Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Oct. 28, 2016

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

	October 28, 2016									April 29, 2016
	Cost or							Estimated		Cost or							Estimated
	Amortized		Gross Unrealized					Fair		Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
Corporate bonds	$	1,234	$	4	$	(1	)	$	1,237	$	1,370	$	5	$	(1	)	$	1,374
U.S. Treasury and government debt securities		669		1		(1	)		669		878		2		—			880
Foreign government debt securities		27		—		—			27		35		—		—			35
Commercial paper		476		—		—			476		202		—		—			202
Certificates of deposit		72		—		—			72		98		—		—			98
Mutual funds		32		—		—			32		30		—		—			30
Total debt and equity securities	$	2,510	$	5	$	(2	)	$	2,513	$	2,613	$	7	$	(1	)	$	2,619

The following table presents the contractual maturities of our debt investments as of October 28, 2016 (in millions):

	Amortized Cost		Fair Value
Due in one year or less	$	1,149	$	1,150
Due after one year through five years		1,329		1,331
	$	2,478	$	2,481

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

	October 28, 2016
				Fair Value Measurements at Reporting Date Using
	Total			Level 1		Level 2
Cash	$	1,876		$	1,876	$	—
Corporate bonds		1,237			—		1,237
U.S. Treasury and government debt securities		669			215		454
Foreign government debt securities		27			—		27
Commercial paper		476			—		476
Certificates of deposit		72			—		72
Total cash, cash equivalents and short-term investments	$	4,357		$	2,091	$	2,266
Other items:
Mutual funds ⁽¹⁾	$	6		$	6	$	—
Mutual funds ⁽²⁾	$	26		$	26	$	—
Foreign currency exchange contracts assets ⁽¹⁾	$	7		$	—	$	7
Foreign currency exchange contracts liabilities ⁽³⁾	$	(2	)	$	—	$	(2	)

⁽¹⁾	Reported as other current assets in the condensed consolidated balance sheets

⁽²⁾	Reported as other non-current assets in the condensed consolidated balance sheets

⁽³⁾	Reported as accrued expenses in the condensed consolidated balance sheets