Fair Value Measurements (Tables)

6 Months Ended

Oct. 26, 2012

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

	Fair Value		Fair Value Measurements
	as of		Using Inputs Considered as
(in millions)	October 26, 2012		Level 1		Level 2		Level 3
Assets:
Corporate debt securities	$	3,697	$	-	$	3,687	$	10
Auction rate securities		129		-		-		129
Mortgage-backed securities		1,060		-		1,033		27
U.S. government and agency securities		3,513		1,647		1,866		-
Foreign government and agency securities		47		-		47		-
Certificates of deposit		6		-		6		-
Other asset-backed securities		492		-		487		5
Marketable equity securities		260		260		-		-
Exchange-traded funds		45		45		-		-
Derivative assets		283		88		195		-
Total assets	$	9,532	$	2,040	$	7,321	$	171

Liabilities:
Derivative liabilities	$	131	$	45	$	86	$	-
Total liabilities	$	131	$	45	$	86	$	-

	Fair Value		Fair Value Measurements
	as of		Using Inputs Considered as
(in millions)	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

	Valuation Technique	Unobservable Input	Range (Weighted Average)
Auction rate securities	Discounted cash flow	Years to principal recovery	2 yrs - 12 yrs (3 yrs)
		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)

Three months ended October 26, 2012
(in millions)	Total Level 3 Investments		Corporate debt securities		Auction rate securities		Mortgage-backed securities		Other asset-backed securities
Balance as of July 27, 2012	$	173	$	10	$	129	$	28	$	6
Total unrealized gains/(losses) included in other comprehensive income		(1)		-		-		-		(1)
Settlements		(1)		-		-		(1)		-
Balance as of October 26, 2012	$	171	$	10	$	129	$	27	$	5

Three months ended October 28, 2011
(in millions)	Total Level 3 Investments		Corporate debt securities		Auction rate securities		Mortgage-backed securities		Other asset-backed securities
Balance as of July 29, 2011	$	190	$	17	$	134	$	33	$	6
Total realized losses and other-than-temporary impairment losses included in earnings		(1)		(1)		-		-		-
Total unrealized gains/(losses) included in other comprehensive income		(7)		1		(7)		(1)		-
Settlements		(8)		(7)		-		(1)		-
Balance as of October 28, 2011	$	174	$	10	$	127	$	31	$	6

Six months ended October 26, 2012
(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		1		-		2		-		(1)
Settlements		(2)		-		-		(2)		-
Balance as of October 26, 2012	$	171	$	10	$	129	$	27	$	5

Six months ended October 28, 2011
(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		(2)		(1)		-		-		(1)
Total unrealized gains/(losses) included in other comprehensive income		(5)		1		(6)		(1)		1
Settlements		(10)		(7)		-		(3)		-
Balance as of October 28, 2011	$	174	$	10	$	127	$	31	$	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, 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, issuances, 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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