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Derivatives and Currency Exchange Risk Management (Tables)

12 Months Ended

Apr. 26, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of (Gain) Loss on Derivative Instruments

The following table presents the contractual amounts of the Company's outstanding instruments:

						As of
(in billions)			Designation			April 26, 2024						April 28, 2023
Currency exchange rate contracts			Cash flow hedge			$	10.4					$	9.1
Currency exchange rate contracts(1)			Net investment hedge			7.4						7.2
Foreign currency-denominated debt(2)			Net investment hedge			17.1						17.6
Currency exchange rate contracts			Undesignated			5.9						5.8

(1)At April 26, 2024, includes derivative contracts with a notional value of €5.0 billion, or $5.4 billion, designated as hedges of a portion of our net investment in certain European operations and derivative contracts with a notional value of ¥322 billion, or $2.1 billion, designated as hedges of a portion of our net investment in certain Japanese operations. These derivative contracts mature in fiscal years 2025 through 2033.

(2)At April 26, 2024, includes €16.0 billion, or $17.1 billion, of outstanding Euro-denominated debt designated as hedges of a portion our net investment in foreign operations. This debt matures in fiscal years 2026 through 2051.

The amount of the gains and losses on hedging instruments and the classification of those gains and losses within our consolidated financial statements for fiscal years 2024, 2023, and 2022 were as follows:

			(Gain) Loss Recognized in Accumulated Other Comprehensive Income																		(Gain) Loss Reclassified into Income
																		Fiscal Year																					Fiscal Year																		Location of (Gain) Loss in Income Statement
(in millions)			2024						2023						2022						2024						2023						2022
Cash flow hedges
Currency exchange rate contracts			$	(416)					$	(161)					$	(953)					$	(312)					$	(703)					$	(144)					Other operating expense (income), net
Currency exchange rate contracts			(124)						(79)						18						(57)						(3)						61						Cost of products sold
Net investment hedges
Foreign currency-denominated debt			(431)						524						(2,299)						—						—						—						N/A
Currency exchange rate contracts			(202)						73						—						—						—						—						N/A
Total			$	(1,173)					$	356					$	(3,234)					$	(369)					$	(706)					$	(83)

The amount of the gains and losses on our derivative instruments not designated as hedging instruments and the classification of those gains and losses within our consolidated financial statements for fiscal years 2024, 2023, and 2022 were as follows:

			(Gain) Loss Recognized in Income
			Fiscal Year																		Location of (Gain) Loss in Income Statement
(in millions)			2024						2023						2022
Currency exchange rate contracts			$	136					$	31					$	(54)					Other operating expense (income), net

Schedule of 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 26, 2024 and April 28, 2023. 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.

			Fair Value - Assets																		Fair Value - Liabilities
(in millions)			April 26, 2024						April 28, 2023						Balance Sheet Classification						April 26, 2024						April 28, 2023						Balance Sheet Classification
Derivatives designated as hedging instruments
Currency exchange rate contracts			$	368					$	318					Other current assets						$	37					$	109					Other accrued expenses
Currency exchange rate contracts			276						33						Other assets						17						117						Other liabilities
Total derivatives designated as hedging instruments			644						351												54						226
Derivatives not designated as hedging instruments
Currency exchange rate contracts			15						17						Other current assets						12						10						Other accrued expenses
Total derivatives			$	659					$	368											$	66					$	236

Schedule of 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 26, 2024												April 28, 2023
(in millions)			Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
Level 1			$	659					$	66					$	368					$	236

Schedule of 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 26, 2024
												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						$	659					$	(66)					$	(101)					$	492
Derivative liabilities:
Currency exchange rate contracts						(66)						66						—						—
Total						$	593					$	—					$	(101)					$	492

						April 28, 2023
												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						$	368					$	(189)					$	(11)					$	168
Derivative liabilities:
Currency exchange rate contracts						(236)						189						—						(48)
Total						$	132					$	—					$	(11)					$	121

Schedule of 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 26, 2024
												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						$	659					$	(66)					$	(101)					$	492
Derivative liabilities:
Currency exchange rate contracts						(66)						66						—						—
Total						$	593					$	—					$	(101)					$	492

						April 28, 2023
												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						$	368					$	(189)					$	(11)					$	168
Derivative liabilities:
Currency exchange rate contracts						(236)						189						—						(48)
Total						$	132					$	—					$	(11)					$	121

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