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Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Oct. 27, 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 October 27, 2023 and April 28, 2023 (in millions):


		October 27, 2023				April 28, 2023
U.S. Treasury and government debt securities			800				754
Money market funds			365				794
Certificates of deposit			43				59
Mutual funds			34				36
Total debt and equity securities		$	1,242			$	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):


		October 27, 2023
						Fair Value Measurements at Reporting Date Using
		Total				Level 1				Level 2
Cash and cash equivalents:
Cash		$	1,412			$	1,412			$	—
Money market funds			365				365				—
Certificates of deposit			43				—				43
U.S. Treasury and government debt securities			114				114				—
Total cash and cash equivalents			1,934				1,891				43
Short-term investments:
U.S. Treasury and government debt securities			686				686				—
Total short-term investments			686				686				—
Total cash, cash equivalents and short-term investments		$	2,620			$	2,577			$	43
Other items:
Mutual funds (1)		$	6			$	6			$	—
Mutual funds (2)		$	28			$	28			$	—
Foreign currency exchange contracts assets (1)		$	3			$	—			$	3
Foreign currency exchange contracts liabilities (3)		$	(7	)		$	—			$	(7	)


		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