Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Apr. 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 for the years ended April 28, 2023 and April 29, 2022 (in millions):

	April 28, 2023		April 29, 2022
Corporate bonds	$	—	$	9
U.S. Treasury and government debt securities		754		13
Money market funds		794		2,166
Certificates of deposit		59		71
Mutual funds		36		36
Total debt and equity securities	$	1,643	$	2,295

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):

	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	)

	April 29, 2022
				Fair Value Measurements at Reporting Date Using
	Total			Level 1		Level 2
Cash and cash equivalents:
Cash	$	1,875		$	1,875	$	—
Money market funds		2,166			2,166		—
Certificates of deposit		71			—		71
Total cash and cash equivalents		4,112			4,041		71
Short-term investments:
Corporate bonds		9			—		9
U.S. Treasury and government debt securities		13			13		—
Total short-term investments		22			13		9
Total cash, cash equivalents and short-term investments	$	4,134		$	4,054	$	80
Other items:
Mutual funds (1)	$	6		$	6	$	—
Mutual funds (2)	$	30		$	30	$	—
Foreign currency exchange contracts assets (1)	$	2		$	—	$	2
Foreign currency exchange contracts liabilities (3)	$	(29	)	$	—	$	(29	)

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

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

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