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Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Oct. 26, 2012

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


	October 26, 2012									April 27, 2012
			Gross Unrealized									Gross Unrealized
	Cost or Amortized Cost		Gains		Losses			Estimated Fair Value		Cost or Amortized Cost		Gains		Losses			Estimated Fair Value
Corporate bonds	$	2,964.3	$	14.7	$	(0.7	)	$	2,978.3	$	2,665.2	$	9.5	$	(1.4	)	$	2,673.3
U.S. Treasury and government debt securities		518.9		0.8		0.0			519.7		836.7		1.2		(0.1	)		837.8
Commercial paper		85.0		0.0		0.0			85.0		164.6		0.0		0.0			164.6
Certificates of deposit		222.6		0.3		0.0			222.9		347.7		0.5		0.0			348.2
Municipal bonds		8.4		0.0		(0.1	)		8.3		0.0		0.0		0.0			0.0
Money market funds		481.6		0.0		0.0			481.6		724.8		0.0		0.0			724.8
Auction rate securities		49.1		0.9		(3.5	)		46.5		54.1		0.9		(4.0	)		51.0
Equity funds		26.1		0.0		0.0			26.1		25.5		0.0		0.0			25.5

Total debt and equity securities	$	4,356.0	$	16.7	$	(4.3	)	$	4,368.4	$	4,818.6	$	12.1	$	(5.5	)	$	4,825.2

Contractual Maturities Of Debt Investments

The following table presents the contractual maturities of our debt investments as of October 26, 2012 (in millions):


	Amortized Cost		Fair Value
Due in one year or less	$	1,586.3	$	1,589.3
Due in one through five years		2,152.9		2,164.9
Due after ten years*		49.1		46.5

	$	3,788.3	$	3,800.7

*	Consists of auction rate securities which have contractual maturities of greater than 10 years.

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 as of October 26, 2012 (in millions):


			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Corporate bonds	$	2,978.3	$	0.0	$	2,978.3	$	0.0
U.S. Treasury and government debt securities		519.7		203.6		316.1		0.0
Commercial paper		85.0		0.0		85.0		0.0
Certificates of deposit		222.9		0.0		222.9		0.0
Municipal bonds		8.3		0.0		8.3		0.0
Money market funds		481.6		481.6		0.0		0.0
Auction rate securities		46.5		0.0		0.0		46.5
Equity funds		26.1		26.1		0.0		0.0
Foreign currency contracts		2.9		0.0		2.9		0.0

Total	$	4,371.3	$	711.3	$	3,613.5	$	46.5

Liabilities
Foreign currency contracts	$	1.8	$	0.0	$	1.8	$	0.0

Assets And Liabilities Measured At Fair Value On Recurring Basis

The following table summarizes the balance sheet classifications of our financial assets and liabilities measured at fair value on a recurring basis as of October 26, 2012 (in millions):


			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	$	541.6	$	481.6	$	60.0	$	0.0
Short-term investments		3,754.2		203.6		3,550.6		0.0
Other current assets		8.9		6.0		2.9		0.0
Other non-current assets		66.6		20.1		0.0		46.5

Total	$	4,371.3	$	711.3	$	3,613.5	$	46.5

Liabilities
Other current liabilities	$	1.8	$	0.0	$	1.8	$	0.0

Quantitative Information About Level 3 Fair Value Measurements

Quantitative information about our Level 3 fair value measurements is as follows (fair value in millions):


	Fair Value at October 26, 2012		Valuation Techniques	Unobservable Inputs	Range (Weighted average)

ARS	$	46.5	Discounted cash flow	Time-to-economic maturity	6.7 yrs – 13.7 yrs (9.2 yrs)
				Liquidity risk premium, market credit spread and other factors	1.8% - 2.4% (2.0%)
				Coupon rate	0.0% - 2.7% (1.4%)


			Market comparable securities	Discount rate	4.7% - 15.0% (9.0%)

Reconciliation Of Beginning And Ending Balance Of Level 3 Auction Rate Securities Measured At Fair Value On Recurring Basis

The table below provides a reconciliation of the beginning and ending balance of our Level 3 ARS measured at fair value on a recurring basis using significant unobservable inputs (in millions):


	Three Months Ended						Six Months Ended
	October 26, 2012			October 28, 2011			October 26, 2012			October 28, 2011
Balance at beginning of period	$	46.3		$	56.3		$	51.0		$	65.1
Total unrealized gains, net included in other comprehensive income (loss)		0.2			0.4			0.5			1.3
Settlements		(0.0	)		(0.7	)		(5.0	)		(10.4	)

Balance at end of period	$	46.5		$	56.0		$	46.5		$	56.0

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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