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Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Jul. 28, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investments at Cost or Amortized Cost

The following is a summary of our investments at their cost or amortized cost as of July 28, 2023 and April 28, 2023 (in millions):


		July 28, 2023				April 28, 2023
U.S. Treasury and government debt securities			1,005				754
Money market funds			436				794
Certificates of deposit			54				59
Mutual funds			39				36
Total debt and equity securities		$	1,534			$	1,643

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):


		July 28, 2023
						Fair Value Measurements at Reporting Date Using
		Total				Level 1				Level 2
Cash and cash equivalents:
Cash		$	1,480			$	1,480			$	—
Money market funds			436				436				—
Certificates of deposit			54				—				54
U.S. Treasury and government debt securities			50				50				—
Total cash and cash equivalents			2,020				1,966				54
Short-term investments:
U.S. Treasury and government debt securities			955				955				—
Total short-term investments			955				955				—
Total cash, cash equivalents and short-term investments		$	2,975			$	2,921			$	54
Other items:
Mutual funds (1)		$	8			$	8			$	—
Mutual funds (2)		$	31			$	31			$	—
Foreign currency exchange contracts assets (1)		$	11			$	—			$	11
Foreign currency exchange contracts liabilities (3)		$	(1	)		$	—			$	(1	)


		April 28, 2023
						Fair Value Measurements at Reporting Date Using
		Total				Level 1				Level 2
Cash and cash equivalents:
Cash		$	1,463			$	1,463			$	—
Money market funds			794				794				—
Certificates of deposit			59				—				59
Total cash and cash equivalents			2,316				2,257				59
Short-term investments:
U.S. Treasury and government debt securities			754				754				—
Total short-term investments			754				754				—
Total cash, cash equivalents and short-term investments		$	3,070			$	3,011			$	59
Other items:
Mutual funds (1)		$	7			$	7			$	—
Mutual funds (2)		$	29			$	29			$	—
Foreign currency exchange contracts assets (1)		$	13			$	—			$	13
Foreign currency exchange contracts liabilities (3)		$	(4	)		$	—			$	(4	)

(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