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Financial Instruments (Tables) | 6 Months Ended
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Oct. 30, 2020
Investments [Abstract] |
Investments by Category and Related Balance Sheet Classification, Debt Securities | The following tables summarize the Company's investments in available-for-sale and held-to-maturity debt securities by significant investment category and the related consolidated balance sheet classification at October 30, 2020 and April 24, 2020:
| October 30, 2020
| 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 | $ | 497 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 536 |  |  | $ | 536 |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 4,234 |  |  | 124 |  |  | (32) |  |  | 4,326 |  |  | 4,326 |  |  | — |
U.S. government and agency securities | 888 |  |  | 1 |  |  | (1) |  |  | 888 |  |  | 888 |  |  | — |
Mortgage-backed securities | 661 |  |  | 27 |  |  | (19) |  |  | 669 |  |  | 669 |  |  | — |
Non-U.S. government and agency securities | 36 |  |  | 1 |  |  | — |  |  | 37 |  |  | 37 |  |  | — |
Other asset-backed securities | 518 |  |  | 4 |  |  | (7) |  |  | 515 |  |  | 515 |  |  | — |
Total Level 2 | 6,337 |  |  | 157 |  |  | (59) |  |  | 6,435 |  |  | 6,435 |  |  | — |
Level 3: |  |  |  |  |  |  |  |  |  |  |
Auction rate securities | 36 |  |  | — |  |  | — |  |  | 36 |  |  | — |  |  | 36 |
Total available-for-sale debt securities | 6,870 |  |  | 196 |  |  | (59) |  |  | 7,007 |  |  | 6,971 |  |  | 36 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |
Time deposit | 886 |  |  | — |  |  | — |  |  | 886 |  |  | 886 |  |  | — |
Total debt securities | $ | 7,756 |  |  | $ | 196 |  |  | $ | (59) |  |  | $ | 7,893 |  |  | $ | 7,857 |  |  | $ | 36 |
| April 24, 2020
| Valuation |  | Balance Sheet Classification
(in millions) | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Investments |  | Other Assets
Level 1: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 542 |  |  | $ | 47 |  |  | $ | — |  |  | $ | 589 |  |  | $ | 589 |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 4,285 |  |  | 66 |  |  | (90) |  |  | 4,261 |  |  | 4,261 |  |  | — |
U.S. government and agency securities | 746 |  |  | 1 |  |  | — |  |  | 747 |  |  | 747 |  |  | — |
Mortgage-backed securities | 705 |  |  | 20 |  |  | (28) |  |  | 697 |  |  | 697 |  |  | — |
Non-U.S. government and agency securities | 34 |  |  | — |  |  | — |  |  | 34 |  |  | 34 |  |  | — |
Other asset-backed securities | 499 |  |  | 1 |  |  | (20) |  |  | 480 |  |  | 480 |  |  | — |
Total Level 2 | 6,269 |  |  | 88 |  |  | (138) |  |  | 6,219 |  |  | 6,219 |  |  | — |
Level 3: |  |  |  |  |  |  |  |  |  |  |
Auction rate securities | 36 |  |  | — |  |  | (3) |  |  | 33 |  |  | — |  |  | 33 |
Total available-for-sale debt securities | $ | 6,847 |  |  | $ | 135 |  |  | $ | (141) |  |  | $ | 6,841 |  |  | $ | 6,808 |  |  | $ | 33 |
Available-For-Sale Debt Securities in Continuous Unrealized Loss Position | The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at October 30, 2020 and April 24, 2020:
| October 30, 2020
| Less than 12 months |  | More than 12 months
(in millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. government and agency securities | $ | — |  |  | $ | — |  |  | $ | 196 |  |  | $ | (1) |
Corporate debt securities | 5 |  |  | — |  |  | 858 |  |  | (32) |
Mortgage-backed securities | 25 |  |  | (3) |  |  | 119 |  |  | (16) |
Other asset-backed securities | 8 |  |  | — |  |  | 347 |  |  | (7) |
Total | $ | 38 |  |  | $ | (3) |  |  | $ | 1,520 |  |  | $ | (56) |
| April 24, 2020
| Less than 12 months |  | More than 12 months
(in millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate debt securities | $ | 1,368 |  |  | $ | (2) |  |  | $ | 2,893 |  |  | $ | (88) |
Mortgage-backed securities | 35 |  |  | (1) |  |  | 663 |  |  | (27) |
Other asset-backed securities | 17 |  |  | — |  |  | 463 |  |  | (20) |
Auction rate securities | 33 |  |  | (3) |  |  | — |  |  | — |
Total | $ | 1,453 |  |  | $ | (6) |  |  | $ | 4,019 |  |  | $ | (135) |
Activity Related to the Company's Available-for-Sale Debt Securities Portfolio | Activity related to the Company’s available-for-sale debt securities portfolio is as follows:
| Three months ended |  | Six months ended
(in millions) | October 30, 2020 |  | October 25, 2019 |  | October 30, 2020 |  | October 25, 2019
Proceeds from sales | $ | 1,932 |  |  | $ | 1,691 |  |  | $ | 4,335 |  |  | $ | 3,258 |
Gross realized gains | 3 |  |  | 4 |  |  | 8 |  |  | 8 |
Gross realized losses | (1) |  |  | (4) |  |  | (7) |  |  | (12) |
Debt Securities Contractual Maturities | The October 30, 2020 balance of available-for-sale and held-to-maturity debt securities 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.
| October 30, 2020
(in millions) | Available-For-Sale |  | Held-To-Maturity
Due in one year or less | $ | 1,930 |  |  | $ | 886 |
Due after one year through five years | 3,315 |  |  | — |
Due after five years through ten years | 1,695 |  |  | — |
Due after ten years | 67 |  |  | — |
Total | $ | 7,007 |  |  | $ | 886 |
Summary of Equity and Other Investments | The following table summarizes the Company's equity and other investments at October 30, 2020 and April 24, 2020, which are classified as other assets in the consolidated balance sheets:
(in millions) |  | October 30, 2020 |  | April 24, 2020
Investments with readily determinable fair value (marketable equity securities) |  | $ | 25 |  |  | $ | 18 |
Investments without readily determinable fair values |  | 478 |  | 391
Equity method and other investments |  | 74 |  | 71
Total equity and other investments |  | $ | 577 |  |  | $ | 480 |
Activity Related to the Company's Equity and Other Investments Portfolio | The table below includes activity related to the Company’s portfolio of equity and other investments. Gains and losses on equity and other investments are recognized in other non-operating income, net in the consolidated statements of income.
|  | Three months ended |  | Six months ended
(in millions) |  | October 30, 2020 |  | October 25, 2019 |  | October 30, 2020 |  | October 25, 2019
Proceeds from sales |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |
Gross gains |  | 2 |  |  | 14 |  |  | 14 |  |  | 14 |
Gross losses |  | (2) |  |  | — |  |  | (2) |  |  | — |
Impairment losses recognized |  | — |  |  | (2) |  |  | (2) |  |  | (3) |

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