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Derivatives and Currency Exchange Risk Management (Tables)
 3 Months Ended
Jul. 26, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Amount and Location of Gains (Losses) in Statements of Income, Derivative Instruments Not Designated as Hedging Instruments
The amounts and classification of the gains (losses) in the consolidated statements of income related to derivative instruments not designated as hedging instruments for the three months ended July 26, 2019 and July 27, 2018 were as follows:
 
 
 
 
Three months ended
(in millions)
 
Classification
 
July 26, 2019
 
July 27, 2018
Currency exchange rate contracts
 
Other operating (income) expense, net
 
$
(6
)
 
$
130

Total return swaps
 
Other operating (income) expense, net
 
5

 
11

Total
 
 
 
$
(1
)
 
$
141
Amounts of Gains (Losses) Recognized in AOCI
The amount of the gains (losses) recognized in AOCI related to the currency exchange rate contract derivative instruments designated as cash flow hedges for the three months ended July 26, 2019 and July 27, 2018 were as follows:
 
 
Three months ended
(in millions)
 
July 26, 2019
 
July 27, 2018
Currency exchange rate contracts
 
$
27

 
$
270
Amount and Location of Gains (Losses) in Statements of Income
The amount of the gains (losses) recognized in the consolidated statements of income related to derivative instruments designated as cash flow hedges for the three months ended July 26, 2019 and July 27, 2018 were as follows:
 
 
Three months ended
 
 
July 26, 2019
 
July 27, 2018
(in millions)
 
Other operating (income) expense, net
 
Other operating (income) expense, net
Total amounts of income and expense line items presented in the consolidated statement of income in which the effects of cash flow hedges are recorded
 
$
(22
)
 
$
151

 
 
 
 
 
Currency exchange rate contracts designated as cash flow hedges:
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 
57

 
(3
)
Schedule of Amounts Recorded on Consolidated Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges
The following amounts were recorded on the consolidated balance sheet related to the cumulative basis adjustments for fair value hedges:
(in millions)
 
Carrying Amount of Hedged Assets/(Liabilities)
 
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Location on the Consolidated Balance Sheet
 
July 26, 2019
 
April 26, 2019
 
July 26, 2019
 
April 26, 2019
Long-term debt
 
$
—

 
$
(1,175
)
 
$
—

 
$
9
Amount and Location of Gains (Losses) in Statements of Income, Derivative Instruments Designated as Net Investment Hedges
The amount and classifications of the gains recognized in the consolidated statements of income for the portion of the net investment hedges excluded from the measurement of hedge effectiveness were as follows:
 
 
 
 
Three months ended
(in millions)
 
Classification
 
July 26, 2019
 
July 27, 2018
Net investment hedges
 
Other operating (income) expense, net
 
$
(7
)
 
$
—
Amounts of Gains (Losses) Recognized in AOCI for Net Investment Hedges
The amount of the gains recognized in AOCI related to instruments designated as net investment hedges for the three months ended July 26, 2019 and July 27, 2018 were as follows:
 
 
Three months ended
(in millions)
 
July 26, 2019
 
July 27, 2018
Net investment hedges
 
$
99

 
$
—
Classification and Fair Value Amounts of Derivative Instruments in Balance Sheets
The following tables summarize the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at July 26, 2019 and April 26, 2019. The fair value amounts are presented on a gross basis, and are segregated between derivatives that are designated and qualify as hedging instruments and those that are not designated and do not qualify as hedging instruments and are further segregated by type of contract within those two categories.
 
July 26, 2019
 
Derivative Assets
 
Derivative Liabilities
(in millions)
Balance Sheet Classification
 
Fair Value
 
Balance Sheet Classification
 
Fair Value
Derivatives designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Other current assets
 
$
212

 
Other accrued expenses
 
$
8

Currency exchange rate contracts
Other assets
 
80

 
Other liabilities
 
4

Total derivatives designated as hedging instruments
 
 
292

 
 
 
12

Derivatives not designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Other current assets
 
16

 
Other accrued expenses
 
21

Total return swap
Other current assets
 
5

 
Other accrued expenses
 
—

Cross currency interest rate contracts
Other current assets
 
5

 
Other accrued expenses
 
—

Total derivatives not designated as hedging instruments
 
 
26

 
 
 
21

Total derivatives
 
 
$
318

 
 
 
$
33

 
April 26, 2019
 
Derivative Assets
 
Derivative Liabilities
(in millions)
Balance Sheet Classification
 
Fair Value
 
Balance Sheet Classification
 
Fair Value
Derivatives designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Other current assets
 
$
234

 
Other accrued expenses
 
$
1

Interest rate contracts
Other assets
 
9

 
Other liabilities
 
—

Currency exchange rate contracts
Other assets
 
78

 
Other liabilities
 
1

Total derivatives designated as hedging instruments
 
 
321

 
 
 
2

Derivatives not designated as hedging instruments
 
 
 

 
 
 
 

Currency exchange rate contracts
Other current assets
 
23

 
Other accrued expenses
 
17

Total return swaps
Other current assets
 
15

 
Other accrued expenses
 
—

Cross currency interest rate contracts
Other current assets
 
6

 
Other accrued expenses
 
—

Total derivatives not designated as hedging instruments
 
 
44

 
 

17

Total derivatives
 
 
$
365

 
 
 
$
19
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides information by level for the derivative assets and liabilities that are measured at fair value on a recurring basis.
 
July 26, 2019
 
April 26, 2019
(in millions)
Level 1
 
Level 2
 
Level 1
 
Level 2
Derivative assets
$
308

 
$
10

 
$
335

 
$
30

Derivative liabilities
33

 
—

 
19

 
—
Offsetting Assets
The following tables provide information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.
 
 
July 26, 2019
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Cash Collateral Posted (Received)
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
308

 
$
(19
)
 
$
(5
)
 
$
284

Total return swaps
 
5

 
—

 
—

 
5

Cross currency interest rate contracts
 
5

 
—

 
—

 
5

 
 
318

 
(19
)
 
(5
)
 
294

Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
(33
)
 
19

 
—

 
(14
)
Total return swaps
 
—

 
—

 
—

 
—

 
 
(33
)
 
19

 
—

 
(14
)
Total
 
$
285

 
$
—

 
$
(5
)
 
$
280


 
 
April 26, 2019
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Cash Collateral Posted (Received)
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
335

 
$
(9
)
 
$
(43
)
 
$
283

Interest rate contracts
 
9

 
—

 
(1
)
 
8

Total return swaps
 
15

 
—

 
—

 
15

Cross currency interest rate contracts
 
6

 
—

 
—

 
6

 
 
365

 
(9
)
 
(44
)
 
312

Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
(19
)
 
9

 
—

 
(10
)
 
 
(19
)
 
9

 
—

 
(10
)
Total
 
$
346

 
$
—

 
$
(44
)
 
$
302
Offsetting Liabilities
The following tables provide information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.
 
 
July 26, 2019
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Cash Collateral Posted (Received)
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
308

 
$
(19
)
 
$
(5
)
 
$
284

Total return swaps
 
5

 
—

 
—

 
5

Cross currency interest rate contracts
 
5

 
—

 
—

 
5

 
 
318

 
(19
)
 
(5
)
 
294

Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
(33
)
 
19

 
—

 
(14
)
Total return swaps
 
—

 
—

 
—

 
—

 
 
(33
)
 
19

 
—

 
(14
)
Total
 
$
285

 
$
—

 
$
(5
)
 
$
280


 
 
April 26, 2019
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Cash Collateral Posted (Received)
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
335

 
$
(9
)
 
$
(43
)
 
$
283

Interest rate contracts
 
9

 
—

 
(1
)
 
8

Total return swaps
 
15

 
—

 
—

 
15

Cross currency interest rate contracts
 
6

 
—

 
—

 
6

 
 
365

 
(9
)
 
(44
)
 
312

Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
(19
)
 
9

 
—

 
(10
)
 
 
(19
)
 
9

 
—

 
(10
)
Total
 
$
346

 
$
—

 
$
(44
)
 
$
302