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Financial Instruments (Tables)
 12 Months Ended
Apr. 26, 2019
Investments [Abstract]  
Investments by Category and Related Balance Sheet Presentation
The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at April 26, 2019 and April 27, 2018:
 
April 26, 2019
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Level 1:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
529

 
$
1

 
$
(7
)
 
$
523

 
$
523

 
$
—

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
3,500

 
14

 
(21
)
 
3,493

 
3,493

 
—

U.S. government and agency securities
387

 
1

 
(7
)
 
381

 
381

 
—

Mortgage-backed securities
537

 
3

 
(20
)
 
520

 
520

 
—

Non-U.S. government and agency securities
11

 
—

 
—

 
11

 
11

 
—

Other asset-backed securities
529

 
1

 
(3
)
 
527

 
527

 
—

Total Level 2
4,964

 
19

 
(51
)
 
4,932

 
4,932

 
—

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Auction rate securities
47

 
—

 
(3
)
 
44

 
—

 
44

Total available-for-sale debt securities
$
5,540

 
$
20

 
$
(61
)
 
$
5,499

 
$
5,455

 
$
44


 
April 27, 2018
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Level 1:
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency securities
$
732

 
$
—

 
$
(26
)
 
$
706

 
$
706

 
$
—

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
4,179

 
20

 
(75
)
 
4,124

 
4,124

 
—

U.S. government and agency securities
848

 
—

 
(24
)
 
824

 
824

 
—

Mortgage-backed securities
725

 
2

 
(34
)
 
693

 
693

 
—

Non-U.S. government and agency securities
74

 
—

 
(1
)
 
73

 
73

 
—

Other asset-backed securities
358

 
—

 
(2
)
 
356

 
356

 
—

Total Level 2
6,184

 
22

 
(136
)
 
6,070

 
6,070

 
—

Level 3:
 
 
 
 
 
 
 
 
 
 
 
Auction rate securities
47

 
—

 
(3
)
 
44

 
—

 
44

Total available-for-sale debt securities
$
6,963

 
$
22

 
$
(165
)
 
$
6,820

 
$
6,776

 
$
44
Gross Unrealized Losses and Fair Values of Available-for-sale Securities that Have Been in a Continuous Unrealized Loss Position Deemed to be Temporary, Aggregated by Investment Category
The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category, at April 26, 2019 and April 27, 2018:
 
April 26, 2019
 
Less than 12 months
 
More than 12 months
(in millions)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
U.S. government and agency securities
$
130

 
$
(1
)
 
$
649

 
$
(13
)
Corporate debt securities
582

 
(5
)
 
1,153

 
(16
)
Mortgage-backed securities
73

 
(1
)
 
250

 
(19
)
Other asset-backed securities
290

 
(2
)
 
85

 
(1
)
Auction rate securities
—

 
—

 
44

 
(3
)
Total
$
1,075

 
$
(9
)
 
$
2,181

 
$
(52
)
 
April 27, 2018
 
Less than 12 months
 
More than 12 months
(in millions)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
U.S. government and agency securities
$
762

 
$
(33
)
 
$
374

 
$
(17
)
Corporate debt securities
2,620

 
(58
)
 
272

 
(17
)
Mortgage-backed securities
442

 
(15
)
 
102

 
(19
)
Non-U.S. government and agency securities
32

 
—

 
36

 
(1
)
Other asset-backed securities
238

 
(1
)
 
63

 
(1
)
Auction rate securities
—

 
—

 
44

 
(3
)
Total
$
4,094

 
$
(107
)
 
$
891

 
$
(58
)
Unobservable Inputs Utilized in the Fair Value Measurement of Auction Rate Securities Classified as Level 3
The recurring Level 3 fair value measurements of contingent consideration include the following significant unobservable inputs:
(in millions)
Fair Value at April 26, 2019
 
Valuation
Technique
 
Unobservable Input
 
Range
 
 
 
 
 
Discount rate
 
11.5% - 32.5%
Revenue-based payments
$
90

 
Discounted cash flow
 
Probability of payment
 
65% - 100%
 
 

 
 
 
Projected fiscal year of payment
 
2020 - 2025
 
 
 
 
 
Discount rate
 
5.5%
Product development-based payments
$
132

 
Discounted cash flow
 
Probability of payment
 
75% - 100%
 
 

 
 
 
Projected fiscal year of payment
 
2020 - 2027

The following table presents the unobservable inputs utilized in the fair value measurement of the auction rate securities classified as Level 3 at April 26, 2019:

 
Valuation Technique
Unobservable Input
Range (Weighted Average)
Auction rate securities
Discounted cash flow
Years to principal recovery
2 yrs. - 12 yrs. (3 yrs.)
Illiquidity premium
6%
Reconciliation of Beginning and Ending Balances of Items Measured at Fair Value on a Recurring Basis that Used Significant Unobservable Inputs (Level 3)
The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3):
(in millions)
Total Level 3 Investments
 
Corporate Debt Securities
 
Auction Rate Securities
April 28, 2017
$
45

 
$
1

 
$
44

Settlements
(1
)
 
(1
)
 
—

April 27, 2018
44

 
—

 
44

Settlements
—

 
—

 
—

April 26, 2019
$
44

 
$
—

 
$
44
Activity Related to the Company's Debt Securities Portfolio
Activity related to the Company’s debt securities portfolio is as follows:
(in millions)
April 26, 2019
 
April 27, 2018
 
April 28, 2017
Proceeds from sales
$
3,718

 
$
3,309

 
$
3,646

Gross realized gains
18

 
27

 
49

Gross realized losses
(62
)
 
(21
)
 
(14
)
Available-for-sale Debt Securities Contractual Maturities
The April 26, 2019 balance of available-for-sale debt securities by contractual maturity is shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
(in millions)
April 26, 2019
Due in one year or less
$
1,022

Due after one year through five years
2,198

Due after five years through ten years
2,244

Due after ten years
35

Total debt securities
$
5,499
Summary of Equity and Other Investments
The following table summarizes the Company's equity and other investments at April 26, 2019, which are classified as other assets in the consolidated balance sheets:
(in millions)
 
April 26, 2019
Investments without readily determinable fair values
 
$
308

Equity method and other investments
 
64

Total equity and other investments
 
$
372
Investments by Category and Related Balance Sheet Classification, Equity and Other Investments
The following table summarizes the values of the Company's equity and other investments by significant investment category and the related consolidated balance sheet classification at April 27, 2018:
 
Valuation
 
Balance Sheet Classification
(in millions)
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
Investments
 
Other Assets
Level 1:
 
 
 
 
 
 
 
 
 
 
 
Marketable equity securities
$
63

 
$
99

 
$
—

 
$
162

 
$
—

 
$
162

Level 2:
 
 
 
 
 
 
 
 
 
 
 
Debt funds
739

 
—

 
(154
)
 
585

 
585

 
—

Investments measured at net asset value(1):
 
 
 
 
 
 
 
 
 
 
 
Debt funds
199

 
—

 
(2
)
 
197

 
197

 
—

Total available-for-sale equity securities
1,001

 
99

 
(156
)
 
944

 
782

 
162

Cost method, equity method, and other investments:
 
 
 
 
 
 
 
 
 
 
 
Level 3:
 
 
 
 
 
 
 
 
 
 
 
Cost method, equity method, and other investments
353

 
—

 
—

 
N/A

 
—

 
353

Total equity and other investments
$
1,354

 
$
99

 
$
(156
)
 
$
944

 
$
782

 
$
515

(1) Certain investments that are measured at the net asset value per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy. The fair value amounts presented herein are intended to permit reconciliation to the consolidated balance sheets.
Activity Related to the Company's Equity and Other Investments Portfolio
The table below includes activity related to the Company’s portfolio of equity and other investments. Gains and losses on equity and other investments are recognized in other non-operating income, net in the consolidated statements of income.    
(in millions)
 
April 26, 2019
 
April 27, 2018
 
April 28, 2017
Proceeds from sales
 
$
964

 
$
918

 
$
1,710

Gross realized gains
 
134

 
18

 
75

Gross realized losses
 
(30
)
 
(4
)
 
(42
)
Recognized impairment losses
 
(45
)
 
(231
)
 
(30
)