Investments (Tables)

12 Months Ended

Apr. 27, 2012

Information Regarding Short-term and Long-term Investments

			Unrealized		Unrealized
(in millions)	Cost		Gains		Losses		Fair Value
Available-for-sale securities:
Corporate debt securities	$	3,501	$	47	$	(7)	$	3,541
Auction rate securities		153		-		(26)		127
Mortgage-backed securities		840		9		(10)		839
U.S. government and agency securities		3,046		38		-		3,084
Foreign government and agency securities		67		-		-		67
Certificates of deposit		47		-		-		47
Other asset-backed securities		535		3		(1)		537
Marketable equity securities		100		158		(5)		253
Trading securities:
Exchange-traded funds		45		2		(1)		46
Cost method, equity method, and other investments		508		-		-		508
Total short-term and long-term investments	$	8,842	$	257	$	(50)	$	9,049

			Unrealized		Unrealized
(in millions)	Cost		Gains		Losses		Fair Value
Available-for-sale securities:
Corporate debt securities	$	1,947	$	20	$	(6)	$	1,961
Auction rate securities		167		-		(34)		133
Mortgage-backed securities		783		10		(8)		785
U.S. government and agency securities		2,731		26		(1)		2,756
Foreign government and agency securities		130		1		-		131
Certificates of deposit		119		-		-		119
Other asset-backed securities		351		1		(3)		349
Marketable equity securities		73		164		-		237
Trading securities:
Exchange-traded funds		33		6		-		39
Cost method, equity method, and other investments		652		-		-		652
Total short-term and long-term investments	$	6,986	$	228	$	(52)	$	7,162

Information Regarding Available-for-sale and Trading Securities

	April 27, 2012				April 29, 2011
(in millions)	Short-term		Long-term		Short-term		Long-term
Available-for-sale securities	$	1,344	$	7,151	$	1,046	$	5,425
Trading securities		-		46		-		39
Total	$	1,344	$	7,197	$	1,046	$	5,464

Gross Unrealized Losses and Fair Values of Available-for-sale Securities that Have Been in a Continuous Unrealized Loss Position Deemed to be Temporary for Less than 12 Months and for More than 12 months, Aggregated by Investment Category

	April 27, 2012
		Less than 12 months			More than 12 months
			Unrealized				Unrealized
(in millions)	Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	664	$	(4)	$	16	$	(3)
Auction rate securities		-		-		127		(26)
Mortgage-backed securities		218		(2)		57		(8)
Other asset-backed securities		55		-		9		(1)
Marketable equity securities		24		(5)		-		-
Total	$	961	$	(11)	$	209	$	(38)

	April 29, 2011
		Less than 12 months			More than 12 months
			Unrealized				Unrealized
(in millions)	Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	256	$	(1)	$	16	$	(5)
Auction rate securities		-		-		133		(34)
Mortgage-backed securities		161		(1)		67		(7)
U.S. government and agency securities		267		(1)		-		-
Other asset-backed securities		74		(1)		12		(2)
Total	$	758	$	(4)	$	228	$	(48)

Activity related to the Company’s short-term and long-term investment portfolio is as follows:

	Fiscal Year
	2012				2011				2010
(in millions)	Debt (a)		Equity (b) (c)		Debt (a)		Equity (b) (d)		Debt (a)		Equity (b)
Proceeds from sales	$	6,062	$	113	$	6,443	$	31	$	3,791	$	27
Gross realized gains	$	52	$	93	$	28	$	85	$	44	$	10
Gross realized losses	$	(16)	$	-	$	(15)	$	-	$	(6)	$	-
Impairment losses recognized	$	(2)	$	(10)	$	(5)	$	(24)	$	(14)	$	(40)

(a) Includes available-for-sale debt securities.
(b) Includes marketable equity securities, cost method, equity method, exchange-traded funds, and other investments.
(c) As a result of the Salient and PEAK acquisitions that occurred during fiscal year 2012, the Company recognized a non-cash gain of $38 million on its previously-held minority investments.
(d) As a result of the Ardian acquisition that occurred during fiscal year 2011, the Company recognized a non-cash gain of $85 million on its previously-held minority investment.

Credit Loss Portion of Other-than-temporary Impairments on Debt Securities Held by the Company


(in millions)
Balance as of April 30, 2010	$	17
Credit losses recognized on securities previously not impaired		2
Additional credit losses recognized on securities previously impaired		3
Reductions for securities sold during the period		-2
Balance as of April 29, 2011		20
Credit losses recognized on securities previously not impaired		1
Additional credit losses recognized on securities previously impaired		1
Reductions for securities sold during the period		-2
Balance as of April 27, 2012	$	20

Schedule of Available-for-sale Securities Contractual Maturities

(in millions)	April 27, 2012
Due in one year or less	$	1,940
Due after one year through five years		5,374
Due after five years through ten years		796
Due after ten years		132
Total debt securities	$	8,242

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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