Investments (Tables)

6 Months Ended

Oct. 26, 2012

Information Regarding Short-term and Long-term Investments

Information regarding the Company's short-term and long-term investments at October 26, 2012 is as follows:

			Unrealized		Unrealized
(in millions)	Cost		Gains		Losses		Fair Value
Available-for-sale securities:
Corporate debt securities	$	3,627	$	75	$	(5)	$	3,697
Auction rate securities		153		-		(24)		129
Mortgage-backed securities		1,060		9		(9)		1,060
U.S. government and agency securities		3,501		14		(2)		3,513
Foreign government and agency securities		47		-		-		47
Certificates of deposit		6		-		-		6
Other asset-backed securities		490		3		(1)		492
Marketable equity securities		101		162		(3)		260
Trading securities:
Exchange-traded funds		44		2		(1)		45
Cost method, equity method, and other investments		483		-		-		483
Total short-term and long-term investments	$	9,512	$	265	$	(45)	$	9,732

Information regarding the Company's short-term and long-term investments at April 27, 2012 is as follows:

			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

Information Regarding Available-for-sale and Trading Securities

	October 26, 2012				April 27, 2012
(in millions)	Short-term		Long-term		Short-term		Long-term
Available-for-sale securities	$	916	$	8,288	$	1,344	$	7,151
Trading securities		-		45		-		46
Total	$	916	$	8,333	$	1,344	$	7,197

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

	October 26, 2012
	Less than 12 months				More than 12 months
			Unrealized				Unrealized
(in millions)	Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	411	$	(1)	$	31	$	(4)
Auction rate securities		-		-		128		(24)
Mortgage-backed securities		364		(2)		71		(7)
U.S. government and agency securities		1,648		(2)		-		-
Other asset-backed securities		-		-		2		(1)
Marketable equity securities		18		(3)		-		-
Total	$	2,441	$	(8)	$	232	$	(36)

	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)

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

	Three months ended
	October 26, 2012				October 28, 2011
(in millions)	Debt (a)		Equity (b)		Debt (a)		Equity (b)(c)
Proceeds from sales	$	3,382	$	41	$	1,406	$	12
Gross realized gains		24		29		14		50
Gross realized losses		(3)		-		(5)		-
Impairment losses recognized		-		(4)		-		(4)

	Six months ended
	October 26, 2012				October 28, 2011
(in millions)	Debt (a)		Equity (b)		Debt (a)		Equity (b)(c)
Proceeds from sales	$	4,800	$	65	$	2,967	$	53
Gross realized gains		41		37		24		55
Gross realized losses		(7)		-		(7)		-
Impairment losses recognized		-		(10)		(1)		(4)

(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, the Company recognized a non-cash gain of $38 million during the three months ended October 28, 2011 on its previously held minority investments.

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

	Three months ended
(in millions)	October 26, 2012		October 28, 2011
Beginning Balance	$	20	$	20
Credit losses recognized on securities previously not impaired		-		-
Reductions for securities sold during the period		-		-
Ending Balance	$	20	$	20

	Six months ended
(in millions)	October 26, 2012		October 28, 2011
Beginning Balance	$	20	$	20
Credit losses recognized on securities previously not impaired		-		1
Reductions for securities sold during the period		-		(1)
Ending Balance	$	20	$	20

Schedule of Available-for-sale Securities Contractual Maturities

(in millions)	October 26,
(in millions)	2012
Due in one year or less	$	1,330
Due after one year through five years		6,605
Due after five years through ten years		898
Due after ten years		111
Total debt securities	$	8,944

- 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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