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Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Apr. 24, 2015

Investments Debt And Equity Securities [Abstract]

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

	April 24, 2015									April 25, 2014
	Cost or							Estimated		Cost or							Estimated
	Amortized		Gross Unrealized					Fair		Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
Corporate bonds	$	2,249.4	$	8.7	$	(0.5	)		2,257.6	$	2,142.3	$	10.5	$	(0.5	)	$	2,152.3
U.S. Treasury and government debt securities		1,055.7		2.5		—			1,058.2		263.4		0.3		(0.1	)		263.6
Foreign government debt securities		37.7		0.2		—			37.9		—		—		—			—
Commercial paper		20.0		—		—			20.0		168.4		—		—			168.4
Certificates of deposit		286.2		—		—			286.2		245.0		—		—			245.0
Auction rate securities		—		—		—			—		36.9		—		(0.9	)		36.0
Mutual funds		32.2		—		—			32.2		32.7		—		—			32.7
Total debt and equity securities	$	3,681.2	$	11.4	$	(0.5	)	$	3,692.1	$	2,888.7	$	10.8	$	(1.5	)	$	2,898.0

Schedule of Gross Unrealized Losses and Fair Values of Investments

As of April 24, 2015, gross unrealized losses related to individual securities were not significant. The following table shows the gross unrealized losses and estimated fair values of our available-for-sale investments with gross unrealized losses and the length of time that individual securities have been in continuous unrealized loss positions as of April 25, 2014 (in millions):

	April 25, 2014
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate bonds	$	233.1	$	(0.5	)	$	—	$	—		$	233.1	$	(0.5	)
U.S. Treasury and government debt securities		63.0		(0.1	)		—		—			63.0		(0.1	)
Auction rate securities		—		—			36.0		(0.9	)		36.0		(0.9	)
Total	$	296.1	$	(0.6	)	$	36.0	$	(0.9	)	$	332.1	$	(1.5	)

Contractual Maturities of Debt Investments

The following table presents the contractual maturities of our debt investments as of April 24, 2015 (in millions):

	Amortized Cost		Fair Value
Due in one year or less	$	1,437.8	$	1,440.2
Due after one year through five years		2,211.2		2,219.7
	$	3,649.0	$	3,659.9

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 24, 2015
				Fair Value Measurements at Reporting Date Using
	Total			Level 1		Level 2
Cash	$	1,666.3		$	1,666.3	$	—
Corporate bonds		2,257.6			—		2,257.6
U.S. Treasury and government debt securities		1,058.2			145.6		912.6
Foreign government debt securities		37.9			—		37.9
Commercial paper		20.0			—		20.0
Certificates of deposit		286.2			—		286.2
Total cash, cash equivalents and short-term investments	$	5,326.2		$	1,811.9	$	3,514.3
Other items:
Mutual funds ⁽¹⁾	$	2.8		$	2.8	$	—
Mutual funds ⁽²⁾	$	29.4		$	29.4	$	—
Foreign currency exchange contracts assets ⁽¹⁾	$	3.4		$	—	$	3.4
Long-term debt	$	(1,523.6	)	$	—	$	(1,523.6	)

	April 25, 2014
				Fair Value Measurements at Reporting Date Using
	Total			Level 1		Level 2			Level 3
Cash	$	2,174.0		$	2,174.0	$	—		$	—
Corporate bonds		2,152.3			—		2,152.3			—
U.S. Treasury and government debt securities		263.6			185.1		78.5			—
Commercial paper		168.4			—		168.4			—
Certificates of deposit		245.0			—		245.0			—
Total cash, cash equivalents and short-term investments	$	5,003.3		$	2,359.1	$	2,644.2		$	—
Other items:
Auction rate securities ⁽²⁾	$	36.0		$	—	$	—		$	36.0
Mutual funds ⁽¹⁾	$	6.4		$	6.4	$	—		$	—
Mutual funds ⁽²⁾	$	26.3		$	26.3	$	—		$	—
Foreign currency exchange contracts assets ⁽¹⁾	$	0.4		$	—	$	0.4		$	—
Foreign currency exchange contracts liabilities ⁽³⁾	$	(1.9	)	$	—	$	(1.9	)	$	—
Long-term debt	$	(1,000.0	)	$	—	$	(1,000.0	)	$	—

⁽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

Quantitative Information About Level 3 Fair Value Measurements

Quantitative information about our Level 3 fair value measurements as of April 24, 2014 for our ARSs is as follows:

	Estimated Fair Value as of April 25, 2014 (in millions)		Valuation Techniques	Unobservable Inputs	Range (Weighted average)
ARSs	$	36.0	Discounted cash flow	Time-to-economic maturity	6.7 yrs - 10.0 yrs (8.2 yrs)
				Illiquidity premium	1.1% - 2.8% (1.8%)
				Coupon rate	1.1% - 2.7% (1.8%)
			Market comparable securities	Discount rate	1.0% - 5.0% (2.4%)

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 ARSs measured at fair value on a recurring basis using significant unobservable inputs (in millions):

	Year Ended
	April 24, 2015			April 25, 2014			April 26, 2013
Balance at beginning of year	$	36.0		$	42.0		$	51.0
Total unrealized gains, net included in other comprehensive income (loss)		0.9			1.3			0.5
Total realized gains included in earnings		—			0.7			1.1
Sales		(10.0	)		(8.0	)		—
Settlements		(26.9	)		—			(10.6	)
Balance at end of year	$	—		$	36.0		$	42.0

- 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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