Fair Value Measurements (Tables)

9 Months Ended

Jan. 25, 2013

Information by Level for Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis:



	Fair Value as of January 25, 2013		Fair Value Measurements Using Inputs Considered as
(in millions)	Fair Value as of January 25, 2013		Level 1		Level 2		Level 3
Assets:
Corporate debt securities	$	4,224	$	—	$	4,214	$	10
Auction rate securities	134		—		—		134
Mortgage-backed securities	1,050		—		1,024		26
U.S. government and agency securities	3,763		1,953		1,810		—
Foreign government and agency securities	34		—		34		—
Certificates of deposit	6		—		6		—
Other asset-backed securities	508		—		502		6
Marketable equity securities	233		233		—		—
Exchange-traded funds	49		49		—		—
Derivative assets	284		116		168		—
Total assets	$	10,285	$	2,351	$	7,758	$	176

Liabilities:
Derivative liabilities	$	162	$	88	$	74	$	—
Total liabilities	$	162	$	88	$	74	$	—



	Fair Value as of April 27, 2012		Fair Value Measurements Using Inputs Considered as
(in millions)	Fair Value as of April 27, 2012		Level 1		Level 2		Level 3
Assets:
Corporate debt securities	$	3,541	$	—	$	3,531	$	10
Auction rate securities	127		—		—		127
Mortgage-backed securities	839		—		810		29
U.S. government and agency securities	3,084		1,511		1,573		—
Foreign government and agency securities	67		—		67		—
Certificates of deposit	47		—		47		—
Other asset-backed securities	537		—		531		6
Marketable equity securities	253		253		—		—
Exchange-traded funds	46		46		—		—
Derivative assets	254		87		167		—
Total assets	$	8,795	$	1,897	$	6,726	$	172

Liabilities:
Derivative liabilities	$	82	$	37	$	45	$	—
Total liabilities	$	82	$	37	$	45	$	—

Fair Value Inputs, Assets, Quantitative Information

The following table represents the range of unobservable inputs utilized in the fair value measurement of auction rate securities classified as Level 3 as of January 25, 2013:



	Valuation Technique	Unobservable Input	Range (Weighted Average)
Auction rate securities	Discounted cash flow	Years to principal recovery	2 yrs - 12 yrs (3 yrs)
Auction rate securities	Discounted cash flow	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 tables provide 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) for the three and nine months ended January 25, 2013 and January 27, 2012:



Three months ended January 25, 2013
(in millions)	Total Level 3 Investments			Corporate debt securities			Auction rate securities		Mortgage- backed securities			Other asset- backed securities
Balance as of October 26, 2012	$	171		$	10		$	129	$	27		$	5
Total unrealized gains/(losses) included in other comprehensive income	5			(1		)	5		—			1
Balance as of January 25, 2013	$	176		$	9		$	134	$	27		$	6

Three months ended January 27, 2012
(in millions)	Total Level 3 Investments			Corporate debt securities			Auction rate securities		Mortgage- backed securities			Other asset- backed securities
Balance as of October 28, 2011	$	174		$	10		$	127	$	31		$	6
Total realized losses and other-than-temporary impairment losses included in earnings	(1		)	—			—		(1		)	—
Total unrealized gains/(losses) included in other comprehensive income	6			—			6		—			—
Settlements	(1		)	—			—		(1		)	—
Balance as of January 27, 2012	$	178		$	10		$	133	$	29		$	6

Nine months ended January 25, 2013
(in millions)	Total Level 3 Investments			Corporate debt securities			Auction rate securities		Mortgage- backed securities			Other asset- backed securities
Balance as of April 27, 2012	$	172		$	10		$	127	$	29		$	6
Total unrealized gains/(losses) included in other comprehensive income	6			(1		)	7		—			—
Settlements	(2		)	—			—		(2		)	—
Balance as of January 25, 2013	$	176		$	9		$	134	$	27		$	6

Nine months ended January 27, 2012
(in millions)	Total Level 3 Investments			Corporate debt securities			Auction rate securities		Mortgage- backed securities			Other asset- backed securities
Balance as of April 29, 2011	$	191		$	17		$	133	$	35		$	6
Total realized losses and other-than-temporary impairment losses included in earnings	(3		)	(1		)	—		(1		)	(1		)
Total unrealized gains/(losses) included in other comprehensive income	1			1			—		(1		)	1
Settlements	(11		)	(7		)	—		(4		)	—
Balance as of January 27, 2012	$	178		$	10		$	133	$	29		$	6

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- 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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