Accumulated Other Comprehensive Loss

3 Months Ended

Jul. 31, 2020

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 24, 2020	$	—	$	(2,210)	$	236	$	(1,852)	$	266	$	(3,560)
Other comprehensive income (loss) before reclassifications	125		1,112		(1,112)		(12)		(309)		(196)
Reclassifications	—		—		—		15		(41)		(26)
Other comprehensive income (loss)	125		1,112		(1,112)		3		(350)		(222)
July 31, 2020	$	125	$	(1,098)	$	(876)	$	(1,849)	$	(84)	$	(3,782)


(in millions)	Unrealized (Loss) Gain on Investment Securities		Cumulative Translation Adjustment		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)

The income tax on gains and losses on investment securities in other comprehensive income before reclassifications during the three months ended July 31, 2020 and July 26, 2019 was an expense of $30 million and a benefit of $1 million, respectively. There was no income tax on gains and losses on investment securities reclassified from AOCI for the three months ended July 31, 2020. 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. 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.

The income tax on cumulative translation adjustment for the three months ended July 31, 2020, was an expense of $4 million. For the three months ended July 26, 2019, there was no income tax on cumulative translation adjustment.

During the three months ended July 31, 2020 and July 26, 2019, 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 amortization of net actuarial losses included in net periodic benefit cost. During the three months ended July 31, 2020, the net change in retirement obligations in other comprehensive income before reclassifications resulted in an income tax benefit of $5 million. During the three months ended July 26, 2019, there was no income tax impact on the net change in retirement obligations in other comprehensive income before reclassifications. During the three months ended July 31, 2020 and July 26, 2019, the gains and losses on defined benefit and pension items reclassified from AOCI were reduced by income taxes of $4 million and $3 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 31, 2020 and July 26, 2019 was a benefit of $80 million and an expense of $1 million, respectively. During the three months ended July 31, 2020 and July 26, 2019, gains and losses on cash flow hedges reclassified from AOCI were reduced by income taxes of $11 million. When realized, gains and losses on currency exchange rate contracts reclassified from AOCI are recognized within other operating income, 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.