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Financing Arrangements | 3 Months Ended
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Jul. 28, 2017
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 $3.5 billion in commercial paper outstanding. Commercial paper outstanding at July 28, 2017 was $1.5 billion, as compared to $901 million at April 28, 2017. During the three months ended July 28, 2017, the weighted average original maturity of the commercial paper outstanding was approximately 32 days, and the weighted average interest rate was 1.22 percent. The issuance of commercial paper reduces the amount of credit available under the Company’s existing Credit Facility, as defined below. Line of Credit The Company has a $3.5 billion five year revolving syndicated line of credit facility (Credit Facility) which provides back-up funding for the commercial paper program described above. At July 28, 2017 and April 28, 2017, no amounts were outstanding. Interest rates on advances on the Credit Facility 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 agreements also contain customary covenants, all of which the Company remained in compliance with at July 28, 2017. Debt Obligations The Company's debt obligations consisted of the following:
(in millions, except interest rates) |  | Maturity by Fiscal Year |  | July 28, 2017 |  | April 28, 2017
Current debt obligations |  | 2018 |  | $ | 8,058 |  |  | $ | 7,520 |
Long-term debt |  |  |  |  |  |
5.600 percent ten-year 2009 senior notes |  | 2019 |  | 400 |  |  | 400 |
1.700 percent two-year 2017 senior notes |  | 2019 |  | 1,000 |  |  | 1,000 |
4.450 percent ten-year 2010 senior notes |  | 2020 |  | 766 |  |  | 766 |
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 |  | 530 |  |  | 530 |
2.950 percent ten-year 2013 CIFSA senior notes |  | 2024 |  | 310 |  |  | 310 |
3.625 percent ten-year 2014 senior notes |  | 2024 |  | 850 |  |  | 850 |
3.500 percent ten-year 2015 senior notes |  | 2025 |  | 4,000 |  |  | 4,000 |
3.350 percent ten-year 2017 senior notes |  | 2027 |  | 850 |  |  | 850 |
4.375 percent twenty-year 2015 senior notes |  | 2035 |  | 2,382 |  |  | 2,382 |
6.550 percent thirty-year 2008 CIFSA senior notes |  | 2038 |  | 374 |  |  | 374 |
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 |  | 325 |  |  | 325 |
4.625 percent thirty-year 2014 senior notes |  | 2044 |  | 650 |  |  | 650 |
4.625 percent thirty-year 2015 senior notes |  | 2045 |  | 4,150 |  |  | 4,150 |
Interest rate swaps (Note 8) |  | 2021 - 2022 |  | 41 |  |  | 40 |
Capital lease obligations |  | 2019 - 2025 |  | 23 |  |  | 23 |
Bank borrowings |  | 2019 - 2021 |  | 171 |  |  | 139 |
Debt premium, net |  | 2019 - 2045 |  | 130 |  |  | 135 |
Deferred financing costs |  | 2019 - 2045 |  | (124 | ) |  | (128 | )
Long-term debt |  |  |  | $ | 25,953 |  |  | $ | 25,921 |
Senior Notes The Company had outstanding unsecured senior obligations, including those described as senior notes in the debt obligations 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 remained in compliance with at July 28, 2017. 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 fiscal year ended April 28, 2017. Financial Instruments Not Measured at Fair Value At July 28, 2017, the estimated fair value of the Company’s Senior Notes, including the current portion, was $30.9 billion compared to a principal value of $28.9 billion. At April 28, 2017, the estimated fair value was $30.4 billion compared to a principal value of $28.9 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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