Income Taxes (Tables)

12 Months Ended

Apr. 26, 2013

Income Tax Disclosure [Abstract]

Components of Earnings from Continuing Operations before Income Taxes, Based on Tax Jurisdiction

	Fiscal Year
(in millions)	2013		2012		2011
U.S.	$	1,806	$	1,620	$	1,391
International	2,445		2,525		2,273
Earnings from continuing operations before income taxes	$	4,251	$	4,145	$	3,664

Provision for Income Taxes

The provision for income taxes from continuing operations consists of the following:

	Fiscal Year
(in millions)	2013		2012			2011
Current tax expense:
U.S.	$	509	$	664		$	360
International	219		231			188
Total current tax expense	728		895			548
Deferred tax expense (benefit):
U.S.	46		(138		)	51
International	10		(27		)	10
Net deferred tax expense (benefit)	56		(165		)	61
Total provision for income taxes	$	784	$	730		$	609

Schedule of Deferred Tax Assets and Liabilities

(in millions)	April 26, 2013			April 27, 2012
Deferred tax assets:
Net operating loss, capital loss, and credit carryforwards	$	423		$	367
Pension and post-retirement benefits	239			256
Accrued liabilities	238			266
Stock-based compensation	223			233
Other	200			221
Inventory	121			141
Federal and state benefit on uncertain tax positions	57			81
Gross deferred tax assets	1,501			1,565
Valuation allowance	(313		)	(258		)
Total deferred tax assets	1,188			1,307
Deferred tax liabilities:
Intangible assets	(712		)	(710		)
Basis impairment	(214		)	(178		)
Realized loss on derivative financial instruments	(110		)	(112		)
Unrealized gain on available-for-sale securities and derivative financial instruments	(87		)	(77		)
Accumulated depreciation	(56		)	(68		)
Other	(29		)	(31		)
Total deferred tax liabilities	(1,208		)	(1,176		)
Prepaid income taxes	321			321
Income tax receivables	114			137
Tax assets, net	$	415		$	589
Reported as (after jurisdictional netting):
Tax assets	$	539		$	703
Long-term tax assets	232			176
Deferred tax liabilities	(16		)	(14		)
Long-term deferred tax liabilities	(340		)	(276		)
Total assets, net	$	415		$	589

Schedule of Effective Income Tax Rate Reconciliation

The Company’s effective income tax rate from continuing operations varied from the U.S. Federal statutory tax rate as follows:

	Fiscal Year
	2013		2012		2011
U.S. Federal statutory tax rate	35.0	%	35.0	%	35.0	%
Increase (decrease) in tax rate resulting from:
U.S. state taxes, net of Federal tax benefit	0.5		0.9		0.3
Research and development credit	(1.1	)	(0.6	)	(1.2	)
Domestic production activities	(0.3	)	(0.5	)	(0.4	)
International	(16.7	)	(16.9	)	(19.4	)
Puerto Rico Excise Tax	(1.3	)	(1.4	)	(0.6	)
Impact of restructuring charges, net, certain litigation charges, net, and acquisition-related items	2.0		0.3		2.4
Reversal of excess tax accruals	—		(0.8	)	(1.8	)
Valuation allowance release	(0.2	)	(0.8	)	—
Other, net	0.5		2.4		2.3
Effective tax rate	18.4	%	17.6	%	16.6	%

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

	Fiscal Year
(in millions)	2013			2012			2011
Gross unrecognized tax benefits at beginning of fiscal year	$	917		$	769		$	538
Gross increases:
Prior year tax positions	12			47			151
Current year tax positions	169			171			172
Gross decreases:
Prior year tax positions	(21		)	(53		)	(57		)
Settlements	(6		)	(4		)	(32		)
Statute of limitation lapses	(3		)	(13		)	(3		)
Gross unrecognized tax benefits at end of fiscal year	$	1,068		$	917		$	769