Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Jan. 25, 2013

Summary Of Investments

The following is a summary of our available-for-sale investments (in millions):

	January 25, 2013									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	$	2,934.1	$	13.2	$	(1.1	)	$	2,946.2	$	2,665.2	$	9.5	$	(1.4	)	$	2,673.3
U.S. Treasury and government debt securities		506.9		0.8		0.0			507.7		836.7		1.2		(0.1	)		837.8
Commercial paper		208.0		0.0		0.0			208.0		164.6		0.0		0.0			164.6
Certificates of deposit		173.0		0.2		0.0			173.2		347.7		0.5		0.0			348.2
Money market funds		1,819.4		0.0		0.0			1,819.4		724.8		0.0		0.0			724.8
Auction rate securities		44.8		0.4		(3.0	)		42.2		54.1		0.9		(4.0	)		51.0
Equity funds		27.6		0.0		0.0			27.6		25.5		0.0		0.0			25.5
Total debt and equity securities	$	5,713.8	$	14.6	$	(4.1	)	$	5,724.3	$	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 January 25, 2013 (in millions):

	Amortized Cost		Fair Value
Due in one year or less	$	1,456.7	$	1,458.7
Due in one through five years		2,172.4		2,183.5
Due after ten years*		44.8		42.2
	$	3,673.9	$	3,684.4

* 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 January 25, 2013 (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	$	2,946.2	$	0.0	$	2,946.2	$	0.0
U.S. Treasury and government debt securities		507.7		233.3		274.4		0.0
Commercial paper		208.0		0.0		208.0		0.0
Certificates of deposit		173.2		0.0		173.2		0.0
Money market funds		1,819.4		1,819.4		0.0		0.0
Auction rate securities		42.2		0.0		0.0		42.2
Equity funds		27.6		27.6		0.0		0.0
Foreign currency contracts		2.2		0.0		2.2		0.0
Total	$	5,726.5	$	2,080.3	$	3,604.0	$	42.2
Liabilities
Foreign currency contracts	$	5.2	$	0.0	$	5.2	$	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 January 25, 2013 (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	$	2,012.3	$	1,819.4	$	192.9	$	0.0
Short-term investments		3,642.2		233.3		3,408.9		0.0
Other current assets		8.1		5.9		2.2		0.0
Other non-current assets		63.9		21.7		0.0		42.2
Total	$	5,726.5	$	2,080.3	$	3,604.0	$	42.2
Liabilities
Other current liabilities	$	5.2	$	0.0	$	5.2	$	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 as of January 25, 2013		Valuation Techniques	Unobservable Inputs	Range (Weighted average)
ARS	$	42.2	Discounted cash flow	Time-to-economic maturity	6.7 yrs – 11.7 yrs (8.7 yrs)
				Liquidity risk premium, market credit spread and other factors	1.7% - 3.1% (2.1%)
				Coupon rate	1.2% - 2.7% (1.6%)
			Market comparable securities	Discount rate	4.3% - 9.6% (7.1%)

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						Nine Months Ended
	January 25, 2013			January 27, 2012			January 25, 2013			January 27, 2012
Balance at beginning of period	$	46.5		$	56.0		$	51.0		$	65.1
Total unrealized gains (losses), net included in other comprehensive income (loss)		0.0			(0.7	)		0.5			0.6
Total realized gains included in earnings		0.7			0.7			0.7			0.7
Settlements		(5.0	)		(5.0	)		(10.0	)		(15.4	)
Balance at end of period	$	42.2		$	51.0		$	42.2		$	51.0