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Derivatives and Currency Exchange Risk Management (Tables)
 3 Months Ended
Jul. 28, 2017
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 amounts and classification of the losses in the consolidated statements of income related to derivative instruments, not designated as hedging instruments, for the three months ended July 28, 2017 and July 29, 2016 were as follows:
 
 
 
 
Three months ended
(in millions)
 
Classification
 
July 28, 2017
 
July 29, 2016
Currency exchange rate contracts losses
 
Other expense, net
 
$
31

 
$
3
Amount and Location of Gains (Losses) in Statements of Income and OCI, Derivative Instruments Designated as Cash Flow Hedges
The amount of gross gains, classification of the gains 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 the three months ended July 28, 2017 and July 29, 2016 were as follows:
 
 
Three months ended July 28, 2017
 
 
Recognized in AOCI
 
Recognized in Income
(in millions)
 
Amount
 
Classification
 
Amount
Currency exchange rate contracts
 
$
(250
)
 
Other expense, net
 
$
22

Total
 
$
(250
)
 
 
 
$
22

 
 
 
 
 
 
 
 
 
Three months ended July 29, 2016
 
 
Recognized in AOCI
 
Recognized in Income
(in millions)
 
Amount
 
Classification
 
Amount
Currency exchange rate contracts
 
$
121

 
Other expense, net
 
$
15

Total
 
$
121

 
 
 
$
15
Classification and Fair Value Amounts of Derivative Instruments in Balance Sheets
The following tables summarize the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at July 28, 2017 and April 28, 2017. 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 designated and do not qualify as hedging instruments, and are further segregated by type of contract within those two categories.
 
July 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
 
$
60

 
Other accrued expenses
 
$
124

Interest rate contracts
Other assets
 
41

 
Other liabilities
 
—

Currency exchange rate contracts
Other assets
 
25

 
Other liabilities
 
76

Total derivatives designated as hedging instruments
 
 
$
126

 
 
 
$
200

Derivatives not designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Prepaid expenses and other current assets
 
$
22

 
Other accrued expenses
 
$
68

Total return swap
Prepaid expenses and other current assets
 
6

 
Other accrued expenses
 
—

Cross currency interest rate contracts
Other assets
 
5

 
Other liabilities
 
10

Total derivatives not designated as hedging instruments
 
 
33

 
 
 
78

Total derivatives
 
 
$
159

 
 
 
$
278

 
April 28, 2017
 
Asset Derivatives
 
Liability Derivatives
(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
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.
 
July 28, 2017
 
April 28, 2017
(in millions)
Level 1
 
Level 2
 
Level 1
 
Level 2
Derivative assets
$
107

 
$
52

 
$
216

 
$
46

Derivative liabilities
268

 
10

 
93

 
11
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.
 
 
July 28, 2017
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) Posted
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
107

 
$
(106
)
 
$
—

 
$
1

Interest rate contracts
 
41

 
(27
)
 
—

 
14

Cross currency interest rate contracts
 
5

 
(2
)
 
—

 
3

Total return swap
 
6

 
—

 
—

 
6

 
 
$
159

 
$
(135
)
 
$
—

 
$
24

 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
(268
)
 
$
133

 
$
—

 
$
(135
)
Cross currency interest rate contracts
 
(10
)
 
2

 
—

 
(8
)
 
 
(278
)
 
135

 
—

 
(143
)
Total
 
$
(119
)
 
$
—

 
$
—

 
$
(119
)
 
 
April 28, 2017
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded 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
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.
 
 
July 28, 2017
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) Posted
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
107

 
$
(106
)
 
$
—

 
$
1

Interest rate contracts
 
41

 
(27
)
 
—

 
14

Cross currency interest rate contracts
 
5

 
(2
)
 
—

 
3

Total return swap
 
6

 
—

 
—

 
6

 
 
$
159

 
$
(135
)
 
$
—

 
$
24

 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
(268
)
 
$
133

 
$
—

 
$
(135
)
Cross currency interest rate contracts
 
(10
)
 
2

 
—

 
(8
)
 
 
(278
)
 
135

 
—

 
(143
)
Total
 
$
(119
)
 
$
—

 
$
—

 
$
(119
)
 
 
April 28, 2017
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded 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