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Derivatives and Currency Exchange Risk Management (Tables)
 12 Months Ended
Apr. 28, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss) in Statement of Financial Performance
The amounts and classification of the gains in the consolidated statements of income related to derivative instruments, not designated as hedging instruments, for fiscal years 2017, 2016, and 2015 are as follows:
 
 
 
 
Fiscal Year
(in millions)
 
Classification
 
2017
 
2016
 
2015
Currency exchange rate contracts
 
Other expense, net
 
$
54

 
$
33

 
$
210
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Other Comprehensive Income, Location
The amount of gross gains (losses), classification of the gains (losses) in the consolidated statements of income, and the accumulated other comprehensive (loss) income (AOCI) related to the effective portion of currency exchange rate contract derivative instruments designated as cash flow hedges for fiscal years 2017, 2016, and 2015 were as follows:
 
 
Fiscal Year 2017
 
 
Recognized in AOCI
 
Recognized in Income
(in millions)
 
Amount
 
Classification
 
Amount
Currency exchange rate contracts
 
$
342

 
Other expense, net
 
$
173

Total
 
$
342

 
 
 
$
173

 
 
Fiscal Year 2016
 
 
Recognized in AOCI
 
Recognized in Income
(in millions)
 
Amount
 
Classification
 
Amount
Currency exchange rate contracts
 
$
(165
)
 
Other expense, net
 
$
405

 
 
 

 
Cost of products sold
 
(37
)
Total
 
$
(165
)
 
 
 
$
368

 
 
Fiscal Year 2015
 
 
Recognized in AOCI
 
Recognized in Income
(in millions)
 
Amount
 
Classification
 
Amount
Currency exchange rate contracts
 
$
707

 
Other expense, net
 
$
221

 
 
 
 
Cost of products sold
 
(65
)
Total
 
$
707

 
 
 
$
156
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables summarize the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at April 28, 2017 and April 29, 2016. 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.
 
April 28, 2017
 
Derivative Assets
 
Derivative Liabilities
(in millions)
Balance Sheet Classification
 
Fair Value
 
Balance Sheet Classification
 
Fair Value
Derivatives designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Prepaid expenses and other current assets
 
$
152

 
Other accrued expenses
 
$
43

Interest rate contracts
Other assets
 
41

 
Other liabilities
 
—

Currency exchange rate contracts
Other assets
 
48

 
Other liabilities
 
14

Total derivatives designated as hedging instruments
 
 
$
241

 
 
 
$
57

Derivatives not designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Prepaid expenses and other current assets
 
$
16

 
Other accrued expenses
 
$
36

Cross currency interest rate contracts
Other assets
 
5

 
Other liabilities
 
11

Total derivatives not designated as hedging instruments
 
 
$
21

 
 
 
$
47

Total derivatives
 
 
$
262

 
 
 
$
104

 
 
 
 
 
 
 
 
 
April 29, 2016
 
Derivative Assets
 
Derivative Liabilities
(in millions)
Balance Sheet Classification
 
Fair Value
 
Balance Sheet Classification
 
Fair Value
Derivatives designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Prepaid expenses and other current assets
 
$
123

 
Other accrued expenses
 
$
89

Interest rate contracts
Other assets
 
89

 
Other liabilities
 
48

Currency exchange rate contracts
Other assets
 
9

 
Other liabilities
 
54

Total derivatives designated as hedging instruments
 
 
$
221

 
 
 
$
191

Derivatives not designated as hedging instruments
 
 
 

 
 
 
 

Commodity derivatives
Prepaid expenses and other current assets
 
$
—

 
Other accrued expenses
 
$
1

Currency exchange rate contracts
Prepaid expenses and other current assets
 
13

 
Other accrued expenses
 
23

Cross currency interest rate contracts
Other assets
 
14

 
Other liabilities
 
4

Total derivatives not designated as hedging instruments
 
 
$
27

 
 
 
$
28

Total derivatives
 
 
$
248

 
 
 
$
219
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:

 
April 28, 2017
 
April 29, 2016
(in millions)
Level 1
 
Level 2
 
Level 1
 
Level 2
Derivative assets
$
216

 
$
46

 
$
145

 
$
103

Derivative liabilities
93

 
11

 
166

 
53
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.
 
 
April 28, 2017
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recognized Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) Posted
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
216

 
$
(58
)
 
$
(55
)
 
$
103

Interest rate contracts
 
41

 
(15
)
 
(5
)
 
21

Cross currency interest rate contracts
 
5

 
(2
)
 
—

 
3

 
 
$
262

 
$
(75
)
 
$
(60
)
 
$
127

 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
(93
)
 
$
73

 
$
—

 
$
(20
)
Cross currency interest rate contracts
 
(11
)
 
2

 
—

 
(9
)
 
 
(104
)
 
75

 
—

 
(29
)
Total
 
$
158

 
$
—

 
$
(60
)
 
$
98

 
 
April 29, 2016
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recognized Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) Posted
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
145

 
$
(98
)
 
$
(1
)
 
$
46

Interest rate contracts
 
89

 
(20
)
 
—

 
69

Cross currency interest rate contracts
 
14

 
—

 
—

 
14

 
 
$
248

 
$
(118
)
 
$
(1
)
 
$
129

 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
(166
)
 
$
85

 
$
26

 
$
(55
)
Interest rate contracts
 
(48
)
 
34

 
—

 
(14
)
Cross currency interest rate contracts
 
(4
)
 
—

 
—

 
(4
)
Commodity contracts
 
(1
)
 
—

 
—

 
(1
)
 
 
(219
)
 
119

 
26

 
(74
)
Total
 
$
29

 
$
1

 
$
25

 
$
55
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.
 
 
April 28, 2017
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recognized Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) Posted
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
216

 
$
(58
)
 
$
(55
)
 
$
103

Interest rate contracts
 
41

 
(15
)
 
(5
)
 
21

Cross currency interest rate contracts
 
5

 
(2
)
 
—

 
3

 
 
$
262

 
$
(75
)
 
$
(60
)
 
$
127

 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
(93
)
 
$
73

 
$
—

 
$
(20
)
Cross currency interest rate contracts
 
(11
)
 
2

 
—

 
(9
)
 
 
(104
)
 
75

 
—

 
(29
)
Total
 
$
158

 
$
—

 
$
(60
)
 
$
98

 
 
April 29, 2016
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recognized Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) Posted
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
145

 
$
(98
)
 
$
(1
)
 
$
46

Interest rate contracts
 
89

 
(20
)
 
—

 
69

Cross currency interest rate contracts
 
14

 
—

 
—

 
14

 
 
$
248

 
$
(118
)
 
$
(1
)
 
$
129

 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
(166
)
 
$
85

 
$
26

 
$
(55
)
Interest rate contracts
 
(48
)
 
34

 
—

 
(14
)
Cross currency interest rate contracts
 
(4
)
 
—

 
—

 
(4
)
Commodity contracts
 
(1
)
 
—

 
—

 
(1
)
 
 
(219
)
 
119

 
26

 
(74
)
Total
 
$
29

 
$
1

 
$
25

 
$
55