities
49

 
—

 
—

 
49

 
49

 
—

Other asset-backed securities
228

 
1

 
(1
)
 
228

 
228

 
—

Debt funds
1,246

 
4

 
(178
)
 
1,072

 
1,072

 
—

Total Level 2
7,792

 
76

 
(228
)
 
7,640

 
7,640

 
—

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
1

 
—

 
—

 
1

 
—

 
1

Auction rate securities
47

 
—

 
(3
)
 
44

 
—

 
44

Total Level 3
48

 
—

 
(3
)
 
45

 
—

 
45

Investments measured at net asset value(1):
 
 
 
 
 
 
 
 
 
 
 
Debt funds
497

 
—

 
(6
)
 
491

 
491

 
—

Total available-for-sale securities
9,008

 
127

 
(246
)
 
8,889

 
8,741

 
148

Cost method, equity method, and other investments:
 
 
 
 
 
 
 
 
 
 
 
Level 3:
 
 
 
 
 
 
 
 
 
 
 
Cost method, equity method, and other investments
589

 
—

 
—

 
N/A

 
—

 
589

Total Level 3:
589

 
—

 
—

 
N/A

 
—

 
589

Total cost method, equity method, and other investments
589

 
—

 
—

 
N/A

 
—

 
589

Total investments
$
9,597

 
$
127

 
$
(246
)

$
8,889

 
$
8,741

 
$
737

(1) Certain investments that are measured at the net asset value per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy. The fair value amounts presented herein are intended to permit reconciliation to the consolidated balance sheets.
The following table summarizes the Company's investments by significant investment categories and the related consolidated balance sheet classification at April 29, 2016:
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Available-for-sale securities:
 

 
 

 
 

 
 

 
 
 
 
Level 1:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
792

 
$
14

 
$
(1
)
 
$
805

 
$
805

 
$
—

Marketable equity securities
75

 
21

 
(11
)
 
85

 
—

 
85

Total Level 1
867

 
35

 
(12
)
 
890

 
805

 
85

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
3,935

 
85

 
(24
)
 
3,996

 
3,996

 
—

U.S. government and agency securities
902

 
2

 
—

 
904

 
904

 
—

Mortgage-backed securities
1,016

 
17

 
(18
)
 
1,015

 
1,015

 
—

Other asset-backed securities
192

 
3

 
—

 
195

 
195

 
—

Debt funds
2,306

 
5

 
(247
)
 
2,064

 
2,064

 
—

Total Level 2
8,351

 
112

 
(289
)
 
8,174

 
8,174

 
—

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
1

 
—

 
—

 
1

 
—

 
1

Auction rate securities
47

 
—

 
(3
)
 
44

 
—

 
44

Total Level 3
48

 
—

 
(3
)
 
45

 
—

 
45

Investments measured at net asset value(1):
 
 
 
 
 
 
 
 
 
 
 
Debt funds
734

 
—

 
(34
)
 
700

 
700

 
—

Total available-for-sale securities
10,000

 
147

 
(338
)
 
9,809

 
9,679

 
130

Trading securities:
 

 
 

 
 

 
 

 
 
 
 
Level 1:
 
 
 
 
 
 
 
 
 
 
 
Exchange-traded funds
65

 
15

 
(1
)
 
79

 
79

 
—

Total Level 1
65

 
15

 
(1
)
 
79

 
79

 
—

Total trading securities
65

 
15

 
(1
)
 
79

 
79

 
—

Cost method, equity method, and other investments:
 
 
 
 
 
 
 
 
 
 
 
Level 3:
 
 
 
 
 
 
 
 
 
 
 
Cost method, equity method, and other investments
506

 
—

 
—

 
N/A

 
—

 
506

Total Level 3
506

 
—

 
—

 
N/A

 
—

 
506

Total cost method, equity method, and other investments
506

 
—

 
—

 
N/A

 
—

 
506

Total investments
$
10,571

 
$
162

 
$
(339
)
 
$
9,888

 
$
9,758

 
$
636


(1) Certain investments that are measured at the net asset value per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy. The fair value amounts presented herein are intended to permit reconciliation to the consolidated balance sheets.
Gross Unrealized Losses and Fair Values of Available-for-sale Securities that Have Been in a Continuous Unrealized Loss Position Deemed to be Temporary, Aggregated by Investment Category
The following tables present 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, aggregated by investment category at April 28, 2017 and April 29, 2016:
 
April 28, 2017
 
Less than 12 months
 
More than 12 months
(in millions)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Corporate debt securities
$
1,263

 
$
(19
)
 
$
46

 
$
(4
)
Auction rate securities
—

 
—

 
44

 
(3
)
Mortgage-backed securities
276

 
(4
)
 
95

 
(12
)
U.S. government and agency securities
896

 
(15
)
 
—

 
—

Other asset-backed securities
127

 
(1
)
 
—

 
—

Debt funds
173

 
(1
)
 
1,125

 
(183
)
Marketable equity securities
14

 
(3
)
 
2

 
(1
)
Total
$
2,749

 
$
(43
)
 
$
1,312

 
$
(203
)
 
April 29, 2016
 
Less than 12 months
 
More than 12 months
(in millions)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Corporate debt securities
$
756

 
$
(18
)
 
$
136

 
$
(6
)
Auction rate securities
—

 
—

 
44

 
(3
)
Mortgage-backed securities
196

 
(5
)
 
92

 
(5
)
U.S. government and agency securities
308

 
(4
)
 
67

 
(5
)
Debt funds
670

 
(26
)
 
1,601

 
(256
)
Marketable equity securities
45

 
(11
)
 
—

 
—

Total
$
1,975

 
$
(64
)
 
$
1,940

 
$
(275
)
Unobservable Inputs Utilized in the Fair Value Measurement of Auction Rate Securities Classified as Level 3
The following table presents the unobservable inputs utilized in the fair value measurement of the auction rate securities classified as Level 3 at April 28, 2017:

 
Valuation Technique
Unobservable Input
Range (Weighted Average)
Auction rate securities
Discounted cash flow
Years to principal recovery
2 yrs. - 12 yrs. (3 yrs.)
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):
(in millions)
Total Level 3
Investments
 
Corporate debt
securities
 
Auction rate
securities
April 29, 2016
$
45

 
$
1

 
$
44

Unrealized gains/(losses) included in other comprehensive income
—

 
—

 
—

Settlements
—

 
—

 
—

April 28, 2017
$
45

 
$
1

 
$
44

 
 
 
 
 
 
 
 
 
 
 
 
(in millions)
Total Level 3
Investments
 
Corporate debt
securities
 
Auction rate
securities
April 24, 2015
$
106

 
$
1

 
$
105

Unrealized gains/(losses) included in other comprehensive income
(3
)
 
—

 
(3
)
Settlements
(58
)
 
—

 
(58
)
April 29, 2016
$
45

 
$
1

 
$
44
Activity Related to the Company's Investment Portfolio
Activity related to the Company’s investment portfolio is as follows:
 
Fiscal Year
 
2017
 
2016
 
2015
(in millions)
Debt(1)
 
Equity(2)(3)
 
Debt(1)
 
Equity(2)(4)
 
Debt(1)
 
Equity(2)(5)
Proceeds from sales
$
5,224

 
$
132

 
$
9,881

 
$
42

 
$
5,640

 
$
250

Gross realized gains
75

 
49

 
36

 
38

 
33

 
164

Gross realized losses
(56
)
 
—

 
(53
)
 
—

 
(19
)
 
—

Impairment losses recognized
—

 
(30
)
 
—

 
(114
)
 
—

 
(29
)
(1)
Includes available-for-sale debt securities.
(2)
Includes marketable equity securities, cost method, equity method, exchange-traded funds, and other investments.
(3)
As a result of certain acquisitions that occurred during fiscal year 2017, the Company recognized a non-cash realized gain of $20 million on its previously-held minority investment included in other expense, net in the consolidated statement of income.
(4)
As a result of certain acquisitions that occurred during fiscal year 2016, the Company recognized a non-cash realized gain of $9 million on its previously-held minority investment included in other expense, net in the consolidated statement of income.
(5)
As a result of certain acquisitions that occurred during fiscal year 2015, the Company recognized a non-cash realized gain of $41 million on its previously-held minority investments included in other expense, net in the consolidated statement of income. Also, a realized gain on an equity method investment totaling $97 million is included in special charge (gain), net in the consolidated statement of income.
Available-for-sale Debt Securities Contractual Maturities
The April 28, 2017 balance of available-for-sale debt securities, excluding debt funds which have no single maturity date, by contractual maturity is shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities, because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
(in millions)
April 28, 2017
Due in one year or less
$
1,110

Due after one year through five years
2,855

Due after five years through ten years
3,177

Due after ten years
81

Total debt securities
$
7,223