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Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Jan. 23, 2015

Investments Debt And Equity Securities [Abstract]

The following is a summary of our investments (in millions):

	January 23, 2015									April 25, 2014
			Gross Unrealized									Gross Unrealized
	Cost or Amortized Cost		Gains		Losses			Estimated Fair Value		Cost or Amortized Cost		Gains		Losses			Estimated Fair Value
Corporate bonds	$	2,083.9	$	6.6	$	(0.4	)		2,090.1	$	2,142.3	$	10.5	$	(0.5	)	$	2,152.3
U.S. Treasury and government debt securities		521.4		1.4		(0.1	)		522.7		263.4		0.3		(0.1	)		263.6
Commercial paper		15.0		—		—			15.0		168.4		—		—			168.4
Certificates of deposit		358.0		—		—			358.0		245.0		—		—			245.0
Auction rate securities		—		—		—			—		36.9		—		(0.9	)		36.0
Equity funds		30.4		—		—			30.4		32.7		—		—			32.7
Total debt and equity securities	$	3,008.7	$	8.0	$	(0.5	)	$	3,016.2	$	2,888.7	$	10.8	$	(1.5	)	$	2,898.0

Contractual Maturities of Debt Investments

The following table presents the contractual maturities of our debt investments as of January 23, 2015 (in millions):

	Amortized Cost		Fair Value
Due in one year or less	$	1,479.8	$	1,482.0
Due in two through five years		1,498.5		1,503.8
	$	2,978.3	$	2,985.8

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis (in millions):

	January 23, 2015
				Fair Value Measurements at Reporting Date Using
				Quoted Prices		Significant
				in Active Markets		Other
				for Identical Assets		Observable Inputs
	Total			(Level 1)		(Level 2)
Assets
Corporate bonds	$	2,090.1		$	—	$	2,090.1
U.S. Treasury and government debt securities		522.7			140.4		382.3
Commercial paper		15.0			—		15.0
Certificates of deposit		358.0			—		358.0
Equity funds		30.4			30.4		—
Foreign currency contracts		21.5			—		21.5
Total	$	3,037.7		$	170.8	$	2,866.9
Liabilities
Foreign currency contracts	$	(6.9	)	$	—	$	(6.9	)

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the balance sheet classifications of our financial assets and liabilities measured at fair value on a recurring basis (in millions):

	January 23, 2015
				Fair Value Measurements at Reporting Date Using
				Quoted Prices		Significant
				in Active Markets		Other
				for Identical Assets		Observable Inputs
	Total			(Level 1)		(Level 2)
Assets
Cash equivalents	$	273.0		$	—	$	273.0
Short-term investments		2,712.8			140.4		2,572.4
Other current assets		24.4			2.9		21.5
Other non-current assets		27.5			27.5		—
Total	$	3,037.7		$	170.8	$	2,866.9
Liabilities
Other current liabilities	$	(6.9	)	$	—	$	(6.9	)

Reconciliation of Beginning and Ending Balance of Level 3 Auction Rate Securities Measured at Fair Value on Recurring Basis

The table below provides a reconciliation of the beginning and ending balance of our Level 3 ARSs (in millions).

	Three Months Ended					Nine Months Ended
	January 23, 2015			January 24, 2014		January 23, 2015			January 24, 2014
Balance at beginning of period	$	23.0		$	39.5	$	36.0		$	42.0
Total unrealized gains, net included in other comprehensive income (loss)		0.3			0.9		0.9			0.7
Total realized gains included in earnings		—			—		—			0.7
Sales		—			—		(10.0	)		(3.0	)
Settlements		(23.3	)		—		(26.9	)		—
Balance at end of period	$	—		$	40.4	$	—		$	40.4

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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