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Derivatives and Currency Exchange Risk Management (Tables) | 12 Months Ended
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Apr. 24, 2020
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 (gains) losses in the consolidated statements of income related to derivative instruments, not designated as hedging instruments, for fiscal years 2020, 2019, and 2018 were as follows:
|  |  |  | Fiscal Year |  |  |  |
(in millions) |  | Classification |  | 2020 |  | 2019 |  | 2018
Currency exchange rate contracts |  | Other operating expense, net |  | $ | (133) |  |  | $ | (218) |  |  | $ | 253 |
Total return swaps |  | Other operating expense, net |  | 7 |  |  | (18) |  |  | (27) |
Total |  |  |  | $ | (126) |  |  | $ | (236) |  |  | $ | 226 |
Amounts of (Gains) Losses Recognized in AOCI | The amount of the (gains) losses recognized in AOCI related to currency exchange rate contract derivative instruments designated as cash flow hedges for fiscal years 2020, 2019, and 2018 were as follows:
| Fiscal Year |  |  |  |
(in millions) | 2020 |  | 2019 |  | 2018
Currency exchange rate contracts | $ | (397) |  |  | $ | (615) |  |  | $ | 404 |
Amount and Location of (Gains) Losses in Statements of Income | The amount of the (gains) losses recognized in the consolidated statements of income related to derivative instruments designated as cash flow hedges for fiscal years 2020, 2019, and 2018 were as follows:
|  | Fiscal Year |  |  |  |
|  | 2020 |  | 2019 |  | 2018
(in millions) |  | Other operating expense, net |  | Other operating expense, net |  | Other operating expense, net
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of cash flow hedges are recorded |  | $ | 71 |  |  | $ | 258 |  |  | $ | 535 |
Currency exchange rate contracts designated as cash flow hedges: |  |  |  |  |  |
Amount of (gain) loss reclassified from AOCI into income |  | (335) |  |  | (108) |  |  |  | 69 |
Schedule of Amounts Recorded on Consolidated Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges | The following amounts were recorded on the consolidated balance sheet related to the cumulative basis adjustments for fair value hedges:
(in millions) |  | Carrying Amount of Hedged Assets/(Liabilities) |  |  |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) |  |
Location on the Consolidated Balance Sheet |  | April 24, 2020 |  | April 26, 2019 |  | April 24, 2020 |  | April 26, 2019
Long-term debt |  | $ | — |  |  | $ | (1,175) |  |  | $ | — |  |  | $ | 9 |
Amount and Location of (Gains) Losses in Statements of Income, Derivative Instruments Designated as Net Investment Hedges | The amount and classifications of the (gains) losses recognized in the consolidated statements of income for the portion of the net investment hedges excluded from the measurement of hedge effectiveness were as follows:
|  |  |  | Fiscal Year |  |  |  |
(in millions) |  | Classification |  | 2020 |  | 2019 |  | 2018
Net investment hedges |  | Other operating expense, net |  | $ | (9) |  |  | $ | (12) |  |  | $ | — |
Amounts of (Gains) Losses Recognized in AOCI for Net Investment Hedges | The amount of the (gains) losses recognized in AOCI related to instruments designated as net investment hedges for fiscal year 2020, 2019, or 2018 were as follows:
| Fiscal Year |  |  |  |
(in millions) | 2020 |  | 2019 |  | 2018
Net investment hedges | $ | (405) |  |  | $ | (88) |  |  | $ | — |
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 April 24, 2020 and April 26, 2019. 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.
| April 24, 2020 |  |  |  |  |  |
| 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 | Other current assets |  | $ | 271 |  |  | Other accrued expenses |  | $ | 2 |
Currency exchange rate contracts | Other assets |  | 103 |  |  | Other liabilities |  | 2 |
Total derivatives designated as hedging instruments |  |  | 374 |  |  |  |  | 4 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Currency exchange rate contracts | Other current assets |  | 25 |  |  | Other accrued expenses |  | 13 |
Total return swaps | Other current assets |  | — |  |  | Other accrued expenses |  | 25 |
Cross-currency interest rate contracts | Other current assets |  | 3 |  |  | Other accrued expenses |  | — |
Total derivatives not designated as hedging instruments |  |  | 28 |  |  |  |  | 38 |
Total derivatives |  |  | $ | 402 |  |  |  |  | $ | 42 |
| April 26, 2019 |  |  |  |  |  |
| 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 | Other current assets |  | $ | 234 |  |  | Other accrued expenses |  | $ | 1 |
Interest rate contracts | Other assets |  | 9 |  |  | Other liabilities |  | — |
Currency exchange rate contracts | Other assets |  | 78 |  |  | Other liabilities |  | 1 |
Total derivatives designated as hedging instruments |  |  | 321 |  |  |  |  | 2 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Currency exchange rate contracts | Other current assets |  | 23 |  |  | Other accrued expenses |  | 17 |
Total return swaps | Other current assets |  | 15 |  |  | Other accrued expenses |  | — |
Cross-currency interest rate contracts | Other current assets |  | 6 |  |  | Other accrued expenses |  | — |
Total derivatives not designated as hedging instruments |  |  | 44 |  |  |  |  | 17 |
Total derivatives |  |  | $ | 365 |  |  |  |  | $ | 19 |
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 24, 2020 |  |  |  | April 26, 2019 |  |  |  |  |
(in millions) | Level 1 |  | Level 2 |  | Level 1 |  | Level 2 |  |  |
Derivative assets | $ | 399 |  |  | $ | 3 |  |  | $ | 335 |  |  | $ | 30 |  |  |  |
Derivative liabilities | 17 |  |  | 25 |  |  | 19 |  |  | — |  |  |  |
Offsetting Assets | The following tables provide 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 24, 2020 |  |  |  |  |  |  |
|  |  |  | Gross Amount Not Offset on the Balance Sheet |  |  |  |  |
(in millions) |  | Gross Amount of Recognized Assets (Liabilities) |  | Financial Instruments |  | Cash Collateral (Received) Posted |  |  | Net Amount
Derivative assets: |  |  |  |  |  |  |  |  |
Currency exchange rate contracts |  | $ | 399 |  |  | $ | (17) |  |  | $ | (48) |  |  |  | $ | 334 |
Cross-currency interest rate contracts |  | 3 |  |  | — |  |  | — |  |  |  | 3 |
|  | 402 |  |  | (17) |  |  | (48) |  |  |  | 337 |
Derivative liabilities: |  |  |  |  |  |  |  |  |
Currency exchange rate contracts |  | (17) |  |  | 17 |  |  | — |  |  |  | — |
Total return swaps |  | (25) |  |  | — |  |  | — |  |  |  | (25) |
|  | (42) |  |  | 17 |  |  | — |  |  |  | (25) |
Total |  | $ | 360 |  |  | $ | — |  |  | $ | (48) |  |  |  | $ | 312 |
|  | April 26, 2019 |  |  |  |  |  |  |
|  |  |  | Gross Amount Not Offset on the Balance Sheet |  |  |  |  |
(in millions) |  | Gross Amount of Recognized Assets (Liabilities) |  | Financial Instruments |  | Cash Collateral (Received) Posted |  |  | Net Amount
Derivative assets: |  |  |  |  |  |  |  |  |
Currency exchange rate contracts |  | $ | 335 |  |  | $ | (9) |  |  | $ | (43) |  |  |  | $ | 283 |
Interest rate contracts |  | 9 |  |  | — |  |  | (1) |  |  |  | 8 |
Total return swaps |  | 15 |  |  | — |  |  | — |  |  |  | 15 |
Cross-currency interest rate contracts |  | 6 |  |  | — |  |  | — |  |  |  | 6 |
|  | 365 |  |  | (9) |  |  | (44) |  |  |  | 312 |
Derivative liabilities: |  |  |  |  |  |  |  |  |
Currency exchange rate contracts |  | (19) |  |  | 9 |  |  | — |  |  |  | (10) |
|  | (19) |  |  | 9 |  |  | — |  |  |  | (10) |
Total |  | $ | 346 |  |  | $ | — |  |  | $ | (44) |  |  |  | $ | 302 |
Offsetting Liabilities | The following tables provide 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 24, 2020 |  |  |  |  |  |  |
|  |  |  | Gross Amount Not Offset on the Balance Sheet |  |  |  |  |
(in millions) |  | Gross Amount of Recognized Assets (Liabilities) |  | Financial Instruments |  | Cash Collateral (Received) Posted |  |  | Net Amount
Derivative assets: |  |  |  |  |  |  |  |  |
Currency exchange rate contracts |  | $ | 399 |  |  | $ | (17) |  |  | $ | (48) |  |  |  | $ | 334 |
Cross-currency interest rate contracts |  | 3 |  |  | — |  |  | — |  |  |  | 3 |
|  | 402 |  |  | (17) |  |  | (48) |  |  |  | 337 |
Derivative liabilities: |  |  |  |  |  |  |  |  |
Currency exchange rate contracts |  | (17) |  |  | 17 |  |  | — |  |  |  | — |
Total return swaps |  | (25) |  |  | — |  |  | — |  |  |  | (25) |
|  | (42) |  |  | 17 |  |  | — |  |  |  | (25) |
Total |  | $ | 360 |  |  | $ | — |  |  | $ | (48) |  |  |  | $ | 312 |
|  | April 26, 2019 |  |  |  |  |  |  |
|  |  |  | Gross Amount Not Offset on the Balance Sheet |  |  |  |  |
(in millions) |  | Gross Amount of Recognized Assets (Liabilities) |  | Financial Instruments |  | Cash Collateral (Received) Posted |  |  | Net Amount
Derivative assets: |  |  |  |  |  |  |  |  |
Currency exchange rate contracts |  | $ | 335 |  |  | $ | (9) |  |  | $ | (43) |  |  |  | $ | 283 |
Interest rate contracts |  | 9 |  |  | — |  |  | (1) |  |  |  | 8 |
Total return swaps |  | 15 |  |  | — |  |  | — |  |  |  | 15 |
Cross-currency interest rate contracts |  | 6 |  |  | — |  |  | — |  |  |  | 6 |
|  | 365 |  |  | (9) |  |  | (44) |  |  |  | 312 |
Derivative liabilities: |  |  |  |  |  |  |  |  |
Currency exchange rate contracts |  | (19) |  |  | 9 |  |  | — |  |  |  | (10) |
|  | (19) |  |  | 9 |  |  | — |  |  |  | (10) |
Total |  | $ | 346 |  |  | $ | — |  |  | $ | (44) |  |  |  | $ | 302 |

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