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Accumulated Other Comprehensive Loss
 3 Months Ended
Jul. 26, 2019
Equity [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
The following table provides changes in AOCI, net of tax, and by component:
(in millions)
Unrealized (Loss) Gain on Investment Securities
 
Cumulative Translation Adjustments
 
Net Investment Hedges
 
Net Change in Retirement Obligations
 
Unrealized Gain (Loss) on Cash Flow Hedges
 
Total Accumulated Other Comprehensive (Loss) Income
April 26, 2019
$
(45
)
 
$
(1,383
)
 
$
(169
)
 
$
(1,308
)
 
$
194

 
$
(2,711
)
Other comprehensive income before reclassifications
51

 
66

 
99

 
—

 
26

 
242

Reclassifications
5

 
—

 
—

 
13

 
(33
)
 
(15
)
Other comprehensive income (loss)
56

 
66

 
99

 
13

 
(7
)
 
227

July 26, 2019
$
11

 
$
(1,317
)
 
$
(70
)
 
$
(1,295
)
 
$
187

 
$
(2,484
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in millions)
Unrealized (Loss) Gain on Investment Securities
 
Cumulative Translation Adjustment
 
Net Investment Hedges
 
Net Change in Retirement Obligations
 
Unrealized (Loss) Gain on Cash Flow Hedges
 
Total Accumulated Other Comprehensive (Loss) Income
April 27, 2018
$
(194
)
 
$
(11
)
 
$
(257
)
 
$
(1,117
)
 
$
(207
)
 
$
(1,786
)
Other comprehensive (loss) income before reclassifications
—

 
(824
)
 
—

 
—

 
209

 
(615
)
Reclassifications
—

 
—

 
—

 
27

 
4

 
31

Other comprehensive (loss) income
—

 
(824
)
 
—

 
27

 
213

 
(584
)
Cumulative effect of change in accounting principle(1)
47

 
—

 
—

 
—

 
—

 
47

July 27, 2018
$
(147
)
 
$
(835
)
 
$
(257
)
 
$
(1,090
)
 
$
6

 
$
(2,323
)

(1) The cumulative effect of change in accounting principle during the first quarter of fiscal year 2019 resulted from the adoption of accounting guidance that requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. As a result of the adoption, the Company reclassified $47 million from accumulated other comprehensive loss to the opening balance of retained earnings as of April 28, 2018.
The income tax on gains and losses on investment securities in other comprehensive income before reclassifications during the three months ended July 26, 2019 was a benefit of $1 million. There was no income tax on gains and losses on investment securities for the three months ended July 27, 2018. During the three months ended July 26, 2019, realized gains and losses on investment securities reclassified from AOCI were reduced by income taxes of $1 million. There was no income tax on realized gains and losses on investment securities reclassified from AOCI for the three months ended July 27, 2018. When realized, gains and losses on investment securities reclassified from AOCI are recognized within other non-operating income, net. Refer to Note 6 to the consolidated financial statements for additional information.
For the three months ended July 26, 2019, there was no income tax on cumulative translation adjustments. For the three months ended July 27, 2018, the income tax benefit on cumulative translation adjustments was $5 million.
During the three months ended July 26, 2019 and July 27, 2018, there were no tax impacts on net investment hedges. Refer to Note 8 to the consolidated financial statements for additional information.
The net change in retirement obligations in other comprehensive income includes net amortization of actuarial losses included in net periodic benefit cost. During the three months ended July 26, 2019 and July 27, 2018, there were no income tax impacts on the net change in retirement obligations in other comprehensive income before reclassifications. During the three months ended July 26, 2019 and July 27, 2018, the gains and losses on defined benefit and pension items reclassified from AOCI were reduced by income taxes of $3 million and $5 million, respectively. When realized, net gains and losses on defined benefit and pension items reclassified from AOCI are recognized within other non-operating income, net. Refer to Note 14 to the consolidated financial statements for additional information.
The income tax on unrealized gains and losses on cash flow hedges in other comprehensive income before reclassifications during the three months ended July 26, 2019 and July 27, 2018 was an expense of $1 million and $60 million, respectively. During the three months ended July 26, 2019 and July 27, 2018, gains and losses on cash flow hedges reclassified from AOCI were reduced by income taxes of $11 million and $1 million, respectively. When realized, gains and losses on currency exchange rate contracts reclassified from AOCI are recognized within other operating (income) expense, net, and gains and losses on forward starting interest rate derivatives reclassified from AOCI are recognized within interest expense. Refer to Note 8 to the consolidated financial statements for additional information.