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Derivatives and Currency Exchange Risk Management (Tables) | 12 Months Ended
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Apr. 25, 2025
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 25, 2025 |  | April 26, 2024
Currency exchange rate contracts(1) | Fair value hedge | $ | 1.1 |  |  | $ | — |
Currency exchange rate contracts | Cash flow hedge | 10.6 |  |  | 10.4 |
Currency exchange rate contracts(2) | Net investment hedge | 8.0 |  |  | 7.4 |
Foreign currency-denominated debt(3) | Net investment hedge | 20.6 |  |  | 17.1 |
Currency exchange rate contracts | Undesignated | 3.9 |  |  | 5.9 |
(1)At April 25, 2025, includes derivative contracts with a notional value of €1.0 billion, or $1.1 billion, designated as hedges of a portion of our fixed-rate debt obligations. (2)At April 25, 2025, includes derivative contracts with a notional value of €5.0 billion, or $5.7 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 $2.3 billion, designated as hedges of a portion of our net investment in certain Japanese operations. These derivative contracts mature in fiscal years 2026 through 2033. (3)At April 25, 2025, includes €18.0 billion, or $20.6 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 2054. 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 2025, 2024, and 2023 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) | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023 |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Currency exchange rate contracts | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | (59) |  |  | $ | — |  |  | $ | — |  |  | Other operating (income) expense, net
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Currency exchange rate contracts | 308 |  |  | (416) |  |  | (161) |  |  | (156) |  |  | (312) |  |  | (703) |  |  | Other operating (income) expense, net
Currency exchange rate contracts | (71) |  |  | (124) |  |  | (79) |  |  | (74) |  |  | (57) |  |  | (3) |  |  | Cost of products sold
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency-denominated debt | 1,276 |  |  | (431) |  |  | 524 |  |  | — |  |  | — |  |  | — |  |  | N/A
Currency exchange rate contracts | 247 |  |  | (202) |  |  | 73 |  |  | — |  |  | — |  |  | — |  |  | N/A
Total | $ | 1,759 |  |  | $ | (1,173) |  |  | $ | 356 |  |  | $ | (288) |  |  | $ | (369) |  |  | $ | (706) |  |  |
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 2025, 2024, and 2023 were as follows:
| (Gain) Loss Recognized in Income |  |
| Fiscal Year |  | Location of (Gain) Loss in Income Statement
(in millions) | 2025 |  | 2024 |  | 2023 |
Currency exchange rate contracts | $ | (91) |  |  | $ | 136 |  |  | $ | 31 |  |  | Other operating (income) expense, 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 25, 2025 and April 26, 2024. 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 25, 2025 |  | April 26, 2024 |  | Balance Sheet Classification |  | April 25, 2025 |  | April 26, 2024 |  | Balance Sheet Classification
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Currency exchange rate contracts | $ | 269 |  |  | $ | 368 |  |  | Other current assets |  | $ | 200 |  |  | $ | 37 |  |  | Other accrued expenses
Currency exchange rate contracts | 57 |  |  | 276 |  |  | Other assets |  | 196 |  |  | 17 |  |  | Other liabilities
Total derivatives designated as hedging instruments | 326 |  |  | 644 |  |  |  |  | 396 |  |  | 54 |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Currency exchange rate contracts | 7 |  |  | 15 |  |  | Other current assets |  | 5 |  |  | 12 |  |  | Other accrued expenses
Total return swaps | — |  |  | — |  |  | Other current assets |  | 16 |  |  | — |  |  | Other accrued expenses
Total derivatives not designated as hedging instruments | 7 |  |  | 15 |  |  |  |  | 21 |  |  | 12 |  |  |
Total derivatives | $ | 334 |  |  | $ | 659 |  |  |  |  | $ | 417 |  |  | $ | 66 |  |  |
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 25, 2025 |  | April 26, 2024 |  |  |
(in millions) | Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities |  |  |
Level 1 | $ | 334 |  |  | $ | 401 |  |  | $ | 659 |  |  | $ | 66 |  |  |  |
Level 2 | — |  |  | 16 |  |  | — |  |  | — |  |  |  |
Total | $ | 334 |  |  | $ | 417 |  |  | $ | 659 |  |  | $ | 66 |  |  |  |
Schedule of Offsetting Assets |
|  | April 25, 2025
|  |  |  | 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 |  | $ | 334 |  |  | $ | (195) |  |  | $ | — |  |  | $ | 139 |
Derivative liabilities: |  |  |  |  |  |  |  |
Currency exchange rate contracts |  | (401) |  |  | 195 |  |  | 125 |  |  | (82) |
Total return swaps |  | (16) |  |  | — |  |  | — |  |  | (16) |
|  | (417) |  |  | 195 |  |  | 125 |  |  | (97) |
Total |  | $ | (84) |  |  | $ | — |  |  | $ | 125 |  |  | $ | 42 |
|  | 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 |
Schedule of Offsetting Liabilities |
|  | April 25, 2025
|  |  |  | 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 |  | $ | 334 |  |  | $ | (195) |  |  | $ | — |  |  | $ | 139 |
Derivative liabilities: |  |  |  |  |  |  |  |
Currency exchange rate contracts |  | (401) |  |  | 195 |  |  | 125 |  |  | (82) |
Total return swaps |  | (16) |  |  | — |  |  | — |  |  | (16) |
|  | (417) |  |  | 195 |  |  | 125 |  |  | (97) |
Total |  | $ | (84) |  |  | $ | — |  |  | $ | 125 |  |  | $ | 42 |
|  | 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 |

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