Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Oct. 26, 2018

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

	October 26, 2018									April 27, 2018
	Cost or							Estimated		Cost or							Estimated
	Amortized		Gross Unrealized					Fair		Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
Corporate bonds	$	1,614	$	—	$	(40	)	$	1,574	$	1,865	$	1	$	(39	)	$	1,827
U.S. Treasury and government debt securities		362		—		(4	)		358		497		—		(5	)		492
Commercial paper		—		—		—			—		230		—		—			230
Certificates of deposit		116		—		—			116		115		—		—			115
Mutual funds		34		—		—			34		31		—		—			31
Total debt and equity securities	$	2,126	$	—	$	(44	)	$	2,082	$	2,738	$	1	$	(44	)	$	2,695

The following table presents the contractual maturities of our debt investments as of October 26, 2018 (in millions):

	Amortized Cost		Fair Value
Due in one year or less	$	679	$	676
Due after one year through five years		835		821
Due after five years through ten years		578		551
	$	2,092	$	2,048

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

	October 26, 2018
				Fair Value Measurements at Reporting Date Using
	Total			Level 1		Level 2
Cash	$	2,251		$	2,251	$	—
Corporate bonds		1,574			—		1,574
U.S. Treasury and government debt securities		358			190		168
Certificates of deposit		116			—		116
Total cash, cash equivalents and short-term investments	$	4,299		$	2,441	$	1,858
Other items:
Mutual funds ⁽¹⁾	$	6		$	6	$	—
Mutual funds ⁽²⁾	$	28		$	28	$	—
Foreign currency exchange contracts assets ⁽¹⁾	$	5		$	—	$	5
Foreign currency exchange contracts liabilities ⁽³⁾	$	(3	)	$	—	$	(3	)

⁽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