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v3.25.2

Financial Instruments (Tables) | 12 Months Ended
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Apr. 25, 2025
Investments [Abstract] |
Schedule of Investments by Category and Related Balance Sheet Presentation | The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at April 25, 2025 and April 26, 2024:
| April 25, 2025
| Valuation |  | Balance Sheet Classification
(in millions) | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Investments |  | Other Assets
Level 1: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 417 |  |  | $ | — |  |  | $ | (7) |  |  | $ | 410 |  |  | $ | 410 |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 3,540 |  |  | 17 |  |  | (36) |  |  | 3,521 |  |  | 3,521 |  |  | — |
U.S. government and agency securities | 835 |  |  | — |  |  | (20) |  |  | 814 |  |  | 814 |  |  | — |
Mortgage-backed securities | 948 |  |  | 4 |  |  | (29) |  |  | 923 |  |  | 923 |  |  | — |
Non-U.S. government and agency securities | 6 |  |  | — |  |  | — |  |  | 6 |  |  | 6 |  |  | — |
Other asset-backed securities | 1,044 |  |  | 5 |  |  | (6) |  |  | 1,044 |  |  | 1,044 |  |  | — |
Total Level 2 | 6,373 |  |  | 26 |  |  | (91) |  |  | 6,308 |  |  | 6,308 |  |  | — |
Level 3: |  |  |  |  |  |  |  |  |  |  |
Auction rate securities | 36 |  |  | — |  |  | (3) |  |  | 33 |  |  | — |  |  | 33 |
Total available-for-sale debt securities | $ | 6,826 |  |  | $ | 26 |  |  | $ | (100) |  |  | $ | 6,752 |  |  | $ | 6,719 |  |  | $ | 33 |
| April 26, 2024
| Valuation |  | Balance Sheet Classification
(in millions) | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Investments |  | Other Assets
Level 1: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | $ | 494 |  |  | $ | — |  |  | $ | (22) |  |  | $ | 472 |  |  | $ | 472 |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 3,953 |  |  | 4 |  |  | (125) |  |  | 3,832 |  |  | 3,832 |  |  | — |
U.S. government and agency securities | 847 |  |  | — |  |  | (43) |  |  | 804 |  |  | 804 |  |  | — |
Mortgage-backed securities | 692 |  |  | 1 |  |  | (50) |  |  | 643 |  |  | 643 |  |  | — |
Non-U.S. government and agency securities | 5 |  |  | — |  |  | — |  |  | 5 |  |  | 5 |  |  | — |
Other asset-backed securities | 941 |  |  | 2 |  |  | (9) |  |  | 934 |  |  | 934 |  |  | — |
Total Level 2 | 6,438 |  |  | 7 |  |  | (227) |  |  | 6,218 |  |  | 6,218 |  |  | — |
Level 3: |  |  |  |  |  |  |  |  |  |  |
Auction rate securities | 36 |  |  | — |  |  | (3) |  |  | 33 |  |  | — |  |  | 33 |
Total available-for-sale debt securities | $ | 6,968 |  |  | $ | 7 |  |  | $ | (252) |  |  | $ | 6,723 |  |  | $ | 6,690 |  |  | $ | 33 |
Schedule of Gross Unrealized Losses and Fair Values of Available-for-sale Securities that Have Been in a Continuous Unrealized Loss Position Deemed to be Temporary, Aggregated by Investment Category | 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 April 25, 2025 and April 26, 2024:
| April 25, 2025
| Less than 12 months |  | More than 12 months
(in millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate debt securities | $ | 702 |  |  | $ | (7) |  |  | $ | 1,235 |  |  | $ | (29) |
U.S. government and agency securities | 110 |  |  | (1) |  |  | 641 |  |  | (25) |
Mortgage-backed securities | 2 |  |  | (1) |  |  | 614 |  |  | (28) |
Other asset-backed securities | — |  |  | — |  |  | 469 |  |  | (6) |
Auction rate securities | — |  |  | — |  |  | 33 |  |  | (3) |
Total | $ | 814 |  |  | $ | (9) |  |  | $ | 2,993 |  |  | $ | (91) |
| April 26, 2024
| Less than 12 months |  | More than 12 months
(in millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate debt securities | $ | 661 |  |  | $ | (10) |  |  | $ | 2,448 |  |  | $ | (116) |
U.S. government and agency securities | 177 |  |  | (4) |  |  | 730 |  |  | (61) |
Mortgage-backed securities | — |  |  | — |  |  | 582 |  |  | (50) |
Other asset-backed securities | — |  |  | — |  |  | 502 |  |  | (9) |
Auction rate securities | — |  |  | — |  |  | 33 |  |  | (3) |
Total | $ | 838 |  |  | $ | (14) |  |  | $ | 4,296 |  |  | $ | (238) |
Schedule of Activity Related to the Company's Available for Sale Securities Portfolio | The table below includes activity related to the Company’s available-for-sale debt securities portfolio. Gains and losses on available-for-sale debt securities are recognized in other non-operating income, net in the consolidated statements of income.
| Fiscal Year
(in millions) | 2025 |  | 2024 |  | 2023
Proceeds from sales | $ | 8,213 |  |  | $ | 7,359 |  |  | $ | 7,321 |
Gross realized gains | 25 |  |  | 24 |  |  | 10 |
Gross realized losses | (19) |  |  | (26) |  |  | (43) |
Schedule of Available-for-sale Debt Securities Contractual Maturities | The contractual maturities of available-for-sale debt securities at April 25, 2025 are 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.
(in millions) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 1,458 |  |  | $ | 1,448 |
Due after one year through five years | 3,183 |  |  | 3,149 |
Due after five years through ten years | 845 |  |  | 843 |
Due after ten years | 1,340 |  |  | 1,313 |
Total | $ | 6,826 |  |  | $ | 6,752 |
Schedule of Equity and Other Investments | The following table summarizes the Company's equity and other investments at April 25, 2025 and April 26, 2024, which are classified as primarily other assets in the consolidated balance sheets:
(in millions) |  | April 25, 2025 |  | April 26, 2024
Investments with readily determinable fair value (marketable equity securities) |  | $ | 17 |  |  | $ | 28 |
Investments for which the fair value option has been elected |  | 140 |  |  | 311 |
Investments without readily determinable fair values |  | 705 |  |  | 859 |
Equity method and other investments |  | 89 |  |  | 84 |
Total equity and other investments |  | $ | 951 |  |  | $ | 1,282 |
Schedule of Available-for-Sale Securities Reconciliation | The following table provides a reconciliation of the beginning and ending balances of the Mozarc investment for which the fair value option has been elected:
| Fiscal Year
(in millions) | 2025 |  | 2024
Beginning Balance | $ | 311 |  |  | $ | 531 |
Change in fair value | (171) |  |  | (220) |
Ending Balance | $ | 140 |  |  | $ | 311 |
Schedule Of Investments | The table below includes activity related to the Company's portfolio of equity and other investments. The activity for fiscal years 2024 and 2023 was not significant. Gains and losses on equity and other investments are recognized in other non-operating income, net in the consolidated statements of income.
| Fiscal Year |  |  |  |
(in millions) | 2025 |  |  |  |
Proceeds from sales | $ | 308 |  |  |  |  |
Gross gains | 108 |  |  |  |  |
Gross losses | (204) |  |  |  |  |
Impairment losses recognized | (135) |  |  |  |  |

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